Latest news with #economicintegration
Yahoo
4 days ago
- Business
- Yahoo
Readout - Prime Minister Carney meets with President of Mexico Claudia Sheinbaum
KANANASKIS, AB, June 17, 2025 /CNW/ - Today, the Prime Minister, Mark Carney, met with the President of Mexico, Claudia Sheinbaum, at the 2025 G7 Leaders' Summit in Kananaskis, Alberta. Building on the longstanding relationship between Canada and Mexico, the leaders discussed the close economic integration that has benefited workers and businesses in both nations. Prime Minister Carney and President Sheinbaum discussed shared G7 priorities, including economic and energy security as well as building reliable supply chains. The leaders agreed to deepen bilateral collaboration at the ministerial level, with a focus on trade, energy, agriculture, and security. They also emphasized the importance of safeguarding North American competitiveness and rules-based trade in the lead-up to the review of CUSMA. Prime Minister Carney and President Sheinbaum agreed to remain in close contact and looked forward to meeting again in Mexico in the coming months. Associated Link Canada-Mexico relations This document is also available at SOURCE Prime Minister's Office View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
4 days ago
- Business
- Zawya
Budgets: EAC partners have common goal – more revenue – yet pursue divergent policies
East African Community partner states seem reluctant to adopt policies meant to raise domestic revenues even as they face pressure to address mounting fiscal obligations. And experts warn that there is a risk of diluting the market in the EAC as a universal environment conducive for doing business, weakening the real goals of integration. These scanty economic integration gains are reflected in Uganda's latest budgetary proposals, pointing to sluggish harmonisation of policies in the East African Community (EAC). It could also pose a setback to investors eager to reap the benefits of the convergence of economic and financial policies among member states. A close look at the 2025/26 budget blueprint reveals a burning hunger for extra tax monies required to clear surging public debt obligations, financing of pending infrastructure projects, and poverty alleviation programmes across the region. For instance, an import declaration fee of one percent based on the customs value of taxable goods under the EAC Common External Tariff (CET) will be applied on all imports entering Uganda's borders with effect from July 1, 2025; a tax measure similar to customs levies imposed by other EAC countries to date. New tax measures in Uganda are projected to generate Ush538.6 billion ($149.5 million) for the treasury during the financial year 2025/26. Kenya's Treasury expects to raise Ksh25 billion ($191.9 million)-Ksh30 billion ($230 million) from new tax measures during the financial year 2025/26, according to latest government data. Yet Uganda's decision to offer a three-year tax exemption to domestic startups owned by local citizens that bear an investment of less than Ush500 million ($138,828) could reflect the government's determination to attract higher inflows of venture capital in a business environment previously deemed hostile. 'The EAC's financial strain – evident in recent internal borrowing due to delayed contributions – further hampers progress. Without stronger fiscal coordination and timely funding, the path to monetary union remains uncertain,' noted Shani-Smit Langton, a senior economist at Oxford Eco Historically, it added, Kenya has struggled to meet revenue collection targets and has often exceeded its spending limits.'Although enhanced tax enforcement is much needed, it is unlikely to deliver immediate results. Moreover, the decision to avoid broad-based tax increases may help mitigate political turmoil but increases the likelihood of relying on other measures, such as targeted taxes on foreign firms or taxing the wealthy,' the brief added. Latest budget proposals presented by the region's finance ministers this week did not offer clues on harmonisation of critical domestic tax rates that include Value Added Tax (VAT), Excise duty rates, stamp duties and withholding tax rates- a major source of competition headaches faced by businesses selling goods across the region's borders. Provision of an interest-free credit facility for Ugandan commercial farmers- a strategic tool for the mitigation of future food security risks tied to negative climate conditions was similarly missing in other EAC member states' budget proposals. The government has allocated Ush175 billion ($48.5 million) to this credit facility for the financial year 2025/26, though its operations kicked off before budget day. On the other hand, biting macroeconomic blues confronting most of the EAC member states- a key driver of spending cuts targeted at some sectors and increased tax mobilisation pressures are widely mirrored by Kenya's economic woes. Failure to harmonise key economic and financial policies across EAC member states poses a threat to the bloc's business competitiveness, experts indicated. Uganda's overall budget envelope for the financial year 2025/26 stands at Ush72.3 trillion ($20 billion) while domestic resources are estimated at Ush37.55 trillion ($10.4 billion). The latter comprises tax revenues amounting to Ush33.94 trillion ($9.4 billion) and non-tax revenues estimated at Ush3.28 trillion ($910.7 million). Domestic borrowing is estimated at Ush11.38 trillion ($3.1 billion) for the financial year 2025/26 according to the latest budget proposals.'You need to achieve political integration first before you can attain effective monetary and financial integration. The old approach of pursuing a customs union followed by a common market and monetary plus financial integration is not very reliable in the regional harmonisation context.'For example, the signing of the EAC customs union protocols in 2005 was supposed to be followed by harmonisation of different laws meant to facilitate easy movement of goods and labour, but this has not been fully implemented,' explained Derrick Nkajja, CEO of Institute of Certified Public Accountants of Uganda. Matia Kasaija, Uganda's Finance Minister, said during the budget speech that the economic fundamentals -- growth, employment, inflation, and exchange rates -- are in good shape. The increase in GDP represents a larger demand for intermediate goods and services. This will also help the government increase tax revenues over time. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Malay Mail
