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  •   South Korean women take part in a march in support of feminism during a protest to mark International Women s Day in Seoul on March 8 2019 Anti feminism has been on the rise spurred on this year by President Yoon Suk Yeol Jung Yeon Je AFP via Getty Images hide caption toggle caption Jung Yeon Je AFP via Getty Images South Korean women take part in a march in support of feminism during a protest to mark International Women s Day in Seoul on March 8 2019 Anti feminism has been on the rise spurred on this year by President Yoon Suk Yeol Jung Yeon Je AFP via Getty Images South Korean feminists plan to hold nationwide protests against gender based violence this weekend the first to occur simultaneously in multiple major cities since the pandemic It is a response to an anti feminist wave that has swept across South Korea creating a tense gender war where talk of women s rights is taboo and men say they are now victims of gender discrimination The pandemic had halted most public gatherings but with restrictions being eased this year feminists are returning to the streets in greater numbers In October thousands of people from across the country flocked to Seoul to protest President Yoon Suk Yeol s plans to abolish the Ministry of Gender Equality and Family Civic labor and social groups including the United Korean Women s Associations joined forces to call on the government to promote women s rights The feminist organization Haeil tsunami in Korean is leading protests in the cities of Seoul Gwangju and Busan on Sunday An administration that feeds anti feminist sentiment The South Korean women s movement has made leaps and bounds in the past five years creating one of the most successful MeToo movements in Asia The move removed senior public figures accused of sexual misconduct including the mayor of Busan South Korea s second largest city But now some men think things have gone too far Yoon won the presidency earlier this year on a platform that accused feminists of misandry and appealed to young men who feel they should bear the brunt of Korea s growing economic insecurity and shrinking job market Policies aimed at increasing economic opportunities for women and closing the gender pay gap have fueled resentment of young men towards women Anti feminists have taken to social media and online communities to spread their belief that Korean feminists are radically male hating A YouTube channel with more than 500 000 subscribers uploads videos targeting feminists as mentally ill radicals promoting female machismo Yoon has continued to push her anti feminist agenda in recent months insisting that she will go ahead with her campaign plans to abolish the Ministry of Gender Equality and Family The ministry was established in 2001 to provide resources for girls experiencing sexual and domestic violence and to ensure that policies do not discriminate on the basis of gender Yoon blamed ministry officials for treating men as potential sex offenders and increasing gender inequality Abolishing the gender ministry is about strengthening the protection of women families children and the socially weak she told reporters in October What is it like to be a woman in South Korea Shoppers walk past cosmetics shops in the Myeongdong district of Seoul in 2019 Women in South Korea are held to a standard of beauty that many consider unfair and inappropriate Ed Jones AFP via Getty Images hide caption toggle title Ed Jones AFP via Getty Images Shoppers walk past cosmetics shops in the Myeongdong district of Seoul in 2019 Women in South Korea are held to a standard of beauty that many consider unfair and inappropriate Ed Jones AFP via Getty Images Over the past two decades South Korea has continued to boast the largest gender pay gap among Organization for Economic Co operation and Development OECD countries As of 2021 the gender pay gap in South Korea was 31 more than double the OECD average of around 12 For comparison the wage gap is 16 9 in the United States South Korean women largely must choose between career and family and The Economist s glass ceiling index ranks it the worst OECD country for working women in 2022 Strict maternity leave policies in the workplaces are one reason for South Korea s alarmingly low fertility rate to 0 8 children per woman the lowest in the world according to the World Bank Aside from discrimination in the workplace women are held to a standard of beauty that many consider unfair and inappropriate There is a stigma against women who don t wear makeup or have short hair said Yusu Li a member of the Haeil women s group Danbi Hwang another Haeil member said that if women don t wear makeup to work coworkers ask Are you feeling okay Is something wrong They respond by directly attacking the appearance of women he said The escape the corset movement took South Korea by storm in 2019 a rejection of the country s beauty standards and social pressure to conform But these social expectations towards women still exist In one notable case at the 2021 Tokyo Olympics South Korean archer An San who won three gold medals in Tokyo became the target of online abuse by anti feminists who claimed her hairstyle indicated she was a woman radical feminist A witch hunt against feminists or any woman who speaks out on gender issues People organize a rally in support of feminism in Seoul in February Many feminist activists have to operate anonymously for fear of death threats Ahn Young joon AP hide caption toggle subtitle Ahn Young joon AP People organize a rally in support of feminism in Seoul in February Many feminist activists have to operate anonymously for fear of death threats Ahn Young joon AP When even one s hairstyle can become the subject of verbal abuse and hateful accusations against men many young women in South Korea are afraid to speak out about women s rights Ellen Kwon 25 said many young Koreans look down on women for being passionate about gender equality Kwon who has spent half her life in Korea and the other half in the United States said she would not talk openly about gender issues with her Korean friends I know how the boys will react he said I know you re going to say This is another girl talking about gender issues again Femi short for feminist has become a derogatory label for anyone who speaks out about gender discrimination and women s empowerment in South Korea Hwang from Haeil said that asking someone if she is a femi in Korea is the same as asking if she has a mental illness This kind of rhetoric is censoring women s voices especially when they try to support gender issues said Jinsook Kim an Emory University professor who studies misogyny and feminism online Many women can t talk about gender issues in public spaces and don t even talk to their close friends because they don t know what their friends think about it This is why many feminists work online anonymously Many of those who do not receive death threats on a regular basis leading some to leave the country With a lack of public figures who openly advocate for women s rights young Korean women are struggling to find their role models Kim said In the corporate world women only hold about 21 of management positions and only 5 of executive positions in South Korean companies The policy reflects a similar composition In the legislature only 19 of seats are held by women And according to Kim there are very few feminist professors teaching in Korean universities It s hard to say there is hope when you look at the overall situation said Li of Haeil But what gives me hope is my fellow feminists friends seeing women like me who have short hair without makeup and the women s rights protests showing that we are not alone Source link
    What It’s Like To Be A Woman In South Korea, Where Anti-Feminism Is Rampant: NPR
      South Korean women take part in a march in support of feminism during a protest to mark International Women s Day in Seoul on March 8 2019 Anti feminism has been on the rise spurred on this year by President Yoon Suk Yeol Jung Yeon Je AFP via Getty Images hide caption toggle caption Jung Yeon Je AFP via Getty Images South Korean women take part in a march in support of feminism during a protest to mark International Women s Day in Seoul on March 8 2019 Anti feminism has been on the rise spurred on this year by President Yoon Suk Yeol Jung Yeon Je AFP via Getty Images South Korean feminists plan to hold nationwide protests against gender based violence this weekend the first to occur simultaneously in multiple major cities since the pandemic It is a response to an anti feminist wave that has swept across South Korea creating a tense gender war where talk of women s rights is taboo and men say they are now victims of gender discrimination The pandemic had halted most public gatherings but with restrictions being eased this year feminists are returning to the streets in greater numbers In October thousands of people from across the country flocked to Seoul to protest President Yoon Suk Yeol s plans to abolish the Ministry of Gender Equality and Family Civic labor and social groups including the United Korean Women s Associations joined forces to call on the government to promote women s rights The feminist organization Haeil tsunami in Korean is leading protests in the cities of Seoul Gwangju and Busan on Sunday An administration that feeds anti feminist sentiment The South Korean women s movement has made leaps and bounds in the past five years creating one of the most successful MeToo movements in Asia The move removed senior public figures accused of sexual misconduct including the mayor of Busan South Korea s second largest city But now some men think things have gone too far Yoon won the presidency earlier this year on a platform that accused feminists of misandry and appealed to young men who feel they should bear the brunt of Korea s growing economic insecurity and shrinking job market Policies aimed at increasing economic opportunities for women and closing the gender pay gap have fueled resentment of young men towards women Anti feminists have taken to social media and online communities to spread their belief that Korean feminists are radically male hating A YouTube channel with more than 500 000 subscribers uploads videos targeting feminists as mentally ill radicals promoting female machismo Yoon has continued to push her anti feminist agenda in recent months insisting that she will go ahead with her campaign plans to abolish the Ministry of Gender Equality and Family The ministry was established in 2001 to provide resources for girls experiencing sexual and domestic violence and to ensure that policies do not discriminate on the basis of gender Yoon blamed ministry officials for treating men as potential sex offenders and increasing gender inequality Abolishing the gender ministry is about strengthening the protection of women families children and the socially weak she told reporters in October What is it like to be a woman in South Korea Shoppers walk past cosmetics shops in the Myeongdong district of Seoul in 2019 Women in South Korea are held to a standard of beauty that many consider unfair and inappropriate Ed Jones AFP via Getty Images hide caption toggle title Ed Jones AFP via Getty Images Shoppers walk past cosmetics shops in the Myeongdong district of Seoul in 2019 Women in South Korea are held to a standard of beauty that many consider unfair and inappropriate Ed Jones AFP via Getty Images Over the past two decades South Korea has continued to boast the largest gender pay gap among Organization for Economic Co operation and Development OECD countries As of 2021 the gender pay gap in South Korea was 31 more than double the OECD average of around 12 For comparison the wage gap is 16 9 in the United States South Korean women largely must choose between career and family and The Economist s glass ceiling index ranks it the worst OECD country for working women in 2022 Strict maternity leave policies in the workplaces are one reason for South Korea s alarmingly low fertility rate to 0 8 children per woman the lowest in the world according to the World Bank Aside from discrimination in the workplace women are held to a standard of beauty that many consider unfair and inappropriate There is a stigma against women who don t wear makeup or have short hair said Yusu Li a member of the Haeil women s group Danbi Hwang another Haeil member said that if women don t wear makeup to work coworkers ask Are you feeling okay Is something wrong They respond by directly attacking the appearance of women he said The escape the corset movement took South Korea by storm in 2019 a rejection of the country s beauty standards and social pressure to conform But these social expectations towards women still exist In one notable case at the 2021 Tokyo Olympics South Korean archer An San who won three gold medals in Tokyo became the target of online abuse by anti feminists who claimed her hairstyle indicated she was a woman radical feminist A witch hunt against feminists or any woman who speaks out on gender issues People organize a rally in support of feminism in Seoul in February Many feminist activists have to operate anonymously for fear of death threats Ahn Young joon AP hide caption toggle subtitle Ahn Young joon AP People organize a rally in support of feminism in Seoul in February Many feminist activists have to operate anonymously for fear of death threats Ahn Young joon AP When even one s hairstyle can become the subject of verbal abuse and hateful accusations against men many young women in South Korea are afraid to speak out about women s rights Ellen Kwon 25 said many young Koreans look down on women for being passionate about gender equality Kwon who has spent half her life in Korea and the other half in the United States said she would not talk openly about gender issues with her Korean friends I know how the boys will react he said I know you re going to say This is another girl talking about gender issues again Femi short for feminist has become a derogatory label for anyone who speaks out about gender discrimination and women s empowerment in South Korea Hwang from Haeil said that asking someone if she is a femi in Korea is the same as asking if she has a mental illness This kind of rhetoric is censoring women s voices especially when they try to support gender issues said Jinsook Kim an Emory University professor who studies misogyny and feminism online Many women can t talk about gender issues in public spaces and don t even talk to their close friends because they don t know what their friends think about it This is why many feminists work online anonymously Many of those who do not receive death threats on a regular basis leading some to leave the country With a lack of public figures who openly advocate for women s rights young Korean women are struggling to find their role models Kim said In the corporate world women only hold about 21 of management positions and only 5 of executive positions in South Korean companies The policy reflects a similar composition In the legislature only 19 of seats are held by women And according to Kim there are very few feminist professors teaching in Korean universities It s hard to say there is hope when you look at the overall situation said Li of Haeil But what gives me hope is my fellow feminists friends seeing women like me who have short hair without makeup and the women s rights protests showing that we are not alone Source link
    What It’s Like To Be A Woman In South Korea, Where Anti-Feminism Is Rampant: NPR
    General news2 months ago

