Latest news with #tradeexpansion
Japan Times
26-05-2025
- Business
- Japan Times
Japan touts ships expertise and LNG investment, with tariff talks key
Japan may offer financial and technical contributions ranging from investment in an Alaskan liquefied natural gas pipeline project to shipbuilding expertise as it seeks to smooth the path toward a tariff deal with the U.S. by mid-June. Japan will tout its prowess in building ice-breakers, a growing area of need as security concerns in the Arctic region mount, while also offering to help repair U.S. battleships that patrol the Asia-Pacific, Prime Minister Shigeru Ishiba said Sunday, as his hand-picked trade negotiator Ryosei Akazawa returned to Tokyo following a third round of discussions with U.S. counterparts in Washington. Akazawa said he hopes to reach an agreement in time for a planned bilateral meeting between Ishiba and U.S. President Donald Trump on the sidelines of the Group of Seven summit in Canada next month. "There were concrete discussions on trade expansion, nontariff measures, and economic security cooperation,' Ishiba said Sunday regarding the latest meeting between Akazawa and his counterparts. "Progress was made in those areas. We plan to press ahead with discussions with the G7 summit in mind.' Ishiba's comments reflect rising momentum in the negotiations as the U.S. tariffs threaten to drag Japan's economy into a technical recession ahead of a July Upper House election. Prior to Akazawa's latest visit to Washington, Trump initiated a phone call with Ishiba pledging to meet in Canada. Akazawa is expected to visit Washington again later this week to meet Treasury Secretary Scott Bessent, who was absent from meetings last week. Ishiba continues to emphasize Japan's investment contributions to the U.S. economy as he seeks a reprieve from additional U.S. tariffs. Local media reported that Japan may offer cooperation on an Alaska natural gas project as part of the trade talks, although the Yomiuri Shimbun reported that some doubts remain about the estimated $44 billion costs of the project. SoftBank founder Masayoshi Son has separately proposed a U.S.-Japan sovereign wealth fund for investments in technology and infrastructure, the Financial Times reported. Trump stunned the financial market by endorsing a partnership between United States Steel and Japan's Nippon Steel, with details remaining sketchy as to whether this would result in the takeover long sought by Nippon Steel or merely a minority share investment. Akazawa declined to comment on how a major corporate deal might affect the tariff talks, but analysts said it might help. "This is very, very positive news for the atmosphere of the negotiations, for the level of trust between the two sides. But it still comes down to a game of chicken over the automobiles tariffs,' Kurt Tong, a former senior U.S. diplomat in Asia who's now a managing partner at the Asia Group, said on Bloomberg TV on Monday. The proposal for setting a timeline by the G7 could work to Japan's advantage in the negotiations as long as Tokyo wins some manner of reprieve on auto tariffs, among its top priorities. "There is an election coming up later in July, and the Japanese government really needs to have a positive outcome in this negotiation,' said Tong. As with other nations, Trump has slapped Japan with a 25% levy on autos, steel and aluminum and a 10% across-the-board tariff. What are known as a reciprocal tariff is set to be raised to 24% in early July, barring a deal. Cars and auto parts comprise around a third of all exports to the U.S. from Japan. The auto industry is a key driver of growth for Japan's economy and employs around 8% of the work force. April trade data saw a drop in auto exports to the U.S., raising the risk of a technical recession for an economy that contracted in the first quarter.
Zawya
06-05-2025
- Business
- Zawya
Dubai Chamber of Commerce members' exports, re-exports increased by 16.8% in Q1 2025
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced details of its key achievements during the first quarter of 2025. The impact achieved reflects the chamber's ongoing efforts to enhance Dubai's competitive business landscape and support the international expansion of companies operating in the emirate. The value of exports and re-exports by Dubai Chamber of Commerce members achieved year-over-year (YoY) growth of 16.8% to reach AED86 billion in Q1 2025. During the same period, the chamber issued 204,240 Certificates of Origin, representing an increase of 7% compared to Q1 2024. The chamber also issued and received 1,656 ATA Carnets with a combined value of around AED 984 million. A total of 18,160 new companies joined Dubai Chamber of Commerce during the three-month period, underlining Dubai's growing appeal as a global business hub with a fully integrated ecosystem. Dubai Chamber of Commerce successfully supported the expansion of 28 local companies into new global markets during Q1 2025, representing a 75% increase compared to the 16 companies supported during the same period last year. Sultan bin Saeed Al Mansoori, Chairman of Dubai Chambers, said, 'Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, we are continuing to strengthen our efforts to enhance the private sector's ability to drive sustainable growth in both local and international markets. The chamber's services and initiatives contribute positively to the increasing momentum of trade and investment flows between Dubai and the rest of the world.' He added, 'We remain committed to our pivotal role in supporting economic development by enhancing the competitiveness of Dubai's business environment and fostering constructive public-private partnerships. Through our activities, we are strengthening Dubai's agile, resilient, and sustainable economic model and empowering the business community to capitalise on future opportunities.' Dubai Chamber of Commerce, through its Business Advocacy sector, reviewed 10 laws and draft laws in collaboration with Business Groups during Q1 2025, with 55% of the private sector's recommendations adopted. A total of 55 meetings were held with Business Groups and Councils, including their annual general meetings, representing a 166% increase compared to Q1 2024. The chamber also coordinated four joint meetings between Business Groups and Councils and relevant government entities. In addition, Dubai Chamber of Commerce established the Indonesian Business Council and the Hungarian Business Council during the three-month period. The chamber received 45 mediation cases with a combined value of AED7.3 million, representing a 50% increase in case volume and a 232% rise in total value compared to Q1 2024. Participation in the chamber's business networking events also achieved YoY growth of 17% to reach 1,617 attendees. As part of its efforts to raise awareness among the business community about key legal and regulatory updates in diverse sectors, the chamber organised 10 legal awareness events during Q1 2025. These attracted 587 representatives from private sector companies operating across a broad range of industries, supporting compliance with laws and regulations and promoting the adoption of best practices.
