GAIN reports

 

The following GAIN reports were released on October 22, 2024. _______   European Union: Dairy and Products Annual EU milk production in 2025 is forecast to decline marginally to 149.4 million metric tons (MMT), from an estimated 149.6 MMT in 2024, as a result of declining cow numbers, tight dairy farmer margins, environmental regulations, and disease outbreaks. Lower milk production is expected to be only partially offset by lower expected fluid milk consumption, and as a result factory use consumption is also forecast to slightly decrease in 2025. This is requiring dairy processors to carefully decide for which products they will use the available milk. Cheese production is forecast to remain the primary output goal of the EU dairy processing industry, supported by solid domestic consumption and continued export demand. EU27 cheese production in 2025 is forecast to reach 10.8 MMT, up by 0.6 percent from 2024. This comes at the expense of the production of butter, non-fat dry milk (NFDM), and whole milk powder (WMP).   Hong Kong: Hong Kong Lowers Liquor Tax in Boost to Distilled Spirits Trade On October 16 the Hong Kong Government (HKG) announced a significant reduction in the duty on imported alcoholic beverages with an alcohol content above 30 percent by volume. The new policy reduces the duty from a flat 100 percent tax to a tiered duty in which the initial value up to HKD $200 ($25.64) per liter remains at 100 percent, while the duty on value above HKD $200 ($25.64) per liter is reduced to 10 percent. The reduction was included in the HKG’s annual policy address, which focused on measures to spur economic activity in the region, particularly as it relates to investment and tourism. The lower duty is expected to support greater consumption of distilled spirits and is particularly beneficial to premium brands.   Hungary: Avian Influenza Returns to Hungary

EUROPEAN STABILITY MECHANISM:Joint IMF-RFAs press release on the 9th High-level RFAs Dialogue

 

Joint IMF-RFAs press release on the 9th High-level RFAs Dialogue 23 October 2024 ESM press release no. 12 The 9th High-level Regional Financing Arrangements (RFAs) Dialogue was held on 23 October 2024 in Washington DC at a time when the global economic outlook is improving but remains weak amid a complex geoeconomic environment and elevated policy uncertainty. The heightened volatility observed in global financial markets over the summer reaffirmed the importance of having a strong Global Financial Safety Net, including effective collaboration between the International Monetary Fund (IMF) and RFAs, to safeguard against external risks.  During the dialogue, representatives from the IMF and  the RFAs (the Arab Monetary Fund, the ASEAN+3 Macroeconomic Research Office cum the Chiang Mai Initiative Multilateralisation, the BRICS Contingent Reserve Arrangement, the Eurasian Fund for Stabilization and Development, the European Commission, the European Stability Mechanism, and the Latin American Reserve Fund) provided an update on institutional activities since their last meeting in October 2023 in Marrakech, covering a range of issues from policy and instrument enhancements to capacity and analytical developments.  The exchange demonstrated the RFAs’ continued efforts to prepare their institutions for an uncertain economic and financial landscape, marked by risks of geoeconomic fragmentation, the threat of climate change, and a transforming global economy under the influence of artificial intelligence and digital progress. The IMF is continuing to adapt to ensure that its policy advice, financial resources, and capacity development can best support its global membership. IMF staff updated RFAs on recent lending toolkit reforms that directly benefit its membership while reinforcing the IMF’s strong financial position. The recently completed Review of Charges and the Surcharge Policy reduces charges and surcharges on regular IMF lending, and the Review of the Poverty Reduction and Growth Trust puts in place a comprehensive package that secures the concessional lending capacity to support low-income countries. IMF staff also discussed how the institution is implementing its Climate Strategy across its operations. As the institution at the centre of the global financial safety net, the IMF serves as a critical platform for cooperation to tackle global economic challenges. The IMF and RFAs appreciated the exchange of views with Joaquim Levy and Siddharth Tiwari, in their capacity as members of the Bretton Woods Committee Multilateral Reform Working Group, on how to empower multilateralism amid geoeconomic fragmentation. The roundtable discussion offered an opportunity to explore the role that RFAs can play in advancing global solutions to shared challenges. The RFAs stressed that the IMF and the World Bank, with their global memberships and decades-long expertise, are best suited to take the lead in such efforts. The RFAs can support the Bretton Woods institutions’ work by leveraging their regional knowledge and the close ties that they have cultivated with each other and the IMF in recent years. Participants also welcomed the timely update from the French co-chair of the G20 International Financial Architecture Working Group on the group’s priorities, especially on its quest towards a more effective and representative global financial architecture.  Recognising that the system of international cooperation is under strain, the IMF and RFAs reiterated their continued commitment to maintain an open and candid dialogue to share crisis experiences and expertise and support multilateralism.  The 9th Joint RFA Research Seminar will be held in Colombia in the first half of 2025. The 10th High-level RFA Dialogue will be convened at the margins of the next IMF/World Bank Annual Meetings in October 2025.

