Trade

Ambassador Hails Belgium-China Co-operation

by Our Staff Correspondent 0 Comments
Chinese Ambassador to Belgium

China will seek to “embrace the world in its opening-up process,” says the country’s ambassador to Belgium. Ambassador Cao Zhongming was speaking in Brussels at an event hosted by the Belgian-Chinese Chamber of Commerce (BCECC). The outgoing diplomat said he “appreciates” the long-time optimism about China of the Belgian business community and the “great efforts”…

EU-Ukraine Transport Dialogue

by James Wilson 0 Comments
Photo by Viktor Bystrov on Unsplash

Photo by Viktor Bystrov on Unsplash The third high-level meeting of the EU-Ukraine Transport Dialogue has taken place in Kyiv. The meeting on 21 March focused on efforts to keep Ukraine’s exports and imports moving via the Solidarity Lanes, improving connectivity, safety and security as well as sustainability. Reaction to the meeting came from the  EU Commissioner for Transport Adina Vălean. The…

Support for Trans-regional Corridors

by Our Staff Correspondent 0 Comments
Photo by Rhys Moult on Unsplash

Photo by Rhys Moult on Unsplash In a speech at an event entitled ‘The Future via Carpathia-Caucasian Road Corridor,’ held on March 19th in the European Parliament in Brussels, Ryszard Czarnecki, a Member of the European Parliament, emphasised the critical importance of prioritising trans-regional trade corridors for the economic development and security of the European Union (EU) and…

EU Chile Strike Deal on Trade And Investment

by Our Staff Correspondent 0 Comments
Photo by Diego Marín on Unsplash

Photo by Diego Marín on Unsplash MEPs in Strasbourg have approved the EU-Chile Advanced Framework Agreement and its complementing deal on trade and investment liberalisation. The agreements lay down the framework for deeper and broader political and economic cooperation between the like-minded partners on global issues. These include foreign and security matters, sustainable development, environmental protection, climate change,…

Deal or No Deal?

by Philip Bushill-Matthews 0 Comments
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…

EU-US Summit

by Our Staff Correspondent 0 Comments
Photo by Nelson Ndongala on Unsplash

Photo by Nelson Ndongala on Unsplash An MEP has given a guarded welcome to the outcome of the recent summit between the EU and U.S. The European Union and the United States of America held their second summit in Washington, DC and comment has come in on the negotiations. German MEP Reinhard Bütikofer, transatlantic spokesperson of the Greens/EFA…

Stronger EU Ties with Latin America

by Our Staff Correspondent 0 Comments
Photo by Parker Hilton on Unsplash

Photo by Parker Hilton on Unsplash MEPs have called for a strengthening of ties between the European Union and Latin America. They say the EU should treat this as a “priority.” Deputies say the EU and the Community of Latin American and Caribbean States (CELAC) should join forces in the pursuit of closer collaboration and cooperation.” S&D MEPs in…

Customs Clearance Centre launched in Uzbekistan

by Guest Contributor 0 Comments

On the eve of Independence Day, 29 August 2023, President of the Republic of Uzbekistan Shavkat Mirziyoyev visited the Customs Clearance Centre under the Customs Committee. At a meeting chaired by President Shavkat Mirziyoyev on 17 February 2022, priority tasks were set to further improve customs administration, develop the customs service and transform it into…

Hong Kong In Steady Decline

by Our Staff Correspondent 0 Comments
Photo by sarah richer on Unsplash

Photo by sarah richer on Unsplash The European Commission and the High Representative have adopted their latest annual reports on political and economic developments in Hong Kong and Macao. The annual report on political and economic developments in the Hong Kong Special Administrative Region illustrates what the EC calls “the continued erosion of Hong Kong’s high degree of…

The Challenge of China

by Philip Bushill-Matthews 0 Comments
Photo by Sam Balye on Unsplash

Photo by Sam Balye on Unsplash The USA and China have agreed to set up working groups to discuss specific issues, with at the same time President Biden issuing carefully targeted curbs on US firms investing in Chinese tech companies. This twin-track approach should be seen as a sensible and practical development.  Western nations have struggled to establish…