Latest news with #andTrade
Hi Dubai
a day ago
- Business
- Hi Dubai
Dubai Chambers Strengthens Trade Ties as Uzbek Delegation Explores Investment Opportunities
Dubai Chambers hosted a high-level Uzbek delegation on Wednesday, led by Uzbekistan's Minister of Investment, Industry, and Trade, H.E. Laziz Kudratov, to explore avenues for deepening economic cooperation during the Dubai-Uzbekistan Business Seminar. The event brought together around 100 business leaders and senior government officials from both nations, creating a platform to boost bilateral trade and investment. Discussions centered on expanding commercial ties and leveraging synergies between the two markets. H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, underscored the importance of building on the growing trade momentum. 'We are eager to explore new paths for collaboration and investment to drive mutual economic growth,' he said, reaffirming the Chamber's support for Uzbek businesses looking to scale globally through Dubai. The seminar featured presentations on market opportunities in both Dubai and Uzbekistan, with a shared focus on increasing trade flows. In 2024, non-oil trade between Dubai and Uzbekistan surged by 66% to exceed AED 11.1 billion. Key Uzbek exports to Dubai include precious stones, zinc, fruits, and copper, while Dubai exports electronics, vehicles, and cosmetics to Uzbekistan. Both sides explored ways to expand this exchange, aligning with their respective economic strengths. Uzbek business presence in Dubai is also rising. Over 700 Uzbek firms were active members of the Dubai Chamber of Commerce by the end of 2024 — a 34.5% increase year-on-year — with over 60 new companies joining in Q1 2025 alone. News Source: Dubai Media Office
The Sun
10-06-2025
- Business
- The Sun
Repeated shocks risk global trade
DISCUSSION around the consequences of President Donald Trump's economic policies – most notably the increased tariffs on all countries, especially China – has centred on economic costs. These costs affect both businesses and consumers, manifesting as higher prices for traded goods, a shift in production to less efficient locations and reduced consumer choices when goods are no longer produced or traded. The focus on economic costs neglects a more impactful and troubling development: a shift in global trade governance and the exchange of goods under it. The US has gone from being the establisher and leader of international trade institutions to being the single greatest threat to their continuation. Multinational enterprises that have prospered under this system face unprecedented uncertainty and increasingly stark choices between upholding the system and being undercut by competitors forced to circumvent it. Businesses engaging in international trade and investment have long relied upon rules, principles and norms established under the General Agreement of Tariffs and Trade (GATT) in 1948 and deepened under the stewardship of the World Trade Organisation (WTO) since 1995. The international system under GATT and WTO supports trade through the elimination of trade barriers including tariffs, quotas and subsidies, by establishing principles of equal treatment and by providing mechanisms to manage disputes between nations and companies. Continuing business faith in multilateral trade rules and liberalisation is increasingly at odds with the positions of nation-states. The global financial crisis in 2007 to 2008, China's rapid rise to dominant global manufacturer since joining WTO in 2001 and legitimate concerns with the distribution of trade benefits within countries have contributed to popular backlash against freer trade. The rise of powerful global corporations that pursue profits rather than sovereign interests has also played on the fears of nation-states that, through liberalisation, have ceded much regulatory autonomy. Against this backdrop is a world besieged by increasingly frequent major shocks – of human and natural origin. Businesses and nation-states are navigating trade wars, disease outbreaks, military conflicts and intensifying weather events – individually and in tandem. Discourse typically bundles these shocks together to paint an overall picture of instability, lower confidence and temporary disruption to economic activity. But to appreciate the sustained consequences for trade, the stepwise influence of each major shock deserves further examination. The first Trump administration's trade war from 2018 provided the first substantial and symbolic shift from trade liberalisation to restriction. It delivered an initial blow to the 'made in China, sold in America' model, prompting conversations in global boardrooms around the need to reduce dependence on production in China. However, investors were largely unwilling to forgo China's cost competitiveness with the re-export of goods via third countries, particularly in Southeast Asia, being the dominant response. Trade continued within the bounds of international governance. The Covid-19 pandemic from early 2020 created more substantive fractures between businesses and governments on trade governance. International institutions proved incapable of mobilising an effective and coordinated health and economic response, with business disruption amplified under diverging sovereign measures. China's draconian response delivered a goal for its reputation as a reliable production location. While economists and businesses marvelled at the adaptability of global supply chains, governments saw vulnerabilities requiring intervention on national security grounds. Russia's invasion of Ukraine in early 2022 poured salt into the open wound, sharply highlighting the divergence between corporate interests and those of nation-states. US-led sanctions on trade with Russia sought to divide markets along geopolitical lines with little regard for business impacts. The ability of businesses from Russia, China, India and elsewhere to