    What It’s Like To Be A Woman In South Korea, Where Anti-Feminism Is Rampant: NPR

    South Korean women take part in a march in support of feminism during a protest to mark International Women's Day in Seoul on March 8, 2019. Anti-feminism has been on the rise, spurred on this year by President Yoon Suk Yeol . Jung Yeon-Je/AFP via Getty Images hide caption

    toggle caption Jung Yeon-Je/AFP via Getty Images

    South Korean women take part in a march in support of feminism during a protest to mark International Women's Day in Seoul on March 8, 2019. Anti-feminism has been on the rise, spurred on this year by President Yoon Suk Yeol .

    Jung Yeon-Je/AFP via Getty Images

    South Korean feminists plan to hold nationwide protests against gender-based violence this weekend, the first to occur simultaneously in multiple major cities since the pandemic.

    It is a response to an anti-feminist wave that has swept across South Korea, creating a tense gender war where talk of women's rights is taboo and men say they are now victims of gender discrimination.

    The pandemic had halted most public gatherings, but with restrictions being eased this year, feminists are returning to the streets in greater numbers.

    In October, thousands of people from across the country flocked to Seoul to protest President Yoon Suk Yeol's plans to abolish the Ministry of Gender Equality and Family. Civic, labor and social groups, including the United Korean Women's Associations, joined forces to call on the government to promote women's rights.

    The feminist organization Haeil ("tsunami" in Korean) is leading protests in the cities of Seoul, Gwangju and Busan on Sunday.

    An administration that feeds anti-feminist sentiment

    The South Korean women's movement has made leaps and bounds in the past five years, creating one of the most successful #MeToo movements in Asia. The move removed senior public figures accused of sexual misconduct, including the mayor of Busan, South Korea's second-largest city.

    But now some men think things have gone too far.

    Yoon won the presidency earlier this year on a platform that accused feminists of misandry and appealed to young men who feel they should bear the brunt of Korea's growing economic insecurity and shrinking job market. Policies aimed at increasing economic opportunities for women and closing the gender pay gap have fueled resentment of young men towards women.

    Anti-feminists have taken to social media and online communities to spread their belief that Korean feminists are radically male-hating. A YouTube channel with more than 500,000 subscribers uploads videos targeting feminists as "mentally ill" radicals promoting female machismo.

    Yoon has continued to push her anti-feminist agenda in recent months, insisting that she will go ahead with her campaign plans to abolish the Ministry of Gender Equality and Family. The ministry was established in 2001 to provide resources for girls experiencing sexual and domestic violence and to ensure that policies do not discriminate on the basis of gender.

    Yoon blamed ministry officials for treating men as "potential sex offenders" and increasing gender inequality.

    "Abolishing the gender ministry is about strengthening the protection of women, families, children and the socially weak," she told reporters in October.

    What is it like to be a woman in South Korea?

    Shoppers walk past cosmetics shops in the Myeongdong district of Seoul in 2019. Women in South Korea are held to a standard of beauty that many consider unfair and inappropriate. Ed Jones/AFP via Getty Images hide caption

    toggle title Ed Jones/AFP via Getty Images

    Shoppers walk past cosmetics shops in the Myeongdong district of Seoul in 2019. Women in South Korea are held to a standard of beauty that many consider unfair and inappropriate.

    Ed Jones/AFP via Getty Images

    Over the past two decades, South Korea has continued to boast the largest gender pay gap among Organization for Economic Co-operation and Development (OECD) countries. As of 2021, the gender pay gap in South Korea was 31%, more than double the OECD average of around 12%. For comparison, the wage gap is 16.9% in the United States.

    South Korean women largely must choose between career and family, and The Economist's glass ceiling index ranks it the worst OECD country for working women in 2022. Strict maternity leave policies in the workplaces are one reason for South Korea's alarmingly low fertility rate. to 0.8 children per woman, the lowest in the world, according to the World Bank.

    Aside from discrimination in the workplace, women are held to a standard of beauty that many consider unfair and inappropriate. There is a stigma against women who don't wear makeup or have short hair, said Yusu Li, a member of the Haeil women's group.

    Danbi Hwang, another Haeil member, said that if women don't wear makeup to work, coworkers ask, "Are you feeling okay? Is something wrong?"

    "They respond by directly attacking the appearance of women," he said.

    The "escape the corset" movement took South Korea by storm in 2019, a rejection of the country's beauty standards and social pressure to conform.

    But these social expectations towards women still exist. In one notable case, at the 2021 Tokyo Olympics, South Korean archer An San, who won three gold medals in Tokyo, became the target of online abuse by anti-feminists who claimed her hairstyle indicated she was a woman. radical feminist.

    A witch hunt against feminists, or any woman who speaks out on gender issues.

    People organize a rally in support of feminism in Seoul in February. Many feminist activists have to operate anonymously for fear of death threats. Ahn Young-joon/AP hide caption

    toggle subtitle Ahn Young-joon/AP

    People organize a rally in support of feminism in Seoul in February. Many feminist activists have to operate anonymously for fear of death threats.

    Ahn Young-joon/AP

    When even one's hairstyle can become the subject of verbal abuse and hateful accusations against men, many young women in South Korea are afraid to speak out about women's rights.

    Ellen Kwon, 25, said many young Koreans look down on women for being passionate about gender equality.

    Kwon, who has spent half her life in Korea and the other half in the United States, said she would not talk openly about gender issues with her Korean friends.

    "I know how the boys will react," he said. "I know you're going to say, 'This is another girl talking about gender issues again.'"

    "Femi," short for feminist, has become a derogatory label for anyone who speaks out about gender discrimination and women's empowerment in South Korea. Hwang from Haeil said that asking someone if she is a "femi" in Korea is the same as asking if she has a mental illness.

    “This kind of rhetoric is censoring women's voices, especially when they try to support gender issues,” said Jinsook Kim, an Emory University professor who studies misogyny and feminism online. “Many women can't talk about gender issues in public spaces, and don't even talk to their close friends, because they don't know what their friends think about it.”

    This is why many feminists work online, anonymously. Many of those who do not receive death threats on a regular basis, leading some to leave the country.

    With a lack of public figures who openly advocate for women's rights, young Korean women are struggling to find their role models, Kim said.

    In the corporate world, women only hold about 21% of management positions and only 5% of executive positions in South Korean companies. The policy reflects a similar composition. In the legislature, only 19% of seats are held by women. And, according to Kim, there are very few feminist professors teaching in Korean universities.

    "It's hard to say there is hope when you look at the overall situation," said Li of Haeil. "But what gives me hope is my fellow feminists, friends, seeing women like me who have short hair without makeup and the women's rights protests showing that we are not alone."


    Source link

  •   Oil prices closed mixed on Tuesday as market participants awaited a key meeting of major producers West Texas Intermediate for January delivery rose 96 cents or 1 24 percent to settle at 78 2 US dollars a barrel on the New York Mercantile Exchange Brent crude for January delivery fell 16 cents or 0 19 percent to settle at 83 03 a barrel on the London ICE Futures Exchange The Organization of the Petroleum Exporting Countries and its allies collectively known as OPEC will meet on December 4 In October the oil alliance agreed to cut its production target by 2 million barrels a day from November to prop up prices Traders were also awaiting data on US fuel stockpiles as the Energy Information Administration releases its weekly state of oil report on Wednesday Oil prices have been under pressure recently amid concerns about declining demand as the global economy slows UBS analysts said downward pressure on oil from a weaker global economy should be offset by lower global supply We maintain a preference for both energy stocks and crude oil itself both of which should benefit from tightening crude supply dynamics in early 2023 they said in a note Tuesday adding the ban European Union to import Russian oil the end of strategic sales of oil inventories in OECD countries and the switch from gas to oil should all be factors that support prices Xinhua
    Oil prices close mixed as traders await OPEC+ meeting
      Oil prices closed mixed on Tuesday as market participants awaited a key meeting of major producers West Texas Intermediate for January delivery rose 96 cents or 1 24 percent to settle at 78 2 US dollars a barrel on the New York Mercantile Exchange Brent crude for January delivery fell 16 cents or 0 19 percent to settle at 83 03 a barrel on the London ICE Futures Exchange The Organization of the Petroleum Exporting Countries and its allies collectively known as OPEC will meet on December 4 In October the oil alliance agreed to cut its production target by 2 million barrels a day from November to prop up prices Traders were also awaiting data on US fuel stockpiles as the Energy Information Administration releases its weekly state of oil report on Wednesday Oil prices have been under pressure recently amid concerns about declining demand as the global economy slows UBS analysts said downward pressure on oil from a weaker global economy should be offset by lower global supply We maintain a preference for both energy stocks and crude oil itself both of which should benefit from tightening crude supply dynamics in early 2023 they said in a note Tuesday adding the ban European Union to import Russian oil the end of strategic sales of oil inventories in OECD countries and the switch from gas to oil should all be factors that support prices Xinhua
    Oil prices close mixed as traders await OPEC+ meeting
    Foreign2 months ago

    Oil prices close mixed as traders await OPEC+ meeting

    - Oil prices closed mixed on Tuesday as market participants awaited a key meeting of major producers.

