Economy

Economic Governance Reform

by Our Staff Correspondent
Photo by Anne Nygård on Unsplash

Photo by Anne Nygård on Unsplash EU Institutions have reached a final agreement on the reform of the Economic Governance Framework.  On Saturday, the EU Commission said it welcomed the deal between the European Parliament and the Council on what it calls “the most ambitious and comprehensive reform of the EU’s economic governance framework since the aftermath of…

2024 European Railway Awards

by Martin Banks
Photo by Ehimetalor Akhere Unuabona on Unsplash

Photo by Ehimetalor Akhere Unuabona on Unsplash There are numerous obstacles to overcome to ensure rail has access to the skilled labour it needs, an event was told. It was one of the key messages to emerge at the 2024 European Railway Award ceremony in Brussels. The event coincides with the EU Year of Skills which, it was said,…

EU Railway Sector is the Gateway to the Future

by Our Staff Correspondent
Photo by Pramod Kumar Sharma on Unsplash

Photo by Pramod Kumar Sharma on Unsplash Senior MEP Ondřej Kovařík has urged the EU to push for a railway sector “that is attractive for skilled talents.” He was speaking at an awards ceremony in Brussels that recognises contributions to the European rail industry. The Renew Europe deputy announced the winner, stating: “I would advocate for a railway…

Morocco and Mauritania Strengthen Ties

by James Wilson

Nasser Bourita the Moroccan Minister for Foreign Affairs African Cooperation and Moroccan Expatriates held a top level meeting in Rabat yesterday with the Foreign Minister of Mauritania Mohamed Salem Ould Marzouk. “His Majesty the King considers that Mauritania has its rightful place and importance in the Royal Initiative to promote access to the Atlantic Ocean…

Europe’s 5 Crisis Tribes

by Our Staff Correspondent
Photo by munshots on Unsplash

Photo by munshots on Unsplash There are five defined crisis tribes across Europe’s voting population, and concerns about climate change and immigration will be key mobilising issues for citizens in the run-up to the European Parliament elections and other major ballots in Europe in 2024, according to a new polling-backed study published today by the European Council on…

Bulgaria Praises Morocco Reforms

by James Wilson
Mary Gabriel and Nasser Bourita

The Republic of Bulgaria has commended the far-reaching reforms undertaken by the Kingdom of Morocco under the leadership of His Majesty King Mohammed VI and the renewed efforts for political, economic and social development. Specifically Bulgaria has said that they consider the Moroccan autonomy initiative to be a serious and credible basis for resolving the…

Demining the Black Sea

by James Wilson

Demining the Black Sea will add to Putin’s list of defeats and strengthen the security of Ukrainian grain exports In the coming days, Bulgaria, Romania and Turkey plan to sign a trilateral agreement on the demining of the Black Sea, Bulgarian Defence Minister Todor Tagarev has said. The process itself, according to different estimates, may…

Deal or No Deal?

