Author: Editorial Desk

The Korea International Trade Association (KITA) UAE Centre has released a report titled ‘Analysis of the UAE’s Economic Structure and Its Relationships with South Korea.’ The report offers a detailed look at UAE-Korea trade, using a value-added approach to avoid double counting of goods traded multiple times. It also assesses the UAE’s export strengths through the Value-Added Revealed Comparative Advantage (VRCA) method. Distinct UAE Economic Dynamics The UAE emerges as a unique player among Gulf Cooperation Council (GCC) countries, distinguished by its private sector’s value-added contributions. With value-added exports totaling $72.3 billion, the UAE’s trade profile contrasts sharply with Kuwait’s…

The U.S. Commerce Department’s recent proposal targeting Chinese software and hardware in connected vehicles has sparked fierce opposition from Beijing. As national security concerns take center stage, this regulatory move intensifies the already strained relations between the two largest global economies. Designed to mitigate perceived risks of data collection and foreign manipulation, the regulation seeks to remove Chinese technology from vehicles sold across the American market. Any cars with internet connectivity or navigation systems would fall under scrutiny, with major automakers facing the prospect of removing critical Chinese components from their designs. China’s Ministry of Commerce wasted no time in…

A Japanese diplomat has urged Hong Kong to lift its 13-month-long ban on seafood imports from 10 Japanese prefectures, following signals from Beijing that it may gradually ease similar restrictions. Kenichi Okada, Japan’s consul general in Hong Kong, made the appeal on Wednesday during the opening of the city’s 9th Japan Autumn Festival. Hong Kong currently prohibits aquatic products from prefectures including Tokyo, Fukushima, and Chiba. This restriction was imposed last year in response to Japan’s release of 1.34 million tonnes of treated wastewater from the damaged Fukushima nuclear plant. The Centre for Food Safety also enhanced radiation inspections on…

New Zealand businesses are on high alert as port strikes in the United States threaten to disrupt global supply chains, including vital trade routes for Kiwi importers and exporters. Approximately 45,000 dockworkers from major US ports along the East Coast and the Gulf of Mexico are poised to strike on October 1, with pay negotiations currently at a standstill. The industrial action could significantly affect New Zealand trade, just as exporters express optimism about future growth, bolstered by new free trade agreements. Andrew Coldrey, Vice President for Oceania at freight company C.H. Robinson, warned that such strikes could lead to…

Western nations are set to boost export credit agency (ECA) backing and development finance for critical minerals, responding to concerns over slow investment and heavy reliance on China. The Minerals Security Partnership, a coalition of 14 countries including the G7, Australia, India, South Korea, and the European Union, announced plans to create a finance network involving domestic ECAs and development finance institutions. This initiative will foster collaboration and co-financing to address supply shortages in critical metals needed for the energy transition. US Deputy Secretary of State Kurt Campbell noted the key role of financing, calling it the ‘missing and necessary…

At the 15th Türkiye Investment Conference in New York, President Recep Tayyip Erdogan spoke to American and Turkish business leaders, highlighting the bolstering US-Türkiye economic ties. Organized by the Türkiye-U.S. Business Council (TAIK), the event highlighted spurred trade over the past two years. “Economic and commercial matters constitute one of the most significant aspects of our relations with America,” Erdogan said, noting that the U.S. is now Türkiye’s second-highest export market and fifth-largest import source. Trade between the two nations exceeded $30 billion last year, and Erdogan expressed confidence in reaching the goal of $100 billion with strategic efforts. He…

The European Union has initiated a challenge at the World Trade Organization (WTO) against China’s anti-subsidy investigation into European dairy imports, marking a new phase in rising trade tensions between Brussels and Beijing. The European Commission announced the WTO consultation request on Monday, contesting China’s probe, which began in August. The investigation targets subsidies provided under the EU’s Common Agricultural Policy (CAP) and national schemes in Ireland, Austria, Belgium, Italy, Croatia, Finland, Romania, and the Czech Republic. “The commission is following through on its commitment to firmly defend the interests of the EU dairy industry and the Common Agricultural Policy…

India opted out of the Regional Comprehensive Economic Partnership (RCEP), the largest trade deal globally, citing key reasons tied to national interests. Minister of Commerce and Industry, Piyush Goyal, recently outlined two pivotal factors behind this decision. ASEAN Principles and National Priorities Goyal emphasized that the RCEP framework strayed from the founding principles that guide ASEAN. From India’s perspective, the deal failed to uphold the vision ASEAN was built upon, particularly in promoting balanced and equitable trade relationships. The second major concern revolved around China’s role within the agreement. The minister underscored that entering a free trade pact with China…

Christine Lagarde, President of the European Central Bank (ECB), highlighted both the progress and the looming challenges facing the global economy, while drawing historical comparisons to the economic pressures of the 1920s. Speaking at the 2024 Michel Camdessus Central Banking Lecture at the International Monetary Fund (IMF) headquarters in Washington, Lagarde praised the successful cooling of inflation with minimal job losses, while raising concerns about the broader outlook. Lagarde expressed confidence that inflation targets should be met by mid-2025, noting the successful containment of job losses despite higher interest rates. “It is rare to avoid a major deterioration in unemployment…

As per a Fortune Business Insights study, the global logistics robots market was valued at USD 6.17 billion in 2021 and is expected to grow to USD 21.01 billion by 2029, with a CAGR of 16.7%. Asia Pacific dominated the market in 2021 with a 34.19% share. However, the COVID-19 pandemic caused a 14.1% decline in 2020 compared to 2019, driven by supply chain disruptions and reduced demand. Logistics robots, designed to automate operations in warehouses, ports, and storage units, have gained traction for their ability to reduce human labor and minimize errors. These robots include Automated Guided Vehicles (AGVs),…