New estimates show that world trade continues its remarkably strong but uneven recovery from the COVID-19 pandemic. Key findings include: - World trade in goods set a new record of $5.6 trillion in the third quarter of 2021. - Overall, trade in goods and services is projected to reach $28 trillion for the year, a 23% increase compared with 2020 and 11% above pre-COVID-19 levels. - Trade in services shows increasing momentum but remains below pre-pandemic levels. Global trade

Cross-border trade has been a key driving force in the development of most of the world since the existence of the first civilizations. From the Silk Road that connected the East and West in ancient times to the goods we purchase online today, it has been essential to the growth of a multitude of civilizations, empires, and nations throughout the course of history. Decades back, countries in the European Union (EU) collaborated on facilitating cross-border economic activity w

The EU-ASEAN Business Council (EU-ABC) has published two papers calling for more progress on ASEAN’s regional economic agenda and linking a durable recovery from the pandemic to ASEAN’s Leaders, Trade and Finance Ministers putting in place specific measures to accelerate work on the ASEAN Economic Community (AEC). The EU-ABC, which represents the interests of the European business community across Southeast Asia, cited concerns about the lack of progress on key elements of AS

We are pleased to share the latest FDI & Trade Intelligence News and Resources from across KW Group Networks & Partners - For daily updates follow us on LINKEDIN OFFICIAL MAY CHINA TRADE DATA. Analysis by John W. Miller, Chief Economic Analyst, Trade Data Monitor: Asia is really humming. Chinese exports of goods to top Asian trading partners boomed in May, suggesting that the continent is blowing past Europe and the U.S. in 2021 in the speed and scale of its recovery from the

Interview with Kunio Mikuriya, Secretary General of the World Customs Organization What are the biggest challenges Customs authorities face from Covid-19? Kunio Mikuriya: Customs administrations, like many essential government services, have continued to operate throughout this challenging situation to ensure the smooth supply of goods (including key medical equipment), and prevent attempts by smugglers and criminals to bring in illicit and sometimes dangerous goods. Administ

Interview with Mia Mikic, former Director of Trade, Investment and Innovation Division, UNESCAP from 'Government Insider' The United Nations’ AI tool gives countries advice for negotiating trade deals. It suggests who to negotiate with, advocates which tariffs to lower, and lays out the benefits of each reduced tariff. This could be a game-changer for nations which lack the resources or experience with negotiations. “In many developed countries you have huge teams of people w

With only a limited number of product inspections carried out inside free zones, many customs administrations now require that tobacco products carry a special declaration with detailed information that would enable joint investigations, effective risk management and electronic recordkeeping, as highlighted in a report published by the Secretariat of the WHO Framework Convention on Tobacco Control (WHO FCTC). The report, Examples of current practices on the implementation of

If blockchain technology can help reduce the high fixed costs of engaging in these complex procedures, that would be a big win. Blockchain technology has the potential to break the various silos that exist between parties involved in cross-border transactions The technology can help ease access to trade finance for SMEs in particular, reduce costs, and make it easier for them to participate in international trade In 2018, when the World Trade Organization (WTO) laid out block

Trade in counterfeit goods represents a longstanding, and growing, worldwide socio-economic risk that threatens effective public governance, efficient business and the well-being of consumers. At the same time, it is becoming a major source of income for organised criminal groups. It also damages economic growth by undermining both business’s revenue and their incentive to innovate. Counterfeit and pirated products tend to be shipped by virtually every means of transport. In

A new international agreement promoting paperless trade officially took effect on Sunday, which analysts said will further leverage advantages of China's huge market and provide broader market opportunities for all Asia-Pacific members. The Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, a UN treaty deposited with the Secretary General of the United Nations, consists of 25 articles, mainly covering a trade facilitation policy frame

We are delighted to announce a new partnership between Dentsu Tracking and KW Group to lead development in the Asia Pacific region. Dentsu Tracking is committed to assist governments and the private sector in the digitisation of supply chains in the region and to support the fight against illicit trade through collaboration with ministries of finance, customs, and enforcement bodies. The company fully supports the regional development of trade digitisation as a driver for eco

SMUGGLED wildlife, cigarettes, counterfeit medicines, substandard personal protective equipment (PPE), and even children's toys that bypass safety checks are among the worrisome goods traded in South-east Asia's illicit markets. The region's counterfeit goods market, excluding fraudulent medicines, is worth around US$35.9 billion annually, according to a 2019 report by the United Nations Office on Drugs and Crime (UNODC). It also costs governments further billions in tax reve

System will strengthen tax and customs cooperation, enabling instantly the sharing and exchange of data and information, including corporate tax registration, corporate import and export declaration documents, sales and purchase records, as well as other related documents. The introduction of the data automation system represents Cambodia’s optimisation of new technology to strengthen inter-institutional cooperation. Under the automated exchange system, the two tax authoritie

The Asian Trade Centre, with generous support from the Hinrich Foundation, has launched a series of papers, Asia in the Digital Economy, to more carefully examine new and emerging issues in digital trade in 2021. Since the public launch of the World Wide Web in 1995, trade has increasingly gone digital. While firms are innovating at a rapid clip to design, develop and deploy digitally-enabled goods and services, governments have struggled to keep up. For the first decades af

Insight Report by World Economic Forum on how TradeTech is fundamental to harnessing the innovations of the Fourth Industrial Revolution to support the public good. Lead Authors: Ziyang Fan & Jimena Sotelo Mapping TradeTech: Trade in the Fourth Industrial Revolution was developed in cooperation with more than 50 global industry experts, policy-makers, academics and civil society leaders. It provides a comprehensive overview of the impact of emerging technologies on the global

Foreign direct investment has been hard hit in 2020, with levels plummeting by 40–50%. Investment Monitor has identified five key trends to keep an eye on in 2021. 1. FDI will continue to struggle in 2021 The UN Conference on Trade and Development (UNCTAD) stated in June 2020 that it is expecting FDI volumes to decline by 5–10% in 2021. Investment will be highly dependent on Covid-19 recovery. The news in December 2020 of new nodes of the virus has dampened hopes that progres

The advantages China offers will not become available closer to home and the costs of reshoring are high and often prohibitive. Opportunities for global trade will be a key area for business growth after the pandemic. Technology is pivotal to solving the lack of transparency in global supply chains. Ten months in, the pandemic still poses a threat to lives and livelihoods in many parts of the world. Among its many impacts are the cracks in our international supply chains, whi

This note updates Trade facilitation and the COVID-19 pandemic from April 2020 with insights into the evolution of new border protocols and trade facilitation measures impacting traders since COVID-19 and exploring what more can be done to prepare for the next stages of the pandemic as uncertainty persists. It highlights the importance of transparency and availability of timely trade-related information in mapping bottlenecks and risks, as well as the importance of trade faci

MALAYSIA, KUALA LUMPUR, 5 October 2020 — IBM (NYSE: IBM) together with A.P. Moller – Royal Malaysian Customs Department (RMCD) today announced a collaboration to use the blockchain-enabled ‘TradeLens’ platform in Malaysia to modernise the shipping processes, create greater transparency and enhance customer satisfaction. This collaboration supports the country's effort to promote trading and economic stability by facilitating ease of doing business. By digitizing shipping proc

By Michael DiPaula-Coyle - Central to any #digitaltrade agenda should be three core principles: 1. Enable the Free Flow of Data 2. Protect Source Code and Algorithms 3. Ensure technology choice and encourage open digital architectures COVID-19 has created unprecedented disruptions in the global economy, the full impact of which will not become clear for years to come. Companies of all sizes are grappling with how to conduct business, reach customers, and maintain supply chain