TFG Weekly Trade Briefing, 5th July 2021

Your morning coffee briefing from TFG. The global economy could lose over $4 trillion due to the pandemic, world’s leading economies agree on a global minimum corporate tax rate of 15%, US economy shows signs of rebounding after Joe Biden’s stimulus package, European companies focus on ASEAN region amid expectations of business growth, and UK and Singapore start negotiations on digital trade to cut red tape on e-transactions and e-signatures.

How countries are faring on global goals amid COVID-19
UNCTAD’s updated SDG Pulse, released on 2 July, shows how the COVID-19 health crisis exacerbated many imbalances in 2020 and delayed progress towards the 2030 Agenda for Sustainable Development. Read more →

Global economy could lose over $4 trillion due to COVID-19 impact on tourism
The crash in international tourism due to the coronavirus pandemic could cause a loss of more than $4 trillion to the global GDP for the years 2020 and 2021, according to an UNCTAD report published on 30 June. Read more → 

World’s leading economies agree global minimum corporate tax rate
The world’s leading economies have signed up to a plan to force multinational companies to pay a global minimum corporate tax rate of at least 15 per cent following intense negotiations in Paris at the OECD. Read more →

Post-vaccine rebound accelerates as US economy adds 850,000 jobs
The US added 850,000 jobs in June, a sign that the country’s post-vaccine rebound is continuing to accelerate. At a press conference, Joe Biden said this was “something else to celebrate” and said the $1.9tn stimulus package he signed in March aided the recovery. Read more →

European companies focus on ASEAN region amid expectations of business growth
A recent survey, “Borderless Business: Europe-ASEAN Corridor”, noted the high-potential opportunities for the cross-border growth of trade in this trade corridor, according to Standard Chartered. Read more →

World Bank and Green Climate Fund finance Uzbekistan’s clean energy transition
Ministry of Energy announces a $380 million project to support 1,500 MW of new renewable energy, more private investment into renewables and wider decarbonisation in Uzbekistan. This project will enable reliable energy supplies to millions of households and businesses across Uzbekistan. Read more →

Singapore and UK start negotiations on digital trade to cut red tape on e-transactions and e-signatures
Singapore and the UK begin negotiations this week, aiming to help exporters enter new digital markets and ease the barriers to cross-border digital trade, worth £3.2 billion annually. The trade deal, known as a Digital Economy Agreement (DEA) aims to grow bilateral digital trade services. Read more →

Republic of Ghana’s initiative to expand rail network infrastructure financed by Deutsche Bank and Investec
Multilateral agreement between Deutsche Bank and Investec in partnership with Swedish Export Credit Agency (EKN), Swedish Export Credit Corporation (SEK) and Export Credit Insurance Corporation of South Africa (ECIC) announced today. The partnership will finance the construction of a 100km stretch of Ghana’s Western Railway Line, running from Takoradi Port to Huni Valley. Read more →

Source: https://www.tradefinanceglobal.com/posts/tfg-weekly-trade-briefing-05-07-2021/

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