Herald Star’s Post

The already-strong bilateral relations between Guyana and China continues to grow with tangible results in almost every field including trade, which saw a whopping 31 per cent increase in the first half of 2024. This was revealed by outgoing Chinese Ambassador to Guyana, Guo Haiyan, during a farewell reception held on Wednesday evening at the Pegasus Suites in Georgetown. The Chinese diplomat is wrapping up a three-year tenure in Guyana. Ambassador Guo highlighted some of the progress in recent years that sought to enhance bilateral relations between the two nations. “Practical cooperation between China and Guyana has made significant progress. In the first half of this year, our bilateral trade reached US$800 million, reflecting a 31 per cent year-on-year increase,” she stated. Other milestones that the outgoing Chinese Diplomat outlined includes the successful installation of the first box girder at the new US$260 million Demerara River Bridge that is currently being constructed by Chinese-based China Railway Construction (International); the signing of contractors for both the Guyana Utility-Scale Solar Photovoltaic (PV) Programme and the new Mackenzie-Wismar Bridge Project, and the ongoing US$10 million construction of the China-Guyana Friendship Joe Vieira Park Project. Read More: https://lnkd.in/eg_TK6m6

Türkiye recently agreed with the Gulf Cooperation Council (GCC) to start discussing a Free Trade Agreement (FTA), aiming to boost economic relations with the oil-rich region. This agreement is anticipated to create one of the largest free trade zones globally, valued at $2.4 trillion, between Türkiye and the GCC. #TradeTalks #EconomicPartnership #GlobalCommerce #FreeTradeDeal #TürkiyeGCC #EconomicExpansion #FutureTrade https://lnkd.in/dX2gK--N

𝗘𝗨 𝘁𝗿𝗮𝗱𝗲 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗚𝘂𝗹𝗳 𝗖𝗼𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻 𝗖𝗼𝘂𝗻𝗰𝗶𝗹 🏜   The European Union is the second trade partner of the Gulf Cooperation Council (GCC) countries (the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Sultanate of Oman, the State of Qatar and the State of Kuwait). The key traded goods are fuels, accounting for over 75% of EU’s imports from GCC countries. EU–GCC relations are based on the Cooperation Agreement Document signed in 1989, which establishes regular dialogues on cooperation between the EU and the GCC on economic relations, climate change, energy, environment and research. On 16 October, the first summit between the EU heads of state and government and the Gulf Cooperation Council (GCC) took place in Brussels. The aim of the meeting was to establish and expand a close partnership with the GCC and its member states. The intended cooperation relates in particular to economic, environmental and interpersonal co-operation. At foreign minister level, both parties recently agreed on a joint cooperation programme for the period up to 2027. The EU is the GCC countries' second largest trading partner. The volume of trade last year totalled around 170 billion euros. More in the article #EU_trade_relationship_with_Gulf_Region #EU_Strategic_Partnership_Gulf_States #EU_Gulf_Cooperation_Council_GCC https://lnkd.in/dPtFdh4A

Türkiye has signed a deal with the Gulf Cooperation Council (GCC) to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat said on Thursday, as the government steps up efforts to expand economic ties with the oil-rich region.   Türkiye launched a diplomatic charm offensive in 2020 to mend ties with Gulf countries, including the UAE and Saudi Arabia, after years of tension.   The trade pact is expected to lead to one of the world’s largest free trade areas, between Turkey and members of the GCC, with a total value of $2.4tn. The Cooperation Council for the Arab States of the Gulf (GCC) | #Türkiye | #GCC | #trade | #Investment

A stronger Export Credit Agency - EXIMBANKA SR is good news for an export-oriented economy like Slovakia. It means more money, more trade, more exporters, more deals with banks and their clients. This increased capitalization signifies readiness to support transactions in Asia, Africa, and Latin America. It also means being ready to support projects from the EU's Global Gateway initiative. Additionally, it highlights Eximbanka's readiness to support Slovak participation in the reconstruction of Ukraine. Overall, this development is a significant boost for Slovakia's global trade ambitions and economic growth. It is in line with the government's objective of promoting export and economic diplomacy, which it provides Ministry of Foreign and European Affairs of the Slovak Republic , supported by Ministry of Economy od Slovak Republic , Slovak Investment and Trade Development Agency , Exporteri.sk , and many others. The same objective has been defined by the President of the Slovak Republic, Peter Pellegrini, and his office - the Office of the President of the Slovak Republic. More info: eximbanka.sk

