EU and China to debate economic and trade issues at high level dialogue

The EU and China will hold their third High Level Economic and Trade Dialogue (HED) on 20 and 21 December in Beijing. It is the first such meeting since the entry into force of the Lisbon Treaty and will cover macro-economic challenges facing the international economy, competition questions as well as trade, investment, innovation, and customs cooperation.

Commission Vice-President in charge of competition policy Joaquín Almunia said: "The European Union and China are both global partners that have much to gain from each other. It is our interest to develop economic relations that are mutually beneficial and provide the best opportunities for our respective citizens. The EU and China must both be actors in the solution of global challenges such as current macro-economic imbalances, development of trade flows, access to raw materials and the need for a more efficient energy use worldwide."

"European businesses have vastly contributed to China’s economy over the last decade," said EU Trade Commissioner Karel De Gucht. "We want to stay in the game and be part of China’s future economic development. A constructive dialogue that looks at both the challenges and the opportunities is the way to make this happen."

The HED offers an opportunity to discuss EU-China relevant topics across the board. It is co-chaired by European Commission Vice-President in charge of competition policy Joaquin Almunia, Trade Commissioner Karel De Gucht, Commissioner for Economic and Monetary Affairs Olli Rehn as well as Chinese Vice-Premier Wang Qishan. The EU will further be represented by Commissioner for Taxation and Customs Union Algirdas Šemeta, Director General for Enterprise Heinz Zourek and Deputy Director-General for Information Society Antti Peltomaki.The meeting takes place as the global economy is gaining a more solid foothold and at a juncture where both the EU and China are moving forward with bold plans for the future of their economies. It is important for the EU and China, two of the largest economies in the world, to discuss the economic challenges they face. Both EU and China can contribute, through their policies and enhanced bilateral cooperation and within the G20, to more solid, sustainable and balanced global growth.

News source: EU Press Room link: article

 

EU27 current account deficit 25.5 bn euro 15.1 bn euro surplus on trade in services

The EU27 external current account recorded a deficit of 25.5 billion euro in the third quarter of 2010, compared with a deficit of 19.3 bn in the third quarter of 2009 and a deficit of 37.1 bn in the second quarter of 2010.

In the third quarter of 2010, the EU27 external balance of trade in services recorded a surplus of 15.1 bn euro, compared with a surplus of 15.4 bn in the third quarter of 2009 and a surplus of 19.3 bn in the second quarter of 2010.

These provisional data, issued by Eurostat, the statistical office of the European Union, will be subject to revision.

News source: Eurostat link: publication

EU27 trade in goods with India relatively balanced in the first nine months of 2010

After having more than doubled in value between 2000 and 2008, EU27 trade in goods with India fell in 2009. EU27 exports decreased from 31.6 billion euro in 2008 to 27.6 bn in 2009 and imports from 29.5 bn to 25.3 bn. The EU27 surplus in trade with India increased from 0.8 bn in 2000 to 2.3 bn in 2009. The first nine months of 2010 showed renewed growth in EU27 trade with India, with exports increasing from 19.7 bn in the first nine months of 2009 to 25.1 bn in the same period of 2010, and imports from 19.1 bn to 24.3 bn. The EU27 trade surplus with India remained nearly stable at 0.7 bn in the first nine months of 2010. In recent years, the share of India in EU27 trade has risen, reaching 2.6% of EU27 exports and 2.2% of EU27 imports in the first nine months of 2010. India is the EU27's 9th most important trading partner. On the occasion of the 11th European Union - India summit, which will take place on 10 December in Brussels, Eurostat, the statistical office of the European Union, issues data on trade and investments between India and the EU.

Largest surpluses in Germany and Belgium, highest deficits in the Netherlands and the United Kingdom. Among the EU27 Member States, Germany (6.6 bn euro or 26% of EU exports) was the largest exporter to India in the first nine months of 2010, followed by Belgium (5.1 bn or 20%), the United Kingdom (3.2 bn or 13%), Italy and France (both 2.3 bn or 9%). The United Kingdom (4.4 bn or 18% of EU imports) was the largest importer, followed by Germany (4.0 bn or 16%), Italy and the Netherlands1 (both 2.8 bn or 11%), Belgium and France (both 2.7 bn or 11%). The largest surpluses in trade with India were observed in Germany (+2.6 bn), Belgium (+2.4 bn) and Sweden (+0.5 bn), and the highest deficits in the Netherlands1 (-1.5 bn), the United Kingdom (-1.2 bn) and Spain (-0.8 bn).

