China to build Free Trade Zone in Shanghai

Building the FTZ is one of the Shanghai municipal government's major tasks in 2013, according to a report on government work delivered by Yang Xiong, acting mayor of Shanghai, at the first session of the 14th municipal People's Congress.

It will take about three years to build up an FTZ up to international standards, said Wan Zengwei, director of the Pudong Academy of Reform and Development in Shanghai.
FTZ is an area within which goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of customs authorities.

Analysts said Shanghai has advantageous conditions for setting up an FTZ on the basis of the existing comprehensive bonded zones -- Waigaoqiao Free Trade Zone, Yangshan Free Trade Port Area, and Pudong Airport Comprehensive Free Trade Zone. The trade volume of Shanghai's comprehensive bonded zones in 2012 totaled over USD 100 billion, the highest in the Chinese mainland.

China sees establishing FTZs as opportunities to boost its trade with surrounding economies and contribute to world trade volume, said Zhou Hanmin, vice chairman of the Shanghai Municipal Committee of the Chinese People's Political Consultative Conference.
The FTZ will help Shanghai to cut the costs of trade and improve the trade efficiency, Wan said.

Besides, the FTZ will demand some supporting financial services such as cross-border financing businesses and international trade settlement, which will be conducive to deepening China's financial reform, the official added.

Analysts believe that the FTZ to be built in Shanghai will serve as an important engine for China's cause of deepening reform and opening up in the next five to 10 years, the Xinhua report said.

 Jan 27,2013 |The Economic Times|

India, China influencing pattern & scope of international trade: WTO

MELBOURNE: Emerging economies like India, China and Brazil are no longer "policy takers" but are significantly influencing the pattern and scope of international trade, according to WTO Director General Pascal Lamy.

"These emerging powers -- China, India, Brazil, Mexico, Indonesia, Malaysia, South Africa-- and many others are no longer policy takers. "These countries now increasingly influence the pattern and scope of international trade, creating new supply and demand pulls and flexing their influence in international organisations," he said recently at the Richard Snape Lecture here.

Lamy said, "This is no longer the world of the twentieth century dominated by the US pillar on one side and the European pillar on the other. We are in a twenty-first century multi-polar world".
The WTO chief said emergence of some developing countries as key players and as "real contributors" to global dialogue on trade and economics is a fundamental feature of this new geo-political reality. He said the global network of imports and exports is no longer just the North-South paradigm of the past century.

"Increasingly we are seeing developing countries as producers and as markets for each other and this is one of the growing patterns of the new landscape of trade," he added.
The WTO chief said that the in the past 20 years, merchandise trade between developing countries has expanded much faster than the North-South trade.

A recent report by UNCTAD notes that in 2010 South-South exports made up 23 per cent of world trade compared to just 13 per cent in 2000.

"Developing countries are now the largest market for other developing countries. While this is encouraging, the contribution of developing regions to South-South trade is highly skewed," he said.
Asian countries make up more than 80 per cent of South-South trade, with the shares of Africa and Latin America being just 6 per cent and 10 per cent respectively in 2010.

Lamy said that economic ties between Africa and China and Africa and India are growing considerably. "Trade between China and Africa will likely hit upwards of $ 200 billion in 2012, up 25 per cent year on year. If this trend continues, reports are that Africa could surpass the EU and the US to become China's largest trade partner in three to five years," he added.

Nov 28, 2012 |The Economic Times|

Free Trade Agreement between EU and USA will create prosperity

What would be the impact of a far-reaching free trade agreement between the USA and the EU on growth, prosperity and employment? On behalf of the German Federal Ministry of Economics and Technology, the Ifo Institute has conducted a study on the dimensions and impact of a free trade agreement that would lift customs duties on goods and remove non-tariff trade barriers. The study finds that such an agreement would not only promote trade, but would also lead to greater prosperity and higher levels of employment in both the USA and the EU.

The EU member states and the USA are showing a growing interest in intensifying transatlantic trade relations, especially as emerging economies like China and India gain competitiveness compared to the older industrialised states. Although the Europe-an Union and the USA have already concluded a series of free trade agreements with various countries, these agreements would be dwarfed by a Transatlantic Free Trade Agreement (TAFTA). “Such a set of rules and regulations would create a free trade area representing nearly 50% of global economic output” notes Prof. Gabriel Felber-mayr, head of the International Trade Department at the Ifo Institute.

To determine the effects of a far-reaching liberalisation of trade, the Ifo experts working with Felbermayr compared the trade creation, trade diversion and added prosperity effects of an internal market scenario featuring the removal of non-tariff trade barriers with the effects that would arise from merely abolishing customs duty. With the help of existing free trade agreements, researchers were able to draw conclusions regarding the potential effects of a comparable transatlantic trade agreement.
 
Munich, 02/28/2013 |Journal of economics| (Fragment)

Taiwan Coffee Buyers Visit El Salvador to Buy Salvadoran Coffee

To strengthen trade relations with the Salvadoran coffee sector and promote its aromatic coffee, the Central America Trade Office (CATO) has organized a Mission of Taiwan Coffee Buyers to visit El Salvador from 25 to 27 February. This Commercial Mission is assisted jointly by the Economic Counselor Office of the Embassy of the Republic of China (Taiwan) and the Salvadoran Coffee Council.

The Taiwanese Commercial Delegation comprising by 11 buyers will meet with more than 18 Salvadoran coffee cooperatives: Cooperativa Cuzcachapa, Cooperativa Los Ausoles, Cooperativa Los Pinos, Cooperativa de Ciudad Barrios, Cooperativa Acproa, and 13 farms.

The Economic Counselor Office of the Taiwan Embassy will arrange a comprehensive itinerary for the delegation that will include tasting varieties of Salvadoran coffee, visiting coffee farms and coffee processing factories. It has also organized a seminar with the participation of Taiwan Turnkey Project Association, Taiwan Coffee Association and Salvadoran Coffee Council. The topics will include coffee strategy & opportunities and how Taiwan can assist its Central American diplomatic allies to make more profit from coffee, agro and related industries.

The delegation of Taiwanese buyers is visiting El Manzano Farm located in the province of Santa Ana. The coffee buyers, mission expects to obtain good results with this visit to El Salvador and to establish many business contacts.

 

 

26/02/2013 ||Bureau of foreign trade|

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