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Saudi Arabia – China Ties: 34 Bilateral Agreements Signed

2022-12-08
China’s President Xi Jinping is on a three-day visit to the Kingdom of Saudi Arabia, where he will attend summits with leaders of Gulf and Arab countries in the hope of deepening trade and investment ties with the region. So far 34 investment agreements have been signed in sectors such as energy (green hydrogen, solar), information technology, cloud services, transportation, logistics, medical industries, housing, and construction.

Featured Business News

ASEAN Briefing

ASEAN-Australia-New Zealand Free Trade Area Upgraded

12/08/2022

ASEAN, Australia, and New Zealand have concluded the negotiations to upgrade to their free trade agreement, the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA). The upgrade will be officially signed in 2023. By upgrading the AANZFTA, the participating countries hope to spur post-pandemic growth, facilitate trade, make supply chains more resilient, and encourage sustainable development.

India Briefing

Maharashtra Revises Single-Use Plastic Ban: Items Now Allowed for Production and Use

12/07/2022

Maharashtra has revised its single-use plastic ban after four years, allowing products made of compostable material as well as plastic packaging material with a thickness below 50 microns under conditions. It is set to bring financial relief to producers of these plastic items and high-volume users in trade and business. Also of note, under federal law, from December 31, 2022, plastic carry bags must have thickness of at least 120 microns to enable re-use. Plastic bags with thickness lower than 75 microns are already illegal in the country.

Vietnam Briefing

Vietnam Milks EAEU for all its Worth with New Dairy in Russia

12/07/2022

Dairy is among a range of products to benefit from reduced tariffs under the Vietnam-Eurasian Economic Union (VN-EAEU) free trade agreement. The agreement, signed in 2015, has strengthened ties between Vietnam and the bloc, which may soon pay dividends for one of Vietnam’s biggest dairy producers.

India Briefing

Operational Guidelines for India’s Drone PLI Scheme: Target Segments, Disbursal of Incentives

12/07/2022

India wants to advance the use and production of drones in the country and has released operational guidelines to implement the sector-specific PLI Scheme. The operational guidelines for this have been released by the Ministry of Civil Aviation. The guidelines were notified November 29, 2022 for the benefit of all stakeholders and the public – including foreign investors.

ASEAN Briefing

UK and Indonesia Trade and Investment Opportunities

12/07/2022

The UK is seeking to forge greater economic ties with the Indo-Pacific and Indonesia is among its key partners in Southeast Asia. Both countries are aiming to strengthen trade and investment links, particularly in the areas of education, healthcare, and infrastructure development. Prior to the pandemic, annual bilateral trade reached approximately £3.2 billion.

China Briefing

China Officially Launches New Private Pension Scheme – Who Can Take Part?

12/05/2022

A select list of banks, wealth management funds, and insurance companies have officially been given the green light to launch private pension products in certain cities in China. The kick-off comes after many months of deliberations on regulations for the budding industry, which include requirements for companies’ participation as well as regulations on the products that can be offered. We discuss which companies and products can participate in the China private pension industry and how the industry may continue to develop beyond the initial pilot phase.

The Bigger Picture

Silk Road Briefing

Algeria, China, Upgrade And Extend Belt & Road Initiative Development Plans

12/07/2022

China is now the lead trading partner of Algeria, North Africa’s “sleeping giant.” It is the region’s largest economy and an important gas- and oil-exporting country. Current bilateral trade is running at about US$8 billion, with Chinese exports to Algeria at US$7 billion and Algerian exports to China approximately US$1.2 billion. However, China is active in BRI projects in Algeria and North Africa which will over time redress the trade imbalance.

Russia Briefing

2022 Belarus-Russia Trade To Hit Record US$50 Billion

12/08/2022

“Thanks to numerous comprehensive measures, mutual trade in goods and services between our countries is likely to be about US$50 billion” the Belarus Ambassador to Russia, Dmitry Krutoi has said. “To compare: in 2021 Russia’s trade with China amounted to US$147 billion. On the one hand, this is almost three times more than the trade of Russia with Belarus, but the population of China is 150 times larger than that of the Republic of Belarus.”

Russia Briefing

Gazprombank Launches Chinese RMB Yuan Remittance Services To Individuals & Businesses

12/07/2022

Gazprombank (GPB) has launched money remittances for individuals in Chinese yuan from their accounts to the accounts of individuals and legal entities in any other bank in Russia or abroad, the bank has stated. Gazprombank retail clients could previously make transfers in Russian rubles, U.S. dollars, and Euros. In the West, the bank is sanctioned and unreachable via SWIFT, but elsewhere the bank performs its normal functions via Russia’s own SPFS financial payments system.

Silk Road Briefing

2022 Kyrgyzstan – Uzbekistan Bilateral Trade Reaches Record Highs

12/07/2022

The bilateral trade turnover between Kyrgyzstan and Uzbekistan since the beginning of 2022 has reached US$1 billion, a record figure. The announcement was made by Shavkat Mirziyoyev, the President of Uzbekistan, following conversations with Sadyr Zhaparov, the President of Kyrgyzstan this week. Shifting supply chains and BRI developments are boosting Central Asian trade and investment with positive regional results.

Our firm Dezan Shira & Associates provides legal, tax and operational advisory across Asia.
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