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Europe

Brexit: Carney rejects Boris Johnson`s no-deal trade claim

The Bank of England governor, Mark Carney, has said that the UK would be hit automatically by tariffs on exports to the EU in a no-deal Brexit, rejecting a claim made by Boris Johnson that this could be avoided.

Tory leadership candidate Johnson said this week that tariffs would not necessarily have to be paid if the UK left the EU without a deal because the UK could rely on article 24 of the general agreement on tariffs and trade. Johnson has repeatedly said the UK must leave on 31 October, whether a deal is agreed or not.

Carney said on Friday that as many as 150,000 British businesses did not have the paperwork in place to export to the EU in the event of a no-deal Brexit.

Conservative party members will choose between Johnson and Jeremy Hunt, the foreign secretary, in a vote next month.

[The Guardian]

Macron, 3 other leaders warn Mercosur deal could “destabilize” farm sector

In a letter to Commission President Jean-Claude Juncker Macron, Irish Prime Minister Leo Varadkar, Belgian PM Charles Michel and Polish PM Mateusz Morawiecki wrote: “We would like to express our deep concern on a number of issues concerning the current negotiation with Mercosur including on some sensitive agricultural products.”

As early as next week, EU negotiators could strike a deal with the Mercosur bloc of Brazil, Argentina, Uruguay and Paraguay, which will give the Latin Americans unprecedented access to Europe`s agricultural markets in exchange for buying industrial products from the EU such as German cars.

[Politico]

 

Middle East

Dubai Customs boosts productivity through Artificial Intelligence based system

The engine, developed in-house by Dubai Customs, uses Artificial Intelligence, AI, to boost productivity, reduce costs and make clients happier and more satisfied towards the fulfilments of Dubai bold plans and vision.

The AI based productivity engine has many features which include the ideal time calculator, productivity predictor, and leadership nudges. Most importantly, the innovative engine encompasses an auto-time tracker that highlights productive and unaccounted time and notifies decision makers of productivity scores for each department and employee.

[Zawya]

Iran tests Trump`s desire to actually strike a new deal

Tehran said Monday it will soon take steps that likely violate the 2015 nuclear deal Trump himself abandoned, an announcement that came just days after the U.S. accused the Islamist-led country of sabotaging international oil tankers. In Europe, meanwhile, leaders are starting to acknowledge that they may have to walk away from the nuclear agreement or devise a new one.

Iranian President Hassan Rouhani last month gave the international community until July 7 to come up with new terms for the deal as a way to shield the Iranian economy from the brunt of U.S. sanctions. A European attempt to devise a “special purpose vehicle” to help Iran by giving would-be investors a financial workaround has sputtered so far.

[Politico]

 

Africa

African Continental Free Trade Area (AfCFTA): Calls grow to bridge information gap

Awareness among citizens and traders about the AfCFTA agreement and ways to make the most of the deal may not be at ideal levels to have maximum benefit when it takes effect.

The framework is set to officially be launched during the African Union Summit in Niamey, Niger in July.

The agreement is ready for implementation having received 52 signatories and 24 ratifications. It required 22 ratifications in order to be enter into effect.

The AfCFTA operationalization will make the bloc the largest free trade area in the world.

However, experts say that the impact of the development will be among other things dependent on the level of awareness about the opportunities it presents, ways to be compliant with requirements, existing markets, goods on demand and profit margins, among others.

[The New Times]