Latest news with #tradefacilitation
Zawya
07-07-2025
- Business
- Zawya
Malaysia to maintain independent economic policy after Trump threat of tariff on BRICS countries
Malaysia maintains an independent foreign and economic policy and is focused on trade facilitation not ideological alignment, its trade ministry said on Monday, in response to U.S. President Donald Trump's threat of an additional 10% tariff on BRICS- aligned countries. Malaysia was accepted as a partner country to the BRICS group of developing nations last October. (Reporting by Danial Azhar; Editing by Bernadette Baum)
Zawya
09-06-2025
- Business
- Zawya
Kenya, Ethiopia agree to build cross-border infrastructure
Kenya and Ethiopia have agreed to work on cross-border infrastructure projects aimed at enhancing bilateral trade. At a meeting in Addis Ababa on June 5 as part of the Horn of Africa Gateway Development Project (HOAGDP), the two countries agreed on transformative programmes to improve the movement of goods, people, and digital services across the Ethiopian-Kenyan border. Ethiopia and Kenya agreed to support the construction of two bridges across the River Dawa (Rhamu and Suftu), as a passage of hope that will not only carry vehicles but also convey the aspiration of underserved communities to access healthcare, education, and markets.'The main objectives are to enhance infrastructural connectivity, socio-economic development, trade facilitation, and cross-border development between Ethiopia and Kenya,' says the joint communique. These measures are seen as a demonstration of Igad's commitment to operationalisation of the African Continental Free Trade Area (AfCFTA) agreement through strengthening seamless trade between Ethiopia and Kenya by reducing border-crossing times, reducing transport costs and making regional goods more competitive in international markets. Subsequently, Kenya and Ethiopia will finalise the draft bilateral agreement on cooperation and mutual assistance on Customs matters and other enabling legal frameworks at the earliest opportunity. The two agreed on the location for a one-stop border post at Rhamu, a trade facilitation centre at Suftu, access roads and bridges at Rhamu and Suftu, and optic fibre 'meet me' points. The meeting featured senior government officials led by Ahmed Shide, minister of Finance of Ethiopia and Cyrell Odede Wagunda, Principal Secretary for the State Department for Investment and Assets Management of the National Treasury of Kenya. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
08-06-2025
- Business
- Yahoo
Xinhua Silk Road: RCEP accelerates regional development and boosts local cooperation, official
BEIJING, June 8, 2025 /PRNewswire/ -- The Regional Comprehensive Economic Partnership (RCEP) has not only become an "accelerator" and "stabilizer" for regional development but also brought unprecedented opportunities for local cooperation, Shi Zhongjun, secretary-general of the ASEAN-China Centre (ACC), said in a recent interview at the sidelines of the 2025 RCEP Local Governments and Friendship Cities Cooperation (Huangshan) Forum held on June 5 in Huangshan City, east China's Anhui Province. In this regard, Anhui Province boasts evident advantages in fields such as green economy and digital economy development, with strong accumulation of technical expertise that matches the development needs of Southeast Asian countries, Shi noted, mentioning strong willingness expressed by Southeast Asian countries during the event to strengthen cooperation with Anhui in the fields such as new energy industries and talent cultivation. The implementation of RCEP has greatly enhanced trade facilitation within the region. Also, more detailed and transparent investment rules have deepened the liberalization of investment, creating vast opportunities for mutual investment, Shi noted, highlighting RCEP's role in strengthening the resilience and connectivity of regional industrial and supply chains amid global economic uncertainties and other challenges. Shi pointed out that RCEP also benefited cooperation among local governments. Through trade and investment facilitation measures, RCEP has directly boosted local economic and trade links and created opportunities for multi-level and wide-ranging exchanges and cooperation. Covering multiple dimensions such as education, science and technology, culture, and tourism, RCEP has built new platforms for local people-to-people exchanges. Shi emphasized that RCEP had played the key role of a regional economic "stabilizer" by deepening economic and trade cooperation, enhancing the resilience of industrial and supply chains, and expanding cooperation in emerging fields. The ACC will continue to be committed to promoting comprehensive and pragmatic cooperation while sharing new opportunities for regional prosperity and development, Shi said. Original link: View original content to download multimedia: SOURCE Xinhua Silk Road 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
03-06-2025
- Business
- Zawya
KOICA, GOEIC sign $11mln agreement to enhance Egypt trade facilitation
Egypt - The Korea International Cooperation Agency (KOICA) and Egypt's General Organization of Export and Import Control (GOEIC) on Monday signed an $11m agreement to establish a digital platform aimed at enhancing trade facilitation in Egypt. The Record of Discussion (ROD) was signed in Cairo for the project, titled 'Establishment of the Digital Platform for risk-based inspection and tracking to facilitate trade in Egypt.' The initiative is set to run from 2025 to 2029. The signing ceremony was attended by KOICA's Deputy Country Director, Lee Myungshyn, and GOEIC's Chairperson, Essam El-Naggar. Also present were Mai Hassab El Nabbi Assal, Assistant Minister of Investment and Foreign Trade for Development Projects, International Relations, and Political Communication, and Eman Fakhry, Senior Manager of the Asian Cooperation Sector at the Ministry of Planning, Economic Development, and International Cooperation. The project aims to streamline Egypt's import cargo inspection processes and bolster the country's global trade competitiveness. Key components include the development of digital systems for cargo risk-based inspection, a laboratory information management system, and a market surveillance system. 