With the approval of The State Council of the People’s Republic of China, on the morning of December 14th, 2018, Fu Ziying, the international trade negotiator and deputy minister of the Ministry of Commerce, and the Hong Kong Financial Secretary Chen Maobo signed the CEPA Agreement on Trade in Hong Kong. According to the Agreement, from January 1st, 2019, the goods imported from Hong Kong to the mainland China will fully enjoy zero tariff.
The newly signed CEPA Agreement on Goods Trade has stipulation on tariffs and tariff quotas:
First, Hong Kong should continue to impose zero tariffs on all imported goods originating in the Mainland. And the Mainland should implement zero tariffs on imported goods originating in Hong Kong from Jan. 1st, 2019.
Second, one party could not impose tariff quotas on imported goods originating from the other party.
It is reported that the “CEPA Agreement on Trade” is an important part of the CEPA upgrade. It is a special economic and trade arrangement between the mainland and Hong Kong in accordance with the rules of the World Trade Organization under the “one country, two systems” framework. The CEPA Agreement on Trade is a sub-agreement of CEPA, having completed the CEPA upgrade together with the previously signed CEPA Agreement onService Trade, CEPA Agreement on Investment and CEPA Economic and Technical Cooperation Agreement.
After signing the Agreement, the two parties completed the goal of promoting the Arrangement upgrade proposed in the national “13th Five-Year Plan” ahead of schedule, and the CEPA is upgraded into a more comprehensive modern free trade agreement covering four important areas-goods trade, services trade, investment, as well as economic and technical cooperation.
Tradedigits closely concerns various issues and dynamics of international import and export activities and is dedicated to the statistics and research of big data of global import and export. It has significant commercial values as it provides global buyers list with contact methods to help business people find their global buyers.
Following the introduction of the LSS low-sulphur surcharge in Shanghai Port and Ningbo Port in November, from January 1st 2019, this surcharge will be introduced in other ports in China!
At present, many shipping companies shipping from various ports such as Qingdao Port, Tianjin Port, Shenzhen Port etc., have released notices of this news.
It is reported that with the approaching of the “Sulfur Limit Order” formulated by the International Maritime Organization (IMO), major shipping companies have developed measures to deal with it. Since the cost of low-sulfur oil is higher than that of ordinary diesel, many shipping companies have decided to share the charge with the cargo owners since January next year. It is estimated that generally US$20 will be charged per TEU.
The International Maritime Organization’s “Sulfur Limit Order” aimed to protect our environment, but at the same time, it also affects international shipping companies. For shipping companies, they should pay close attention to this and well negotiate with the consignors about the charge sharing. Besides, when the price/quote is quoted, it is necessary for them to add this cost!
Tradedigits closely concerns various issues and dynamics of international import and export activities and is dedicated to the big data of international trade. It provides customs trade data of various global countries including China trade data. It is able to provides China import and export data of any HS code under any chapter. The trade data contains raw data which is the declaration/bill of lading records from China Customs, and processed data by our IT technology which is the Chinese market research and analysis report. The data contains valuable business intelligence such as Chinese buyers and sellers list, import and export prices, country of origin and so on, which are all to help foreign trade companies to better understand the Chinese market and find their Chinese buyers or suppliers. To learn more, please visit the website: https://www.tradedataeasy.com.
The 11,000 MTs Japanese standard “HH370 online heat-treated steel rail” produced by China’s Angang Steel Co., Ltd. (hereinafter referred to as Angang for short) went to the sea successfully from Bayuquan Port, Liaoning Province on the 4th. Angang announced that the batch of rails would be applied to the Indonesian “PT.SERVO” project.
This is another application of the Angang Steel Rails in the countries along the “Belt and Road” following the laying of the “Eastern Economic Corridor” in Thailand.
It is understood that the “PT.SERVO” project is a key project in the development plan launched by the Indonesian government. The route designed is from the Tanjung Rahat Mine to Panjiang Port, with a total length of 150 kilometers.
Angang aims at the world’s most advanced heat-treated rail production process and technology. Through years of painstaking study, it has brought the hardness, hardenability layer and uniformity of its steel rail to the international advanced level.
In recent years, Angang’s online heat-treating steel rail have continuously expanded overseas “friends circle” and took advantage of China’s “Belt and Road” initiative to set up a new pattern of export in more than 30 countries and regions along the “Belt and Road”.
At present, Tradedigits is available to provide China import and export customs data of any HS code and any chapter. Our China import and export customs data not only contains raw trade data from China Customs, but also contains China import and export statistics and analysis report, the combination of which helps foreign trade companies to clearly understand the market, price, competitive situation and provide scientific solutions for business competitiveness.