IMF: October 23 briefing from the Annual Meetings

 

Dear MARIA, welcome to the October 23 briefing from the Annual Meetings In this Daily Briefing, we spotlight global public debt, discuss how to make cross-border payments more inclusive, learn about green jobs, explore the benefits of e-money, and much more as the IMF-World Bank Annual Meetings continue. FULL SCHEDULE

(Credit: IMF Photo/Jonathan Ernst) People-Focused Fiscal Adjustment “Global public debt is very high, rising and risky.” That is the main message of the Fall 2024 Fiscal Monitor, as summarized by Fiscal Affairs director Vítor Gaspar at a press briefing during the Annual Meetings. Global public debt is projected to go above $100 trillion this year. At the current pace, the global debt to GDP ratio will approach 100% by the end of the decade, rising above the pandemic peak. However, the headline number masks considerable diversity, and Gaspar highlighted three main groups: Public debt is higher and projected to grow faster than pre-pandemic trends in about one third of the countries, but which represent about 70% of global GDP. This group includes the United States, China, some of leading advanced economies (UK, Italy, France) and large emerging markets (Brazil and South Africa). In another one third of the country's public debt is higher, but projected to grow slower or, decline compared with pre-pandemic trends. In the rest of countries, debt is projected to lower.   “Policymakers are now facing a fundamental policy trilemma: to maintain debt sustainability amid very high levels of debt in some countries; to accommodate the spending pressures for climate adaptation, for development goals, for population aging. And at the same time, to garner support that is needed, for reforms”, said Fiscal Affairs deputy director Era Dabla-Norris. “The time is now to pivot towards a gradual, sustained and people-focused fiscal adjustment,” Gaspar added.

EUROPEAN COMMISSION Finance news hub

 

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Mairead McGuinness Interview with the Commissioner on her mandate, where she thinks most progress was made, and how she sees the future of finance.   more

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WORLD TRADE ORGANIZATION's update

24 Oct 2024
Latest news

Dear maria CHADZIDAKIS VAVOURANAKIS,
Below are the news items published today on the WTO public website which match with your news preferences.








NEWS ITEM

Joint report explores scope for coordinated approaches on climate action, carbon pricing, and policy spillovers

Five international organizations released on 23 October a landmark report that outlines pathways for coordinated approaches on climate action, carbon pricing, and the cross-border effects of climate change mitigation policies with a view to achieving global climate goals.


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NEWS ITEM

Trade Policy Review: Maldives

The fourth review of the trade policies and practices of the Maldives takes place on 23 and 25 October 2024. The basis for the review is a report by the WTO Secretariat and a report by the Government of the Maldives.

TPR documents ⟶







NEWS ITEM

Committee on Market Access holds third thematic session on supply chain resilience

The Committee on Market Access hosted a thematic session on supply chain resilience on 18 October as a follow-up to discussions held in May this year and November of last year. China, India, Thailand, the United States and Switzerland shared their perspectives on how trade data supports the assessment of supply chains and helps to improve understanding of the flow of goods across sectors.

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NEWS ITEM

Kuwait formally accepts Agreement on Fisheries Subsidies

Kuwait’s WTO Ambassador Nasser Abdullah Al-Hayen presented his country’s instrument of acceptance of the Agreement on Fisheries Subsidies to Director-General Ngozi Okonjo-Iweala on 22 October. This brings to 86 the total number of WTO members that have formally accepted the Agreement.


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NEWS ITEM

DDG Ellard: Global cooperation through a strong WTO vital for economic resilience

At the 3rd Kiel-Centre for Economic Policy Research (CEPR) Conference on Geoeconomics in Berlin on 18 October, Deputy Director-General Angela Ellard emphasized the importance of strengthening economic resilience through enhanced global cooperation. She highlighted the crucial role of the WTO in building trust and fostering global cooperation amid geopolitical tensions.

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NEWS ITEM

WTO concludes second phase of advanced workshop on agriculture notifications

A total of 22 government officials from developing and least-developed WTO members and observers completed the second phase of the advanced agriculture notification workshop held at the WTO from 15 to 17 October. The activity sought to assist participants in meeting their transparency obligations under the WTO Agreement on Agriculture.

