Latest news with #bilateralTrade
Bloomberg
11 hours ago
- Business
- Bloomberg
US Tariff Spike Hits China's Small Parcels, Squeezing Exporters
US tariff hikes on small packages from China triggered a slump in shipments last month, contributing to a huge drop in bilateral trade and roiling exporters like Shein Group Ltd. The value of small parcels sent from China to the US fell to just over $1 billion in May, the least since early 2023, according to customs data released Friday. The 40% plunge from the same month last year marks a sharp reversal for a booming trade route, coming just as the US government eliminated a long-standing tariff loophole.
Zawya
2 days ago
- Business
- Zawya
Egypt, Serbia approve free trade agreement to boost bilateral economic cooperation
Arab Finance: Prime Minister Mostafa Madbouly announced the ratification of the free trade agreement between Egypt and Serbia, under which customs duties and quantitative restrictions on imports and exports of goods will be gradually eliminated, as per a statement. The announcement was made during the Egyptian-Serbian Business Forum, which was attended by Serbian Prime Minister ?uro Macut and a high-level delegation visiting Egypt. In addition to eliminating tariffs, the agreement includes provisions to enhance cooperation in services and investment, promote joint projects, enable technology transfer, and facilitate trade dispute resolution, all aimed at creating a favorable climate for bilateral investment. In his speech, Madbouly noted that trade between the two countries has more than tripled from $94 million in 2022 to approximately $300 million in 2024. He also expected this trade exchange to grow further after Egypt's House of Representatives approved the free trade agreement. Madbouly added that this agreement complements Egypt's existing network of free trade deals with the European Union (EU), Arab countries, Africa, the UK, Türkiye, the US, and others, collectively granting access to markets of over three billion consumers. He underscored Egypt's modern logistics infrastructure as a key advantage for tripartite cooperation, allowing for joint manufacturing and duty-free exports with reduced transport costs. Egypt also aims to share its experience in executing large-scale infrastructure and fourth-generation cities to support Serbia's preparations for Expo Belgrade 2027. Furthermore, Madbouly called on private sector representatives from both countries to seize the investment and partnership opportunities available. The Prime Minister also emphasized Egypt's readiness to support Serbian investors across various sectors, including industry, agriculture, energy, infrastructure, and major projects. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
CNA
13-06-2025
- Business
- CNA
Polish President Duda concludes state visit to Singapore to reaffirm bilateral and business ties
SINGAPORE: Polish President Andrzej Duda on Friday (Jun 13) concluded a three-day state visit to Singapore, which marked a significant milestone in ties between the two nations. He is the first Polish president to visit Singapore in over 20 years. Singapore's Ministry of Foreign Affairs said that the visit reaffirms the growing ties between the two countries. Mr Duda was received by Singapore's President Tharman Shanmugaratnam at Parliament House on Thursday, where he inspected a guard of honour contingent. The two presidents spoke about collaboration in areas like port and logistics development, agri-food exports to Singapore, and sustainable energy. They also discussed global geopolitical and security developments. At a state banquet hosted in Mr Duda's honour, Mr Tharman said bilateral trade has grown significantly, and there is much more that both sides can do to capitalise on each other's roles as hubs within their respective regions. "There is a Polish saying that goes 'grain by grain, the measure will be filled',' said President Tharman. 'Step by step, we will build a meaningful relationship. And that epitomises the way we are going about our strategic relationship.' Mr Duda expressed Poland's intent to deepen its engagement in the region. 'My visit is a confirmation of Poland's growing presence in Southeast Asia and its interest in developing comprehensive relations with the countries of the region,' he added. 'Singapore has long been a key partner for Poland in this region, and we will wish for our relations to rise to a new, much higher level.' The two leaders encouraged businesses to explore investments in each other's countries. There are around 170 Polish companies in Singapore, while Singapore also invests significantly in Poland's transport and logistics sector. Since the EU-Singapore Free Trade Agreement (EUSFTA) came into force in 2019, bilateral goods trade between Singapore and Poland has grown by 50 per cent, reaching a high of nearly S$1.7 billion (US$1.3 billion) last year. BUSINESS TIES During the Singapore-Poland Business Forum on Friday, Minister-in-charge of Trade Relations Grace Fu highlighted the importance of like-minded partners like Singapore and Poland in creating opportunities for growth. Both nations should also bolster the rules-based trading system through economic agreements, she added. 'Poland and Singapore share robust and growing bilateral economic relations, anchored by EUSFTA,' she said. "Creating new avenues for growth and innovation is another important way to economic success. Singapore and Poland have complementary strengths and needs in sectors such as food and digital technology, creating scope for new partnerships.' Mr Duda also identified several areas for future collaboration, including the digital economy, food security, infrastructure and logistics. 'Singapore's logistics and port operators are global leaders. There is definitely room for partnerships in warehousing, freight and trade facilitation between Europe and Asia,' he said. During his trip, Mr Duda also visited ST Engineering and port operator PSA International. NEW POLISH PRESIDENT Mr Duda and his wife, First Lady Agata Kornhauser-Duda, were also presented with a new orchid hybrid – the Genus Andrzej and Agata Duda – at the National Orchid Garden. Mr Duda's visit comes near the end of his second five-year term, which is set to conclude in August. He will be succeeded by historian Karol Nawrocki. Polish Ambassador to Singapore Tadeusz Chomicki said he expects continuity from the new president for foreign policies regarding Asia and Singapore. 'They come from the same political background. When it comes to foreign policy, our activities, especially in the Asia Pacific region, there is no difference between the parties,' he told CNA938. 'We all see big opportunities and potential, between Poland and a number of countries in Asia.' Before arriving in Singapore, the Polish president was in Malaysia for a three-day official visit. Mr Duda described his tour as an effort to encourage potential regional investors to look to Poland. 'Poland has witnessed rapid development in the last years. The Polish economy is getting more robust and strong,' he said. 'We are proponents of the most open trade and the possible most open way to transport goods. I would like Poland to have the best possible relations, to have as many contacts as possible in the trade sphere.' ON UKRAINE AND MILITARY SPENDING During a wide-ranging interview with CNA, Mr Duda said his country is extremely concerned about the war in neighbouring Ukraine. 'Looking at our historical experiences with Russia, we're afraid of a potential Russian aggression. Our obvious response was to … modernise our armed forces, and we decided to increase our defence spending,' he said. He added the nation is spending 4.7 per cent of its gross domestic product on defence, well above the North Atlantic Treaty Organization's (NATO) current guideline of 2 per cent. He added that China could play a significant role in ending the bloodshed. 'China is such a big superpower that it is able to have an impact on … Russia. It is able to be the stabiliser. (Beijing) can contribute to ending Russian aggression against Ukraine… to finding a peaceful solution. I count very much on China playing a creative and positive role here,' he said.