According to China customs data, China’s total import and export volume from January to mid-November exceeded the overall trade volume in 2017.
The General Administration of Customs (GAC) did not publish detailed data, but said the figure was nearly 15% higher than the same period in 2017. In 2017, China’s total foreign trade volume was 27.79 trillion yuan (about 4 trillion US dollars).
Despite of the increase in external uncertainty, China’s exports and imports grew strongly in October, up 14.2% year-on-year. In the first 10 months of this year, the total volume of foreign trade was 25.05 trillion yuan, an increase of 11.3% over the same period last year.
China customs statistics data of 8 digits HS code covers customs data from 2007 to the latest totalled tens of millions of data entries, giving quantity and amount statistics of more than 20 major countries’ import and export goods with 8 digits HS code. The data is comprehensive, reliable and internationally comparable. Tradedigits is devoted to making statistics and analysis of actual import and export goods. By sorting and processing the import and export goods declaration forms, it then makes comprehensive statistics and analysis reports containing multiple fields like HS codes, quantities, prices, countries, ports of departure and destination, trade mode, transportation mode, customs and so on.
Tradedigits helps Chinese foreign trade companies locate the market, assess market share, accurately predict market dynamics, and analyze demand for different foreign trade markets to develop potential markets. China customs data is the most authoritative foreign trade analysis tool for analyzing the China import and export for various enterprise market development departments.
Russia vowed to continue its oil trade with Iran to prevent the United States from curbing its oil sales since the November 5th when the US sanctions against OPEC producers came into effect.
The United States will re-enact sanctions aimed at curbing Iran’s oil exports, and the Trump administration has warned Moscow not to take any action that might help the Islamic Republic of Iran to evade US sanctions measures.
But Russian Energy Minister Alexander Novak told the Financial Times that Russia was seeking to continue to develop trade with Iran, regardless of sanctions.
Nowak said: “We believe that we should look for a mechanism that will allow us to continue to cooperate with our partner Iran.”
The Russian Foreign Ministry said that after the United States imposed sanctions, he could clearly confirm that trade would continue.
Last week, during the visit of John Donald, the hawkish national security adviser to President Donald Trump, some US officials warned their Russian counterparts not to try to assist Iran in selling oil on the international market.
However, analysts and business people predicted that Russia would continue to export at least 1 million barrels a day after November 5th, mainly to Asian countries that were willing to ignore sanctions or could get US exemptions. Concerns over a sharp drop in Iranian exports have pushed oil prices to a four-year high of more than $86 a barrel last month.
At the same time, it was reported that the United States had agreed to allow eight countries, including Japan, India and South Korea, to continue to purchase Iranian oil after re-implementing sanctions against the OPEC producers on November 5th.
Russian media said that in the first 10 months of 2018, the amount of RMB-Ruble swaps on the Moscow Stock Exchange was almost 1.5 times that of the 2017 annual exchange. This was introduced to the reporter by Igor Maric, managing director of the Moscow Stock Exchange on currency and derivatives market. Earlier, Russia and China reached an agreement to expand the use of the ruble and the renminbi in bilateral trade services.
According to a report by the Russian Satellite News Agency on November 28th, the Russian Central Bank and the People’s Bank of China signed a currency swap agreement as early as 2014. At that time, the swap transaction amount in the agreement was 815 billion rubles and 150 billion yuan for a period of 3 years. From the statistics, the trial was successful. According to data from the Moscow Stock Exchange, in the first 10 months of 2018, the RMB-Ruble swap transaction amounted to 943 billion rubles. According to the report of the People’s Bank of China, the RMB business volume used to purchase ruble in the interbank market in China increased by 105.3% in the third quarter of 2018, reaching 4.9 billion yuan, almost doubled that of the same period last year.
The report said that both China and Russia believed that Russia and China were under the pressure of US unilateralism. Liu Ying, a researcher at the Chongyang Financial Research Institute of Renmin University of China, said that the use of local currency in international settlements would help to challenge the hegemony of the dollar and protect the country from possible pressure from the US.
According to Reuters, US Trade Representative Robert Rheinheiser said on Wednesday that he would study all the mechanisms to increase tariffs on Chinese cars.
Lightheiser clarified that he took such action under the direction of US President Donald Trump and criticized China’s “obvious” responsibility for American cars.
“As the President has repeatedly pointed out, China’s active, state-led industrial policies are causing serious damage to American workers and producers,” Lightheiser said.
In addition to the 2.5% tariff, which is usually charged, the United States imposes a 25% tariff on Chinese cars.