    West Texas Intermediate for January delivery rose 96 cents, or 1.24 percent, to settle at 78.2 US dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery fell 16 cents, or 0.19 percent, to settle at $83.03 a barrel on the London ICE Futures Exchange.

    The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, will meet on December 4. In October, the oil alliance agreed to cut its production target by 2 million barrels a day from November to prop up prices.

    Traders were also awaiting data on US fuel stockpiles as the Energy Information Administration releases its weekly state of oil report on Wednesday.

    Oil prices have been under pressure recently amid concerns about declining demand as the global economy slows.

    UBS analysts said "downward pressure on oil from a weaker global economy should be offset by lower global supply."

    "We maintain a preference for both energy stocks and crude oil itself, both of which should benefit from tightening crude supply dynamics in early 2023," they said in a note Tuesday, adding "the ban European Union to import Russian oil, the end of strategic sales of oil inventories in OECD countries, and the switch from gas to oil should all be factors that support prices". ■



    (Xinhua)

  •   Global gross domestic product GDP growth is projected to fall from 3 1 percent this year to 2 2 percent in 2023 the Organization for Economic Co operation and Development OECD said Tuesday in its latest Economic Perspective The 2022 figure is about half the pace recorded in 2021 during the upsurge of the pandemic and the projected growth rate for 2023 is well below what was forecast before the outbreak of the Russia Ukraine conflict Asia will be the main growth engine in 2023 and 2024 while Europe North America and South America will see very low growth he said The photo taken on February 17 2022 shows the Singapore city skyline Photo by Then Chih Wey The OECD expects the major emerging markets in Asia to account for about three quarters of global GDP growth in 2023 while the US and European economies are expected to slow Hold back by high energy and food prices weak confidence continued supply bottlenecks and the initial shock of tighter monetary policy annual growth in the euro area in 2023 is projected to be 0 5 percent the organization said The US economy would only grow 0 5 percent in 2023 compared to 1 8 percent in 2022 Energy markets remain among the significant downside risks Europe has come a long way to replenish its natural gas reserves and curb demand but this winter in the northern hemisphere will certainly be challenging he said adding that higher gas prices or direct supply disruptions of gas would imply significantly weaker growth and higher inflation in Europe and the world in 2023 and 2024 Accelerating investment in the adoption and development of clean energy sources and technologies will be crucial to diversify energy supply and ensure energy security the OECD stressed People stand in front of the Euro sculpture in Frankfurt Germany on Aug 22 2022 Shan Weiyi Xinhua
    Global economic growth to slow to 2.2% in 2023: OECD
      Global gross domestic product GDP growth is projected to fall from 3 1 percent this year to 2 2 percent in 2023 the Organization for Economic Co operation and Development OECD said Tuesday in its latest Economic Perspective The 2022 figure is about half the pace recorded in 2021 during the upsurge of the pandemic and the projected growth rate for 2023 is well below what was forecast before the outbreak of the Russia Ukraine conflict Asia will be the main growth engine in 2023 and 2024 while Europe North America and South America will see very low growth he said The photo taken on February 17 2022 shows the Singapore city skyline Photo by Then Chih Wey The OECD expects the major emerging markets in Asia to account for about three quarters of global GDP growth in 2023 while the US and European economies are expected to slow Hold back by high energy and food prices weak confidence continued supply bottlenecks and the initial shock of tighter monetary policy annual growth in the euro area in 2023 is projected to be 0 5 percent the organization said The US economy would only grow 0 5 percent in 2023 compared to 1 8 percent in 2022 Energy markets remain among the significant downside risks Europe has come a long way to replenish its natural gas reserves and curb demand but this winter in the northern hemisphere will certainly be challenging he said adding that higher gas prices or direct supply disruptions of gas would imply significantly weaker growth and higher inflation in Europe and the world in 2023 and 2024 Accelerating investment in the adoption and development of clean energy sources and technologies will be crucial to diversify energy supply and ensure energy security the OECD stressed People stand in front of the Euro sculpture in Frankfurt Germany on Aug 22 2022 Shan Weiyi Xinhua
    Global economic growth to slow to 2.2% in 2023: OECD
    Foreign2 months ago

    Global economic growth to slow to 2.2% in 2023: OECD

    - Global gross domestic product (GDP) growth is projected to fall from 3.1 percent this year to 2.2 percent in 2023, the Organization for Economic Co-operation and Development (OECD) said Tuesday in its latest Economic Perspective.

    The 2022 figure is about half the pace recorded in 2021 during the upsurge of the pandemic, and the projected growth rate for 2023 is well below what was forecast before the outbreak of the Russia-Ukraine conflict.

    "Asia will be the main growth engine in 2023 and 2024, while Europe, North America and South America will see very low growth," he said.

    The photo taken on February 17, 2022 shows the Singapore city skyline. (Photo by Then Chih Wey/)

    The OECD expects the major emerging markets in Asia to account for about three-quarters of global GDP growth in 2023, while the US and European economies are expected to slow.

    "Hold back by high energy and food prices, weak confidence, continued supply bottlenecks and the initial shock of tighter monetary policy, annual growth in the euro area in 2023 is projected to be 0.5 percent," the organization said.

    The US economy would only grow 0.5 percent in 2023, compared to 1.8 percent in 2022.

    Energy markets remain among the significant downside risks.

    "Europe has come a long way to replenish its natural gas reserves and curb demand, but this winter in the northern hemisphere will certainly be challenging," he said, adding that higher gas prices or direct supply disruptions of gas would imply significantly weaker growth and higher inflation in Europe and the world in 2023 and 2024.

    Accelerating investment in the adoption and development of clean energy sources and technologies will be crucial to diversify energy supply and ensure energy security, the OECD stressed.

    People stand in front of the Euro sculpture in Frankfurt, Germany, on Aug. 22, 2022. (/Shan Weiyi)



    (Xinhua)

  •   Global gross domestic product GDP growth is projected to fall from 3 1 percent this year to 2 2 percent in 2023 the Organization for Economic Co operation and Development OECD said Tuesday in its latest Economic Perspective The 2022 figure is about half the pace recorded in 2021 during the upsurge of the pandemic and the projected growth rate for 2023 is well below what was forecast before the outbreak of the Russia Ukraine conflict Asia will be the main growth engine in 2023 and 2024 while Europe North America and South America will see very low growth he said The OECD expects the major emerging markets in Asia to account for about three quarters of global GDP growth in 2023 while the US and European economies are expected to slow Hold back by high energy and food prices weak confidence continued supply bottlenecks and the initial shock of tighter monetary policy annual growth in the euro area in 2023 is projected to be 0 5 percent the organization said The US economy would only grow 0 5 percent in 2023 compared to 1 8 percent in 2022 Energy markets remain among the significant downside risks Europe has come a long way to replenish its natural gas reserves and curb demand but this winter in the northern hemisphere will certainly be challenging he said adding that higher gas prices or direct supply disruptions of gas would imply significantly weaker growth and higher inflation in Europe and the world in 2023 and 2024 Accelerating investment in the adoption and development of clean energy sources and technologies will be crucial to diversify energy supply and ensure energy security the OECD stressed Xinhua
    Global economic growth to slow to 2.2 percent in 2023: OECD-
      Global gross domestic product GDP growth is projected to fall from 3 1 percent this year to 2 2 percent in 2023 the Organization for Economic Co operation and Development OECD said Tuesday in its latest Economic Perspective The 2022 figure is about half the pace recorded in 2021 during the upsurge of the pandemic and the projected growth rate for 2023 is well below what was forecast before the outbreak of the Russia Ukraine conflict Asia will be the main growth engine in 2023 and 2024 while Europe North America and South America will see very low growth he said The OECD expects the major emerging markets in Asia to account for about three quarters of global GDP growth in 2023 while the US and European economies are expected to slow Hold back by high energy and food prices weak confidence continued supply bottlenecks and the initial shock of tighter monetary policy annual growth in the euro area in 2023 is projected to be 0 5 percent the organization said The US economy would only grow 0 5 percent in 2023 compared to 1 8 percent in 2022 Energy markets remain among the significant downside risks Europe has come a long way to replenish its natural gas reserves and curb demand but this winter in the northern hemisphere will certainly be challenging he said adding that higher gas prices or direct supply disruptions of gas would imply significantly weaker growth and higher inflation in Europe and the world in 2023 and 2024 Accelerating investment in the adoption and development of clean energy sources and technologies will be crucial to diversify energy supply and ensure energy security the OECD stressed Xinhua
    Global economic growth to slow to 2.2 percent in 2023: OECD-
    Foreign2 months ago

    Global economic growth to slow to 2.2 percent in 2023: OECD-

    - Global gross domestic product (GDP) growth is projected to fall from 3.1 percent this year to 2.2 percent in 2023, the Organization for Economic Co-operation and Development (OECD) said Tuesday in its latest Economic Perspective.

    The 2022 figure is about half the pace recorded in 2021 during the upsurge of the pandemic, and the projected growth rate for 2023 is well below what was forecast before the outbreak of the Russia-Ukraine conflict.

    "Asia will be the main growth engine in 2023 and 2024, while Europe, North America and South America will see very low growth," he said.

    The OECD expects the major emerging markets in Asia to account for about three-quarters of global GDP growth in 2023, while the US and European economies are expected to slow.

    "Hold back by high energy and food prices, weak confidence, continued supply bottlenecks and the initial shock of tighter monetary policy, annual growth in the euro area in 2023 is projected to be 0.5 percent," the organization said.

    The US economy would only grow 0.5 percent in 2023, compared to 1.8 percent in 2022.

    Energy markets remain among the significant downside risks.