Al Arabiya
28-05-2025
- Business
- Al Arabiya
China approached UAE for possible bilateral free trade deal, UAE minister says
China approached the United Arab Emirates for a possible bilateral free trade deal, UAE's Trade minister Thani Al Zeyoudi said on Wednesday, after an announcement of the launch of EU-UAE talks for a similar agreement. Since 2021, the UAE has initiated a raft of bilateral trade, investment and cooperation deals - called Comprehensive Economic Partnership Agreements - to reduce its dependence on fossil fuels and bolster long-term growth prospects.
CBC
25-05-2025
- Business
- CBC
Britain waiting for Parliament to return before deciding on pursuing Canada-U.K. trade deal
British High Commissioner to Canada Rob Tinline says his government is waiting for the Canadian government to fully return before deciding whether to restart talks on a potential bilateral trade deal after negotiations fell apart at the beginning of last year. When the Canadian government is "fully in place," the U.K. government will need to "work out whether there is a landing point [on a trade deal] and whether we want to pick that up," Tinline said in an interview on Rosemary Barton Live that aired Sunday. "We paused it a little bit over a year ago because we couldn't see a landing point," he added. "Since then, obviously, we've had a general election, you've had the general election, and you've got the speech from the throne." In January 2024, the British government walked away from negotiations over a longer-term bilateral trade deal to replace the liberalized trade the U.K. enjoyed under the terms of Canada's Comprehensive Economic and Trade Agreement with the European Union. Tinline said there was "a set of issues around agriculture that we need to come back [to] and what the quotas are and what tariffs are on that." A major sticking point between the two sides was how much tariff-free access U.K. producers should have to the Canadian cheese market. After Brexit, an interim agreement kept tariff-free British cheese on Canadian shelves for three years. That more permissive regime expired at the end of 2023. In the aftermath of the renegotiation of the former North American Free Trade Agreement, which saw changes to supply-managed sectors, then-prime minister Justin Trudeau promised dairy farmers that no more slices of Canada's domestic market would be served up to exporters in future negotiations. When asked whether he's optimistic a deal can be reached, Tinline said his job "isn't to be optimistic or pessimistic." "Our job is to work out what our objectives are and how we can take them forward. As the new Canadian government picks up, then we'll take forward that conversation." On Tuesday, King Charles III will deliver the throne speech that opens a new session of Parliament and lays out the federal government's priorities. The King's visit will mark the third time the monarch has read the throne speech in Canada. Ralph Goodale, Canada's high commissioner to the U.K., said the existing trade agreement between the two countries gives each of them "99 per cent tariff-free and quota-free access to each other's markets." "So all that remains to be discussed is that remaining one per cent," Goodale said in an interview on Rosemary Barton Live that aired Sunday. "Of course, all of the tough issues are in the remaining one per cent, but what we both agreed upon is we'll continue to work at that small margin that's left." Tinline also said the U.K. is hoping Canada's new Parliament will put forward a bill ratifying its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership so it can start enjoying the benefits of the Pacific trade deal. Carney interested in new trade partners Prime Minister Mark Carney has signalled multiple times that he's interested in strengthening Canada's trade relationships around the world as the United States continues to punish the Canadian economy with harsh tariffs. In a letter Carney wrote to his new cabinet, he said the federal government "must redefine Canada's international, commercial, and security relationships." The prime minister also told his Liberal caucus on Sunday afternoon that the country has "opportunities to build new partnerships with reliable allies" because "Canada has what the world needs. We defend the values that the world respects." Almost immediately after he became prime minister in March, Carney travelled to London to meet with British Prime Minister Keir Starmer to discuss how to strengthen Canada's commercial relationship with the U.K. Goodale said Canada has a long-standing relationship with the U.K. that is more than just the economy — there's also "the trust and respect that comes with the promotion and defence of common values around the world that we've worked on together for generations."
