Iran Hopes to Join BRICS Group

 

Iran is looking to joint BRICS and contribute to its reserve fund.

 

Iran is searching an alternative to subvert US-imposed sanctions.

 

Check here for more.

 

More Trade News in Brief Week 25 (17 – 23 June 2013)

 

* ICC Open Markets Index 2013

 

The ICC Open Markets Index is a biennial report which ranks the economies of the 75 based on four factors: observed trade openness, trade policy, openness to foreign direct investment and trade-enabling infrastructure.

 

The main conclusions of the ICC Open Markets Index 2013 are:

 

– G8/G20 countries failing to demonstrate global leadership on trade
– Canada the only G20 country in top 20 for openness to trade
– BRICS countries lagging due to restrictive trade policies

 

Check here for more.

 

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* China and Taiwan Sign Service Trade Agreement (STA)

 

According to the agreement signed between Chinese mainland and Taiwan, the mainland will open 80 service sectors to Taiwan, while Taiwan will open 64 sectors to the mainland.

 

Check here for more.

 

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* International Standard Banking Practice (ISBP) 2013

 

The revised 2013 guide published by ICC details banking practices to be applied when dealing with documentary credits that are subject to Uniform Customs and Practice for Documentary Credits (UCP 600).

 

Kindly follow the link for more.

 

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More Trade News in Brief – Week 22 (27 May – 2 June 2013)

 

* US – CARICOM Signed TIFA

 

The United States and CARICOM signed a Trade and Investment Framework Agreement (TIFA) which replace the agreement establishing a Trade and Investment Council (TIC) signed in 1991.

 

Follow the link for more.

 

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* BRICS Launched BRICSMART

 

The BRICS Exchanges Alliance launched its own website to create a single data portal containing information on its member’s financial products and services.

 

The website is called BRICSMART.

 

Kindly follow the link.

 

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* Iran – Indonesia Inked a MoU

 

Iran and Indonesia signed a memorandum of understanding (MoU) on mutual trade cooperation.

 

Check here.

 

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* Copernicus – The EU’s Earth Observation Programme

 

The new name of the European Commission’s Earth Observation Programme, previously known as GMES (Global Monitoring for Environment and Security), is Copernicus. The programme aims at providing Europe with a continuous, independent and reliable access to earth observation data and information.

 

Read more here.

 

Brazil Signing Currency Swap Agreements with All BRICS

 

Brazil and China have signed a Currency Swap Agreement in order to pay for trade transactions in local currencies (the real and the yuan or renminbi).

 

Furthermore, Brazil revealed that similar currency swap agreements were under study with all the members of the BRICS group of nations (Brazil, Russia, India, China and South Africa).

 

On the other side, China have signed similar agreements with Australia, Hong Kong and Japan.

 

South Africa Dream’s: BRICS Development Bank

26 Apr 2012, Pretoria, South Africa

 

As host of the next BRICS summit next year, South Africa will take full advantage and will propose to examine the feasibility and viability of such an initiative.

 

The new bank, which was first announced at BRISC’s meeting in New Delhi, would mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.