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EU provisionally agrees on mechanism against economic coercion

Early on Tuesday (28 March) it was announced that representatives of the European Parliament and the Council reached a provisional deal on a mechanism to allow member states to retaliate against countries that pressure them to change their economic policies.

patrickn97 Wed, 03/29/2023 - 09:53
Kazakhstan and China sign commercial agreements worth $565m
On Tuesday (28 March) it was announced that Kazakh and Chinese business leaders signed 16 different documents strengthening bilateral relations. The agreements were signed on the sidelines of the "Second friendly dialogue of cross-border cooperation between the Republic of Kazakhstan and the Xinjiang Uygur Autonomous Region (XUAR) of the People's Republic of China". The documents included six interregional agreements, five memoranda of understanding, and five commercial agreements totalling a value of $565m. The agreements cover the sectors of construction, energy, mining, agriculture, food industry, engineering, tourism, investment, and others. The forum was held alongside a visit of the Political Bureau of the Central Committee of the Chinese Communist Party and Communist Party Secretary of XUAR, Ma Xingrui, to Kazakhstan. At the meeting, Chinese and Kazakh officials and entrepreneurs discussed ways to improve the efficiency of checkpoints, logistics centers, and transport infrastructure along the almost 1,800km-long border. Speaking at the event, the Kazakh Deputy Prime Minister and Minister of Trade and Integration Serik Zhumangarin said Kazakhstan is ready to export some 135 industrial and agricultural products worth over $1 billion to China.
patrickn97 Wed, 03/29/2023 - 09:12

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Uzbekistan foreign trade turnover up nearly 20%, Turkmenistan gains

Uzbekistan's foreign trade turnover as a whole exceeded $50bn in 2022, an increase of 18.6% or $7.8bn compared to 2021. 

Russia remains Uzbekistan's largest foreign trading partner, constituting $9.2bn - or just under 20% - of Uzbekistan's foreign trade in 2022.

Neighbours Turkmenistan, who for many years have been one of the most economically isolated countries in the world, has also seen its trade with Uzbekistan increase.

patrickn97 Fri, 02/03/2023 - 13:14
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Ukrainian authorities raid tycoon's home amid corruption crackdown
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Ukrainian authorities raid tycoon's home amid corruption crackdown

1 February 2023
Ukrainian authorities have raided the home of the prominent business tycoon Ihor Kolomoisky amid a nationwide anti-corruption crackdown. On Wednesday (1 February) the home of the former interior minister Arsen Avakov was also searched, and the Ukrainian Cabinet of Ministers fired the heads of the customs and tax agencies too. Kolomoisky is an erstwhile ally of President Volodymyr Zelensky, whose TV channel gave Zelensky his break with the comedy series Servant of the People, in which Zelensky played a history teacher who ends up becoming president after a student posts a video online of an expletive-laden rant by Zelensky's character about the state of politics in the country. Kolomoisky also backed the former actor's real-life bid for the presidency. He was also the governor of the wider Dnipropetrovsk region from 2014 to 2015, and played a key role in funding volunteer battalions in response to Russia's initial invasion of Ukraine in 2014.
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EU and Uzbekistan officials meet to discuss ties, promise to expand cooperation
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EU and Uzbekistan officials meet to discuss ties, promise to expand cooperation

1 February 2023
The Uzbek Minister of Investments, Industry and Trade Laziz Qudratov hosted the head of the delegation of the EU in Uzbekistan Charlotte Adriaen on Monday (30 January) to discuss ways to advance bilateral ties in trade, economic and investment spheres. The parties explored the opportunities for expanding the main areas of bilateral financial and technical cooperation, and discussed the EU's Multi-Annual Indicative Programme for Uzbekistan (MIP), the implementation of which has been allocated €76m for the period 2021-2024. Additional funds for the same time frame were also earmarked for Human Rights support (€3.6m), and Civil Society Organisation (€3.4m). The MIP 2021-2027 has three main priorities, namely effective governance and digital transformation; inclusive, digital and green growth, and the development of a smart eco-friendly agri-food sector.
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Georgian GDP booms by more than 10% in 2022
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Georgian GDP booms by more than 10% in 2022

31 January 2023
Georgia's GDP boomed by 10.1% in 2022, according to figures released by the National Statistics Office of Georgia, Geostat, on Tuesday (31 January). The country's economic performance was particularly strong towards the end of the year, registering a year-on-year increase of 11% in December 2022. According to the report published by Geostat, growth was registered in construction, manufacturing, transportation and storage, financial and insurance activities, trade, hotels and restaurants. Meanwhile a decline was registered in real estate activities, professional, scientific and technical activities, electricity, gas, steam and air conditioning supply. Georgia imported US$134.5bn of goods in 2022, 33.2% more than last year. Meanwhile exports also rose by 31.8%, totalling almost US$56bn. Another notable statistic from the report concerns the number of newly registered enterprises, at 6,436 in December alone. This marks a year-on-year increase of 41.4%.
Dubai scraps 30% alcohol tax and fees for personal alcohol licences

The UAE emirate of Dubai has announced that it has scrapped the 30% tax on alcohol, and will no longer charge for personal alcohol licences.

Known as the Gulf's "party capital", where expatriates outnumber nationals by nine to one, Dubai has historically been more attractive to tourists and wealthy foreign workers than its neighbours, partially because of its tolerance of a more liberal lifestyle.

Despite this, the high alcohol tax had led to residents often driving to Umm al-Quwain and other emirates to buy alcohol in bulk.

patrickn97 Mon, 01/02/2023 - 10:33
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