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A strategic document that formally begins negotiations on free trade with the UAE was signed today in Dubai by the Serbian Minister of Internal and External Trade, Tomislav Momirović, and the Minister of External Trade of the United Arab Emirates (UAE), Thani bin Ahmed Al Zeyoudi.
According to Momirović’s post on his Instagram profile, the trade between the two countries and the convergence of the two economies will be expedited by this agreement. He stated that economic relations between Serbia and the UAE are combined with good political relations and are realized through trade cooperation, investment projects as well as strategic partnerships and pointed out that he tried to animate as many companies from the UAE as possible to relocate their operations to Serbia.
Momirović added that many companies from Serbia and the UAE are successfully operating in both markets as part of joint investment projects in agriculture, transport, mining and energy (Etihad Airways, Al Dahra, Eagle Hills Properties, DP World, Elixir Group).

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The external merchandise trade (excluding non-declared trade) of Georgia reached USD 14 005.0 million in January-August 2023 (16.8 percent higher than in 2022). The exports grew up by 14.4 percent and reached USD 4 079.4 million. The imports increased by 17.8 percent and achieved USD 9 925.7 million. The share of the negative trade balance in external trade turnover constituted 41.7 percent and equaled to USD 5 846.3 million in January – August 2023.
The share of the top ten trading partners by exports in the total exports of Georgia attained 81.0 percent in the reported period. Azerbaijan (USD 567.8 million), Armenia (USD 552.3 million) and Russia (USD 461.4 million) were the top partners.
The share of the top ten trading partners by imports in the total imports of Georgia reached 70.8 percent in the reported period. Türkiye (USD 1 644.7 million), Russia (USD 1 225.5 million) and the USA (USD 1 190.1 million) were the top partners.
The share of the top ten trading partners in the total external trade turnover of Georgia stood at 68.7 percent in the reported period. Türkiye (USD 1 944.0 million), Russia (USD 1 686.9 million) and USA (USD 1 240.0 million) were the top trading partners.
The first place in the list of top export items In January-August 2023 was claimed by motor cars with USD 1 368.4 million (33.5 percent of total exports). Total exports of copper ores and concentrates reached USD 411.7 million (10.1 percent of the total exports). The third place was occupied by the exports of wine of fresh grapes (USD 169.3 million and 4.2 percent of the total exports).
Motor cars were the top import commodities in the reported period with USD 1 957.8 million (19.7 percent of the total imports). They were followed in the list by the petroleum and petroleum oils with USD 716.2 million (7.2 percent of imports). The third place in the top import commodity list was taken by the medicaments put up in measured doses with USD 354.3 million (3.6 percent of imports).

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According to July’s release of the Government’s Office for National Statistics (ONS), the UK’s economy shrank by 0.5% and imports also fell by 0.4%.
Nevertheless, one bright light among the gloomy data is mentioned by the international delivery expert Parcel Hero. It is a 4.4% growth of the UK’s goods exports to the European Union (EU) (after taking inflation into account).
According to David Jinks, Parcel Hero’s Head of Consumer Research, Britain’s July exports to the EU soared by £0.5 billion over June, to £15.3bn. However, exports to non-EU countries decreased by £0.2bn (-1.3%). Does it mean that the Brexit-imposed restrictions are now having less impact?
The results can be compared only taking into account the pre-Brexit, pre-pandemic Britain of 2019: comparing July 2019 and July 2023’s results, there has actually been a £1.6bn rise in the value of Britain’s monthly EU exports (without considering inflation).
The Bank of England’s inflation calculator shows that July 2019’s EU exports of £13.7bn were actually worth around £16.6bn today in real terms, but this comparison doesn’t take into account changes in the relative value of the euro, for example.
The fact that Britain’s EU exports have actually fallen year-on-year is more concerning.
However Britain’s exports of fuels grew up by a £0.4bn due to increased exports of crude oil to the Netherlands and France and refined oil to Belgium.
Another example of Britain’s economy doing heavy lifting was a £0.2bn increase in exports of machinery and transport equipment to the EU, mainly contributed by the increase in mechanical power generators and mechanical machinery sales to the Netherlands.