    "Europe has come a long way to replenish its natural gas reserves and curb demand, but this winter in the northern hemisphere will certainly be challenging," he said, adding that higher gas prices or direct supply disruptions of gas would imply significantly weaker growth and higher inflation in Europe and the world in 2023 and 2024.

    Accelerating investment in the adoption and development of clean energy sources and technologies will be crucial to diversify energy supply and ensure energy security, the OECD stressed. ■



    (Xinhua)

  •  UK state borrowing jumped last month official data showed Tuesday as the government cushions consumers from soaring energy bills which the OECD said could further push up inflation Public sector net borrowing hit 13 5 billion 16 billion in October up from 9 2 billion a year earlier the Office for National Statistics said in a statement It came as the Organisation for Economic Co operation and Development forecast the UK economy would contract more than any of the world s seven most advanced nations next year The organisation added that the government s cap on energy bills could have been better targeted placing the focus on the poorest Better targeting of measures to cushion the impact of high energy prices would lower the budgetary cost better preserve incentives to save energy and reduce the pressure on demand at a time of high inflation the OECD concluded The organisation added that the UK economy would contract 0 4 percent next year This was a more positive verdict however compared to the UK government which predicts output to shrink 1 4 percent in 2023 in a recession it says is already underway Inflation fallout Despite the bleak outlook Prime Minister Rishi Sunak s spokesman on Tuesday said that UK growth this year would be the highest of the Group of Seven countries The government and OECD both see UK growth of above four percent this year Current economic challenges are affecting different countries at slightly different times the spokesman said We emerged from the pandemic faster than many other countries in Europe But some of these challenges are shared You only have to look at inflation Official data released Tuesday showed October s high borrowing figure largely is a consequence of the government s decision to shield households from most of the surge in energy prices noted Pantheon Macro analyst Samuel Tombs Sunak s Conservative government has maintained subsidies for household energy bills introduced by his predecessor Liz Truss after prices rocketed in the wake of Ukraine s invasion by key producer Russia UK inflation stands at a four decade high above 11 percent resulting in more higher interest repayments for the government Data Tuesday showed that total UK debt rose in October to almost 2 46 trillion or 97 5 percent of gross domestic product It is right that the government increased borrowing to support millions of businesses and families finance minister Jeremy Hunt said in response to the latest release on public finances But to tackle inflation and ensure the economic stability needed for long term growth it is vital that we put the public finances back on a more sustainable path In a budget last week Hunt hiked taxes and slashed spending to reverse Truss s unfunded tax cuts that had sent the pound sliding and UK borrowing costs surging Keir Starmer leader of Britain s main opposition party Labour told business leaders Tuesday that his party would give Britain the clear economic leadership it needs if elected in the next general election not due until 2024 We will inherit an economy that s been damaged by the last 12 weeks and the last 12 years and we need to fundamentally accept that he told the annual conference of the Confederation of British Industry
    UK public finances worsen, as OECD warns on outlook
     UK state borrowing jumped last month official data showed Tuesday as the government cushions consumers from soaring energy bills which the OECD said could further push up inflation Public sector net borrowing hit 13 5 billion 16 billion in October up from 9 2 billion a year earlier the Office for National Statistics said in a statement It came as the Organisation for Economic Co operation and Development forecast the UK economy would contract more than any of the world s seven most advanced nations next year The organisation added that the government s cap on energy bills could have been better targeted placing the focus on the poorest Better targeting of measures to cushion the impact of high energy prices would lower the budgetary cost better preserve incentives to save energy and reduce the pressure on demand at a time of high inflation the OECD concluded The organisation added that the UK economy would contract 0 4 percent next year This was a more positive verdict however compared to the UK government which predicts output to shrink 1 4 percent in 2023 in a recession it says is already underway Inflation fallout Despite the bleak outlook Prime Minister Rishi Sunak s spokesman on Tuesday said that UK growth this year would be the highest of the Group of Seven countries The government and OECD both see UK growth of above four percent this year Current economic challenges are affecting different countries at slightly different times the spokesman said We emerged from the pandemic faster than many other countries in Europe But some of these challenges are shared You only have to look at inflation Official data released Tuesday showed October s high borrowing figure largely is a consequence of the government s decision to shield households from most of the surge in energy prices noted Pantheon Macro analyst Samuel Tombs Sunak s Conservative government has maintained subsidies for household energy bills introduced by his predecessor Liz Truss after prices rocketed in the wake of Ukraine s invasion by key producer Russia UK inflation stands at a four decade high above 11 percent resulting in more higher interest repayments for the government Data Tuesday showed that total UK debt rose in October to almost 2 46 trillion or 97 5 percent of gross domestic product It is right that the government increased borrowing to support millions of businesses and families finance minister Jeremy Hunt said in response to the latest release on public finances But to tackle inflation and ensure the economic stability needed for long term growth it is vital that we put the public finances back on a more sustainable path In a budget last week Hunt hiked taxes and slashed spending to reverse Truss s unfunded tax cuts that had sent the pound sliding and UK borrowing costs surging Keir Starmer leader of Britain s main opposition party Labour told business leaders Tuesday that his party would give Britain the clear economic leadership it needs if elected in the next general election not due until 2024 We will inherit an economy that s been damaged by the last 12 weeks and the last 12 years and we need to fundamentally accept that he told the annual conference of the Confederation of British Industry
    UK public finances worsen, as OECD warns on outlook
    Foreign2 months ago

    UK public finances worsen, as OECD warns on outlook

    UK state borrowing jumped last month, official data showed Tuesday, as the government cushions consumers from soaring energy bills which the OECD said could further push up inflation.

    Public sector net borrowing hit £13.

    5 billion ($16 billion) in October, up from £9.

    2 billion a year earlier, the Office for National Statistics said in a statement.

    It came as the Organisation for Economic Co-operation and Development forecast the UK economy would contract more than any of the world’s seven most advanced nations next year.

    The organisation added that the government’s cap on energy bills could have been better targeted, placing the focus on the poorest.

    “Better targeting of measures to cushion the impact of high energy prices would lower the budgetary cost, better preserve incentives to save energy, and reduce the pressure on demand at a time of high inflation,” the OECD concluded.

    The organisation added that the UK economy would contract 0.

    4 percent next year.

    This was a more positive verdict, however, compared to the UK government which predicts output to shrink 1.

    4 percent in 2023 in a recession it says is already underway.

    – Inflation fallout –Despite the bleak outlook, Prime Minister Rishi Sunak’s spokesman on Tuesday said that UK growth this year would be the highest of the Group of Seven countries.

    The government and OECD both see UK growth of above four percent this year.

    Current economic challenges “are affecting different countries at slightly different times”, the spokesman said.

    “We emerged from the pandemic faster than many other countries in Europe.

    But some of these challenges are shared… You only have to look at inflation.

    ” Official data released Tuesday showed “October’s high borrowing figure largely is a consequence of the government’s decision to shield households from most of the surge in energy prices”, noted Pantheon Macro analyst Samuel Tombs.

    Sunak’s Conservative government has maintained subsidies for household energy bills introduced by his predecessor Liz Truss after prices rocketed in the wake of Ukraine’s invasion by key producer Russia.

    UK inflation stands at a four-decade high above 11 percent, resulting in more higher interest repayments for the government.

    Data Tuesday showed that total UK debt rose in October to almost £2.

    46 trillion, or 97.

    5 percent of gross domestic product.

    “It is right that the government increased borrowing to support millions of businesses and families,” finance minister Jeremy Hunt said in response to the latest release on public finances.

    “But to tackle inflation and ensure the economic stability needed for long-term growth, it is vital that we put the public finances back on a more sustainable path.

    ” In a budget last week, Hunt hiked taxes and slashed spending to reverse Truss’s unfunded tax cuts that had sent the pound sliding and UK borrowing costs surging.

    Keir Starmer, leader of Britain’s main opposition party Labour, told business leaders Tuesday that his party would “give Britain the clear economic leadership it needs” if elected in the next general election not due until 2024.

    “We will inherit an economy that’s been damaged by the last 12 weeks and the last 12 years, and we need to fundamentally accept that,” he told the annual conference of the Confederation of British Industry.

  •   The New Zealand government confirmed on Tuesday that the Clean Car Standard will be phased in from December 1 significantly reducing CO2 emissions from light duty vehicles Emissions from our light duty fleet are the largest source of transport emissions in New Zealand thanks in part to having some of the most fuel efficient and emission intensive vehicles in the OECD Organization for Economic Co operation and Economic Development said Transport Minister Michael Wood This is costing the Kiwis at the pump and is damaging our health and the environment Wood said adding that the supply of fuel efficient vehicles must be increased and that New Zealanders need more choice in the variety low and zero emission vehicles Starting January 1 2023 imported vehicles incur a credit or charge based on CO2 emissions he said adding that the system encourages importers to bring in a sufficient number of low and zero emission vehicles that attract credits to offset the charges applied to the highest issuing vehicles The standard was produced following discussions with vehicle importers Wood said adding that legislation to allow phased implementation will be passed this week The Clean Car Standard requires vehicle importers to progressively reduce CO2 emissions from both new and used light duty vehicles brought into New Zealand This is achieved by setting CO2 targets that become more ambitious year by year the minister said Importers are encouraged to bring in vehicles with lower emissions which burn less fuel and will stop New Zealand from being the dumping ground for the world s dirtiest vehicles Wood said Xinhua
    New Zealand to introduce Clean Car Standard to reduce CO2 emissions
      The New Zealand government confirmed on Tuesday that the Clean Car Standard will be phased in from December 1 significantly reducing CO2 emissions from light duty vehicles Emissions from our light duty fleet are the largest source of transport emissions in New Zealand thanks in part to having some of the most fuel efficient and emission intensive vehicles in the OECD Organization for Economic Co operation and Economic Development said Transport Minister Michael Wood This is costing the Kiwis at the pump and is damaging our health and the environment Wood said adding that the supply of fuel efficient vehicles must be increased and that New Zealanders need more choice in the variety low and zero emission vehicles Starting January 1 2023 imported vehicles incur a credit or charge based on CO2 emissions he said adding that the system encourages importers to bring in a sufficient number of low and zero emission vehicles that attract credits to offset the charges applied to the highest issuing vehicles The standard was produced following discussions with vehicle importers Wood said adding that legislation to allow phased implementation will be passed this week The Clean Car Standard requires vehicle importers to progressively reduce CO2 emissions from both new and used light duty vehicles brought into New Zealand This is achieved by setting CO2 targets that become more ambitious year by year the minister said Importers are encouraged to bring in vehicles with lower emissions which burn less fuel and will stop New Zealand from being the dumping ground for the world s dirtiest vehicles Wood said Xinhua
    New Zealand to introduce Clean Car Standard to reduce CO2 emissions
    Foreign2 months ago

    New Zealand to introduce Clean Car Standard to reduce CO2 emissions

    - The New Zealand government confirmed on Tuesday that the Clean Car Standard will be phased in from December 1, significantly reducing CO2 emissions from light-duty vehicles.

