Displaying items by tag: trade

A visit to New Zealand and Australia by China's PM Li Qiang, starting on 13 June, will be marked by regional security concerns overshadowing trade ties. China is Australia's largest trading partner, particularly for iron ore, while New Zealand's significant trade involves milk and agriculture. NZ prime minister Christopher Luxon views the visit as an opportunity for business deals, but acknowledges the need to address differences, especially since his country has taken a tougher stance on China in recent months due to security concerns. In Australia, Li will visit Adelaide, engaging in ‘panda diplomacy‘ and meeting wine exporters to ease political tensions which had previously led to a suspension in their exports. A recent poll shows significant public mistrust in Australia towards China, with many viewing Beijing as a security threat. Despite these concerns, prime minister Anthony Albanese believes Li's visit shows that ties had stabilised, even as the two nations compete for influence in the Pacific and defence force encounters are tense.

Wilko’s 400 stores are expected to close within weeks with 12,500 redundancies unless a buyout is secured. Pray for the 12,500 families living with fear of being out of work. Wilko’s assets were valued at £41m and the stock is likely to be worth tens of millions of pounds. The stores could be bought by rival bargain retailers like Poundland, Home Bargains, Primark, and B&M, who would rebrand them, possibly without retaining existing staff. The GMB union, which represents thousands of Wilko staff, said it would be ‘a disgrace’ if bids that could save jobs were disregarded. 12,500 jobs cannot be sacrificed for a few pence in the pound for creditors. Viable bids that protect jobs must be prioritised. M2 Capital’s bid to keep the entire Wilko chain trading fell through on 31 August. Job losses are feared.

Boris Johnson and Joe Biden met on 10 June. Joe Biden has Irish roots, and many believe Britain should not underestimate the strength of his feelings against tinkering with the Northern Ireland Protocol if it puts the Good Friday agreement in jeopardy. Boris Johnson wants to ‘tinker’, putting the agreement at risk. He was seen by many Americans as Britain's equivalent of Donald Trump, and indeed he was lavish in his praise of the former president. But British PMs need to get on with whoever is America’s president. Boris, from a privileged background, needs to get on with Joe, who is from a poor working-class background. The one thing the two men do have in common is that they both are Catholics: one is a practising believer, the other needs more practice.

The UK and the EU are in disagreement over the Northern Ireland Protocol; one sticking point is the export of sausages from the UK. Maros Sefcovic, the European Commission vice-president, says there have been ‘numerous and fundamental gaps’ in the UK's implementation of the trade deal and the EU will act ‘firmly’ if the UK does not agree on deadlines for complying with its obligations. Environment secretary George Eustice claimed the Northern Ireland Protocol, and the way the EU wants to implement it, make it impossible for UK producers to sell British sausages to Northern Ireland. Boris Johnson's spokesman said there was ‘no case whatsoever’ for blocking the sale of chilled meats. The UK has also accused the EU of failing to engage with its own proposals, especially with the issues pertaining to people in Northern Ireland.

The following is based on prayers by Suzanne Ferrett. God is changing the face of the Church and resetting society values. Pray that across our nation, every shift and change which is taking place will move us closer to the way He created us to live, aligning the lives of individuals, families, and communities with His heart, His values and the plans within His word. For those changes to last beyond the limits of our current lockdown, forming a new foundation on which society will rebuild. God is re-aligning this nation. Pray for righteousness, justice, honesty, truth, mercy, godly discernment, and divine wisdom to be the foundations upon which this nation will build. Pray also for the Lordship and Sovereign will of God over all trading negotiations taking place, so that this nation will be aligned and connected for trade according to God’s design. May the complexities of new arrangements be understood and smoothed.

On 22 July transport secretary Grant Shapps said that the United Kingdom wants a Brexit free trade deal with the EU, but is prepared for a no deal. A spokesman for Boris Johnson said later that day that Britain remains committed to agreeing the outlines of a balanced trade agreement with the EU, but significant differences between the two sides remain. Talks on a future relationship, which are now in their fifth round, have all but stalled. Some companies fear that there will be disruption at the end of the year if the two fail to secure a trade deal. Mr Johnson’s spokesman said, ‘We will make sure that we’re prepared for all possible scenarios.’

The Irish Senate has voted to approve a proposal to criminalise doing business with Jews in settlement areas, parts of Jerusalem and the Golan Heights - areas that came under Israel’s control after the 1967 Six-Day War. After the vote the Irish ambassador was summoned to a meeting at the Israeli foreign ministry’s office. If Eire officially approves the proposal, it will become the first country in the European Union to criminalise import of goods from Israel. The proposal’s initiator, Senator Frances Black, slammed Israeli settlements as ‘war crimes’ and compared her initiative to Ireland’s anti-apartheid actions against South Africa. Ireland’s government strongly opposes the initiative, which creates trade restrictions contrary to EU values and undermines Ireland’s influence in the region. EU law states that its members can only mark products coming from settlements - not boycott or impose sanctions on their imports.

An event designed for entrepreneurs and business owners looking for ways to grow and export their products into the UK market is to be held on 6 March. The workshop is aimed at people who want to learn strategies and practical skills so that they can plan for export for future trade in the United Kingdom. This particular event is targeting Nigerians, but it is recognised that similar events need to be organised elsewhere and be available to businesses wanting overseas trading opportunities with the UK post-Brexit. Pray for this type of event to be multiplied across the nations, to enable men and women in manufacturing, information technology, and other enterprises to enter new UK markets.

A power struggle in the Maldives is taking centre stage in a battle for regional influence between India and China. Maldives President Yameen declared a state of emergency after the supreme court ordered him to free political prisoners and opposition politicians he jailed. Security forces then stormed the court and arrested two judges and a former leader. The remaining judges annulled a previous ruling. It is being called an assault on democracy. The political drama sparked concern in India, which issued a strong statement saying it is imperative for the government to adhere to a free trade agreement it made with the Maldives. India views China as a geopolitical foe in Asia and is pushing to maintain geo-strategic supremacy in the Indian Ocean, with backing from the US and Japan. Meanwhile, it has expanded its influence by building ports in Sri Lanka, Pakistan and Djibouti (now home to its first overseas military base). See also

Failure to strike a trade deal with the EU would not be a disaster for the UK, according to the Institute of Economic Affairs (IEA). It said, ‘If a bad deal is offered by the EU, the UK should walk away and trade with the EU under World Trade Organisation (WTO) rules rather than a protectionist and costly agreement.’ The report calls for unilateral free trade after Brexit, ‘complemented by free trade agreements with partners including the US, Canada and Australia. This arrangement would lead to lower consumer prices, increased productivity and higher wages through removing barriers to imports.’ IEA research director Jamie Whyte said, ‘Many believe disasters will happen without a deal with the EU. In fact, we could eliminate all import tariffs, which would give us most of the benefits of trade, and export to the EU under the umbrella of WTO rules. Then we can seek free trade deals with all major trading partners, including the EU.’