According to Parcel Hero’s analysis, trading issues are setting down for larger exporters shipping to the EU, in spite of new red tape and Customs fees, particularly for products whose components (eg microchips) are sourced outside of the UK.
Nevertheless, the full impact of all the expected Brexit border regulations hasn’t been fully seen yet. There is hope for reaching a pragmatic solution to some of these issues for both the EU and the UK. The scrapping of plans for the controversial “UKCA” CE-replacement mark, on the majority of products, should serve as a good model for the future.
Obviously, a strong concern was caused by July’s drop in exports to non-EU countries, with the USA remaining the UK’s single largest individual overseas market. Despite some significant hurdles in US trade, the UK’s trade with this country has not suffered a similar upheaval.
Tariffs of 0% to 37.5%, with the typical rate being 5.63% are still applied to most UK goods exported to the US that are valued at over $800 (the US import tax threshold).

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According to primeminister.kz, the activation of cooperation in trade and economic and transport and logistics spheres were discussed by Alikhan Smailov, Prime Minister of the Republic of Kazakhstan, and Lin Wu, Secretary of the Party Committee of Shandong Province of China. As it was noted by Head of the Government, more than 6% of the total volume of trade between Kazakhstan and China falls on Shandong today. However, further promotion of Kazakhstan’s goods in the Chinese market and the search for new areas of cooperation is important for the country. This highlights a particular relevance of the development of transportation potential and deepening of cooperation within the framework of the “One Belt, One Road” initiative. The launch of the first return train on the route “China – Europe” for the delivery of Kazakh barley to the PRC, which took place the day before in Almaty, will facilitate this task. According to Alikhan Smailov, Kazakhstan is ready to increase the supply of Kazakhstani products along this route and expand the range of supplied goods and services. The importance of holding in Astana a Kazakh-Chinese forum on cooperation with Shandong Province was also emphasized by Prime Minister. He added that productive trade and investment interaction between the two countries’ business circles will be undoubtedly expanded by this event. The establishment of productive cooperation between Shandong Province and the regions of Kazakhstan was emphasized by Lin Wu in turn. Simultaneously, cooperation in the areas of deep processing of agricultural products, trade and construction of logistics infrastructure has a great potential to be expanded. Representatives of more than 100 enterprises of Shandong Province in the above sectors visited the event this time. A number of joint trade and economic projects is expected to be signed. According to Lin Wu, the both sides expressed their confidence in their future cooperation’s extension and deepening the partnership between their enterprises and realization of more joint projects, achieved through common efforts. Shandong Province is China’s important agricultural production area located on the east coast of the country. Wheat, cotton, peanuts, tobacco, bast crops, etc. are grown there. This province is one of China’s major horticultural and field-growing areas, leading aquaponics and silk cocoon breeding centers. A Memorandum of Cooperation under which Kazakhstan Temir Zholy and Shandong Port Group, China’s largest port operator, agreed to develop multimodal container services and related digital products was signed in December 2022.

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Due to robust growth following the COVID-19 pandemic, the Dutch economy has outperformed other eurozone economies. The Central Planning Bureau (CPB) attributes this success to the country’s resilience during the crisis and its strong recovery driven by export growth in 2021 and 2022. Furthermore, the Netherlands’ dependence on Germany, its primary trading partner, is gradually being reduced.
The well-known saying, “If Germany sneezes, the Netherlands catches a cold,” expresses the Netherlands’ historical reliance on Germany for economic stability. However, Germany’s importance for Dutch export market is diminishing. The COVID-19 crisis made this trend apparent, as Dutch exports continued to grow in spite of the German economy’s stagnation.
In 1980, 30% of Dutch exports were accounted for by Germany, but by 2021, this figure showed a 23% decrease. Brexit became a significant factor causing the decline of the share of Dutch exports to Belgium, France, and the United Kingdom. Belgium (11% of Dutch exports), France (8%), the United Kingdom (6.5%), the US (5%), Italy (4.5%), and China (2.5%) are now the most important trading partners of the Netherlands after Germany.