14-06-2025
- Business
- Malay Mail
Abang Johari: Sarawak-Brunei to move ahead with new CIQ complex project at Kampung Pandam
MIRI, June 14 — The Sarawak government has agreed in principle to the construction of a new Customs, Immigration and Quarantine (CIQ) complex at Kampung Pandam in Limbang, near the border with Brunei Darussalam, said Premier Datuk Patinggi Tan Sri Abang Johari Openg. The proposed facility aims to improve cross-border connectivity, enhance security cooperation, and boost economic integration between Malaysia and Brunei. Abang Johari said the CIQ project was among the key topics discussed during recent bilateral engagements between the two nations. 'We have agreed in principle to upgrade the existing ICQ facilities at Kampung Pandam. This development will not only support smoother mobility for citizens of both Sarawak and Brunei Darussalam, but more importantly, strengthen the economic ties between our regions,' he said during a working visit to the Sungai Limbang Bridge site today. He noted the timing was appropriate, as the second Sungai Limbang Bridge is expected to be completed by April next year. The CIQ Pandam-Lumapas project has been under discussion at both the federal and Bruneian government levels, with ongoing negotiations to ensure readiness on both sides before implementation. Once completed, the new route will significantly shorten travel time between Limbang and Brunei. The journey is expected to take just 30 minutes – 15 minutes from Limbang to CIQ Pandam, and another 15 minutes from CIQ Lumapas to central Brunei. Accompanying the Premier on the site visit were State Minister of Utility and Telecommunications, Datuk Seri Julaihi Narawi; Deputy Minister of Transport, Datuk Hasbi Habibollah; State Deputy Minister of Food Industry, Commodities and Regional Development, Datuk Abdul Rahman Ismail; Batu Danau assemblyman Datuk Paulus Palu Gumbang; State Secretary Datuk Amar Abu Bakar Marzuki; and Limbang Division Resident, Unos Tambi. Earlier, Abang Johari also made a visit to the Limbang Museum. — The Borneo Post
Zawya
12-06-2025
- Business
- Zawya
ASEAN-GCC-China Summit: A new chapter in Global South Cooperation
Amid growing trade tensions and rise in protectionist policies on the international landscape, the inaugural ASEAN-GCC-China Summit, hosted under Malaysia's ASEAN chairmanship for 2025, has drawn significant international attention. This gathering marks yet another step forward in Global South cooperation, with implications for both regional development and global growth. Foundations for Partnership The three parties share deep historical and economic ties. Centuries ago, the Silk Road facilitated cultural and commercial exchanges among their peoples. Today, China remains a pivotal trade partner for both ASEAN and the GCC. Recent advancements, such as the full conclusion of Free Trade Area 3.0 negotiations, underscore ongoing efforts to deepen economic integration. These longstanding relationships, nurtured through bilateral and multilateral frameworks, provide a robust foundation for expanded cooperation. Shared Vision for Inclusive Growth As advocates for open markets, the three parties reaffirmed their commitment to multilateralism during the summit. The event highlighted a shift in Global South nations from passive participants to proactive contributors in shaping international economic frameworks. Discussions underscored the importance of a rules-based global trading system, one that prioritizes equitable development over zero-sum competition. This vision aligns with broader calls for inclusive globalization that benefits all. Complementary Strengths Each region brings unique advantages to the table: ASEAN's youthful demographics and natural resources, the GCC's energy resources and financial capital, and China's vast consumer market and manufacturing prowess. By leveraging these complementary strengths, the partners will benefit from reduced energy and resource costs, accelerated logistics, and more efficient financial services. These synergies will enhance all three parties' competitiveness and resilience while enabling more secure and sustainable development, which are indispensable for navigating challenges in today's volatile global markets and maintaining growth amidst trade uncertainties. Synergy in Scale: 1+1+1>3 The trilateral cooperation has already registered positive progress. Chinese Premier Li Qiang announced at the Summit that China has decided to offer five-year multiple-entry visas to eligible applicants from Southeast Asian countries for business and other purposes, and to effectively give all GCC countries visa-free status. And with a regional business council in conception, the three parties have charted a united course for cooperation in areas including economic integration, connectivity, energy security and sustainability, digital transformation and innovation, food and agriculture, and people-to-people exchanges. Collectively, ASEAN, China, and the GCC account for nearly a quarter of the world's population and global GDP. Their collaboration signals a growing preference for cooperative and open regionalism in addressing shared challenges, such as trade disputes and supply chain disruptions. By improving infrastructure connectivity and streamlining trade, this partnership could foster synergies that multiply rather than simply add their individual strengths. A Model for South-South Cooperation Amid ongoing tariff and trade wars, the best way to navigate the current difficulties is to seek strength through unity. Through the practice of cross-regional cooperation, the three parties have demonstrated that the Global South can collectively counteract the adverse impact of unilateral tariffs by exploring new trade and investment opportunities, diversifying trade partners, and reducing reliance on traditional markets. The three parties' connected market, one of the world's largest intra-regional markets, will also allow other countries to share more benefits, and inject much-needed certainty into the global economy. By pooling together the three