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Hainan expo highlights China’s commitment to opening-up, contribution to global growth

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China’s commitment to further opening up as well as to the sound development of globalization is the clear message the rest of the world gets from the expo, which lights up a beacon of hope for those who believe in the power of free trade, win-win cooperation and multilateralism, thereby injecting fresh momentum and confidence into the recovery and prosperity of the global economy.

BEIJING, April 15 (Xinhua) — The third China International Consumer Products Expo (CICPE), with an increased scale and rising global influence compared to the previous versions, has underscored China’s commitment to expanding high-standard opening up as the global economy is struggling to emerge from the shadow of COVID-19 and other uncertainties.

On the theme of “Share Open Opportunities, Co-create a Better Life,” the expo covers an area of 120,000 square meters, up 20 percent from last year, with more than 3,300 brands from 65 countries and regions showcased, helping overseas brands tap into the huge Chinese market while providing more exposure for domestic products.

The event epitomizes China’s endeavor to promote high-standard opening up, as the country has pledged to leverage the strengths of its enormous market, attract global resources and production factors, and amplify the interplay between domestic and international markets and resources.

Thanks to China’s efforts to develop the Hainan Free Trade Port with a portfolio of favorable policies, including zero tariffs and easing market and foreign investment access, dozens of multinational corporate participants in the previous Hainan expos have become investors in the island.

Earlier this year, U.S. beauty titan Estee Lauder inaugurated its China travel retail headquarters in Hainan. The company, with high confidence in the Chinese market and a keen awareness of the importance of Hainan’s offshore duty-free market, is looking forward to establishing higher quality cooperation in duty-free shopping, medical care and talent training, and to introducing new and quality products to more consumers, said Fabrizio Freda, CEO of Estee Lauder.

Furthermore, the fair is helping foster an open mindset and promote mutual understanding through dialogue and exchange among global brands. This is of special significance at a time when some countries are turning inward and resorting to protectionism amid economic headwinds.

The expo presents “an amazing opportunity” to “illustrate and tell the story of the amazing beauty of our brands,” said Stefania Lazzaroni, general manager of the Italian foundation of luxury brands Altagamma that led 75 high-end brands such as fashion house Gucci and luxury vehicle manufacturer Lamborghini to Hainan.

It is an excellent occasion for Altagamma and its members to strengthen ties with Chinese investors, and showcase their brand image and culture, she told Xinhua.

The expo booths teeming with exhibitors and eager buyers are not simply signs of accelerated economic recovery and growth, but also a testament to the magnet of China’s vast market boasting a population of over 1.4 billion and a middle-income group of more than 400 million. This stable demand from the world’s largest consumer base serves as a crucial pillar for the global economy.

Between January and February, China’s retail sales of consumer goods climbed 3.5 percent year on year, official data showed. Other key indicators also suggested a broad recovery of the economy, including value-added industrial output in the first two months expanding 2.4 percent year on year, and the manufacturing purchasing managers’ index jumping to 52.6 in January — the highest since 2012.

The robust rebound is poised to reinvigorate world economic growth. Both the World Bank and the International Monetary Fund have projected that China’s economy will grow over 5 percent in 2023. In addition, a recent Goldman Sachs report estimated that the full recovery of China’s domestic demand could raise global GDP by around 1 percent through the end of 2023.

In the view of World Bank Group President David Malpass, China’s economic rebound is an “additive” needed for a year like 2023 when global growth is expected to be weak, and that reflects the “explicit efforts to have a faster opening process for China and to have the supply chains begin to come back together as they feed into global supplies.”

China’s commitment to further opening up as well as to the sound development of globalization is the clear message the rest of the world gets from the expo, which lights up a beacon of hope for those who believe in the power of free trade, win-win cooperation and multilateralism, thereby injecting fresh momentum and confidence into the recovery and prosperity of the global economy.

Source(s): Xinhua

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Discussions held on exempting tariff from Maldivian fish exports to Türkiye

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Maldivian Foreign Minister Moosa Zameer has revealed that discussions were held on Tuesday, regarding exempting duty levied on fisheries products imported to Türkiye from the Maldives.