Dutch exports grow beyond Germany. Three types of exports are highlighted by the CPB: goods and services produced or processed in the Netherlands, re-exports (goods of foreign manufacture that are imported and then exported without substantial processing), and transit of goods passing through Dutch territory. The Netherlands’ exports and re-exports to other European countries increased, particularly to Eastern and Northern Europe, as well as to the US and Asian nations like China. Dutch economy got a significant benefit from the expansion of the EU and China’s rising economic importance.
A crucial role was played in international trade by Dutch-made products as they generated substantial earnings for the country. In 2020, 56 cents were earned by the Netherlands for every euro of export value on goods (totally 120 billion euros). The service sector contributed 100 billion euros due to the added value of 63 cents per euro. 14 cents per euro of export value were yielded by the re-exports (totally 34 billion euros in 2020).
The CPB called the Netherlands, particularly Rotterdam, “the world’s gateway to Europe,” due to its flourishing trade economy in Europe and beyond, recognizing the country’s significant role in facilitating international trade and commerce.

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A new “Alive with Opportunity” campaign was launched by the UK Business and Trade Secretary Kemi Badenoch on Thursday to help double trade with India by 2030 and to achieve other targeted trade missions for UK firms in high growth sectors.
According to the Cabinet minister who arrived in India on a three-day visit to attend the G20 Trade and Investment Ministerial Meeting in Jaipur and held bilateral talks with Commerce and Industry Minister Piyush Goyal in New Delhi, they hope for further free trade agreement (FTA) negotiations – now in their twelfth round of negotiations.
Also, going beyond the strong bilateral business and trade links to highlight shared cultural interests – from football and cricket, to food and films – is the aim of the new GBP 1.5-million “GREAT” marketing blitz.
Badenoch says that the UK and India have a thriving relationship and both countries share an ambition to deepen their cultural and trading ties. India is the UK’s second biggest source of investment projects and this new campaign will surely help boost interest in and demand for UK goods and services even further.
As the UK’s Department for Business and Trade (DBT) said while the G20 trade meeting, the minister will pitch for greater deployment of digital trade, which will cut red tape and make it easier for UK businesses of all sizes to buy and sell internationally.
Round 12 of the FTA talks hosted by New Delhi coincides with Badenoch’s visit and her meeting with Goyal will “take stock” of negotiations and agree how to progress a deal, which is expected to boost bilateral trade already worth GBP 36 billion in 2022.
According to the UK government, both sides have come forward with an ambitious set of asks and the latest phase of negotiations covers “complex, sensitive, and commercially meaningful issues, including goods, services, and investment.
As the DBT reiterated, getting the best deal for both sides, which will be signed only when there is a deal that is “fair, reciprocal and ultimately in the best interests of the British people and the UK economy”, remains the focus of the meeting.
The meeting between Badenoch and some of India’s major businesses across a range of sectors, including BP, HSBC, Vodafone, Rolls Royce and Confederation of Indian Industry (CII) is also scheduled in New Delhi on Friday.
A bilateral with Tata Group chair Natarajan Chandrasekaran will be held, following the company’s announcement last month of a new GBP 4-billion electric vehicles’ battery gigafactory in the UK. Richard McCallum, UK-India Business Council (UKIBC) CEO, said that total trade growing 34 per cent in current prices in the year to March 2023 makes India the 2nd largest source of FDI (foreign direct investment) projects in the UK, leaving no doubt that the economic relationship between our two countries is flourishing.
He said that UK companies recognize that India is one of the fastest growing economies and one that is alive with opportunity in a range of sectors, including R&D, talent and manufacturing. UK technology and capital are also embraced by Indian firms to grow internationally. He also expressed his encouragement to see the launch of this campaign, which showcases the countries’ symbiotic relationship and the many cultural and trading opportunities both have to offer.
Targeted UK trade missions to India over the coming year under the new DBT marketing campaign include higher education, agri-tech and e-sports.
