Latest news with #MinistryOfTrade
Zawya
2 days ago
- Business
- Zawya
Sierra Leone's Ministry of Trade and Industry, African Continental Free Trade Area (AfCFTA) Secretariat, and Economic Commission for Africa (ECA) Join Forces to Build National Capacity for African Continental Free Trade Area (AfCFTA) Implementation
The Ministry of Trade and Industry of Sierra Leone, in collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat and the United Nations Economic Commission for Africa (ECA), is conducting a four-day capacity building workshop for the National Implementation Committee (NIC) on the AfCFTA. Taking place from 10 to 13 June 2025 in Freetown, with hybrid participation, the workshop aims to equip key national stakeholders with the knowledge, tools, and coordination mechanisms required to implement the AfCFTA effectively. This collaborative effort reflects Sierra Leone's strong commitment to leveraging the opportunities of the AfCFTA, which brings together a market of over 1.4 billion people with a combined GDP of $3.4 trillion. As the national coordinating body for AfCFTA implementation, the Ministry is leading efforts to ensure that Sierra Leone's institutions are fully prepared to operationalize the Agreement in alignment with national development priorities. The workshop will focus on critical areas of the AfCFTA Agreement and its protocols, including: Rules of Origin Digital Trade Intellectual Property Rights Women and Youth in Trade Trade Facilitation Key findings from Sierra Leone's AfCFTA Readiness Assessment Participants include representatives from the public and private sectors, civil society, and development partners. The training is designed to strengthen institutional coordination, enhance technical understanding of AfCFTA instruments, and promote inclusive trade practices. 'This workshop is a crucial step in ensuring that Sierra Leone is not only ready to trade under the AfCFTA, but also strategically positioned to benefit from it,' said a representative of the Ministry of Trade and Industry. 'Our collaboration with ECA and the AfCFTA Secretariat is key to building the technical foundation and partnerships we need to succeed.' The AfCFTA Secretariat and ECA are providing technical support, facilitating knowledge-sharing, and delivering expert insights based on continental experiences and best practices. This initiative also supports broader national policy goals, including export diversification, digital transformation, and inclusive growth, as outlined in Sierra Leone's National Trade Strategy and Medium-Term National Development Plan. The workshop underscores the collective commitment of the three institutions to ensuring that AfCFTA implementation is locally owned, technically sound, and inclusive, laying the groundwork for sustainable development through trade. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Bloomberg
22-05-2025
- Business
- Bloomberg
Singapore Kicks Off 2025 on Strong Note, Flags Downside Risks
Singapore's economy kick-started 2025 on a faster-than-expected note, enjoying a flurry of manufacturing and export activity as businesses rushed to avoid the imposition of higher US tariffs. Gross domestic product grew 3.9% in the three months through March from a year earlier, the Ministry of Trade and Industry said in its final estimate on Thursday. The figure compares with a median forecast of a 3.6% growth in a Bloomberg survey of economists, and the government's advanced estimate of 3.8%.
Free Malaysia Today
21-05-2025
- Business
- Free Malaysia Today
Govt not involved in local AI project with Huawei, says ministry
The investment, trade and industry ministry said the private initiative is not part of any government-to-government agreement or nationally mandated technology programme. (Bernama pic) PETALING JAYA : The government is not linked to the recently announced artificial intelligence (AI) infrastructure initiative involving local firm Skyvast Corporation and China's Huawei Technologies, says the investment, trade and industry ministry. In a statement, the ministry said the private initiative is not part of any government-to-government agreement or nationally mandated technology programme. The ministry said that while the government is committed to building an AI-powered infrastructure to enhance public sector capacity and services, any such initiative must undergo the appropriate legal, operational and reputational due diligence. 'Malaysia also reaffirms its sovereign right to formulate its policies in line with national interests while facilitating transformative technologies that continue to support global research and innovation in developing advanced technologies for the good of humanity.' The ministry said Malaysia remains fully committed to all applicable export control laws, national security directives and international regulatory frameworks, 'especially those that uphold the highest standards of transparency, accountability, neutrality and security, premised upon the principles of multilateralism, with the World Trade Organization (WTO) at its core'. The statement follows a Bloomberg report quoting deputy communications minister Teo Nie Ching as saying that Malaysia would be the first country to deploy Huawei's Ascend GPU-powered AI servers on a national scale. On Monday, Teo announced that Malaysia planned to deploy 3,000 units of Huawei's flagship AI servers by 2026. Her office later retracted the statement without explanation. It remains unclear whether the project will proceed as initially outlined. Huawei has not issued any comment. The project was first reported by local outlet Malaysia-China Insight and has since drawn attention from the White House, which is working to curb China's expansion in the global AI market. David Sacks, a former AI and crypto adviser in the Donald Trump administration, wrote on X that the Trump team's reversal of Joe Biden-era semiconductor export controls affecting Malaysia came 'just in time'. The reversal followed guidance published — and later revised — by the US commerce department, warning global firms that using Huawei's Ascend chips could violate export controls. The department initially said the chips' use 'anywhere in the world' might breach regulations but later modified its statement and removed the phrase amid rising tensions with Beijing. Observers say the US is aiming to expand its AI hardware presence in regions like Southeast Asia and the Middle East to reduce global reliance on Chinese alternatives.
Malay Mail
13-05-2025
- Business
- Malay Mail
Malaysia, South Korea hold ninth round of FTA talks to accelerate trade deal
SEOUL, May 13 — South Korea and Malaysia are holding their ninth round of negotiations for a bilateral free trade agreement (FTA) on Tuesday, aimed at expanding trade ties and deepening economic cooperation, Yonhap news agency reported. The latest round of discussions is taking place in Kuala Lumpur over three days and involves around 70 trade officials from both countries, according to Seoul's Ministry of Trade, Industry and Energy. Talks are focused on eight key areas, including market access for goods and services, as well as broader economic collaboration. Negotiations resumed in March 2024 after a five-year hiatus, as both sides seek to accelerate progress towards a comprehensive deal. While South Korea already has a FTA with the Association of Southeast Asian Nations (Asean), it is pursuing bilateral FTAs with individual member states, including Malaysia, to better tailor trade strategies. 'A bilateral FTA with Malaysia, a promising market in the Asean region, will greatly support South Korean companies in boosting their global competitiveness and cushioning against growing uncertainties caused by US tariff actions and rising global protectionism,' said Kwon Hye Jin, Director-General for FTA Negotiations at the ministry. 'The government will continue to actively engage with Malaysia to conclude the FTA negotiations at the earliest opportunity,' she added. — Bernama-Yonhap
