16-11-2020

MonDAY, novEMBER 16, 2020
10
ASEAN, China, other partners
set world's biggest trade pact
China and 14 other countries agreed
Sunday to set up the world's largest
trading bloc, encompassing nearly a
third of all economic activity, in a deal
many in Asia are hoping will help
hasten a recovery from the shocks of
the pandemic, reports UNB.
The Regional Comprehensive
Economic Partnership, or RCEP, was
signed virtually on Sunday on the
sidelines of the annual summit of the
10-nation Association of Southeast
Asian Nations.
"I am delighted to say that after eight
years of hard work, as of today, we have
officially brought RCEP negotiations to
a conclusion for signing," said host
country Vietnam's Prime Minister
Nguyen Xuan Phuc.
"The conclusion of RCEP
negotiation, the largest free trade
agreement in the world, will send a
strong message that affirms ASEAN's
leading role in supporting the
multilateral trading system, creating a
new trading structure in the region,
enabling sustainable trade facilitation,
revitalizing the supply chains
Nearly a third of South Africa's
workforce was unemployed in the third
quarter of 2020, a 12-year high, as the
continent's most advanced economy
was battered by the Covid pandemic,
according to government figures
released Thursday, reports BSS.
Between July and September, the
jobless rate surged by 7.5 percentage
points to affect 30.8 percent of the
workforce, the national statistics agency
StatsSA said.
"In the 3rd quarter of 2020 there were
significant movements in the South
African labour market… which resulted
in a significant increase of 7.5
percentage points in the unemployment
rate to 30.8%," it said.
"This is the highest unemployment
rate recorded since the start of the
(Quarterly Labour Force Survey) in
2008."
In raw numbers, the tally of
disrupted by COVID-19 and assisting
the post pandemic recovery," Phuc
said.
The accord will take already low
tariffs on trade between member
countries still lower, over time, and is
less comprehensive than an 11-nation
trans-Pacific trade deal that President
Donald Trump pulled out of shortly
after taking office.
Apart from the 10-member
Association of Southeast Asian
Nations, it includes China, Japan,
South Korea, Australia and New
Zealand, but not the United States.
Officials said the accord leaves the door
open for India, which dropped out due
to fierce domestic opposition to its
market-opening requirements, to
rejoin the bloc.
It is not expected to go as far as the
European Union in integrating
member economies but does build on
existing free trade arrangements.
The deal has powerful symbolic
ramifications, showing that nearly four
years after Trump launched his
"America First" policy of forging trade
The Premier Bank Ltd has recently inaugurated Mirzapur Branch at Mirzapur Bazar, Tangail to
provide financial services to all. (Thandu Market, 1st floor, Kakoli Mor, Mirzapur Bazar,
Tangail).Additional Managing Director of the bank Md. Abdul Jabber Chowdhury inaugurated
the ceremony by cutting ribbon and was present as Chief Guest. Salma Akter, Paura Mayor,
Mirzapur, Tangail was present as special guest. Clients, well-wishers and dignitaries also
attended the local functions.
Photo: Courtesy
Easy Build, a retail chain shop of building materials of RFL Group, has opened its outlet at
Savar.
Photo: Courtesy
S.Africa jobless rate hits 12-year
high as more seek work
unemployed rose by 2.2 million in the
third quarter over the April-June
period, bringing the total to 6.5 million.
Young people were particularly badly
hit.
Unemployment rate increased by
nine percentage points among people
aged 15-24, who accounted for nearly
two-thirds of the jobless surge.
StatsSA said much of the increase in
numbers was for technical reasons
linked to the easing of coronavirus
restrictions.
Millions of people too discouraged to
even look for work during the country's
mobility restrictions were not officially
recorded as unemployed but instead
defined as "not economically active".
This pent-up number thus added to
the jobless figures when the restrictions
were relaxed in the third quarter and
they were able to register as
unemployed.
deals with individual countries, Asia
remains committed to multi-nation
efforts toward freer trade that are seen
as a formula for future prosperity.
Ahead of Sunday's RCEP "special
summit" meeting, Japanese Prime
Minister Yoshihide Suga said he would
firmly convey his government's
support for "broadening a free and fair
economic zone, including a possibility
of India's future return to the deal, and
hope to gain support from the other
countries."
The accord is also a coup for China,
by far the biggest market in the region
with more than 1.3 billion people,
allowing Beijing to cast itself as a
"champion of globalization and
multilateral cooperation" and giving it
greater influence over rules governing
regional trade, Gareth Leather, senior
Asian economist for Capital
Economics, said in a report.
China's official Xinhua News Agency
quoted Premier Li Keqiang hailing the
agreement as a victory against
protectionism, in remarks delivered via
a video link.
Easy Build
opens outlet
at Savar
Easy Build, a retail chain shop of
building materials of RFL Group,
has opened its outlet at Savar.
Around 4,000 building materials
including construction, electrical,
safety and security products will be
available at the outlet. Moreover, the
Easy Build outlet will provide
complete building solutions and
guidelines to the customers. Not
only that, if any customer wants,
Easy Build will build complete
building under its supervision as per
consumer requirement, a press
release said.
