Author: Central Bureau

A recent report by the International Energy Agency (IEA) highlights the significant progress made by the oil and gas industry in reducing emissions, as the sector moves toward a net-zero future. The study illustrates the industry’s dedication to combating climate change and revolutionizing global trade with impressive results. The IEA report states that in 2022, oil and gas operations emitted the equivalent of 5.1 billion tonnes of CO2. However, the Net Zero Emissions by 2050 Scenario projects a 50% reduction in emissions intensity of these activities by the end of the decade. As a result, emissions from oil and gas…

As the US sees a post-pandemic office vacancy rate of 18.6%, Vietnam’s real estate industry is experiencing a resurgence. Commercial real estate is scarce and valuable in the rapidly growing Southeast Asian manufacturing powerhouse, making it an attractive investment prospect. Despite a recent crisis in construction due to a government crackdown on bond sales and the failure of nearly 2,000 property firms, there are signs of recovery. Engineers are returning to work on the stalled Grand Manhattan project in Ho Chi Minh City, thanks to loan renewals and Prime Minister Pham Minh Chinh’s intervention. CBRE Group Inc.’s 2023 Asia Pacific…

As 2023 World Trade Month and Export Week commence, Governor Andy Beshear highlights Kentucky’s State Trade Expansion Program (STEP), which aids small businesses in obtaining funds and locating international customers. Export Week, a U.S. Commercial Service program, runs from May 1 to 5 and educates U.S. companies about market opportunities and trade skills. It is part of World Trade Month, which emphasizes the significance of exporting to the U.S. economy and encourages businesses to initiate or expand export efforts. In 2022, Kentucky’s total exports to all countries exceeded $34.4 billion, representing a 16.5% increase compared to 2021. The state’s top…

Harjinder Kang has been named the UK’s Trade Commissioner to South Asia and Deputy High Commissioner for Western India, with the goal of leading the country’s overseas efforts to promote trade, investment, trade policy, and export finance. Kang, previously the Chief Negotiator for the UK-India Free Trade Agreement, will play a critical role in implementing the pact, potentially unlocking significant opportunities for UK businesses. In his new position as Trade Commissioner for South Asia, Kang will facilitate business opportunities for the UK while contributing to the growth of sustainable, resilient, and productive economies throughout the region, according to a UK…

Taiwan Trade Chief representative, John Chen-Chung Deng, assured during a visit to Washington this week that Taiwan’s semiconductor manufacturers will expand production in the US. Despite tensions with China, Deng insisted that Taiwan remains an ideal location for semiconductor production and other US trade, business, and investment. Deng’s visit coincides with increasing efforts to strengthen the US and Taiwanese militaries and economies against any threat from China. President Joe Biden and Congress are working to boost semiconductor production on US soil in case conflicts disrupt exports from Asia, particularly Taiwan, which produces over 90% of the world’s advanced semiconductors. Deng…

As the world transitions into a post-pandemic period marked by ‘de-globalisation,’ nearshoring is becoming the new norm in international trade, according to Dr Mohammed Al Zarooni, Chairman of the World Free Zones Organisation (World FZO). Speaking at the 9th Annual International Conference & Exhibition (AICE) in Dubai, Dr Al Zarooni explained that value chains are shifting from global to regional in order to be closer to suppliers and consumers. Dr Al Zarooni emphasized the crucial role of free trade zones as new production sites for sustainable industries, driven by renewable energy sources like solar and hydrogen. He also highlighted the…

The UN Trade Forum 2023, hosted by UNCTAD on 8 and 9 May, will concentrate on designing trade policies that can help countries grow their economies, tackle pressing global challenges, and accelerate progress towards achieving the UN’s Sustainable Development Goals. The forum will particularly focus on developing countries, which have been severely affected by multiple global crises such as the COVID-19 pandemic, the war in Ukraine, and the climate emergency. Over 100 trade experts, policymakers, international organization officials, business leaders, and civil society representatives will gather in Geneva and online to discuss policies and initiatives aimed at making trading systems…

The World Trade Organization (WTO) and the Fédération Internationale de Football Association (FIFA) hosted an event yesterday, entitled “Making Trade Score for Women,” highlighting the significant role football and international trade can play in empowering women. The event featured the unveiling of the 2023 Women’s World Cup official trophy and was opened by Ambassadors Clare Kelly of New Zealand and George Mina of Australia. WTO Director-General Ngozi Okonjo-Iweala emphasized the importance of the upcoming FIFA Women’s World Cup, which is projected to generate $220 billion, presenting a substantial opportunity for African cotton producers to be connected to the football value…

Tehran has proposed the use of Rupee and Rial, the respective national currencies of India and Iran, to settle payments in bilateral trade. The suggestion came as Indian Prime Minister Narendra Modi’s National Security Advisor, Ajit Doval, met with his Iranian counterpart, Ali Shamkhani, on Monday. Shamkhani emphasized that using national currencies for bilateral trade would help Iran and India achieve their joint economic goals, as reported by the Islamic Republic’s official news agency. In response, Doval expressed India’s approval of the recent Iran-Saudi Arabia agreement to reestablish full-fledged diplomatic relations, an agreement brokered by Beijing in an effort to…

Brunei witnessed a significant 10.1% increase in total exports value in the fourth quarter (Q4) of 2022, driven by a 23.1% rise in the exports unit value index. The increase was mainly contributed by the index of beverages (31.0%), mineral fuels (24.1%), and manufactured goods (20.4%). According to the Department of Economic Planning and Statistics at the Ministry of Finance and Economy, rising global prices for these commodities played a crucial role in boosting the exports unit value index. On the other hand, the exports volume index saw a decrease of 33.2% in Q4 2022, contributed by the index of…