From 4.7% to 2.5%! WTO: Russia-Ukraine conflict could cut global trade growth in half this year
The conflict between Russia and Ukraine has led the World Trade Organization (WTO) to cut its forecast for global trade growth this year. WTO Director-General Dr Ngozi Okonjo-Iweala said the previous forecast for trade growth of 4.7% had been revised down to 2.5% due to "the impact of conflicts and related policies". The downgrade in trade growth forecasts is also related to ongoing global supply chain problems caused by the coronavirus pandemic. (Financial Association)
Australia and India sign free trade agreement
On April 2, local time, the trade ministers of Australia and India signed an important free trade agreement in the form of a video conference. The agreement will slash tariffs on Australian products exported to India, mainly for mutton, wool, coal, lobster and other products. In addition, the agreement agreed to reduce tariffs on red wine, fruit, and some agricultural products in stages, but did not include dairy products and chickpeas that the Australian side attached great importance to. Both parties to the agreement stated that the signing of the agreement will help the two countries to further strengthen their trade partnership. (CCTV News)
More than 60% of US companies plan to increase investment in China
"60% of companies still see China as one of the top three investment destinations for their recent global investment plans; 66% plan to increase investment in China this year; and 83% have no plans to move manufacturing or sourcing out of China. "In a recent report released by the American Chamber of Commerce in China, many American companies have cast a vote of confidence in China's development with the attitude of adhering to their China strategy. (International Business Daily)