Trade

• [New] With a new trading relationship now agreed between the UK and the EU, and the COVID-19 vaccination programme underway, we hope to see some level of optimism and positivity return in 2021.
• [New] Belgian foreign trade, which contributed significantly to economic growth in 2018, risks being affected in 2021 by the weakening of economic growth in the eurozone, by the tensions in international trade (including between the US and the eurozone) and Brexit.
• [New] Assuming the appropriate investments are made in improving African productivity as part of the new African Continental Free Trade Agreement, the African continent could be home to the world's largest trading bloc, potentially encompassing 54 states and $30 trillion in economic output.
• [New] New batteries will need to will be allowed to contain up to 70% of their raw materials from outside the EU or UK till 2024 to avoid tariffs on sales into the EU.
• [New] The synergy from trade by all countries under the AfCFTA, the largest trade bloc in the global economy since the 1995 WTO establishment, is expected to boost Africa's cumulative GDP to $29 trillion by 2050, as estimated by the United Nations Economic Commission for Africa.
• [New] Significant investment and policy shifts related to the Paris Climate Agreement are expected in 2021 in the major trading blocks including the US, China and the EU.
• [New] Spanish wine may have nothing to do with Boeing, but the Trump administration thought it could bring Europe to its knees over aircraft subsidies by taxing food exports.
• [New] The Department of Trade and Industry reduced its medium-term export projections from $130 billion set in the Philippine Export Development Plan 2018-2022 to $103.9 billion.
• [New] The Department of Trade and Industry has reduced by 20% its medium-term export projections from $130 billion target to $103.9 billion by 2022 amid the impact of the lingering COVID-19 pandemic on Philippine industries.
• [New] Some specific areas to watch in 2021 include the unpredictable future of Canada's minority government, Europe's continuing political dysfunction and simmering U.S.-China trade tensions.
• [New] The difference between a trade deal and no deal could be worth as much as three percentage points on the Irish 2021 GDP growth rate.
• In the long-term, the Taiwan Balance of Trade is projected to trend around USD 3400.00 Million in 2022 and USD 3000.00 Million in 2023.
• Balance of Trade in Taiwan is expected to be USD 5100.00 Million by the end of this quarter.
• In the long-term, the Romania Average Gross Monthly Wages is projected to trend around 6111.00 RON / Month in 2021 and 6325.00 RON / Month in 2022.
• Digital currency bitcoin has emerged as a rival to gold and could trade as high as US$146,000 (C$185,223) if it becomes established as a safe-haven asset.
• Security will trump trade in the first months of Biden's presidency, although Washington's return to the Paris climate agreement and World Health Organization will boost the impression of a multilateralist reset and improve the US image in developing regions.

Last updated: 17 January 2021