Author: Central Bureau

Turkey’s defense industry is poised for a record-breaking year, riding the wave of a $3.1 billion drone deal with Saudi Arabia. Experts predict that Turkey’s defense exports this year will reach 7.5 billion dollars. The deal, brokered by Turkey’s top drone maker Baykar, is expected to propel Turkish military exports to unprecedented heights and lay the groundwork for further cooperation with Gulf Countries. The agreement was sealed during President Recep Tayyip Erdogan’s visit to Saudi Arabia on July 18. This diplomatic event marked a significant point in the renewed ties between Ankara and Riyadh, a relationship previously marred by years…

The digital age, dominated by AI and cutting-edge innovations, presents an intriguing narrative within the ‘Future of eCommerce’ landscape. This story suggests that relying solely on technology doesn’t cut it; human services retain a pivotal role. eCommerce has painted a complex picture for logistics and fulfillment partners. This arena differs from others where a mere tech solution can promise optimal results. eCommerce demands a marriage of advanced tech tools and tangible human interventions. A trend from the past decade saw eCommerce brands and investors gravitate towards tech-only logistical entities. These businesses operate with an asset-light framework, emphasizing inventory tracking in…

President Vladimir Putin has announced plans for ‘Russia’s New Trade Agreements’ with four North African countries, including Morocco, Egypt, Tunisia, and Algeria. According to a report by the Russian news agency Tass, Putin made the announcement at a recent cabinet meeting. He has asked officials to submit a report that includes a feasibility study and potential benefits to Russia. This strategic move aims to transform the political trust between these countries and the Russian Federation into an economic alliance. This could potentially counter the opposition forming against Russia in this region due to the Ukraine war. Putin is targeting the…

China’s exports have plummeted significantly, marking June with the most severe decrease since the beginning of the pandemic in 2020. This decline has hit nearly all of China’s main trading partners, with Russia being a notable exception. Despite the economic downturn and developed countries’ mounting resistance, China is standing its ground, particularly in sectors such as automotive manufacturing. With a robust line of modern, competitively priced vehicles and robotic products, China is holding its own against the rest of the world. China’s exports fell 12.4 percent in June, following a 7.5 percent drop in May. This downturn is impacting other…

Discussions have commenced for ‘UK-Turkey Forge New Trade Deal’, an initiative to establish an enhanced trade agreement between the United Kingdom and Turkey, with the intention of addressing a current shortcoming. The existing arrangement overlooks the services sector, a vital component of both nations’ economies. The anticipated new agreement aims to rectify this by including these sectors. If successfully implemented, this comprehensive trade agreement could potentially fortify the economic alliance between the UK and Turkey. Turkish and British officials have revealed that official talks have begun with the aim of revising and renewing the existing agreement. Since the United Kingdom…

The Chinese city of Yinchuan is set to host the 6th China-Arab States Expo, an event that aims to enhance cooperation and promote trade ties between China and Arab countries, as well as foster bottom-up economic ties. The expo, scheduled for September 21 to 24, is expected to attract a large turnout. China is securing the participation of 14 Arab countries in the Expo, which is expected to draw more than 50,000 attendees. The Expo is also expecting representatives from more than 60 international businesses and trade organizations, and among the participating countries, the Expo has given a special place…

Saudi Arabia’s Social Development Bank (SDB) won the prestigious ‘Corporate Client Initiative of the Year’ – ABF Award at the Asian Banking & Finance event held in Singapore. SDB received this prestigious award for the remarkable work done by its subsidiary ‘Dulani Business Centre’, dedicated to supporting small and micro enterprises across Saudi Arabia. The award was presented at a special ceremony in Singapore in the presence of over 300 executives from over 200 banks and 40 countries. Social Development Bank (SDB) also received ABF’s “Corporate Client Initiative of the Year” award commemorating the success of ‘Dulaney Business Centre’ in…

India and the United Kingdom are edging closer to securing a UK-India Free Trade Agreement (FTA) this year, with final negotiations regarding contentious issues, such as investment treaties and intellectual property rights (IPRs), reportedly on the verge of conclusion. According to recent media coverage, the two nations have made significant progress in resolving disputes related to investment agreements, IPRs, and rules of origin. Sunil Barthwal, India’s Commerce Secretary, affirmed that the agreement could be signed “much before” the end of this year, as negotiations on almost all controversial matters are completed. “Out of the 26 chapters in the FTA, 19…

Foreign Minister Wang Yi of China stated that all member countries need to understand the importance of taking specific actions to counteract all attempts to undermine BRICS unity and discredit BRICS cooperation. BRICS, a collective union of Brazil, Russia, India, China, and South Africa established in 2006, held its 13th meeting of BRICS National Security Advisors and High Representatives on National Security in Johannesburg. It was here that Wang made his comments. These emerging economies and developing nations, increasingly influential on the world stage, were urged to stand steadfast and resolute in pursuing their unique paths and lend support to…

The UAE team at the World Trade Organization (WTO) recently shared some exciting news about international trade. They announced that, in an unprecedented move, the United Nations Climate Conference (COP28) will highlight international trade. They have planned a full day devoted to discussing the ins and outs of international trade. Their goal is to demonstrate how international trade can boost environmentally friendly growth and strengthen our supply chains, preparing them better for future challenges. The COP28 President Designate, Dr Sultan Al Jaber, issued a letter confirming this novel direction last week. Thani bin Ahmed Al Zeyoudi, Minister of State for…