circumvent inadequately enforced sanctions exposed the limits of international and national governance to uphold trade restrictions. Companies from America, Europe and elsewhere had to choose between supporting sanctions and sustaining profits, with many becoming circumventers. That markets did a better job of navigating sanctions and war than governments did of implementing sanctions reinforced the pandemic fracture between businesses and governments, significantly eroding trust in international trade governance. It is in this context that Trump 2.0 must be seen as an existential threat to prospects for restoring faith in the system. The US is now the primary source of economic policy uncertainty and lead antagonist undermining international institutions, imposing and threatening smaller countries with tariffs and hollowing out WTO. Businesses conditioned by pandemic-induced disruptions and ineffectual sanctions face another choice between wearing tariff costs and being undercut by less scrupulous competitors. Maintaining support for formal, rules-based and ethical international trade means contending with an increasingly formidable global network of informal actors and activities that outmatch the enforcement efforts of trade regulators. After all, border processes that have been streamlined and deregulated over decades to encourage seamless and trusted trade cannot be instantly and effectively converted to a punitive enforcement stance. And neither Trump nor the countries he threatens appear willing to plough resources into tighter trade regulation or have a vision for what enforcement looks like. Arresting the decline of trade institutions may seem insurmountable in the current geopolitical environment but the alternative is trending towards a future in which governments everywhere cede control of effective trade regulation. In such a world, the ability of international institutions and nation-states to uphold product standardisation and safety, supply chain resilience and ethical practices is compromised. Government capacity to raise revenue and manage the macroeconomy is further weakened by growing informality while businesses and consumers pay for the additional risk embodied in less-regulated trade. The world sans the US must act quickly to reinforce the international system, strengthening international institutions, including WTO. Space for greater leadership from large emerging economies must be created to forge a collective governance approach for countries across the development spectrum. Tackling systemic destruction is far greater and more economically consequential than addressing the immediate impact of Trump tariffs. A world in which trade operates outside of good governance frameworks would leave everyone poorer. Dr Stewart Nixon is the deputy director of research at the Institute for Democracy and Economic Affairs (Ideas). The views expressed in this article are solely those of the writer and do not necessarily represent the views or positions of Ideas Malaysia.
Ya Biladi
04-06-2025
- Automotive
- Ya Biladi
Morocco aims to boost electric vehicle production by 53% by end of 2025
Morocco plans to increase its electric vehicle (EV) production by 53% by the end of 2025, reaching a total of 107,000 units, Industry and Trade Minister Ryad Mezzour announced on Monday during a session at the House of Representatives. The move is part of the kingdom's broader strategy to reduce its dependence on the European market, which is currently facing sluggish demand. The country's automotive sector currently has an annual production capacity of 700,000 vehicles, with expectations to reach one million units before the end of the year. The European Union remains the main destination for Moroccan car exports. Despite a 7% drop in car exports—amounting to around 49 billion dirhams during the first four months of 2025—the automotive industry continues to hold its position as Morocco's leading export sector. According to data from the Foreign Exchange Office, this decline contributed to a widening trade deficit, which rose to 108.9 billion dirhams, up by 22.8%. Minister Mezzour described the downturn as temporary and highlighted efforts to diversify Morocco's export markets. The country currently exports vehicles to around 70 countries and aims to expand that number to 100. Data from the European Automobile Manufacturers Association shows a decline in sales of traditional cars across the continent, while electric vehicles now account for 15.2% of the market—strengthening Morocco's strategic focus on EV production.
Observer
28-05-2025
- Politics
- Observer
President of Iran leaves Oman
Muscat: President Dr Masoud Pezeshkian of the Islamic Republic of Iran and his accompanying delegation left the Sultanate of Oman after a two-day official visit. HH Sayyid Shihab bin Tarik al Said, Deputy Prime Minister for Defence Affairs led the farewell party for President Pezeshkian at the Royal Airport. The Iranian President was also seen off by Sayyid Badr bin Hamad al Busaidi, Foreign Minister (Head of the Mission of Honour) and Ibrahim Ahmed al Muaini, Ambassador of the Sultanate of Oman to the Islamic Republic of Iran. During his visit to the Sultanate of Oman, the Iranian President was accompanied by an official delegation comprising Abbas Araghchi, Minister of Foreign Affairs, Mohsen Haji-Mirzaei, Head of the President's Office, Mohammad Atabek, Minister of Industry, Mining, and Trade, Head of the Iranian side in the Oman-Iran Economic Cooperation Joint Committee, Air Commodore Aziz Nasirzadeh, Minister of Defence and Logistics of the Armed Forces, Gholamhossein Zarei, Deputy Chairman of the Parliament, Mohammad-Reza Farzin, Governor of the Central Bank of Iran, Masoumeh Aghapour Alishahi, Advisor to the President for Economic Cooperation Affairs, Mousa Farhang, Ambassador of the Islamic Republic of Iran to the Sultanate of Oman and several officials from the Iranian government.