important forces in the world, this innovative, inclusive and pragmatic model represents a shared commitment to the rules-based multilateral trading system with the WTO at its core, and marks a concrete step toward a peaceful, prosperous and equitable future. A Powerful Boost to Globalization In an era of interconnected economies and shared global challenges, globalization retains its transformative potential—but only if nations choose collaboration over isolation. As an innovative cooperation mechanism among Global South partners, the ASEAN-GCC-China Summit demonstrates how diverse regions can align interests to strengthen multilateral frameworks and advance equitable trade. The Summit's success sends a clear message: Solidarity doesn't require uniformity. It thrives when nations bridge divergences through structured cooperation. By prioritizing dialogue and economic interdependence, countries can transform differences into opportunities while fostering shared progress. In an uncertain world, such collaboration isn't just idealistic—it's the cornerstone of collective resilience and a more equitable future. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
11-06-2025
- Business
- Times of Oman
ASEAN-GCC-China Summit: A New Chapter in Global South Cooperation
Amid growing trade tensions and rise in protectionist policies on the international landscape, the inaugural ASEAN-GCC-China Summit, hosted under Malaysia's ASEAN chairmanship for 2025, has drawn significant international attention. This gathering marks yet another step forward in Global South cooperation, with implications for both regional development and global growth. Foundations for Partnership The three parties share deep historical and economic ties. Centuries ago, the Silk Road facilitated cultural and commercial exchanges among their peoples. Today, China remains a pivotal trade partner for both ASEAN and the GCC. Recent advancements, such as the full conclusion of China-ASEAN Free Trade Area 3.0 negotiations, underscore ongoing efforts to deepen economic integration. These longstanding relationships, nurtured through bilateral and multilateral frameworks, provide a robust foundation for expanded cooperation. Shared Vision for Inclusive Growth As advocates for open markets, the three parties reaffirmed their commitment to multilateralism during the summit. The event highlighted a shift in Global South nations from passive participants to proactive contributors in shaping international economic frameworks. Discussions underscored the importance of a rules-based global trading system, one that prioritizes equitable development over zero-sum competition. This vision aligns with broader calls for inclusive globalization that benefits all. Complementary Strengths Each region brings unique advantages to the table: ASEAN's youthful demographics and natural resources, the GCC's energy resources and financial capital, and China's vast consumer market and manufacturing prowess. By leveraging these complementary strengths, the partners will benefit from reduced energy and resource costs, accelerated logistics, and more efficient financial services. These synergies will enhance all three parties' competitiveness and resilience while enabling more secure and sustainable development, which are indispensable for navigating challenges in today's volatile global markets and maintaining growth amidst trade uncertainties. Synergy in Scale: 1+1+1>3 The trilateral cooperation has already registered positive progress. Chinese Premier Li Qiang announced at the Summit that China has decided to offer five-year multiple-entry visas to eligible applicants from Southeast Asian countries for business and other purposes, and to effectively give all GCC countries visa-free status. And with a regional business council in conception, the three parties have charted a united course for cooperation in areas including economic integration, connectivity, energy security and sustainability, digital transformation and innovation, food and agriculture, and people-to-people exchanges. Collectively, ASEAN, China, and the GCC account for nearly a quarter of the world's population and global GDP. Their collaboration signals a growing preference for cooperative and open regionalism in addressing shared challenges, such as trade disputes and supply chain disruptions. By improving infrastructure connectivity and streamlining trade, this partnership could foster synergies that multiply rather than simply add their individual strengths. A Model for South-South Cooperation Amid ongoing tariff and trade wars, the best way to navigate the current difficulties is to seek strength through unity. Through the practice of cross-regional cooperation, the three parties have demonstrated that the Global South can collectively counteract the adverse impact of unilateral tariffs by exploring new trade and investment opportunities, diversifying trade partners, and reducing reliance on traditional markets. The three parties' connected market, one of the world's largest intra-regional markets, will also allow other countries to share more benefits, and inject much-needed certainty into the global economy. By pooling together the three important forces in the world, this innovative, inclusive and pragmatic model represents a shared commitment to the rules-based multilateral trading system with the WTO at its core, and marks a concrete step toward a peaceful, prosperous and equitable future. A Powerful Boost to Globalization In an era of interconnected economies and shared global challenges, globalization retains its transformative potential—but only if nations choose collaboration over isolation. As an innovative cooperation mechanism among Global South partners, the ASEAN-GCC-China Summit demonstrates how diverse regions can align interests to strengthen multilateral frameworks and advance equitable trade. The Summit's success sends a clear message: Solidarity doesn't require uniformity. It thrives when nations bridge divergences through structured cooperation. By prioritizing dialogue and economic interdependence, countries can transform differences into opportunities while fostering shared progress. In an uncertain world, such collaboration isn't just idealistic—it's the cornerstone of collective resilience and a more equitable future.