    "Emissions from our light-duty fleet are the largest source of transport emissions in New Zealand, thanks in part to having some of the most fuel-efficient and emission-intensive vehicles in the OECD (Organization for Economic Co-operation and Economic Development). said Transport Minister Michael Wood.

    "This is costing the Kiwis at the pump and is damaging our health and the environment," Wood said, adding that the supply of fuel-efficient vehicles must be increased, and that New Zealanders need more choice in the variety low and zero. emission vehicles.

    Starting January 1, 2023, imported vehicles incur a credit or charge based on CO2 emissions, he said, adding that the system encourages importers to bring in a sufficient number of low- and zero-emission vehicles that attract credits to offset the charges applied to the highest. -issuing vehicles.

    The standard was produced following discussions with vehicle importers, Wood said, adding that legislation to allow phased implementation will be passed this week.

    The Clean Car Standard requires vehicle importers to progressively reduce CO2 emissions from both new and used light-duty vehicles brought into New Zealand. This is achieved by setting CO2 targets that become more ambitious year by year, the minister said.

    Importers are encouraged to bring in vehicles with lower emissions, which burn less fuel and "will stop New Zealand from being the dumping ground for the world's dirtiest vehicles," Wood said. ■



    (Xinhua)

  •   The Emerging Markets Climate Action Fund invests 25 million and EIB www EIB org Global invests 75 million in Alcazar Energy Partners II The fund will finance renewable energy projects in the Middle East North Africa Eastern Europe and Central Asia This joint commitment of EMCAF and EIB Global will support the development of onshore wind and solar photovoltaic and potentially hydropower biomass or battery based electricity storage projects The Emerging Market Climate Action Fund EMCAF has announced today a 25 million investment into Alcazar Energy Partners II a fund providing early stage equity financing to develop construct and operate renewable energy projects in the Middle East North Africa Eastern Europe and Central Asia This commitment is in parallel to EIB Global the dedicated arm for outside the EU of the European Investment Bank EIB Group which provides 75 million to the fund Alcazar Energy Partners II has a target size of 500 million and will invest in onshore wind and solar photovoltaic with additional potential investments in hydropower biomass or battery based electricity storage or other low carbon technologies The Fund is expected to create 15 000 construction jobs and contribute to the installation of over 2 Gigawatt of new clean energy capacity Thereby saving 3 2 million tons of greenhouse gas emissions per year generating clean energy to power over one million households EIB Vice President Ambroise Fayolle commented To meet the Paris climate goals and strengthen global energy security the world s energy systems must decarbonise as soon as possible To do this the financial system needs to mobilise trillions of dollars from private sector green energy projects I am delighted that we are announcing investments from EMCAF and EIB Global in the Alcazar Energy Partners II Fund today This support will help crowd in further contributions from investors and ensure that the fund plays an important role in accelerating the green transition in its countries of operation Tobias Pross CEO of AllianzGI added Emerging markets are where the money for climate adaptation and mitigation is needed most and where it will have a much more immediate impact than in developed countries I am proud that our EMCAF investments are now gaining traction on the ground in emerging markets not just helping to fight climate change but to support healthy economic growth in this region We are grateful that EIB leveraged this investment and we are keen to deploy more like these quickly in other countries as well Daniel Calderon Co Founder and Managing Partner of Alcazar Energy commented The successful first close of AEP II is a tribute to the disciplined and responsible work of our Alcazar team who originated developed and exited AEP I s portfolios creating value for investors and most importantly for the countries and communities where AEP I invested AEP II is privileged to have the confidence of an outstanding group of public and private institutions to invest and develop in renewable energy projects mobilising more than 2bn of foreign direct investment from OECD economies to build sustainable infrastructure where it is needed most EMCAF is an innovative blended finance fund initiated jointly by the EIB and Allianz Global Investors AllianzGI to finance climate mitigation and adaptation as well as environmental projects in Africa Asia Latin America and the Middle East During its summit in Elmau Germany in June 2022 the Group of Seven G7 endorsed https bit ly 3Gesxxr EMCAF as an example of a concrete innovative and market led approach to mobilising private investments for climate relevant infrastructure and to enhance multilateral finance and collaboration Launched during COP26 in November 2021 by the EIB and AllianzGI EMCAF is an innovative blended finance vehicle with a 600 million target The governments of Germany and Luxembourg the Nordic Development Fund Allianz Folksam Group and the EIB are its anchor investors EMCAF provides early stage financing to greenfield climate transition infrastructure in emerging and developing markets and focuses on climate mitigation climate adaptation and environmental projects EMCAF has already made its first investment in the adaptation focused ARCH Cold Chain Solutions East Africa Fund financing temperature controlled storage and distribution infrastructure in East Africa that aims to generate emissions reductions from post harvest food loss The project comprises storage distribution and related services and activities that maintain a given temperature range for a product or range of products EIB at COP27 Find an overview of EIB at COP27 on our dedicated website https bit ly 3EE793P The EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics You will find the full agenda here https bit ly 3WWYZun You are welcome to join our virtual attendee hub to watch the sessions either live or later at your convenience and network with attendees With an easy two step registration process you will always have the latest information on our agenda
    Conference of the Parties (COP27): European Investment Bank (EIB) Global and AllianzGI Announce 0 Million for Renewable Energy Projects
      The Emerging Markets Climate Action Fund invests 25 million and EIB www EIB org Global invests 75 million in Alcazar Energy Partners II The fund will finance renewable energy projects in the Middle East North Africa Eastern Europe and Central Asia This joint commitment of EMCAF and EIB Global will support the development of onshore wind and solar photovoltaic and potentially hydropower biomass or battery based electricity storage projects The Emerging Market Climate Action Fund EMCAF has announced today a 25 million investment into Alcazar Energy Partners II a fund providing early stage equity financing to develop construct and operate renewable energy projects in the Middle East North Africa Eastern Europe and Central Asia This commitment is in parallel to EIB Global the dedicated arm for outside the EU of the European Investment Bank EIB Group which provides 75 million to the fund Alcazar Energy Partners II has a target size of 500 million and will invest in onshore wind and solar photovoltaic with additional potential investments in hydropower biomass or battery based electricity storage or other low carbon technologies The Fund is expected to create 15 000 construction jobs and contribute to the installation of over 2 Gigawatt of new clean energy capacity Thereby saving 3 2 million tons of greenhouse gas emissions per year generating clean energy to power over one million households EIB Vice President Ambroise Fayolle commented To meet the Paris climate goals and strengthen global energy security the world s energy systems must decarbonise as soon as possible To do this the financial system needs to mobilise trillions of dollars from private sector green energy projects I am delighted that we are announcing investments from EMCAF and EIB Global in the Alcazar Energy Partners II Fund today This support will help crowd in further contributions from investors and ensure that the fund plays an important role in accelerating the green transition in its countries of operation Tobias Pross CEO of AllianzGI added Emerging markets are where the money for climate adaptation and mitigation is needed most and where it will have a much more immediate impact than in developed countries I am proud that our EMCAF investments are now gaining traction on the ground in emerging markets not just helping to fight climate change but to support healthy economic growth in this region We are grateful that EIB leveraged this investment and we are keen to deploy more like these quickly in other countries as well Daniel Calderon Co Founder and Managing Partner of Alcazar Energy commented The successful first close of AEP II is a tribute to the disciplined and responsible work of our Alcazar team who originated developed and exited AEP I s portfolios creating value for investors and most importantly for the countries and communities where AEP I invested AEP II is privileged to have the confidence of an outstanding group of public and private institutions to invest and develop in renewable energy projects mobilising more than 2bn of foreign direct investment from OECD economies to build sustainable infrastructure where it is needed most EMCAF is an innovative blended finance fund initiated jointly by the EIB and Allianz Global Investors AllianzGI to finance climate mitigation and adaptation as well as environmental projects in Africa Asia Latin America and the Middle East During its summit in Elmau Germany in June 2022 the Group of Seven G7 endorsed https bit ly 3Gesxxr EMCAF as an example of a concrete innovative and market led approach to mobilising private investments for climate relevant infrastructure and to enhance multilateral finance and collaboration Launched during COP26 in November 2021 by the EIB and AllianzGI EMCAF is an innovative blended finance vehicle with a 600 million target The governments of Germany and Luxembourg the Nordic Development Fund Allianz Folksam Group and the EIB are its anchor investors EMCAF provides early stage financing to greenfield climate transition infrastructure in emerging and developing markets and focuses on climate mitigation climate adaptation and environmental projects EMCAF has already made its first investment in the adaptation focused ARCH Cold Chain Solutions East Africa Fund financing temperature controlled storage and distribution infrastructure in East Africa that aims to generate emissions reductions from post harvest food loss The project comprises storage distribution and related services and activities that maintain a given temperature range for a product or range of products EIB at COP27 Find an overview of EIB at COP27 on our dedicated website https bit ly 3EE793P The EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics You will find the full agenda here https bit ly 3WWYZun You are welcome to join our virtual attendee hub to watch the sessions either live or later at your convenience and network with attendees With an easy two step registration process you will always have the latest information on our agenda
    Conference of the Parties (COP27): European Investment Bank (EIB) Global and AllianzGI Announce 0 Million for Renewable Energy Projects
    Africa2 months ago

    Conference of the Parties (COP27): European Investment Bank (EIB) Global and AllianzGI Announce $100 Million for Renewable Energy Projects

    The Emerging Markets Climate Action Fund invests $25 million and EIB (www.EIB.org) Global invests $75 million in Alcazar Energy Partners II; The fund will finance renewable energy projects in the Middle East, North Africa, Eastern Europe and Central Asia; This joint commitment of EMCAF and EIB Global will support the development of onshore wind and solar photovoltaic, and potentially hydropower, biomass or battery-based electricity storage projects.

