Tough admission standards could keep Ukraine’s trade integration with the European Union on hold, and if the process is dragged out long enough, it may be forced back into the arms of its ex-Soviet ally, Russia.
Russia plans to invest up to $1.5 billion into new domestic energy projects in Ecuador, making the South American country a key partner in the region, President Vladimir Putin said at a meeting with Ecuadorian President Rafael Correa in Moscow.
Harsh condemnations from Europe over reports of NSA spying on prominent EU leaders will do nothing to derail bilateral trade ties, former UN diplomat Lode Vanoost told RT. He says economic negotiations will remain on track as the media scandal dissipates.
South Korea has made its first commercial freight voyage by the Northern Sea Route, an icy passage it says has a big financial future. It reduces the time between St. Petersburg and Korea by 10 days, and provides a ‘safer’ alternative to the Suez Canal.
The European Union and Canada have signed a landmark free-trade agreement, that’ll boost growth and create jobs. The deal also paves the way for Europe to create an even bigger no-tariff zone with the US, that’ll represent half of the global economy.
The IEA says the US will overtake Russia as the biggest oil producer next year, citing the ‘shale revolution’ that has reshaped the global energy market. Some experts believe this will sober Russia and put a lid on talk of a ‘commodity curse’.
Russia wants to use its growing cooperation with China to boost trade by 15%. President Putin told the APEC Summit in Bali that Russia is poised to increase trade from the current record $87.5bn to at least $100bn.
Big US companies like Wal-Mart and FedEx say Washington shouldn’t compromise on the 12-nation Asia–Pacific free trade agreement and rush it through by the end of 2013. Policymakers insist each extra $1 billion in exports would create 5,000 jobs.
The cancellation of US President Barack Obama’s APEC summit visit was commented on by Singapore’s Prime Minister on Sunday, who said that global leaders wanted to see “a US president who is able to travel and fulfill his international duties.”
China launched its first experimental economic free trade zone in Shanghai, seeking to transform the city into an international financial hub and drive yuan convertibility. It is intended to boost growth which is now heading for a 23-year low.