RN Paul, Managing Director of
RFL Group, opened the outlet
located at Savar DOHS recently.
Engr. Manik Sarkar, In-charge of
Easy Build, Amdadul Islam, Senior
Brand Manager, Brig Gen (Retd)
SM Farhad, President of Savar
DOHS Parishad, Lt. Col Moazzem
Hossain, Secretary of Savar DOHS
Parishad and high officials of Easy
Build were present at the program.
Recently A webinar held on virtual platform on "Settlement of Letters of Credit Related
International Trade Disputes through ADR" was organized jointly by Bangladesh International
Arbitration Centre (BIAC), the first registered Alternative Dispute Resolution (ADR) institution
of Bangladesh and Dhaka Chamber of Commerce & Industry (DCCI), a partner of BIAC and the
largest business chamber in Bangladesh.
Photo: Courtesy
BIAC, DCCI have organized a webinar
Recently A webinar held on
virtual platform on
"Settlement of Letters of
Credit Related International
Trade Disputes through
ADR" was organized jointly
by Bangladesh International
Arbitration Centre (BIAC),
the first registered
Alternative Dispute
Resolution (ADR) institution
of Bangladesh and Dhaka
Chamber of Commerce &
Industry (DCCI), a partner of
BIAC and the largest
business chamber in
Bangladesh, a press release
said.
Participating in the
webinar experts stressed
specifically on the issues and
challenges of resolution of
international trade disputes
arising out of Letters of Credit
(LC) through use of
Alternative Dispute
Resolution (ADR) methods
in Bangladesh, especially in
the wake of the spread of
COVID-19 pandemic
worldwide, which has
created an unprecedented
challenge in our economic
life. Through the webinar
experts explained as to how
ADR can help resolve
disputes between the parties
contracting under LC in
international trade deals.
With ADR institutions like
BIAC in Bangladesh and
other institutions existing in
the region, the webinar was
aimed at suggesting greater
transparency on how the
ADR processes including
arbitration and mediation
work and how they can
provide relatively
inexpensive and quick access
to the resolution of disputes
arising out of LC, particularly
in the developing nations.
President of DCCI Shams
Mahmud and Managing
Director, Shasha Denim Ltd.
& Shasha Garments Ltd. in
his Welcome Address
maintained that to mitigate
risk profile of businesses
institutional ADR processes
including arbitration and
mediation can be of immense
help especially in LC related
international trade disputes.
He emphasied the
importance of Letters of
Credit in businesses in
developing national trade
competency. He lauded
BIAC's role as a trend setter
and pioneer in bringing
businesses, banks, ADR
facilitators and the
Government agencies
together in order to
institutionalise best practices
of ADR in Bangladesh.
In his Closing Address
Chief Executive Officer BIAC
Muhammad A. (Rumee) Ali
said that BIAC, as the only
licenced ADR centre of
Bangladesh, has arbitration,
mediation and other
methods of ADR in their
agenda and he emphasised
further cooperation with
DCCI to help resolve
commercial disputes in both
domestic and international
trade. He urged upon
business leaders, lawyers,
mediators and exponents of
ADR to come forward and
join BIAC's efforts in quick
and cost effective
dispensation of business
disputes for the greater
interest of the country. He
stressed the need of provision
of an ADR clause in
commercial contracts and
synchronising LC with Pro
Forma Invoice so that
interests of banks and parties
are well protected.
An expert Panel of
Speakers comprising
eminent business leaders,
bankers, lawyers and ADR
specialists from home and
abroad addressed issues and
impacts of the challenges of
LC related international
trade disputes and the way
forward through the
application of ADR
mechanism in this regard.
Business leaders, experts
from the legal fraternity,
corporate houses,
academicians, Arbitrators,
Mediators and ADR
specialists of high eminence
GD-1523/20 (10 x 3)
from home and abroad
participated in the largely
attended webinar through
Zoom transmission. The
webinar was moderated by
Barrister Shafayat Ullah,
Head of Group Legal Affairs,
Mutual Trust Bank Ltd.
Vincent O'Brien, Director,
International Chamber of
Commerce-UAE and
Member, Executive Board,
ICC Banking Commission,
Paris joined the webinar as a
Panellist. He expressed
satisfaction over BIAC's
contribution and continuous
efforts in facilitating ADR
norms. He said that
Bangladesh has the highest
level of practicing ICC Rules
in settling LC related
international cross border
trade disputes. He opined
that to businesses 'time is
money' and to save both time
and money ADR can be the
best practice to resolve such
disputes.
Taking part in the
discussion Md. Ahsan-uz
Zaman, Managing Director &
CEO, Midland Bank Limited
narrated his experience of a
banker and emphasised
incorporation of ADR clause
in both local and
international LC. He stressed
on the need of creating
awareness about ADR and
favoured new guidelines for
resolution of cross border
trade disputes in order to do
away with discrepancies in
LC.
Barrister Sameer Sattar,
Advocate, Supreme Court of
Bangladesh and Former
Director, DCCI viewed the
issue from a lawyer's
perspective and shared his
experience.