    The Emerging Market Climate Action Fund (“EMCAF”) has announced today a $25 million investment into Alcazar Energy Partners II, a fund providing early-stage equity financing to develop, construct and operate renewable energy projects in the Middle East, North Africa, Eastern Europe and Central Asia. This commitment is in parallel to EIB Global, the dedicated arm for outside the EU of the European Investment Bank (EIB) Group, which provides $75 million to the fund.

    Alcazar Energy Partners II has a target size of $500 million and will invest in onshore wind and solar photovoltaic, with additional potential investments in hydropower, biomass or battery-based electricity storage or other low-carbon technologies.

    The Fund is expected to create 15.000 construction jobs and contribute to the installation of over 2 Gigawatt of new clean energy capacity.

    Thereby saving 3.2 million tons of greenhouse gas emissions per year, generating clean energy to power over one million households.

    EIB Vice-President Ambroise Fayolle commented: “To meet the Paris climate goals and strengthen global energy security, the world’s energy systems must decarbonise as soon as possible.

    To do this, the financial system needs to mobilise trillions of dollars from private sector green energy projects.

    I am delighted that we are announcing investments from EMCAF and EIB Global in the Alcazar Energy Partners II Fund today.

    This support will help crowd in further contributions from investors and ensure that the fund plays an important role in accelerating the green transition in its countries of operation.” Tobias Pross, CEO of AllianzGI added: “Emerging markets are where the money for climate adaptation and mitigation is needed most and where it will have a much more immediate impact than in developed countries.

    I am proud that our EMCAF investments are now gaining traction on the ground in emerging markets – not just helping to fight climate change, but to support healthy economic growth in this region.

    We are grateful that EIB leveraged this investment, and we are keen to deploy more like these quickly in other countries as well.” Daniel Calderon, Co-Founder and Managing Partner of Alcazar Energy, commented: “The successful first close of AEP-II is a tribute to the disciplined and responsible work of our Alcazar team, who originated, developed, and exited AEP-I’s portfolios, creating value for investors and, most importantly, for the countries and communities where AEP-I invested.

    AEP-II is privileged to have the confidence of an outstanding group of public and private institutions to invest and develop in renewable energy projects, mobilising more than $2bn of foreign direct investment from OECD economies to build sustainable infrastructure where it is needed most.” EMCAF is an innovative blended finance fund initiated jointly by the EIB and Allianz Global Investors (AllianzGI) to finance climate mitigation and adaptation as well as environmental projects in Africa, Asia, Latin America and the Middle East. During its summit in Elmau (Germany) in June 2022, the Group of Seven (G7) endorsed (https://bit.ly/3Gesxxr) EMCAF as an example of a concrete innovative and market-led approach to mobilising private investments for climate-relevant infrastructure and to enhance multilateral finance and collaboration.

    Launched during COP26 in November 2021 by the EIB and AllianzGI, EMCAF is an innovative blended finance vehicle with a €600 million target.

    The governments of Germany and Luxembourg, the Nordic Development Fund, Allianz, Folksam Group and the EIB are its anchor investors.

    EMCAF provides early-stage financing to greenfield climate transition infrastructure in emerging and developing markets and focuses on climate mitigation, climate adaptation, and environmental projects.

    EMCAF has already made its first investment in the adaptation focused ARCH Cold Chain Solutions East Africa Fund,  financing temperature-controlled storage and distribution infrastructure in East Africa that aims to generate emissions reductions from post-harvest food loss.

    The project comprises storage, distribution and related services and activities that maintain a given temperature range for a product or range of products.

    EIB at COP27 Find an overview of EIB at COP27 on our dedicated website (https://bit.ly/3EE793P).

    The EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics.

    You will find the full agenda here (https://bit.ly/3WWYZun).

    You are welcome to join our virtual attendee hub to watch the sessions either live or later at your convenience, and network with attendees.

    With an easy two-step registration process, you will always have the latest information on our agenda.

  •   Budget and Tax Law Amendment Bill 2023 for Public Comment The government proposes to extend the Research and Development R D tax incentive beyond December 31 2023 likely for a period of 10 years after a consultation process with industry stakeholders However given the experience gained in awarding applications and the review carried out the government is of the opinion that the R D tax incentive requires some refinement It is the only political instrument designed to promote the early stages of R D The proposed refinements to section 11D of the Income Tax Act will bring the incentive closer to its intended goals The 2021 budget review indicated that the government would review the research and development tax incentive On December 15 2021 the National Treasury and the Department of Science and Innovation jointly released a discussion paper entitled Review of the Design Implementation and Impact of South Africa s Research and Development Tax Incentive for public comment The discussion paper included a link to an online survey website In the 2022 Budget Revision the National Treasury announced that the research and development R D tax incentive will be extended until December 31 2023 to allow the incentive revision to be finalized as there was not enough time to conduct a public consultation between the publication of the discussion document and Budget 2022 Responses to the survey were received from 74 stakeholders some of whom provided additional comments in writing A public workshop was held on April 7 2022 to discuss written comments and survey results and better understand industry concerns The draft enhancements and accompanying explanatory memorandum published with this press statement are being released for public comment today Interested parties will have 30 days to submit their comments To be clear the proposed refinements do not constitute a tax bill Based on these proposals and all public comments received a final proposal will be included in the 2023 Budget for inclusion in the proposed Tax Laws Amendment Act of 2023 TLAB The usual public consultation process will then be carried out Posting these suggested refinements today gives the public an additional opportunity to provide input before we see them in the 2023 TLAB draft The proposed amendments include the following Refine the definition of R D to make it simpler to understand and award resulting in an easier application process Clarifying that the intention has always been that the incentive only applies to activities with the objective of resolving a scientific or technological uncertainty Moving away from a bottom line approach or IP statute to acknowledge the reality that R D involves uncertainty and risk and that it is impractical to expect taxpayers to have detailed knowledge of how their R D will unfold D provided at the time of the request for the incentive Instead move towards incorporating some principles of the OECD Frascati Manual ie that activities should be novel uncertain systematic and transferable and or replicable The suggested approach removes the innovative requirement from the definition of R D which has created unwelcome complexity and misunderstanding the government acknowledges that innovation can occur without R D and does not necessarily encompass R D D To ensure that R D activities are not obvious or inventive in order to qualify for the incentive the revised definition should include testing whether a professional in the field with the appropriate knowledge and skills would resolve that scientific or technological uncertainty without undertaking any activity R D ie systematic research or systematic experimental activities Modify the exclusion of internal business processes so that if an activity is systematic research or systematic experimental with the aim of resolving a scientific or technological uncertainty and meets the proposed revised definition of R D for the purposes of this incentive it should be considered R D regardless of whether it is intended for sale or its use is granted to related parties Introduce an exclusion for agrochemical products so that activities carried out solely in preparation for product registration to comply with the Department of Agriculture Agrarian Reform and Rural Development are excluded from the incentive Introduction of a six month grace period for receipt of pre approval applications to allow smaller applicants new applicants or applicants conducting R D in a new field to collect more information on R D activities planned so that they are in a better position to provide detailed information and thus benefit from the incentive Introduce an information disclosure requirement to allow the SARS Commissioner to disclose certain information to the Minister for Higher Education Science and Innovation which will enable a better monitoring and evaluation function and Introduce sanctions for breach of secrecy The proposed changes to refine and simplify the legislation combined with moving to an online process and improving the application process for smaller businesses are expected to improve uptake of the incentive The draft improvements to section 11D of the Income Tax Law and the attached explanatory memorandum can be found on the website of the National Treasury at www treasury gov za and on the website of the Tax Service of South Africa at www sars gov za Due Date for Written Comments Please submit written comments to the National Treasury Tax Policy Repository at 2022AnnexCProp Treasury gov za link sends email and TaxIncentiveReviews Treasury gov za link sends email email and SARS at acollins sars gov za link sends email before the close of business on November 7 2022
    South Africa: National Treasury on Publication of Draft Research and Development Tax Incentive Improvements for Possible Inclusion in the Tax Laws Amendment Bill 2023
      Budget and Tax Law Amendment Bill 2023 for Public Comment The government proposes to extend the Research and Development R D tax incentive beyond December 31 2023 likely for a period of 10 years after a consultation process with industry stakeholders However given the experience gained in awarding applications and the review carried out the government is of the opinion that the R D tax incentive requires some refinement It is the only political instrument designed to promote the early stages of R D The proposed refinements to section 11D of the Income Tax Act will bring the incentive closer to its intended goals The 2021 budget review indicated that the government would review the research and development tax incentive On December 15 2021 the National Treasury and the Department of Science and Innovation jointly released a discussion paper entitled Review of the Design Implementation and Impact of South Africa s Research and Development Tax Incentive for public comment The discussion paper included a link to an online survey website In the 2022 Budget Revision the National Treasury announced that the research and development R D tax incentive will be extended until December 31 2023 to allow the incentive revision to be finalized as there was not enough time to conduct a public consultation between the publication of the discussion document and Budget 2022 Responses to the survey were received from 74 stakeholders some of whom provided additional comments in writing A public workshop was held on April 7 2022 to discuss written comments and survey results and better understand industry concerns The draft enhancements and accompanying explanatory memorandum published with this press statement are being released for public comment today Interested parties will have 30 days to submit their comments To be clear the proposed refinements do not constitute a tax bill Based on these proposals and all public comments received a final proposal will be included in the 2023 Budget for inclusion in the proposed Tax Laws Amendment Act of 2023 TLAB The usual public consultation process will then be carried out Posting these suggested refinements today gives the public an additional opportunity to provide input before we see them in the 2023 TLAB draft The proposed amendments include the following Refine the definition of R D to make it simpler to understand and award resulting in an easier application process Clarifying that the intention has always been that the incentive only applies to activities with the objective of resolving a scientific or technological uncertainty Moving away from a bottom line approach or IP statute to acknowledge the reality that R D involves uncertainty and risk and that it is impractical to expect taxpayers to have detailed knowledge of how their R D will unfold D provided at the time of the request for the incentive Instead move towards incorporating some principles of the OECD Frascati Manual ie that activities should be novel uncertain systematic and transferable and or replicable The suggested approach removes the innovative requirement from the definition of R D which has created unwelcome complexity and misunderstanding the government acknowledges that innovation can occur without R D and does not necessarily encompass R D D To ensure that R D activities are not obvious or inventive in order to qualify for the incentive the revised definition should include testing whether a professional in the field with the appropriate knowledge and skills would resolve that scientific or technological uncertainty without undertaking any activity R D ie systematic research or systematic experimental activities Modify the exclusion of internal business processes so that if an activity is systematic research or systematic experimental with the aim of resolving a scientific or technological uncertainty and meets the proposed revised definition of R D for the purposes of this incentive it should be considered R D regardless of whether it is intended for sale or its use is granted to related parties Introduce an exclusion for agrochemical products so that activities carried out solely in preparation for product registration to comply with the Department of Agriculture Agrarian Reform and Rural Development are excluded from the incentive Introduction of a six month grace period for receipt of pre approval applications to allow smaller applicants new applicants or applicants conducting R D in a new field to collect more information on R D activities planned so that they are in a better position to provide detailed information and thus benefit from the incentive Introduce an information disclosure requirement to allow the SARS Commissioner to disclose certain information to the Minister for Higher Education Science and Innovation which will enable a better monitoring and evaluation function and Introduce sanctions for breach of secrecy The proposed changes to refine and simplify the legislation combined with moving to an online process and improving the application process for smaller businesses are expected to improve uptake of the incentive The draft improvements to section 11D of the Income Tax Law and the attached explanatory memorandum can be found on the website of the National Treasury at www treasury gov za and on the website of the Tax Service of South Africa at www sars gov za Due Date for Written Comments Please submit written comments to the National Treasury Tax Policy Repository at 2022AnnexCProp Treasury gov za link sends email and TaxIncentiveReviews Treasury gov za link sends email email and SARS at acollins sars gov za link sends email before the close of business on November 7 2022
    South Africa: National Treasury on Publication of Draft Research and Development Tax Incentive Improvements for Possible Inclusion in the Tax Laws Amendment Bill 2023
    Africa4 months ago

