Latest news with #OneBeltOneRoad
Gulf Insider
5 days ago
- Business
- Gulf Insider
Iran, China Launch New Commercial Railway
A new commercial rail route connecting China to Iran has officially launched with the arrival of the first cargo train from the eastern Chinese city of Xian at the Aprin dry port near Tehran. Aprin's CEO highlighted the port's strategic role in lowering transport costs and reducing reliance on coastal freight hubs. Railway infrastructure connecting Iran and China allows freight trains to travel from Shanghai to Tehran in 15 days, compared to 30 days via the maritime route. On May 12, railway officials from Iran, China, Kazakhstan, Uzbekistan, Turkmenistan, and Turkiye met in Tehran to advance a transcontinental rail network linking Asia to Europe, Tasnim News Agency reported on May 25. The six nations agreed on competitive tariffs and operational standards to streamline regional rail services and boost trade connectivity. China and Iran have expanded trade and economic relations in recent years, as Tehran seeks to bypass US economic sanctions seeking to strangle its economy and oil exports. The rail line between the two countries enables Iranian oil exports to China and allows Chinese goods to reach Europe without US naval interference. In 2018, Iranian Supreme Leader Ali Khamenei stated that Iran should look to the east rather than the west. Since that time, China has become Iran's largest oil purchaser, while Beijing has been able to supply Tehran with virtually all its needed manufactured goods, including electronics such as computers and cell phones. The following year, Iran joined China's 'One Belt One Road' (BRI) initiative – President Xi Jinping's hallmark strategic foreign policy initiative, seeking to recreate the economic ties that existed between ancient China and ancient Persia along the 'Silk Road' dating back to the third century BCE. This ain't an ordinary freight train. It traveled all the way from China, went through 4 other countries, and is finally reaching Ancient Silk Road being reborn!China and Iran are not afraid of US sanctions. The focus is trade, connectivity & development.#BRI — S.L. Kanthan (@Kanthan2030) May 26, 2025 China and Iran signed a historic 25-year economic cooperation agreement in 2021, reportedly worth $400 billion in trade. In 2023, China's growing relations with Iran helped it mediate a Saudi–Iranian rapprochement, which led to the resumption of diplomatic relations that had been cut in 2016. Also read: Iran Issues Surprisingly Optimistic Statement After Latest US Nuclear Talks
HKFP
21-05-2025
- Business
- HKFP
Hong Kong exports up in first quarter amid businesses' preemptive moves to beat US tariffs, minister says
Hong Kong's exports rose in the first quarter of this year, as businesses raced to preempt US tariffs before they came into force, the city's transport and logistics minister has said. Mable Chan, secretary for transport and logistics, said during a legislative meeting on Wednesday that Hong Kong's air exports rose by 3.2 per cent year-on-year to 1.16 million tonnes in the first quarter of 2025, while sea exports increased by 2.7 per cent year-on-year to about 3.4 million standard containers in the same period. 'We believe the increases were largely due to businesses rushing to ship their products before the so-called 'reciprocal tariffs' came into effect,' Chan told lawmakers in Cantonese. China 'has recently reached an agreement with the US that both countries will slash tariffs for 90 days. We believe businesses will also try to ship their goods in this period,' she added. 'But we do not expect the increases [in total exports] to last.' US President Donald Trump imposed 'reciprocal tariffs' on around 90 trading partners in April, hitting China the hardest. Hong Kong, a former British colony that has long been considered a free trade hub, found itself caught in the crossfire of the US-China trade war. The city's officials have called the US policy 'bullying' tactics, but have also vowed not to impose retaliatory tariffs. After weeks of tit-for-tat moves, the US and China agreed earlier this month to lower tariffs for 90 days, reducing their triple-digit duties by 115 percentage points. The US reduced its levies on Chinese imports to 30 per cent from the previous 145 per cent, while China's duties on US imports dropped to 10 per cent, from 125 per cent. Chan's remarks were in response to lawmaker Frankie Yick, who asked whether the government had assessed the impact of the US-China trade war on Hong Kong and whether it had measures to support the city's logistics sector. Chan said the government would closely monitor the development and provide assistance to the local logistics sector. The government is also exploring other markets to reduce the city's reliance on the US, she added. Those markets include the Middle East, Southeast Asia, countries participating in China's One Belt One Road initiative, and cities in the Greater Bay Area, she said.