BBC News
05-05-2025
- Business
- BBC News
Trump wan sama movies wey dem make outside US 100% tariffs
US President Donald Trump say im go hit movies wey dem make for foreign kontris wit 100% tariffs, as e dey round up trade disputes wit nations around di world. Trump say e dey authorise di US Department of Commerce and Trade Representative to start di process to impose di levy becos America movie industry dey die "a very fast death". E blame a "concerted effort" by oda kontris wey dey offer incentives to attract filmmakers and studios and e describe am as a "National Security threat". E say dis fit spell a "knock-out blow" to di industry, one union warn, say filmmakers for years dey comot Hollywood for destinations like di UK and Canada to search for lower costs. Trump tok for im Truth Social platform: "E dey in addition to evritin else, messaging and propaganda!" "WE WANT MOVIES WEY DEM MAKE FOR AMERICA, AGAIN!" US Commerce Secretary Howard Lutnick respond to di announcement, e say "We on am". But di details of di move dey unclear. Trump statement no say weda di tariff go apply to American production companies wey dey produce films abroad. Several recent major movies produced by US studios dey shot outside America, including Deadpool & Wolverine, Wicked and Gladiator II. E dey also unclear if di tariffs go apply to films on streaming services, like Netflix, as well as dose wey dey show for cinemas, or how dem go calculate am. Di founder of European cinema chain Vue, Timothy Richards, question how Trump go define a US film. Speaking to BBC Radio 4 Today programme, e say: "Na wia di money come from? Di script, di director, di talent, wia dem shoot am?" Mr Richards say di cost of shooting for southern California don grow significantly ova di last few decades, wey make filmmakers to move production to locations like di UK, wey don offer tax incentives and lower costs. "But no be just di actual financing," e add. "One of di reasons UK don do so well na say we get some of di most highly experienced and skilled film and production crew for di world. "Di devil go dey in di details." Meanwhile, UK media union Bectu warn say di tariffs fit "deal a knock-out blow" to di industry and dia tens of thousands of freelancers, as e recova from di pandemic and a "recent slowdown". Union chief Philippa Childs tell di BBC: "Di govment need to move swiftly to defend dis vital sector, and support di freelancers wey power am, as a matter of essential national economic interest." A UK government tok tok pesin say e dey "absolutely committed" to ensure di film sector kontinue to thrive and create jobs and go set out plans to do so for dia upcoming Creative Industries Sector Plan. Dem add: "Tok on an economic deal between di US and di UK dey ongoing - but we no go to provide a running commentary on di details of live discussions or set any timelines becos e no dey di national interest. "We go kontinue to take a calm and steady approach to tok and aim to find a resolution to help ease di pressure on UK businesses and consumers." Industry body di British Film Institute say, e dey work closely wit di govment and industry partners for di UK and di US "while we understand di detail of di proposal". One tok tok pesin add: "We wan keep collaboration for di heart of our sectors, so we remain a constructive partner to our friends for di US and internationally." Di US remain a major film production hub globally despite challenges, according to movie industry research firm ProdPro. A most recent annual report show say di kontri see $14.54bn (£10.94bn) of production spending last year. Although dat go down by 26% since 2022. And NPR Radio film critic Eric Deggans warn say di tariffs, if dem introduce am, fit further harm di industry. Oda countries fit respond by placing tariffs on American films, e tell BBC, wey go make am "harder for dis films to make profits overseas". "E fit create a situation wia di tariffs in America dey cause more harm dan good," e add. Di Motion Picture Association, wey represent di five major US film studios, no immediately respond to BBC requests for comment. Kontris wey don attract an increase in spending since 2022 include Australia, New Zealand, Canada and the UK, according to ProdPro. Following Trump remarks, Australia home affairs minister Tony Burke say: "Nobodi suppose dey under any doubt say we go stand up for di rights of di Australian screen industry." Industry body Screen Producers Australia say while e get "many unknowns" about di plan, e get "no doubt e go send shock waves worldwide". New Zealand's Prime Minister Christopher Luxon also say im govment dey await further details of di proposed tariffs. "But we go obviously be a great advocate, great champion of dat sector and dat industry," e tell a news conference. Ahead of im inauguration, Trump appoint three film stars - Jon Voight, Mel Gibson and Sylvester Stallone - to be special ambassadors to promote business opportunities for Hollywood, wey im describe as a "great but veri troubled place". Trump write dat time: "Dem go serve as Special Envoys to me for di purpose of bringing Hollywood, wey don lose much business ova di last four years to Foreign Countries, back- bigger, better, and stronger dan eva bifro!" Since e return to di White House for January, Trump don impose tariffs on kontris around di world. E argue say tariffs wey be taxes charged on goods wey dem buy from oda kontris go boost US manufacturers and protect jobs. But di global economy don dey face wahala as a result, and prices od goods around di world dey expected to rise. Even bifor dis most recent announcement, di US movie industry dey impacted by di fallout from Trump trade policies. For April, China say dem dey reduce dia quota of American films wey dey allowed into di kontri. Di wrong action of di US govment to abuse tariffs on China go further reduce di domestic audience favourability towards American films," di China Film Administration say. "We go follow di market rules, respect di audience choice, and moderately reduce di number of American films wey dey imported."