    South Africa: National Treasury on Publication of Draft Research and Development Tax Incentive Improvements for Possible Inclusion in the Tax Laws Amendment Bill 2023

    Budget and Tax Law Amendment Bill 2023 for Public Comment The government proposes to extend the Research and Development (R&D) tax incentive beyond December 31, 2023, likely for a period of 10 years after a consultation process with industry stakeholders.

    However, given the experience gained in awarding applications and the review carried out, the government is of the opinion that the R&D tax incentive requires some refinement.

    It is the only political instrument designed to promote the early stages of R&D.

    The proposed refinements to section 11D of the Income Tax Act will bring the incentive closer to its intended goals.

    The 2021 budget review indicated that the government would review the research and development tax incentive.

    On December 15, 2021, the National Treasury and the Department of Science and Innovation jointly released a discussion paper entitled Review of the Design, Implementation and Impact of South Africa's Research and Development Tax Incentive for public comment.

    The discussion paper included a link to an online survey website.

    In the 2022 Budget Revision, the National Treasury announced that the research and development (R&D) tax incentive will be extended until December 31, 2023 to allow the incentive revision to be finalized, as there was not enough time to conduct a public consultation between the publication of the discussion document and Budget 2022.

    Responses to the survey were received from 74 stakeholders, some of whom provided additional comments in writing.

    A public workshop was held on April 7, 2022 to discuss written comments and survey results and better understand industry concerns.

    The draft enhancements and accompanying explanatory memorandum published with this press statement are being released for public comment today.

    Interested parties will have 30 days to submit their comments.

    To be clear, the proposed refinements do not constitute a tax bill.

    Based on these proposals and all public comments received, a final proposal will be included in the 2023 Budget for inclusion in the proposed Tax Laws Amendment Act of 2023 (TLAB).

    The usual public consultation process will then be carried out.

    Posting these suggested refinements today gives the public an additional opportunity to provide input before we see them in the 2023 TLAB draft.

    The proposed amendments include the following: Refine the definition of R&D to make it simpler to understand and award, resulting in an easier application process; Clarifying that the intention has always been that the incentive only applies to activities with the objective of resolving a scientific or technological uncertainty; Moving away from a "bottom line" approach or IP statute to acknowledge the reality that R&D involves uncertainty and risk, and that it is impractical to expect taxpayers to have detailed knowledge of how their R&D will unfold D provided at the time of the request.

    for the incentive; Instead, move towards incorporating some principles of the OECD Frascati Manual, ie that activities should be novel, uncertain, systematic and transferable and/or replicable; The suggested approach removes the "innovative" requirement from the definition of R&D, which has created unwelcome complexity and misunderstanding (the government acknowledges that innovation can occur without R&D, and does not necessarily encompass R&D).

    +D); To ensure that R&D activities are not obvious or inventive in order to qualify for the incentive, the revised definition should include testing whether a professional in the field with the appropriate knowledge and skills would resolve that scientific or technological uncertainty without undertaking any activity.

    R&D (ie systematic research or systematic experimental activities); Modify the exclusion of internal business processes so that – if an activity is systematic research or systematic experimental with the aim of resolving a scientific or technological uncertainty and meets the proposed (revised) definition of R&D for the purposes of this incentive, it should be considered R&D – regardless of whether it is intended for sale or its use is granted to related parties; Introduce an exclusion for agrochemical products so that activities carried out solely in preparation for product registration to comply with the Department of Agriculture, Agrarian Reform and Rural Development are excluded from the incentive; Introduction of a six-month grace period for receipt of pre-approval applications to allow smaller applicants, new applicants, or applicants conducting R&D in a new field to collect more information on R&D activities planned so that they are in a better position to provide detailed information and thus benefit from the incentive; Introduce an information disclosure requirement to allow the SARS Commissioner to disclose certain information to the Minister for Higher Education, Science and Innovation which will enable a better monitoring and evaluation function; and Introduce sanctions for breach of secrecy.

    The proposed changes to refine and simplify the legislation, combined with moving to an online process and improving the application process for smaller businesses, are expected to improve uptake of the incentive.

    The draft improvements to section 11D of the Income Tax Law and the attached explanatory memorandum can be found on the website of the National Treasury at (www.treasury.gov.za) and on the website of the Tax Service of South Africa at (www.sars.gov.za).

    Due Date for Written Comments Please submit written comments to the National Treasury Tax Policy Repository at 2022AnnexCProp@Treasury.gov.za (link sends email) and TaxIncentiveReviews@Treasury.gov.za (link sends email).

    email), and SARS at acollins@sars.gov.za (link sends email) before the close of business on November 7, 2022.

  •   Experts at the WTO Public Forum discuss greening micro small and medium sized enterprises to reap the benefits of the African Continental Free Trade Area In a session organized by the Economic Commission for Africa UNECA and the Trade Center International ITC as part of the 2022 World Trade Organization WTO Public Forum on September 27 2022 experts urged the private sector to seize the opportunities brought by the green transition in Africa The panel discussion titled MSMEs The Key to Achieving Sustainable Profits under the AfCFTA moderated by Melaku Desta Coordinator of ECA s Africa Center for Trade Policy explored sustainable initiatives to embed green solutions in Africa s small businesses and attracted over 100 online and face to face participants Panelists also underscored the sustainable gains that can be reaped from green trade in conjunction with the African Continental Free Trade Area AfCFTA and called on micro small and medium sized enterprises MSMEs to anticipate challenges as companies seek to integrate green solutions In her opening remarks Dorothy Tembo Deputy Executive Director of ITC highlighted ITC s Green2Compete initiative which helps small businesses improve their competitiveness by integrating green production techniques for sustainable trade ITC is also working closely with the African Standards Organization ARSO to increase the transparency of private sustainability standards and has plans to scale up its work with market partners to achieve harmonization of these environmental standards making them more accessible to small businesses In her remarks Hermog ne Nsengimana Secretary General of ARSO emphasized the need to prioritize the harmonization of standards to achieve sustainability Lately the sustainability and resilience of value chains have become more important due to the disruptions induced by COVID 19 and the demand for more sustainable production and trade has increased This was stated by Robert Hamwey Economic Affairs Officer of the United Nations Conference on Trade and Development UNCTAD On strengthening the capacities of MSMEs to improve their competitiveness in national regional and global markets Annalisa Primi Head of Economic Transformation and Development at the OECD Development Centre underscored the need to reform policies that divide sectors informal and formal in order to enable the poor to participate in markets and engage in higher value added business activities Describing the importance of increased investment in Africa s green energy transition Maximiliano M ndez Parra Principal Fellow at ODI affirmed the role the AfCFTA can play in securing investment in green energy and technology
    Small green businesses in Africa
      Experts at the WTO Public Forum discuss greening micro small and medium sized enterprises to reap the benefits of the African Continental Free Trade Area In a session organized by the Economic Commission for Africa UNECA and the Trade Center International ITC as part of the 2022 World Trade Organization WTO Public Forum on September 27 2022 experts urged the private sector to seize the opportunities brought by the green transition in Africa The panel discussion titled MSMEs The Key to Achieving Sustainable Profits under the AfCFTA moderated by Melaku Desta Coordinator of ECA s Africa Center for Trade Policy explored sustainable initiatives to embed green solutions in Africa s small businesses and attracted over 100 online and face to face participants Panelists also underscored the sustainable gains that can be reaped from green trade in conjunction with the African Continental Free Trade Area AfCFTA and called on micro small and medium sized enterprises MSMEs to anticipate challenges as companies seek to integrate green solutions In her opening remarks Dorothy Tembo Deputy Executive Director of ITC highlighted ITC s Green2Compete initiative which helps small businesses improve their competitiveness by integrating green production techniques for sustainable trade ITC is also working closely with the African Standards Organization ARSO to increase the transparency of private sustainability standards and has plans to scale up its work with market partners to achieve harmonization of these environmental standards making them more accessible to small businesses In her remarks Hermog ne Nsengimana Secretary General of ARSO emphasized the need to prioritize the harmonization of standards to achieve sustainability Lately the sustainability and resilience of value chains have become more important due to the disruptions induced by COVID 19 and the demand for more sustainable production and trade has increased This was stated by Robert Hamwey Economic Affairs Officer of the United Nations Conference on Trade and Development UNCTAD On strengthening the capacities of MSMEs to improve their competitiveness in national regional and global markets Annalisa Primi Head of Economic Transformation and Development at the OECD Development Centre underscored the need to reform policies that divide sectors informal and formal in order to enable the poor to participate in markets and engage in higher value added business activities Describing the importance of increased investment in Africa s green energy transition Maximiliano M ndez Parra Principal Fellow at ODI affirmed the role the AfCFTA can play in securing investment in green energy and technology
    Small green businesses in Africa
    Africa4 months ago

    Small green businesses in Africa

    Experts at the WTO Public Forum discuss greening micro, small and medium-sized enterprises to reap the benefits of the African Continental Free Trade Area In a session organized by the Economic Commission for Africa (UNECA) and the Trade Center International (ITC) as part of the 2022 World Trade Organization (WTO) Public Forum on September 27, 2022, experts urged the private sector to seize the opportunities brought by the green transition in Africa.

