Global Scans · Trade · Weekly Summary

• The EU's support for Timor Leste joining the World Trade Organization will help its integration into the global economy and regional architecture. TEMPO.CO
• Disruptions to trade routes in the Red Sea have already led to a rise in freight rates (although the Asia-Europe route has been more severely affected for now). Seeking Alpha
• Envisaging a Compound Annual Growth Rate of 55.1% from 2024 to 2030, the global 5G core market's momentum is underpinned by escalating demand for cutting-edge 5G technologies and the exponential growth in interconnected devices. Yahoo Finance
• Governments across the globe must propose a legal framework on AI, that addresses the risks of AI and plays a collaborative role globally. Express Computer
• The UK alone (which accounts for about 1% of global emissions) will have little impact on climate change so long as the likes of the US and China (which together account for some 45% of emissions) keep polluting. The Week UK
• Future of renewable energy The future of renewable energy looks promising and is expected to play a crucial role in global energy systems. statetimes
• The US, the world's biggest exporter of gas last year, announced that it was pausing all pending export permits for liquified natural gas until it could come up with an updated criteria for approving new gas export projects that consider the impact of the climate crisis. The Guardian
• The faltering global economy is expected to slow the growing demand for oil from in 2024, before the take-up of electric vehicles in the second half of the decade causes consumption to reach a peak. The Guardian
• India's cotton spinning industry is forecast to grow 12-14 per cent in FY24, with yarn exports increasing 85-90 per cent due to higher demand in the US and EU. Fibre2Fashion
• Major apparel exporters in Asia, such as China and Bangladesh, might assume a less dominant role as a sourcing base for recycled clothing due to their insufficient infrastructure for efficiently sorting used clothing and generating high-quality recycled textile materials. FASH455 Global Apparel & Textile Trade and Sourcing
• The Global Minimum Tax initiative aims to standardise corporate tax rates, but could make Indonesia's tax breaks for R&D less attractive to multinational companies, affecting foreign investment in R&D. East Asia Forum
• Despite growing slightly, US commercial crude inventory remains at five-year lows, putting upward pressure on exports to compensate for disruptions in the Red Sea. Chemical Market Analytics
• India sent three guided missile destroyers and reconnaissance aircraft in November when Yemen-based Houthi rebels began targeting ships in solidarity with Hamas, causing disruptions in a key trading route that handles about 12% of global trade. Story india begins flex naval power competition china g
• Demands on agriculture are growing, though: With global population forecast to increase by 2.2 billion by 2050, farmers will need to grow about 70% more food than what is currently produced, reports the Farm Bureau Federation. Digital Insurance
• U.S import container import volumes have been largely spared by disruption in the Red Sea, considering only a small portion of U.S. container imports come through the Suez Canal. Unofficial Networks LLC
• Global shipping rates have surged due to attacks in the Red Sea, and economists fear that inflation might rebound as supply chains become stretched. Mortgage News Daily
• In addition to copper, nickel, lithium, it's important to state that Brazilian iron ore will have an important role in the energy transition and decarbonization of the global economy. BNamericas
• Even the disruption to global trade caused by Houthi attacks on commercial ships in the Red Sea and the ongoing wars in Ukraine and Gaza have not dampened the jubilant mood of analysts and business leaders. The Guardian
• The growth of the battery industry in the PRC has encouraged the adoption of electric vehicle solutions and has the potential to reduce carbon emissions both within the PRC and globally. Asian Development Bank
• The Biden administration is weighing a move that will curtail the growth in natural gas exports, costing untold wealth to America and weakening its position as a stable, global supplier of liquified natural gas. Boston Herald
• India must partner with like-minded countries such as the United States, Japan, Australia, Indonesia and South Korea to strengthen global lithium supply chain management and reduce strategic vulnerabilities. East Asia Forum
• Amid a global rush for critical minerals, India is looking to develop its lithium supply chain through various means, including leveraging private and public industries to sustain its future sectoral growth and to fix strategic vulnerabilities. East Asia Forum

Last updated: 05 February 2024