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Chinese Vice Premier Liu He said his country is negotiating tariff abolition and sanctions with the United States, Xinhua News Agency reported on Saturday.
Liu’s comments were released after she held a remote meeting with U.S. Trade Representative Catherine Taye to discuss trade relations between the world’s two largest economies, according to Reuters news agency.
In light of preparations for a resumption of global trade movement after the shock of the Corona pandemic, and expectations of continued growth in total trade in the goods and services sectors, throughout the year in course, 19% in goods and 8% in the services sector compared to 2019, predicted an international expert on world trade, the formation of 4 strategic alliances for the future of the world economy, led by a group Asian with a gross domestic product of more than 41 trillion dollars, according to the newspaper Asharq Al-Awsat.
Saudi International Trade Expert Dr Fawaz Al-Alami, Chairman of the Board and CEO, told the Global Business Consulting House that the global economy in the future will consist of 4 strategic alliances, including the larger one will be in the interest of the ASEAN group, which will rise to number one as the world’s largest trading bloc with local production. A total of over $ 41 trillion.
Al-Alami indicated that the ASEAN group will lead this four-party strategic alliance and overtake the European Union group, which will occupy the second place with a gross domestic product not exceeding 38 trillion dollars, followed by the northern countries. -Americans ranked third. with a total GDP of over $ 36 trillion, and the constituent BRICS countries. Of Russia, China, India, Korea and South Africa, with gross domestic product equal to $ 28 billion, it ranks fourth.
This, in scientific opinion, is confirmed by international reports which predict that the new world order has started to shift from globalization to regionalization, with strategic partnerships and trade alliances being on the throne of the world economy.
Al-Alami expects these alliances to seek to unite their ranks in the face of the high rate of mutation of the Corona virus, and unite them to face the future challenges of the world represented by trade wars and sovereign debt, which has came close to 300%. of total world product.
Perhaps this, according to Al-Alami, is causing countries in the Arab world to pay attention to what is going on around them, abandon their political differences and accelerate the formation of their business alliances and strategic partnerships to profit. the future of the new world order and preserve what remains of their wealth and interests.
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The Saudi international trade expert explained that the report confirmed improving prospects for a rapid recovery in the current year, which could lead to an increase in the volume of world trade in the commodities sector. 8% in 2021 after declining 5.3% in 2020, as these expectations indicate that global GDP will grow by 5.1% in 2021 and 3.8% in 2022, after contracting by 3.8 % in 2020.
However, according to Al-Alami, these expectations could then slow to 4% in 2022, due to the unequal import and export opportunities between rich and poor countries, due to the decline in vaccination schedules already. late in poor countries. against the Corona epidemic, especially if the pace of focus on the epidemic increases in these countries, easily undermining any hoped-for recovery. Al-Alami confirmed that the Corona pandemic led to a decline in trade in the dollar-denominated goods sector in 2020 by 7%, while trade in the services sector declined by 20%, due to a tourism and travel services decline by 63%, while lower oil prices caused a 35% contraction in fuel trade in 2020.
He pointed out that sudden and strong growth can lead to significant increases in the value of traded goods and services, up to 15%, while seeking to increase stocks of goods in rich countries will lead to price increases of up to 15%. at 50%.
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