by Philip Bushill-Matthews
Deal or no deal In 2016 during the referendum campaign Boris Johnson promised “we could strike free trade deals with America”; he would later add that such a deal would be “quickly in the back pocket.” In 2020 as PM he boasted: “We have got Brexit done and can now take full advantage of the fantastic opportunities available to us as an independent trading nation, striking trade deals with other partners around the world.” In 2022, following a rebuff from the USA he visited India and suggested that a trade deal would be completed by Diwali (October). A year has passed with no progress. So what has the UK actually achieved in terms of trade deals with other countries? The first was with Papua and New Guinea in March 2019, for implementation in January 2021, worth a puny £369 million a year. At least the International Trade Secretary, Dr Liam Fox, was honest when he said: “I am delighted to sign this trade continuity agreement as it will allow businesses to keep trading as freely as they do today.”  In other words it simply replicated the trading arrangements already secured by the EU. Big deal. The first real new deal was with Australia which came into force in May this year. International Trade Minister Nigel Huddleston said: “This is just the beginning of a new era of opportunity for British businesses as we use our status as an independent trading nation to deliver an ambitious programme of trade deals with countries all around the world.” International Trade Secretary Kemi Badenoch hailed the deal as “fantastic”, although the potential £2.3 billion gain represents less than 0.1% of the UK economy. It now appears that it was a fantastic deal – for Australia. Minette Batters, who leads the National Farmers' Union in the UK, explained why: "This agreement simply opens up UK agricultural markets for Australian produce, whether or not produced to the same environmental and climate-friendly standards that are expected of UK farmers." Former Environment Secretary, George Eustice told MPs recently that "overall the UK gave away far too much for far too little in return" after Trade Secretary Liz Truss "shattered" the UK's negotiating position. The UK started negotiations "with the strongest possible hand" but Eustice revealed that negotiators were put "on the back foot" by Truss demanding that the deal had to be agreed before the G7 met in Cornwall in June 2021. As a result of the UK’s self-imposed timetable Australia now has full access to the UK market to sell beef and lamb, while still banning the import of British beef. Great deal Liz. On a positive note the UK has formally signed up to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – theoretically worth £12 trillion in GDP, although the government's own estimates indicate it might only add 0.08% to the size of the UK's economy in 10 years (recently reduced to 0.04%). Politically it is still good news, as it may blunt China’s chance to join: economically the jury is out as to whether it will ever translate into tangible financial benefits for the UK. On India, Trade Minister Anne-Marie Trevelyan said there could be an agreement before the end of this year, though PM Sunak has abandoned a planned trip to Dehil because talks were bogged down. India is stalling perhaps for one simple reason. The EU and India have been negotiating intensively for over eight years and are keen to reach agreement before both have elections in 2024. Will India do a sudden deal with little UK which could put a wider EU deal at risk? Not likely. Finally, Sunak recently signed a new UK-Singapore Strategic Partnership. The Government press release promised the UK’s economy will be boosted as a result. The next step will be to agree a bilateral investment treaty to deliver it. Until then, what has it actually achieved? According to Sunak “This new agreement with Singapore will take us even further in delivering our priorities and ensure that, as we map the future of the world economy, we are doing so alongside our closest partners.” Fine words, but basically window- dressing what is currently a friendly gesture between two nations – just like the UK/US Atlantic Declaration signed alongside President Biden earlier this year, which makes warm noises but absolutely no mention of any trade deal soon. So lots of positive spin but the promise of ‘fantastic’ trade deals has been exposed as another Brexit sham. Like most of Johnson’s pledges they were unfounded fantasies, but this has not stopped successive Conservative governments, including now Lord Cameron, continuing the charade and talking up future possibilities. There is however one market which is still packed with real opportunities for the UK. Fortunately, it is our nearest neighbour. Labour is beginning to admit this, but Conservatives refuse to acknowledge it: it is called the EU.

Photo by Fred Moon on Unsplash In 2016 during the referendum campaign Boris Johnson promised “we could strike free trade deals with America”; he would later add that such a deal would be “quickly in the back pocket.”   In 2020 as PM he boasted: “We have got Brexit done and can now take full advantage of the…

Bioeconomy projects prove a boon for EU economy

by Our Staff Correspondent
Photo by Markus Spiske on Unsplash

Photo by Markus Spiske on Unsplash Climate change is an existential risk and depending on fossil resources is only likely to worsen the situation.  At the same time the European economy has been affected by a pandemic and the war in Ukraine. This all begs the question: How can Europe transition to a lowcarbon economy while continuing to…

Uzbekistan’s Economy

by Guest Contributor
Photo by Kama Tulkibayeva on Unsplash

Photo by Kama Tulkibayeva on Unsplash In 2016, Uzbekistan embarked on a path of large-scale reform of its economic sphere. Six years later, the country has moved from a closed to an open model, writes Muhammaddiyor Orzikulov According to the data of World Bank, Uzbekistan has one of the fastest growing economies in the world….