Machinery and vehicles and other manufactured goods represented almost 80% of EU27 exports to India in the first nine months of 2010, while other manufactured goods accounted for almost 50% of imports. At the detailed level, the main EU27 exports to India included unworked diamonds and aircraft, while the main imports included oil products and worked diamonds. 

News source: Eurostat link: publication

Bulgaria urged to keep faith with Euro

Economists say the country will benefit in the long term from joining the single currency, whatever the current worries over the troubles in Ireland and Greece. Leading economists in Bulgaria say the ongoing crisis in the country - and in the euro-zone - should not dissuade Sofia from aiming to enter the single currency, a move they believe will ultimately benefit the economy. Fears about the stability of the EU’s single-currency zone are growing, centered on the worsening climate in hugely indebted Ireland and Greece. But Bulgarian economists are convinced that the euro-zone will recover and prosper in the long term. "Twenty years after it adopts the euro, Bulgaria’s GDP will be 15 to 20 per cent higher it is than today, by attracting more investment and more intensive trade," Georgi Ganev, an economist with the Centre for Liberal Strategies in Sofia, said.

Ganev said he was convinced that the current problems in the euro-zone will be over long before Bulgaria joins the single currency, which will be in several years' time at the earliest.

Lachezar Bogdanov, another economist, also sees euro-zone membership as the best future option. As the national currency, the lev, is already pegged to the euro, it remains highly vulnerable to problems afflicting the euro-zone anyway, he noted.

"It would be better to be part of the euro-zone and enjoy some of its benefits and take part in the decision-making process," he told Balkan Insight. On Wednesday, the Finance Minister, Simeon Dyankov, told Reuters that the country was determined to apply for ERM II, a so-called "waiting room" for the euro-zone, by as soon as the second half of 2011, when the government plans to meet the EU’s requirement to bring budget deficits under 3 per cent of GDP.

Bulgaria's economy is still struggling to find its way out of financial crisis. In a faint sign of recovery, for the first time in 18 months, the economy grew by 0.2 per cent for the third quarter of this year, compared to the same period in 2009. Earlier this year, Bulgaria, which joined the EU in 2007, was forced to abandon plans to apply for ERM II after it was revealed that it had hidden a deficit of over 3 per cent of GDP for the previous year. The government expects to cut the 2011 deficit to 2.5 per cent and hopes the economy will expand by 3.6 per cent that year. Some economists dismiss these plans as too optimistic.

News source: BalkanInsight link: article

‘New Chapter in Kosovo-Turkey Relations Needed’

One of Kosovo’s leading businessmen has called for a new chapter in relations with Turkey as its Prime Minister Recep Tayyip Erdogan visited Pristina on Wednesday. Safet Gerxhaliu, president of Kosovo Chamber of Commerce, thanked Turkey for its support of Kosovo “before, during and after the war”, but said that relations should now focus on serious economic development rather than traditional cultural ties. He told Balkan Insight: “It’s a fact that Turkey should be more active in capital investment in Kosovo because the time has passed when Kosovars were in need of two litres of oil, sugar and flour.”

Gerxhaliu added that Kosovo must nurture its strong bonds with Turkey, which “economic experts believe will be among the top ten most developed countries in the world by 2024”, he said. “We have to stop the family and emotional relations with Turkey because it’s the time of economic pragmatism.” But he added that Kosovo must also be realistic about its potential economic might, stressing: “If Kosovo produced only for Turkey, it would not meet the needs of one neighbourhood of Istanbul.” On the first day of Erdogan's two-day visit to Kosovo, the first since Pristina’s February 2008 declaration of independence, the Turkish prime minister revealed that trade with Kosovo had almost doubled in the past two years.

He said that despite the global economic crisis, trade between the two countries had increased from $120 million in 2008 to $210 million in 2009. Turkey is ready to offer its support for Kosovo’s economy, tourism, EU integration process and membership in NATO, Erdogan added. In a joint press conference held with Kosovo Prime Minister Hashim Thaci, Erdogan said: “We have offered our support [to Kosovo] and we are aware of the duty we have to support Kosovo in the process of integration and its membership in NATO.” Erdogan and Thaci highlighted Turkish companies’ increasing involvement in Kosovo’s economy in the field of road-building, airports and telecommunications.

