The United Kingdom and Vietnam have recently reached a free trade agreement, and 99% of tariffs between the two countries will be eliminated in 7 years; Japan officially announced that the Tokyo Olympics will not be held under any circumstances. will be cancelled. However, the latest poll shows that 32% of the Japanese people surveyed are opposed to the continuation of the Olympic Games… Recently, there have been several overseas news items that do not seem to be directly related to my country’s foreign trade export companies, but will actually have an indirect impact. Let’s take a look. See the specific content.
The United Kingdom signed trade agreements with Vietnam and Singapore respectively
According to a report on the Bloomberg News website on December 11, Vietnam and the United Kingdom reached a free trade agreement , 99% of tariffs between the two countries will be eliminated in 7 years.
It was reported that the trade ministers of the two countries said in a joint statement on the 11th that by the time the agreement is fully implemented, Vietnam will receive 114 million pounds (approximately US$151 million) in exports. Tariff reduction. The UK will save £36m on its exports.
Vietnam Industry and Trade Minister Tran Tuan Anh said that the two sides have been negotiating the agreement since August 2018 . The UK will leave the European Common Market after December 31 this year, and the Vietnam-EU trade agreement will no longer apply to the UK. The new agreement between Vietnam and the UK will come into effect on January 1, 2021.
The two countries’ trade ministers said in the statement: “The UK and Vietnam have both made a strategic commitment to global trade and the free flow of capital and investment. The bilateral free trade agreement ensures that we develop rapidly and the continuity of a vibrant trade relationship, which is vital.”
The report noted that the day before announcing the agreement with Vietnam, the UK and Singapore had just signed a similar agreement to ensure trade Continuity Agreement.
British International Trade Secretary Elizabeth Truss said in a statement on the 10th that agreements with Singapore and Vietnam will not only bring trade worth billions of pounds, “but also Paving the way for new digital partnerships and joining the Trans-Pacific Partnership.”
The United States launches 301 investigation into Vietnamese textile and apparel products
According to Vietnamese media reports on December 8, the Office of the United States Trade Representative (USTR) has announced that, A 301 investigation will be carried out on Vietnam’s textiles, clothing and footwear. The Vietnam Federation of Associations (including the Textile Association and the Footwear Association) urgently recommended to the Vietnamese government that the Vietnam Trade Representative (USTR) launch a 301 investigation, which will open the door for the United States to impose punitive tariffs on products imported from Vietnam (including textiles, clothing and footwear) .
After receiving the news, the association composed of the Vietnam Textile Association and the Footwear Association immediately communicated with the American Apparel and Footwear Association (AAFA) and the American Footwear Retail Distribution Association (FDRA). AAFA and FDRA said they have advised the USTR to use caution to avoid supply chain disruptions. An investigative hearing will be held on December 29.
Japan announced that it will never cancel the Olympic Games, with more than 30% of the public opposed
With the out-of-control spread of the epidemic, the original scheduled date for July 24, 2020 The Tokyo Olympics in Japan were also forced to announce that they would be postponed to 2021. According to the latest report from Reference News on December 15, Tokyo Governor Yuriko Koike told the media that the Tokyo Olympics will not be canceled under any circumstances.
Earlier this year, Japan decided to postpone the Olympics after Canada, Australia, Norway and other countries withdrew from the Olympics due to the epidemic. Japan will suffer heavy losses from the one-year postponement of the Olympic Games. According to estimates by Katsuhiro Miyamoto, emeritus professor of sports economics at Kansai University in Japan, the country will suffer an economic loss of more than 640 billion yen (approximately RMB 41.3 billion). In addition, the total budget of the Japanese Olympic Games has also been increased to 1.644 trillion yen (approximately RMB 103.5 billion) due to postponement costs.
Currently, the epidemic in Japan is getting more and more serious, so whether the Japanese Olympic Games can be successfully held as scheduled is still a question. Xinhua News Agency reported on December 15 that the latest survey by Japan’s NHK showed that as the epidemic intensified, 32% of the Japanese people surveyed expressed opposition to the continued holding of the Olympic Games; 31% of the respondents believed that the Olympic Games should be postponed again.
However, if the Olympic Games are postponed for another year, Japan’s losses will be even more severe. Once the Tokyo Olympics is cancelled, the country’s economic losses are expected to reach 4.5151 trillion yen (approximately RMB 288.1 billion). This is also an important reason why Japan has not dared to cancel the Olympics.
Cuba will abolish the dual-track currency system next year
Foreign media said that Cuba will launch the currency and exchange rate integration process on January 1 next year and stop the circulation of the US dollar. equivalent convertible peso, which would make the Cuban peso the country’s sole legal tender. After the merger, the exchange rate of the Cuban peso to the US dollar will be 24 pesos to 1 US dollar.
According to EFE’s report in Havana on December 10, Cuban President Díaz-Canel announced the long-awaited plan on a special program broadcast on national television. information. This ended months of speculation that Cuba might abolish the convertible peso and its exchange rate against the U.S. dollar.
Díaz-Canel said: “We emphasize once again the significance and importance of this task, which will better equip the country to ensure that all Cubans Enjoy the greatest degree of equality of rights and opportunitiesOn the basis of �, we will promote the reform of our country’s economic and social model. ”
The report stated that currency and exchange rate integration is one of the main tasks of the economic reforms that Raul Castro began to promote 10 years ago. The convertible peso was born in 1994. Currently, when the Cuban state-owned sector keeps accounts, 1 convertible peso is equivalent to 1 Cuban peso, while when exchanging at banks and other institutions, 1 convertible peso can be exchanged for approximately 24 Cuban pesos.
Pakistan will cancel the 5% adjustment tax on imported cotton yarn
On December 2, Pakistan Prime Minister’s Financial Advisor Sheikh chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet, which approved the proposal of the Ministry of Commerce The proposal to remove the 5% regulatory tax on imported cotton yarn till June 30, 2021.
Sheikh said that the removal of regulatory tax on imported cotton yarn will promote exports of the garment sector and is in line with The policy to obtain more value-added exports will be implemented after submission to the cabinet for approval.
Myanmar will restart international commercial passenger flights in January next year
According to According to the Civil Aviation Administration of Myanmar, Myanmar will restart international commercial passenger flights on January 1, 2021, and relevant epidemic prevention regulations will be announced in the near future. Myanmar’s first confirmed case of new coronary pneumonia appeared on March 23, 2020, and then the Myanmar government announced in March A flight restriction order was issued on the 29th, suspending the operation of international commercial passenger flights. After that, only rescue flights and cargo flights will be retained with many countries.
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