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News from World

pakistan-imf-billion-loan 25 Januar 2022

PAKISTAN, IMF AID AGREEMENT PROVIDES FOR AN END TO SUBSIDIES AND EXEMPTIONS: NEW TAXES ON IMPORT MACHINERY

The IMF was supposed to meet on 12/1 to consider releasing $1 billion out of 6 billion for the bailout of Pakistan, but is asking the IMF to delay the aid decision due to the failure to cut spending, Al Jazeera explains. The bailout is tied to the withdrawal of tax exemptions and subsidies to businesses, increased fuels and energy tariffs. Pakistan is proceeding slowly, but among the consequences already in place is  the imposition of a tax on textile and leather machinery imported into processing zones for export.

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china-lockdown.jpg 25 Januar 2022

LOCKDOWN IN CHINA PUTS GLOBAL TRADE IN CRISIS

The Decision of the Chinese government to put entire cities in lockdown after the discovery of a few dozen positive cases of coronavirus (the so-called “zero-Covid strategy”) is worsening the crisis of the “supply chain”. The lockdowns, which are affecting cities of millions of people, have already caused the closure or slowdown of the production of international companies that have factories in China, and have aggravated the delays of maritime shipments, on which much of global trade is based.

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leather.jpg 25 Januar 2022

LEATHER: CHINA’S LEATHER IMPORTS POST SOLID GAINS THIS YEAR

From January to July 2021, according to GlobalTrade, leather imports into China amounted to $1.3 billion, an increase of 34% compared to the same period last year. Brazil and Italy are the main suppliers, comprising more than half of China’s leather purchases. In the last year, Italy (+34% YoY) has significantly increased shipments to China, while supplies from Brazil (-24% YoY) have decreased. The average price of imports was $4,028 per ton in 2020, up 19% from the previous year. [Source: IndexBox, Inc. ]

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Indonesia green industrial zone 25 Januar 2022

INDONESIA TO BUILD “THE WORLD’S LARGEST GREEN INDUSTRIAL ZONE” WITIN THE BELT & ROAD INITIATIVE

PT Kalimantan Industrial Park Indonesia (KIPI), a consortium of companies from Indonesia, China and the United Arab Emirates, is funding the $132 billion project in North Kalimantan, Indonesia. Indonesia  is the largest economy in Southeast Asia and will have much to gain from the huge new industrial area under construction in North Kalimantan.

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Cina Marocco 25 Januar 2022

BELT & ROAD INITIATIVE IN MOROCCO

In early January, Morocco and China signed a joint implementation plan for projects related to the Belt and Road Initiative, as provided for in the 2017 Memorandum of Understanding on the BRI. The commercial objective is the port of Tangier, the continent’s freight distribution hub. Agreement reached on a 35% stake for Chinese companies to build a $10 billion technology hub in Ain Dalia (Tangier Tech City).

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rcep.jpg 25 Januar 2022

RCEP: CHINA SAYS WORLD’S LARGEST TRADE PACT GIVES IT ‘POWERFUL LEVERAGE’ TO COPE WITH 2022 CHALLENGES

The Regional Comprehensive Economic Partnership, which has just entered into force for almost all of its 15 members, accounts for 1/3 of the world’s population, the SCMP argues. More than 90% percent of trade in goods between RCEP members will eventually be subject to zero tariffs under the new trade bloc. As of now, tariffs on more than 65% of China’s trade in goods with the ASEAN area, Australia and New Zealand are expected to reach zero under the RCEP agreement.

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