News source: BalkanInsight link.article

Euro area external trade deficit 4.3 bn euro 17.3 bn euro deficit for EU27

The first estimate for the euro area1 (EA16) trade balance with the rest of the world in August 2010 gave a 4.3 bn euro deficit, compared with -2.8 bn in August 2009. The July 20102 balance was +6.2 bn, compared with +11.9 bn in July 2009. In August 2010 compared with July 2010, seasonally adjusted exports rose by 1.0% and imports by 1.8%. The first estimate for the August 2010 extra-EU27 trade balance was a 17.3 bn euro deficit, compared with -12.4 bn in August 2009. In July 20102 the balance was -6.2 bn, compared with +0.5 bn in July 2009. In August 2010 compared with July 2010, seasonally adjusted exports fell by 0.1%, while imports rose by 1.3%.

These data are released by Eurostat, the statistical office of the European Union. EU27 detailed results for January to July 2010 The EU27 deficit increased for energy (-164.8 bn euro in January-July 2010 compared with -130.5 bn in January-July 2009), while the surplus for manufactured goods increased (+101.7 bn compared with +85.5 bn). EU27 trade with all its major partners grew in January-July 2010 compared with January-July 2009, except for imports from the USA which remained nearly stable. The most notable increases were recorded for exports to Brazil (+57%), China (+41%) and Turkey (+38%), and for imports from Russia (+43%), China and India (both +25%). The EU27 trade surplus increased with the USA (+39.2 bn euro in January-July 2010 compared with +22.7 bn in January-July 2009), Switzerland (+9.7 bn compared with +7.3 bn) and Turkey (+9.4 bn compared with +3.5 bn). The EU27 trade deficit increased with China (-86.4 bn compared with -75.2 bn), Russia (-42.7 bn compared with -24.5 bn) and Norway (-21.7 bn compared with -19.0 bn), and remained nearly stable with Japan (-12.3 bn compared with -11.9 bn) and South Korea (-7.1 bn compared with -6.9 bn).

Concerning the total trade of Member States, the largest surplus was observed in Germany (+87.7 bn euro in January-July 2010), followed by Ireland (+24.7 bn) and the Netherlands (+22.1 bn). The United Kingdom (-63.6 bn) registered the largest deficit, followed by France (-33.6 bn), Spain (-30.2 bn), Greece (-14.4 bn), Italy (-12.5 bn) and Portugal (-11.4 bn).

News source: Eurostat link: article

Macedonian Stock Exchange and Vienna Stock Exchange will cooperate in the field of Data Dissemination

With this Agreement, the trading data of the Macedonian Stock Exchange (MSE) will be available for distribution in real time via the datafeed Alliance Data Highway (ADH) of the Vienna Stock Exchange.
The Macedonian Stock Exchange (MSE) and the Vienna Stock Exchange, member of the CEE Stock Exchange Group (CEESEG AG) signed an Agreement for cooperation in the field of data dissemination. The agreement sealing the cooperation was signed by Michael Buhl and Heinrich Schaller, Management Board Members of Wiener Börse AG and CEESEG AG and Ivan Steriev, CEO of MSE.

The conclusion of this Agreement is the result of a continuous effort of the Macedonian Stock Exchange to enhance the international visibility of the Macedonian securities market. By signing the Agreement, trading data of the Macedonian Stock Exchange is also available via the datafeed ADH of the Vienna Stock Exchange. Data vending customers of the Vienna Stock Exchange via a single interface can now obtain data from all of the CEESEG exchanges (Vienna, Budapest, Ljubljana and Prague) as well as the stock exchanges of Bucharest, Sarajevo, Banja Luka and Skopje. Currently, over 200 data vendors distribute the financial information and price data.

News source: MK Fondovi.com link: article

EU-27 exports of goods to the USA down 18% in 2009. Exports to China remain at the same level

2009 was marked by a considerable drop in the total value of goods traded: EU-27 exports to the selected countries decreased by 16% and imports from these countries fell by 20%. The United States of America (USA) remains the EU’s most important trading partner. The value of EU imports from China (incl. Hong Kong) was more than double that of exports, resulting in a high EU trade deficit.

In terms of product category, ‘Medicinal and pharmaceutical products’, a less economic crisissensitive product category, moved up in the export rankings in 2009, often surpassing ‘Machinery and transport equipment’ (especially road vehicles).

News Source: Eurostat link: publication