In July, China raised the import tariff on American cars to 40%. This occurred a few days after the tariffs on foreign cars and spare parts fell from 25% to 15%.
Donald Trump has expected to meet with Chinese President Xi Jinping at the G20 summit in Buenos Aires from November 30th to December 1st.
According to Vesti.Ekonomika, on the eve of the summit, the White House Chief Economic Adviser Larry Kadlow questioned the settlement of the trade conflict with China and said that the negotiations did not move forward and a new round of tariffs may emerge.
Earlier this week, Trump said in an interview with The Wall Street Journal that he was “very unlikely” to increase China’s import tariffs from 10% in February to 25% since January 1st. He also threatened to impose an additional tariff of $267 billion on Chinese goods.
The Bank of England said that if the UK leaves the EU within four months without an agreement, the UK may have a greater impact on its economy than the global financial crisis 10 years ago.
The worst result of Brexit is, after one year of separation from the EU, the UK’s GDP will fall by 8%. At the same time the price of residential real estate will suffer a drop by 30%- 48%. According to the analysis report of the regulator, the national currency against the US dollar will fall by 25%. The unemployment rate will reach by 7.5% and the inflation rate will rise to 6.5%.
As the Bank of England said, the weak economic growth in the UK is likely to begin a positive shift in 2023.
At the same time, the regulators point out that large UK banks have prepared to deal with the various consequences of Brexit, including the worst. The UK Central Bank mentioned the results of the annual stress test, indicating that financial institutions had sufficient capital and reserves.
According to French media, SOCIETE GENERALE announced on November 19th that it had signed a number of settlement agreements with the US authorities to end a number of investigations into its US dollars businesses. Some of SOCIETE GENERALE’s businesses violated the laws of the State of New York, because these businesses involved some countries, individuals and entities who were the targets of US economic sanctions.
According to a report on the French newspaper Tribune on November 19th, the bank said in an announcement, “SOCIETE GENERALE agreed to pay a fine of approximately $1.3 billion to the US authorities. The fine can be covered by the dispute provisions in the SOCIETE GENERALE account. These agreements will not have an additional impact on the bank’s performance in 2018.”
According to the report, Societe Generale will pay US$53.9 million to the US Treasury’s Office of Foreign Assets Control, which is responsible for overseeing the implementation of the embargo policy. In addition, fines are paid to include the District Attorney’s Office in New York, the Federal Reserve Bank of New York, and the New York State Financial Services Authority.
The US authorities accused Societe Generale of having $5.6 billion in operations involving Iran, Sudan and Cuba, and these countries were the targets of US economic sanctions during the period of operation of these businesses.
Frederick Udaya, CEO of SOCIETE GENERALE, said in the announcement, “We acknowledge the mistakes identified in these investigations and regret it. We have cooperated with the US authorities to settle these cases. These settlements are finally let the bank turn over the page of the most significant legal dispute.”
The value of Indian agricultural exports up to August this year is US$38.74 billion, and it is likely to grow to US$100 billion by 2022. If the India export sector takes advantage of the Sino-US trade war, SMEs will export a lot with overseas buyers.
According to experts, Indian agriculture is likely to achieve substantial growth in recent years. By 2022, the country’s total agricultural exports are expected to grow to 100 billion US dollars, and farmers’ income is expected to double.
Rajju Shroff, President of the Crop Conservation Federation of India(CCFI) and General Manager of United Phosphate Co., Ltd. said: “India’s agricultural production value is 367 billion US dollars, ranking second in the world. We have the potential to increase the total export value to 100 billion US dollars in 2022 and double the income of farmers. According to the latest data from the WTO, the current total global agricultural exports is more than 1.5 trillion US dollars, while India’s export is currently less than 35 billion US dollars. We have called on the government to make efforts to increase agricultural export, and try to achieve a three-fold increase in exports in 2022 and a two-fold increase in peasant income.”
Environmental and agricultural centre (Centegro) in Mumbai, a non-profit organization, co-authored a report with experts from the Tata Strategic Management Group, which was recently released by Federal Minister Nitin Gadkari. The report emphasized that India needed to increase its share of global agricultural exports in order to increase farmers’ income. India’s agricultural production ranks second in the world, while services and manufacturing rank 11th and 12th respectively. The contribution of agriculture to the Indian economy has gone beyond the scope of the rural economy. It also covers many other scopes like the manufacturing and service industries. The report pointed out that India’s agricultural exports trade surplus was higher than manufacturing.
Tradedigits provides India import manifest data with detailed Indian importers list and its oversea suppliers list and purchasing amount of each imported goods. By this valuable information, you are able to find you Indian buyers and know exactly about your competitors who are in the same industry and also want to do business with the Indians.