Minister Zameer said the discussion took place during a meeting between Maldivian President Dr. Mohamed Muizzu and Türkiye’s Deputy Minister of Trade Mustafa Tuzcu as part of the ongoing official visit to President Muizzu to Türkiye.

Zameer said easier access for Maldives fish products to Türkiye market was also noted during the meeting. At the same time, discussions also focused on opportunities for enhancing trade and cooperation between the Maldives and Türkiye, including removing the tariff on Maldivian fish exports to Türkiye.

Discussions focused on exploring new areas of cooperation, such as tourism, construction, and renewable energy generation. They also addressed enhancing partnerships in existing areas of cooperation, both bilateral and multilateral.

He expressed confidence that Maldives-Türkiye relations will reach new heights through greater trade cooperation.

The meeting was also attended by other cabinet ministers accompanying President Muizzu in his ongoing visit. During the meeting, the President expressed his desire to deepen bilateral cooperation in commerce and investment between the Maldives and Türkiye. The President underscored the Maldives’ eagerness to explore opportunities for increased trade and investment with Türkiye, emphasizing that the aspirations for greater national development resonate deeply with the Maldivian people.

He also suggested increasing Turkish Airlines flights to the Maldives, considering the nation’s potential as a hub connecting the West to the East.

In conclusion, the President expressed optimism that Maldives- Türkiye cooperation would reach new heights during his tenure.

During the visit, the President also met with the Maldivian community residing in Türkiye where he pledged to work on remedying difficulties faced due to the dollar limit imposed on Bank of Maldives (BML) cards.

President Muizzu also called on the Turkish president Recep Tayyip Erdoğan.

Source(s): sun.mv

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Sri Lanka to sign FTA with Thailand in February: Colombo

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COLOMBO, Nov. 21 (Xinhua) — Sri Lanka plans is expected to sign the Sri Lanka-Thailand Free Trade Agreement (FTA) in February 2024, Sri Lanka’s cabinet spokesperson Bandula Gunawardena told reporters on Tuesday.

At a press conference, Gunawardena said the agreement will be signed following the completion of negotiations by December 2023.

The cabinet has approved the free trade agreement, which will see 80 percent of tariff lines liberalized over 15 years, he said.

Sri Lanka is Thailand’s fourth-largest trading partner in South Asia, and Sri Lanka’s main exports to Thailand include gems, jewellery, tea, spices, fiber and metal products, according to official data.

In 2021, Sri Lanka imported goods from Thailand worth 355 million U.S. dollars and exported 59 million dollars’ worth of commodities to Thailand, according to official data.

Source(s): Xinhua

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Fenaka slapped with MVR 4M fine

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Fenaka Corporation has been slapped with MVR 4 million fine for building power houses at 21 islands without completion of the Environment Impact Assessment (EIA) process.

In a statement on Sunday, Environment Protection Agency (EPA) said they investigated Fenaka for building powerhouses at 21 islands without completing the EIA process. Following their investigation, EPA said they have fined Fenaka by MVR 4,200,000.

EPA’s statement read that information received during the investigation and the documents exchanged between the two parties established that physical works on the powerhouses commenced without completing the EIA process.

They also noted that Fenaka had been previously fined for violating the regulations of EIA.

The 21 islands where physical works on the powerhouses commenced without completion of EIA are;

HDh. Finey
HA. Uligan
HA. Utheemu
GDh, Maavarulu
Sh. Feydhoo
Sh. Maaungoodhoo
HA. Dhidhdhoo
R. Rasgetheemu
R. Kinolhas
N. Kendhikulhudhoo
HA. Muraidhoo
Sh. Komandoo
N. Fodhdhoo
Sh. Kurendhoo
HDh. Kulhudhuffushi
HDh. Kumudhoo
Dh. Meedhoo
L. Maabaidhoo
HA. Molhaidhoo
GDh. Rathafandhoo
GA. Villingilli
Fenaka Has been instructed by EPA to settle the fine within 30 days, starting today.

EPA also called on Fenaka to adhere to regulations while undertaking projects.

Source(s): sun.mv

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