ATPC Daily Digest 27 July 2018

 

INTERNATIONAL

Damage from tariffs not felt yet but 'will come': WTO chief - Major consequences of the tit-for-tat tariffs being levied by top economies are not evident yet "but they will come" and will wreak havoc across the global economy, the World Trade Organisation chief warned on Wednesday. The call came as the 164-member WTO launched a report documenting that trade restrictive measures are on the rise, an unsurprising trend amid the escalating trade war. (Channel News)

Keywords: WTO, Global economy, Tariffs

BRICS trade surges by 30% as global market influence of developing economies grows - Russian trade with fellow BRICS countries has grown significantly in the last year, and the country wants to keep the momentum going, said President Vladimir Putin in his opening address at the BRICS Summit in South Africa. (RT)

Keywords: BRICS, Global market, Economic growth

Opinion: BRICS: Rapidly moving forward - BRICS economic cooperation is rapidly growing. Total intra-BRICS trade has grown rapidly with a value of 462BN US dollars in 2017 from 204BN US dollars in 2010. BRICS provides opportunities for sharing policy advice and exchanges of best practices in terms of domestic and regional challenges. (CGTN)

Keywords: BRICS, Economic cooperation

India strengthens diplomatic ties in Africa with plans for 18 new embassies - India plans to open 18 new embassies across Africa and 'intensify' its engagement in the region, Indian Prime Minister Narendra Modi announced in Kampala, Uganda on Wednesday." As with Uganda, we have deepened our partnership and engagement across the vast expanse of Africa," Modi said during an address to the Ugandan Parliament - the first ever by a serving Indian prime minister. "And we are also opening 18 new embassies in Africa." (CNN)

Keywords: India, Uganda, Diplomacy, Embassies

Green exports can meet both economic and environmental needs - Markets for green products are growing significantly faster than conventional products, and present important opportunities for developing and least developed countries.Tools that can help countries harness green exports were described at a learning session organized by UNCTAD at the United Nations High-Level Political Forum (HLPF) on the Sustainable Development Goals. (UNCTAD)

Keywords: UNCTAD, Green exports, Economic needs

 

PAN AFRICAN

COMESA to set up team on digital free trade area - The Common Market for Eastern and Southern Africa (Comesa) plans to set up a team to oversee the implementation of the Digital Free Trade Area (DFTA). The DFTA is an online platform for trade facilitation comprising three segments namely electronic trade (e-trade,) e-logistics, and e-legislation. (Tralac)

Keywords: COMESA, E-commerce, DFTA, Digital

Building Africa’s digital markets - Kenya, South Africa and Nigeria lead the continent in the performance of e-commerce as they have all recorded approximately 6 percent of overall trade as being conducted on digital platforms at the end of 2017. (Africa News)

Keywords: Africa, Digital markets, E-commerce, Nigeria, South Africa, Kenya

The African Continental Free Trade Agreement promises benefits with China at its helm - Increased regulatory integration creates greater incentive to build infrastructure, particularly with trading partners like China, who has already made significant investments in African economies and will now see greater returns on investment as a result of this agreement.  Political Insights)

Keywords: Africa, AfCFTA, China

Africa – India trade value yield over $42BN per annum - Since the launch of “Focus Africa” programme in 2002 by the Government of India, bilateral ties between African countries and India have continued to strengthen and their economic bonds yielded bountifully. Between 2016-17, India’s exports to Africa had gone up to $23BN, from $14BN recorded in 2007-08. Imports from Africa stood at $28BN in 2016-17, up from the previous $20BN in 2007-08. (The Exchange)

Keywords: Africa, India, Trade value

 

EAST AFRICA

Uganda imports beat exports for first time - Kenya has for the first time imported more goods than it sold to its neighbour Uganda in the five months to May, mainly due to increased maize imports. Central Bank of Kenya (CBK) put the value of goods Kenya imported from Uganda at Sh30.21BN in the period. (Business Daily)