According to the DBT, the campaign will celebrate business, trade, cultural and sporting links between the UK and India, taking advantage of major moments such as India’s hosting of the Cricket World Cup from October and the England-India test series starting in January next year. The UK is promoted via billboards in airports and across social media channels in India backed by a series of targeted trade missions, promotional events and marketing activations in both countries. India is shown as the UK’s second largest source of investment projects, with 118 new projects in the last financial year creating 8,384 new jobs, more than 900 Indian businesses operating in the UK and more than 600 UK businesses finding success in India by latest DBT data.
The aim of the new campaign is to stimulate interest and demand for UK goods and services and attract new Indian inward investment.
Innovations and expertise will be shared by delegates from UK and Indian companies this month at the Agritech India exhibition in Bengaluru, followed by the Global Fintech Festival in Mumbai in September, International Railway Equipment Exhibition in Delhi in October, and Createch Mission to Hyderabad, Mumbai and Bengaluru in November.
The first UK-India Roadshow will take place up and down the UK in January 2024 and Indian companies will visit it.

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The role of Ailsa Terry as British High Commissioner-designate begins in Kuala Lumpur with the focus on enhancing UK-Malaysia ties, trade partnerships and climate cooperation through CPTPP. It marks a significant milestone in the ever-growing relationship between the United Kingdom and Malaysia.
Two nations expect to benefit from their inaugural Free Trade Agreement, established through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which the UK joined just last month, so Ms Terry’s arrives at a crucial juncture. Bilateral trade and further solidify the ties between the two countries are expected to be enhanced by the agreement.
Ms Terry commences her appointment on August 10, 2023, succeeding Charles Hay MVO as the British High Commissioner to Malaysia. Her role in fostering diplomatic relations between the two nations will be formalized by presenting her credentials to His Majesty The Yang Di-Pertuan Agong later this month as part of her official duties.
Enthusiasm for the UK-Malaysia relationship and determination to reinforce various aspects of cooperation were expressed by Ms Terry upon her arrival, as well as the potential for expanded trade, education and technology partnerships, joint efforts to address the climate emergency and uphold international norms were highlighted by her. The opportunities for enhanced defence collaboration, particularly through the Five Power Defence Arrangements (FPDA) were also acknowledged.
According to Ms Terry, Malaysia is a global biodiversity hotspot, and UK-Malaysia Climate Partnership Memorandum of Understanding will enable both sides to work more closely together. She is also looking forward to working with Malaysia on important issues affecting regional security, stability, and prosperity, especially during the Malaysian chairmanship of ASEAN in 2025.
Ms Terry previously served as the Director of the FCDO’s Sanctions Directorate from 2022 to 2023, as the Foreign Affairs Sous-Sherpa and Director during the UK’s Presidency of the G7 in 2021 and as the Political Adviser to the EU Special Representative to Afghanistan in 2011.
This background of various diplomatic postings, including Islamabad and the UK Mission to the European Union in Brussels, means a wealth of expertise and knowledge she will bring to her new role.
Ms Terry matches her hope for fostering stronger UK-Malaysia ties with the economic potential of the new Free Trade Agreement. Easier access to the world’s fifth-largest economy and a consumer market of over 67 million people is opened up by the UK’s accession to the CPTPP on July 16, 2023. Malaysia in its turn gets a significant opportunity to strengthen bilateral trade and investment relationships.
Bilateral trade in goods and services between the UK–Malaysia attained approximately £5.6 billion in the four quarters to the end of 2022 (4Q22). A near-five per cent share of the Malaysian market in services (compared to less than 2% in goods), mainly in the travel, transportation, financial and other business services sub-sectors, currently belongs to the UK.
As it was stated in a press release last month, there is significant potential for growth in Malaysia and in UK businesses and investors’ interest in utilizing Malaysia as a hub in the wider region, given the UK’s strengths, especially in services.
However, studies conducted on the specific opportunities in Malaysia and in the UK for both nations’ goods and services trade and investments have been limited. Up to now, the broad or aggregated benefits of trading to the economies of both countries have been the focus of the studies.