News item ⟶

E.B.E.A. επιχειρηματική ενημέρωση

 

Πέμπτη, 24 Οκτωβρίου 2024 ΔΝΤ: Προβλέπει μείωση του δημόσιου χρέους της Ελλάδας κατά σχεδόν 30 ποσοστιαίες μονάδες έως το 2029 Το πρωτογενές πλεόνασμα της Ελλάδας θα διαμορφωθεί στο 2,1% του ΑΕΠ το 2024 από 1,9% το 2023 και θα διατηρηθεί στο επίπεδο αυτό και τα επόμενα χρόνια έως το 2029, προβλέπει το Διεθνές Νομισματικό Ταμείο με την Έκθεσή του για τις παγκόσμιες δημοσιονομικές εξελίξεις (Fiscal Monitor). Το δημόσιο χρέος της Ελλάδας, στο οποίο, όπως αναφέρει το Ταμείο, έχουν συνυπολογιστεί οι αναβαλλόμενοι τόκοι από δάνεια που είχε πάρει η Ελλάδα, προβλέπεται να μειωθεί από το 168,9% του ΑΕΠ το 2023 στο 159% εφέτος και να υποχωρήσει σταδιακά στο 139,4% το 2029, δηλαδή κατά σχεδόν 30 ποσοστιαίες μονάδες. Το συνολικό δημοσιονομικό ισοζύγιο, που περιλαμβάνει και τους τόκους εξυπηρέτησης του δημόσιου χρέους, προβλέπεται να παρουσιάσει έλλειμμα 1% του ΑΕΠ το 2024 και 0,9% το 2025, το οποίο σταδιακά θα αυξηθεί στο 1,5% το 2029. Τα έσοδα της Γενικής Κυβέρνησης προβλέπεται να διαμορφωθούν στο 47,6% του ΑΕΠ εφέτος, να διατηρηθούν περίπου στα ίδια επίπεδα (47,7%) το 2025 και να μειωθούν σταδιακά  στο 44,2% το 2029. Για τις δαπάνες της Γενικής Κυβέρνησης, το ΔΝΤ προβλέπει ότι θα ανέλθουν στο 48,6% του ΑΕΠ φέτος και το 2025 και θα υποχωρήσουν σταδιακά στο 45,7% το 2029.

NATO update

18 October 2024 Update NATO Secretary General: Strengthening deterrence “top priority” NATO Defence Ministers wrapped up two days of talks on 18 October 2024 with a commitment to further support Ukraine, strengthen ties with partners in the Asia-Pacific and reinforce the Alliance’s deterrence and defence. READ MORE NATO Defence Ministers Meeting opens with a focus on Ukraine and the Indo-Pacific NATO Defence Ministers agreed on 17 October 2024 to boost cooperation with their Indo-Pacific partners and to step up support for Ukraine. Read more NATO launches five new multinational cooperation initiatives that enhance deterrence and defence On 17 October 2024, NATO launched five initiatives designed to address some of the most critical areas for Allied deterrence and defence. These new multinational High Visibility Projects will involve a total of 26 Allies and will help deliver critical capabilities that will enhance interoperability among NATO forces. Read more

APEC News

Public Policies in Focus as APEC Pushes for Sustainable Finance Solutions

Issued by the APEC Finance Ministers’ Process

Lima, Peru, 24 October 2024

The growing urgency to address climate change and environmental challenges has propelled sustainable finance into the spotlight as governments, businesses and investors increasingly prioritize sustainability considerations. This shift is transforming the financial landscape and driving capital toward projects that promote sustainability from renewable energy infrastructure to social impact initiatives.

Against this backdrop, APEC Finance Ministers from across the APEC region convened in Lima on Sunday to discuss strategies for promoting low-carbon, climate-resilient economies. Representatives from international organizations, business leaders, and experts also offered their views on transition to a sustainable economy and the potential for investment it may bring.

Opening the High-Level Event on Sustainable Finance: Public Policies in Action for Sustainable Development, José Arista Arbildo, Peru’s Minister of Economy and Finance, emphasized the importance of recognizing the interconnection between economic growth, environmental sustainability and social well-being.

EUROPEAN COMMISSION:AGRICULTURE AND RURAL DEVELOPMENT

 

AGRICULTURE AND RURAL DEVELOPMENT Milk and dairy products newsletter

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Latest update Dashboard: Milk and dairy products Highlights EU butter prices: 786€/100 kg, +0.8% in the last 4 weeks; EU SMP prices: 250€/100 kg, -1.8% in the last 4 weeks; EU WMP prices: 410€/100 kg, -3.5% in the last 4 weeks; EU cheddar prices: 415€/100kg, +2.3% in the last 4 weeks; IT’s spot milk price slightly up, at 65.3c/kg (20.10.2024); Increase of feed cost by +1.1% and of energy cost by +4.7% in week 42 compared to the previous 4 weeks. EU milk and dairy products policy | EU agricultural markets short-term outlook Agricultural markets dashboard – sheep meat View the latest update Related links EU Sheepmeat and goatmeat policy | EU agriclutural markets short-term outlook – animal products Agricultural markets dashboard – poultry meat View the latest update Related links EU poultry policy | EU agricultural markets short-term outlook Agricultural markets dashboard – eggs View the latest update Related links EU eggs policy | EU agricultural markets short-term outlook Agricultural markets dashboard – Tomatoes See the latest update in the fruit and vegetables market observatory. Related links EU fruits and vegetables scheme | EU agricultural markets short-term outlook – arable crops

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