'We believe this project will significantly enhance Egypt's trade facilitation capabilities, fostering economic growth and sustainability. Our collaboration with GOEIC marks a crucial step towards a more efficient and competitive trade environment in Egypt,' Lee Myungshyn, Deputy Country Director of KOICA Egypt Office, said. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, said that 'this project is a continuation of the coordinating efforts undertaken by the Ministry in collaboration with all concerned parties to enhance the utilization of Korean grant resources to support the Egyptian government's plans for digital transformation and promote inclusive and sustainable development.' She emphasised that through the digital platform for risk-based inspection and tracking, national efforts are supported to facilitate and develop trade flows through digital transformation. Dr. Al-Mashat also highlighted the project's importancein enhancing competitiveness by accelerating inspection and customs clearance processes, thereby reducing administrative barriers and ensuring compliance with international standards in foreign trade. Hassan El-Khatib, Minister of Investment and Foreign Trade, indicated that 'this project is part of the state's vision to govern ports, accelerate, simplify, and reduce the cost and time of conformity assessment procedures for goods at ports, aiming to decrease release times to reach global standards.' He added that this includes tightening control over the trading, importing, and exporting of low-quality goods, in line with Egypt's international commitments under the World Trade Organization's 'Trade Facilitation Agreement' regarding the implementation of integrated risk management systems in cross-border trade. Essam Al-Naggar, Chairperson of the General Authority for Export and Import Control, praised 'the support from the Korean government for implementing this project, which will contribute to establishing a modern integrated system for monitoring the import of industrial goods, including market surveillance, similar to practices in developed countries.' KOICA is a Korean government agency under the Ministry of Foreign Affairs, dedicated to implementing grant aid programmes designed to combat poverty and support sustainable socio-economic growth in developing countries worldwide. The KOICA Egypt Office, established in 1998, provides technical and technological education for youth in Egypt, supports the digitalisation of government services and systems, and carries out programmes to address gender-based violence, strengthen women's empowerment, and support vulnerable groups.
Zawya
22-05-2025
- Business
- Zawya
Nigeria: Stakeholders laud Customs over trade facilitation tools
Stakeholders have lauded the Nigeria Customs Service over several initiatives introduced by the Service to boost trade. The stakeholders poured encomiums on Customs during the 2025 NCS Trade Facilitation Stakeholders Consultative Forum which also marked the first anniversary of the Advanced Ruling Program introduced by the service. The event was themed, 'Trade facilitation measures for renewable energy and energy efficiency technology. Some of the initiatives introduced by the Service include B'Odogwu, a Unified Customs Management System, the Advance Ruling System, the Authorized Economic Operator Programme, the Time Release Study, among others. One of the stakeholders, who doubled as a representative from BUA Group, Olatomiwa Olafaremi, explained that the various trade facilitation tools introduced by the Service, especially the Advanced Ruling Program, have been beneficial. 'There have been issues here and there with the terminals, which we expected for a new system. But overall, we've had tremendous support from the customer care controllers. Most of the serial officers at the terminals in Australia have also been of tremendous support. The entire process has been seamless. Without knowing anybody, like I said, I am not speaking to our senior officers,' he said. Earlier, the Comptroller General of Customs, Adewale Adeniyi, explained that in recent times, trade facilitation has become integral to the operations of Customs administrations globally. Represented at the event by the Deputy Comptroller General of Customs in charge of Tariff &Trade, Caroline Niagwan, Adeniyi added that the move aligns with the service's core mandate of implementing international trade laws. 'These include the WTO Agreement on the Implementation of Article VII of GATT 1994 (Customs Valuation Agreement), the WCO Harmonized System Convention of 1988 and its Annexes, and the WTO Agreement on Rules of Origin,' he said. According to him, the implementation of these agreements by the NCS stems from 'our role of collecting duties on internationally traded goods, which is essential for national economic development.' Adeniyi emphasised that determining customs duties through tariff classification, valuation, and origin assessment is a technically complex process. The CGC highlighted that these complexities can result in disputes, delays, and additional costs. He mentioned that challenges such as commercial fraud, revenue leakage, and the enforcement of policy measures to protect domestic industries, the environment, and public safety further complicate customs procedures. The NCS boss pointed out that with the increasing volume of global trade, expanding global value chains, and the rise of e-commerce and Just-In-Time services, it has become imperative for customs administrations to adopt mechanisms that support the seamless flow of legitimate trade. He maintained that in the context of Customs operations, trade facilitation refers to systems and procedures that streamline the import, export, and transit of goods. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