According to the further statement of the release, research focused on how the UK’s accession to the CPTPP could benefit the different UK and Malaysian trade and services exporters as well as investors is now being proposed to fill this gap.

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The German Handelsblatt reports a downfall of Germany’s share of exports to China to its lowest level since 2015. According to the latest data from the German Federal Statistical Office, Germany’s share of exports to China stood at 6.2 % in the first half of 2023. It is a significant decline from the all-time high of 7.9% reached in 2020. This trend is supposed to continue in the following years, with predictions of a drop to 7.5% in 2021 and 6.8% in 2022.
Opposingly, approximately 10% of German exports in the first half of this year make the United States the most important buyer of goods “Made in Germany”. Considering the US is the world’s largest economy, this is not surprising. France and the Netherlands also surpass China in terms of importing German goods.
According to the “Berliner Zeitung”, Germany’s export growth is stagnant and it increasingly depends on China. Mistakes in politics and monetary policy that have led to the American economy surpassing the European economy are also highlighted in the article. Germany and other European countries have been put in a difficult situation by this.
As the German Federal Statistical Office’s data for June showed, German exports increased by a mere 0.1% from the previous month, amounting to 131.3 million euros. This lackluster performance was attributed by the Economic Federation to a “global economic downturn.” According to the chairman of the Foreign Trade Association (BGA), Chandura, although both the Chinese and US economies have shown slight improvement, German exporters do not expect a reversal of their declining exports.
International investors increased the concerns for the German economy by having started betting on a painful economic downturn in Europe. Ahmadinejad, a portfolio manager at Fidelity International, reports that Europe’s weak growth momentum compared to the strong demand and growth in the US is causing investors to worry. He blamed the European Central Bank’s (ECB) for its decision to raise interest rates too far and suggested that measures should be taken to prevent a deeper recession.
The concerns of the German Chamber of Industry and Commerce over the weak performance of German foreign trade in the first half of the year were voiced. The backlog of orders was stated as shrinking. Additional pressure on export-oriented enterprises is being put by the persistently high inflation rate. It makes the economic outlook for German exports in the second half of the year “cloudy.”
According to the Munich Institute for Economic Research (Ifo), orders from automakers and their suppliers, who heavily rely on exports, are currently falling. The expectations for the auto industry in the coming months are also pessimistic, given the ongoing uncertainty in the global market.
As Carsten Brzeski, an analyst at ING Bank, commented, foreign trade has become more of a brake than a reliable growth engine for the German economy but. Simultaneously, the high dependence on Chinese imports, particularly in the context of the ongoing energy transition, was emphasized by him. Brzeski also stated that it would not be possible to do without Chinese raw materials and solar modules.
Germany’s need to diversify its export markets and reduce its reliance on China was highlighted by the decreasing share of German exports to China and the challenges that the global economic environment poses. Ways to boost competitiveness of the German economy, to adapt it to the changing global trade landscape and to maintain its strength should be found by the German government and business community.

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Bilateral cooperation with Kazakhstan was praised by Georgian Prime Minister Irakli Garibashvili on Tuesday and the importance of the further development of the Middle Corridor, a route connecting Central Asia and Europe via the South Caucasus, was highlighted by him in a meeting with his Kazakh counterpart Alikhan Smailov in Almaty.
The Kazakh official’s June trip to Tbilisi, where “ambitious plans and potential projects”, including the “full-scale” operation of the Corridor, also known as the Trans-Caspian International Transport Route, had been discussed, was recalled during the visit by the head of the Georgian Government with the aim of extending his gratitude for “warm reception and hospitality”.
The parts also signed a related roadmap, which Garibashvili called “important” in the development of the route during the visit.
The roadmap was also discussed by the PM and Chinese officials during his visit to the country between July 27-31. According to the PM, the future cooperation of the countries will be as fruitful as it was before and is now.
As Smailov stressed for his part, “great importance” was attached to cooperation in transit and transport by his Government. He also said that he welcomed partnership with Tbilisi over the development of the Corridor.