Russia, Iran boost trade turnover by 48% in Q1 2024 Alexander Novak introduced Russian Energy Minister Sergey Tsivilev as the new chairman of the Russian part of the Russian-Iranian commission on trade and economic cooperation MOSCOW, June 14/ Russia and Iran increased the trade turnover by 48% year on year as of the end of the first quarter of 2024, with Russian exports to Iran surging by 778% and imports from Iran by 13%, the press service of the Russian government said after the meeting between Deputy Prime Minister Alexander Novak and Oil Minister of Iran Javad Owji. The parties discussed bilateral interaction in all tracks of the intergovernmental commission, including cooperation in economic, energy and transport spheres, and in tourism. Novak introduced Russian Energy Minister Sergey Tsivilev as the new chairman of the Russian part of the Russian-Iranian commission on trade and economic cooperation. #business #finance #financialservices

The UK is in the final stages of negotiating a free trade agreement with a group of oil-rich Middle Eastern nations including Saudi Arabia, according to several people familiar with the matter. A deal with the six-member Gulf Cooperation Council is a priority for the government of Prime Minister Keir Starmer as it looks to boost economic growth and attract foreign investment, and may be signed as early as this year, said UK and Gulf officials, who asked not to be identified as the information is private. The UK’s trade with the bloc, which also comprises the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain, is worth $73 billion (£57 billion) annually, according to the UK government. It sees an FTA boosting trade by around 16% and the UK economy by $2.1 billion in the long term. #gcc #middleeast #fta #freetrade #saudiarabia #UAE #Bahrain #Kuwait #Qatar #Oman #UKgovernment #brexit

Russian, Kazakh deputy premiers discuss trade, energy in Astana "The countries rely on national currencies in mutual payments. They account for 88% of all transactions," the Russian government said MOSCOW, July 26/ Russian Deputy Prime Minister Alexey Overchuk and Kazakh Deputy Prime Minister Serik Zhumangarin, who are the co-chairs of the bilateral intergovernmental commission on economic cooperation, met in Kazakhstan’s capital Astana, the Russian government said on its website. According to the statement, the co-chairs "had a detailed discussion about joint measures to develop cooperation in the spheres of transport and logistics, energy, agriculture; they looked into the implementation of projects in the sphere of tourism and examined prospects for deepening integration processes within the Eurasian Economic Union." "We value the Kazakh side’s readiness to expand our cooperation in the energy sphere," Overchuk said. "Together with Kazakhstan, we are interested in developing the North-South transport corridor. The development of transport routes towards the People’s Republic of China is also important for us." The statement says that Kazakhstan is Russia’s fifth largest trade partner, with metals, food and machinery accounting for the bulk of Russian exports to the country. "The countries rely on national currencies in mutual payments. They account for 88% of all transactions," the Russian government said. #business #finance #financialservices

Riyadh, September 11, 2024, The Europe Today: Chinese Premier Li Qiang called for enhanced alignment of development strategies and expedited negotiations on a free trade agreement between China and the Gulf Cooperation Council (GCC) countries on Wednesday. In a meeting with GCC Secretary General Jasem Mohamed Albudaiwi in Riyadh, Premier Li emphasized that China and the GCC nations are natural partners with significant economic complementarities. He underlined the importance of strengthening cooperative ties to benefit both parties and accelerate mutual economic growth. #Business #China #Economy #GCC

AU Serves as Interim Secretariat for African Continental Free Trade Area Launch. The African Continental Free Trade Area was launched at the 12th Extraordinary African Union Summit in Niamey, Niger, on July 7, 2019. The agreement, adopted in Kigali, Rwanda, on March 21, 2018, and effective May 30, 2019, aims to create the world's largest free trade area. The African Union Commission will serve as interim secretariat until the AfCFTA secretariat is operational. The launch ceremony included a roll call of 27 countries that had ratified the AfCFTA instruments, 28 signatories yet to ratify, and the selection of Ghana to host the AfCFTA secretariat. Five key instruments were adopted: Rules of Origin, 90% tariff liberalization by July 1, 2020, an online mechanism to eliminate non-tariff barriers, a Pan-African payment system, and the African Trade Observatory. The AfCFTA is expected to increase intra-African trade, currently 15-18%, by stimulating production through regional value chains, strengthening African companies' access to global markets, and enhancing economic diplomacy. Trading is set to commence on July 1, 2020. The African Continental Free Trade Area (AfCFTA) Secretariat, to be hosted in Ghana, will facilitate business, develop programs and budgets, and implement decisions.