Keywords: Uganda, Kenya, Maize

Eritrea in new bid to woo US investors - Eritrea is seeking to attract investments from the United States, Dr Woldai Futur, the director of Eritrean Investment Centre, said on Tuesday. He cited agriculture, mining, tourism, fishing and infrastructure as sectors the Eritrean government sees as priorities for its new policy of enticing US capital. (The East African)

Keywords: Eritrea, US, Investments

Japanese investments in Rwanda total $22M - Japanese delegates visITED Rwanda in search of investment opportunities, with the economic growth being a persuasive factor to explore the business environment. During their three day visit to the country, they met a number of officials to discuss further plans to work together. (The Exchange)

Keywords: Rwanda, Japan, Investment opportunities

As African skies get crowded, Kenya Airways escapes to the Indian Ocean - Kenya Airways has entered a triple agreement with Air Madagascar and Air Austral to facilitate passenger and cargo movement across several Indian ocean islands of Madagascar and Reunion. (The Exchange)

Keywords: Kenya Airways, Air Madagascar, Aviation

 

NORTH AFRICA

Morocco explores investment opportunities in Mauritania - Moroccan ambassador to Mauritania, Hamid Chabar has visited the facilities of the National Industrial and Mining Company (SNIM) in the West African nation. The mining company, the largest in Mauritania, accounts for 15% of the country’s GDP. Morocco accounts for 30% of Mauritania’s trade with the African continent and seeks to increase the level of its investment. (Medafrica)

Keywords: Morocco, Mauritania, Investment opportunities

Egypt’s industrial production records LE 155.3BN in Q4 2017 - Egypt’s industrial production (without crude oil and petroleum products) increased 6.9 percent during the fourth quarter of 2017, recording LE 155.3BN, compared to LE 145.3BN in the third quarter of 2017, according to the Central Agency for Public Mobilization and Statistics. (Egypt Today)

Keywords: Egypt, Industrial production, Increase

Egypt: IFC to commit $2BN for private sector, by 2019 - The International Finance Corporation (IFC), World Bank’s private arm, has announced it will provide $2BN to support private sector in Egypt, by 2019.The announcement was made by MD Philippe Le Houerou, who pointed out that the money might increase to fund entrepreneurship and SMEs. (Ecofin Agency)

Keywords: Egypt, IFC, Private sector

 

SOUTHERN AFRICA

South Africa supports a rules-based trading system, but current rules are not ideal - The global trade war has now escalated into a full-blown trade war that requires greater cooperation especially between BRICS member nations, South Africa's Trade and Industry Minister Rob Davies says. (Tralac)

Keywords: South Africa, BRICS, Trading system

China’s $14BN investment a boost for crucial sectors in South Africa - Crucial sectors of the economy - including the manufacturing sector - will significantly benefit from a more than $14BN investment in the economy by the Chinese government. Trade Minister, Rob Davies said all crucial sectors of the South African economy would benefit from this investment, particularly manufacturing and infrastructure development. (IOL)

Keywords: South Africa, China, Investment

MOFAIC delegation meets Mauritius officials -  Mauritius' Minister of Foreign Affairs, Regional Integration and International Trade, received a delegation from the UAE Ministry of Foreign Affairs and International Cooperation, MoFAIC. The two sides discussed means of enhancing bilateral cooperation across the commercial, developmental, cultural and tourism sectors, among others. (Urdu Point)

Keywords: Mauritius, UAE, Commercial cooperation

 

WEST AFRICA

Nurture Ghana-Nigeria trade relations using ECOWAS Trade Treaty -The Ministry of Trade and Industry has been urged to observe Article 3 of the ECOWAS Treaty on trade which promotes trade harmonisation, cooperation, integration and unionisation in efforts to remove foreign traders especially Nigerians from the Ghanaian retail market. (GBC)

Keywords:  Ghana, Nigeria, Trade relations

Nigeria: How quality infrastructure will aid trade barriers’ reduction - The development of internationally accredited metrology systems and infrastructure in Nigeria would go a long way in reducing Technical Barriers to Trade (TBT) and enhance the country’s exports for regional and global markets, the United Nations Industrial Development Organisation(UNIDO) has said. (Tralac)

Keywords: Nigeria, UNIDO, Infrastructure, Trade barriers