According to Smailov, volume of cargo transportation through the route had increased by 77 percent over the past six months and reached 1.3 million tons.
As he said, an additional impetus to the development of the route has been given by the agreements reached during our last meeting, and digitization, ensuring stable transportation rates and creating a single logistics operator along the Corridor have gained “special importance”.
The transit and transport potential of Georgia was also noted during the explanation of his Government’s interest in increasing the transport connectivity of the South Caucasus region.
According to the official, “close and long friendly ties and multilateral cooperation” connect Kazakhstan and Georgia. He highlighted his gratitude for a “very good atmosphere” during his Tbilisi visit and for his discussions with the Georgian PM where a “wide range of questions” had been involved.
As Smailov said, bilateral ties are further strengthened by a traditional and high-level interaction, as Kazakh Government was ready to further strengthen partnership with Georgia “based on trust and respect”. He added that Georgia is an important and reliable partner of Kazakhstan in the South Caucasus region.
The increase of bilateral trade by 30 percent over the past six months was pointed out by Smailov as the sign of “dynamically developing” cooperation and “positive trends” in trade and economy.
Kazakh Prime Minister suggested to use the possibilities of the intergovernmental commission in order to further increase trade turnover [and] the trade volumes between the countries.
Georgian Prime Minister arrived in Kazakhstan following his trip to China early on Tuesday.

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Trade and investment relationship between the United Kingdom and Taiwan has a long history and is still developing: in 2022, bilateral trade between the two countries reached an impressive £8.6 billion. The 26th annual UK-Taiwan Trade Talks came in the wake of this burgeoning trade partnership between both countries seeking to expand their economic horizons. It will be co-hosted by Minister for International Trade Nigel Huddleston with Deputy Minister Chern-Chyi Chen later this year.
The annual ministerial trade talks between the UK and Taiwan have been held since 1991 and have served as a cornerstone for fostering mutual understanding and identifying areas of cooperation to drive economic growth.
Such critical subjects as fintech, food, drink and pharmaceuticals were delved into during the last Trade Talks held in Taiwan in late 2022 with the aim to address barriers to trade, to enable more UK firms to export their goods and services to Taiwan and to facilitate increased investment opportunities in the country.
These achievements and further deepening of the bilateral relationship, especially in areas of mutual interest like off-shore wind and hydrogen, are expected to be the main topics of this year’s Trade Talks in London.
The way for the official-level talks on an Enhanced Trade Partnership (ETP) has been paved by recent Minister Huddleston’s discussions with John Deng, Taiwan’s Trade Representative and Minister without Portfolio. Non-legally binding Memoranda of Understanding, focusing on two-way investment, digital trade, energy and net-zero initiatives will fortify this partnership.
A deeper collaboration between the UK and Taiwan, cementing their commitment to free and fair trade underpinned by a rules-based global trading system will be fostered by the ETP. The framework of this partnership will be shaped and its benefits will be maximized by businesses from both sides.
Taiwan and the UK are both the champions of free and fair trade and share the vision of a sustainable, rules-based global trading system. Over 40 British companies have established their offices in Taiwan. It shows the UK’s active role in the country’s green transition and reflects the global push towards a greener future and further enhancing both nations’ positions as leaders in the green energy movement.
The British Office and Taiwanese authorities are focused on enhancing trade and investment ties, addressing market access issues and fostering growth and prosperity by identifying challenges, streamlining trade processes and to creating a conducive business environment.
Another significant event is the UK accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade group in New Zealand. It is a momentous occasion for the country, as the treaty signed by Business and Trade Secretary Kemi Badenoch makes it a member of this modern and ambitious trade deal, encompassing 12 economies across Asia, the Pacific and now Europe. It will give the UK the access to a vast network of 12 economies across Asia, the Pacific and now Europe and get a plethora of opportunities for its businesses to explore new markets, establish fruitful partnerships and drive economic growth.
A shared vision of prosperity and sustainable development, setting the stage for a brighter future for the UK and Taiwan and strengthening ties with partners around the world is reflected by these initiatives.

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