    The panel discussion titled "MSMEs: The Key to Achieving Sustainable Profits under the AfCFTA", moderated by Melaku Desta, Coordinator of ECA's Africa Center for Trade Policy, explored sustainable initiatives to embed green solutions in Africa's small businesses and attracted over 100 online and face-to-face participants.

    Panelists also underscored the sustainable gains that can be reaped from green trade in conjunction with the African Continental Free Trade Area (AfCFTA) and called on micro, small and medium-sized enterprises (MSMEs) to anticipate challenges as companies seek to integrate green solutions.

    In her opening remarks, Dorothy Tembo, Deputy Executive Director of ITC, highlighted ITC's Green2Compete initiative, which helps small businesses improve their competitiveness by integrating green production techniques for sustainable trade.

    ITC is also working closely with the African Standards Organization (ARSO) to increase the transparency of private sustainability standards and has plans to scale up its work with market partners to achieve harmonization of these environmental standards, making them more accessible to small businesses.

    In her remarks, Hermogène Nsengimana, Secretary General of ARSO, emphasized the need to prioritize the harmonization of standards to achieve sustainability.

    Lately, the sustainability and resilience of value chains have become more important due to the disruptions induced by COVID-19 and the demand for more sustainable production and trade has increased.

    This was stated by Robert Hamwey, Economic Affairs Officer of the United Nations Conference on Trade and Development (UNCTAD).

    On strengthening the capacities of MSMEs to improve their competitiveness in national, regional and global markets, Annalisa Primi, Head of Economic Transformation and Development at the OECD Development Centre, underscored the need to reform policies that divide sectors informal and formal, in order to enable the poor to participate in markets and engage in higher value-added business activities.

    Describing the importance of increased investment in Africa's green energy transition, Maximiliano Méndez-Parra, Principal Fellow at ODI, affirmed the role the AfCFTA can play in securing investment in green energy and technology.

  •   The ECOWAS Regional Competition Authority ERCA and the Trade Directorate of the ECOWAS Commission organized a competition policy training for stakeholders from Member States from 20 to 23 September 2022 in Accra Ghana with the technical and financial support of Expertise France The objective of this training session is to urgently provide negotiators from ECOWAS Member States with basic knowledge on competition law and policy The meeting highlighted the implications of adopting a competition policy at the continental level in relation to national and regional competition rules Finally he outlined a common ECOWAS position in the framework of the AfCFTA negotiations on competition The opening ceremony of the training featured three speeches In his speech Dr Simeon Koffi Executive Director of the ERCA on behalf of the President of the ECOWAS Commission acknowledged the presence of all the expected national actors and their commitment to the ongoing negotiations at the continental level He also pointed out the positive dynamics of developing a competitive framework at the national regional and continental levels with the harmonization and adoption of rules in accordance with the best international standards a development that would consolidate the development of the capacities of the actors Mr Augustine Owusu representative of Expertise France expressed his satisfaction with the cooperation between the ECOWAS Commission and his organization in the framework of the training session He also wished that this cooperation be strengthened and expressed the availability of Expertise France to accompany ECOWAS in promoting a competitive environment and regional integration In his opening speech Mr Osvaldo Abibe President of the ECOWAS Trade Experts Meeting recalled the issues that will be discussed during the meeting and stated that the different stages of the competition negotiations reflect the need to provide interested parties with useful knowledge to better understand the aspects and implications of competition laws at the continental level He encouraged the participants to build on the knowledge gained during the training session The participants thanked the two facilitators of the training Ms Lynn Robertson from the OECD Competition Division and Mr Sami Ouattara Regional Competition Consultant Topics covered during the training session included the benefits of competition policy for a national economy the fight against cartels and all horizontal and vertical agreements harmful to competition the concept of the market merger control especially mergers procedural fairness and transparency competitive evaluation of laws and regulations the concept of competitive neutrality market power and abuse of dominant position state aid the AfCFTA protocol on competition and its implications for ECOWAS and its member states The capacity building session was an opportunity to highlight ECOWAS position over the competition The States Parties negotiators of the AfCFTA protocol were urged to appropriate the regional consensus on the protocol and make ECOWAS voice heard in the continental negotiations
    The Economic Community of West African States (ECOWAS) develops the capacity of the negotiators of the States Parties to the African Continental Free Trade Area in matters of competition policy
      The ECOWAS Regional Competition Authority ERCA and the Trade Directorate of the ECOWAS Commission organized a competition policy training for stakeholders from Member States from 20 to 23 September 2022 in Accra Ghana with the technical and financial support of Expertise France The objective of this training session is to urgently provide negotiators from ECOWAS Member States with basic knowledge on competition law and policy The meeting highlighted the implications of adopting a competition policy at the continental level in relation to national and regional competition rules Finally he outlined a common ECOWAS position in the framework of the AfCFTA negotiations on competition The opening ceremony of the training featured three speeches In his speech Dr Simeon Koffi Executive Director of the ERCA on behalf of the President of the ECOWAS Commission acknowledged the presence of all the expected national actors and their commitment to the ongoing negotiations at the continental level He also pointed out the positive dynamics of developing a competitive framework at the national regional and continental levels with the harmonization and adoption of rules in accordance with the best international standards a development that would consolidate the development of the capacities of the actors Mr Augustine Owusu representative of Expertise France expressed his satisfaction with the cooperation between the ECOWAS Commission and his organization in the framework of the training session He also wished that this cooperation be strengthened and expressed the availability of Expertise France to accompany ECOWAS in promoting a competitive environment and regional integration In his opening speech Mr Osvaldo Abibe President of the ECOWAS Trade Experts Meeting recalled the issues that will be discussed during the meeting and stated that the different stages of the competition negotiations reflect the need to provide interested parties with useful knowledge to better understand the aspects and implications of competition laws at the continental level He encouraged the participants to build on the knowledge gained during the training session The participants thanked the two facilitators of the training Ms Lynn Robertson from the OECD Competition Division and Mr Sami Ouattara Regional Competition Consultant Topics covered during the training session included the benefits of competition policy for a national economy the fight against cartels and all horizontal and vertical agreements harmful to competition the concept of the market merger control especially mergers procedural fairness and transparency competitive evaluation of laws and regulations the concept of competitive neutrality market power and abuse of dominant position state aid the AfCFTA protocol on competition and its implications for ECOWAS and its member states The capacity building session was an opportunity to highlight ECOWAS position over the competition The States Parties negotiators of the AfCFTA protocol were urged to appropriate the regional consensus on the protocol and make ECOWAS voice heard in the continental negotiations
    The Economic Community of West African States (ECOWAS) develops the capacity of the negotiators of the States Parties to the African Continental Free Trade Area in matters of competition policy
    Africa4 months ago

    The Economic Community of West African States (ECOWAS) develops the capacity of the negotiators of the States Parties to the African Continental Free Trade Area in matters of competition policy

    The ECOWAS Regional Competition Authority (ERCA) and the Trade Directorate of the ECOWAS Commission organized a competition policy training for stakeholders from Member States from 20 to 23 September 2022 in Accra, Ghana with the technical and financial support of Expertise France.

    The objective of this training session is to urgently provide negotiators from ECOWAS Member States with basic knowledge on competition law and policy.

    The meeting highlighted the implications of adopting a competition policy at the continental level in relation to national and regional competition rules.

    Finally, he outlined a common ECOWAS position in the framework of the AfCFTA negotiations on competition.

    The opening ceremony of the training featured three speeches.

    In his speech, Dr. Simeon Koffi, Executive Director of the ERCA, on behalf of the President of the ECOWAS Commission, acknowledged the presence of all the expected national actors and their commitment to the ongoing negotiations at the continental level.

    He also pointed out the positive dynamics of developing a competitive framework at the national, regional and continental levels, with the harmonization and adoption of rules in accordance with the best international standards, a development that would consolidate the development of the capacities of the actors.

    Mr. Augustine Owusu, representative of Expertise France, expressed his satisfaction with the cooperation between the ECOWAS Commission and his organization in the framework of the training session.

    He also wished that this cooperation be strengthened and expressed the availability of Expertise France to accompany ECOWAS in promoting a competitive environment and regional integration.

    In his opening speech, Mr. Osvaldo Abibe, President of the ECOWAS Trade Experts Meeting, recalled the issues that will be discussed during the meeting and stated that the different stages of the competition negotiations reflect the need to provide interested parties with useful knowledge to better understand the aspects and implications of competition laws at the continental level.

    He encouraged the participants to build on the knowledge gained during the training session.

    The participants thanked the two facilitators of the training, Ms. Lynn Robertson from the OECD Competition Division and Mr. Sami Ouattara, Regional Competition Consultant.

    Topics covered during the training session included the benefits of competition policy for a national economy; the fight against cartels and all horizontal and vertical agreements harmful to competition; the concept of the market; merger control, especially mergers; procedural fairness and transparency; competitive evaluation of laws and regulations; the concept of competitive neutrality; market power and abuse of dominant position; state aid; the AfCFTA protocol on competition and its implications for ECOWAS and its member states.

    The capacity building session was an opportunity to highlight ECOWAS' position over the competition.

    The States Parties, negotiators of the AfCFTA protocol, were urged to appropriate the regional consensus on the protocol and make ECOWAS' voice heard in the continental negotiations.

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