Connect with us

News

Africa seeks ways to make international trade cheaper, faster and easier

Published

on

Complex, time-consuming and inefficient import and export procedures are a major barrier to trade and hamper development, especially for low and middle-income countries.

In response, African countries seeking to make interregional and international trade in goods and services cheaper, quicker and more straightforward will gather for the First African Forum for National Trade Facilitation Committees in Addis Ababa, Ethiopia, on 27–29 November.

The landmark event, organized by UNCTAD and seven partner organizations including UNECE, comes as Africa scales up its trade-easing efforts after the World Trade Organization’s Trade Facilitation Agreement entered into force in February 2017 and as they prepare to implement the Africa Continental Free Trade Agreement signed in March 2018.

A central tenet of the Trade Facilitation Agreement is the obligation of each country to set up a National Trade Facilitation Committee (NTFC) with both public and private sector stakeholders to facilitate both domestic coordination and implementation of the provisions of this agreement.

With well-functioning NTFCs, countries will be able to make trade, easier, faster and cheaper. For developing countries, and especially least developed countries – the majority of which are in sub-Saharan Africa – implementation of the Trade Facilitation Agreement could lead to a reduction in trade costs of up to 15%.

“The Centre for Trade Facilitation and Electronic Business (UN/CEFACT), hosted at UNECE, has been a pioneer of trade facilitation. For many decades, it has been developing policy recommendations, standards and guidelines, including for the establishment and operation of trade facilitation bodies. UNECE stands ready to join forces with international partners to support countries’ efforts for effective integration in the international trading system”, highlighted UNECE Executive Secretary Olga Algayerova.

The recommendations and guidelines developed by UN/CEFACT are a key reference for advisory services to NTFCs in the African region provided by partner organisations, like UNCTAD and ITC. UNECE has also joined UNCTAD and other partners in training NTFCs and assisting them in the development of National Trade Facilitation Roadmaps. This has been the case for Benin, Gabon, Cameroon, and Sudan.

Furthermore, UNECE has supported Morocco, Nigeria, Mozambique and Senegal for the establishment and operation of their Single Windows and Port Community Systems, with real impact in terms of time and money saved. For example, thanks to Senegal’s Single Window system, the time associated with the custom clearance process has been cut by 50%, from an average of 18 to just 9 days. In the first three years of the system’s mandatory use in the country, customs’ revenue collection increased from USD 625 million to more than USD 1 billion.

Correctly implemented trade facilitation measures not only boost trade but also improve revenue collection, safety and security compliance controls (for example, improving food safety) and can help to streamline government agencies.

Such reforms help small traders, often women, enter the formal sector, make economic activities more transparent and accountable, promote good governance, generate better quality employment, strengthen information technology capabilities and generally modernize societies by bringing about benefits related to administrative efficiency. Trade facilitation reforms are also positive steps towards human, enterprise and institutional development.

For these benefits to be realized it is essential that the Trade Facilitation Agreement is implemented as foreseen. According to the WTO, the rate of implemented commitments under the agreement as of October 2018 stood at 60% – but broken down by level of development a new picture emerges, with developed countries having achieved 100% of commitments, developing countries having achieved 60% of commitments and least developed countries just 22% of commitments.

The Forum is the result of close collaboration between multilateral and international organizations and is supported by several bilateral donors. The alliance showcases the collaborative effort of these institutions and donors to assist in moving forward opportunities for developing and least developed countries to integrate in globalized trade.

Topics covered during the three-day event include the role of the African regional organizations, the role of NTFCs in the implementation of trade facilitation provisions in the AfCFTA, paperless initiatives at entry points, the involvement of the private sector in NTFCs, how to coordinate border agencies, and the role of transit corridors. There will also be sessions on the gender dimension in cross-border trade, and the application of digital technologies in future modes of trading.

The forum is co-organized by:

  • UNCTAD
  • United Nations Economic Commission for Africa
  • United Nations Economic Commission for Europe / Centre for Trade Facilitation and Electronic Business
  • International Trade Centre
  • World Bank Group
  • World Trade Organization
  • World Customs Organization
  • Global Alliance for Trade Facilitation

Continue Reading
Comments

Tech News

Deloitte Acquires Industrial Cybersecurity Business aeCyberSolutions from aeSolutions

Published

on

Deloitte Risk & Financial Advisory announced today its acquisition of the industrial cybersecurity business (aeCyberSolutions) from Greenville, S.C.-based Applied Engineering Solutions, Inc. (aeSolutions). The deal will bolster Deloitte’s existing cybersecurity offerings with the aeCyberSolutions business’ well-tested frameworks, methodologies and technology-enabled tools for industrial control systems / operational technology (ICS/OT) security. The deal will also bring aeCyberSolutions’ professionals, who have deep experience in industrial sector standards development and risk advisory services.

“Cyberattacks on industrial controls systems for critical infrastructure are increasingly sophisticated and far-reaching, making cyber resilience and regulatory compliance more important than ever,” said Wendy Frank, Deloitte Risk & Financial Advisory Cyber 5G and IoT leader and principal, Deloitte & Touche LLP. “As industrial organizations digitally transform to adopt more emerging technologies like 5G, the Internet of Things, machine learning and artificial intelligence, our acquisition of the aeCyberSolutions business helps us to offer leading-edge ICS/OT technologies and related advisory services.”

“Knowing our clients’ needs are only expanding, we’re aggressively growing our cyber practice to meet that need, aiming to bring innovative solutions as well as top industry executives with deep experience to help our clients achieve enhanced cyber resilience,” said Deborah Golden, Deloitte Risk & Financial Advisory Cyber and Strategic Risk leader and principal, Deloitte & Touche LLP. “Acquiring the aeCyberSolutions business’ highly certified, credentialed and experienced security professionals and tech-enabled solutions allows us to hyperscale our offerings to help clients advance their cybersecurity programs for the industrial sector and beyond.”

John Cusimano, vice president of industrial cybersecurity for aeSolutions and incoming Deloitte Risk & Financial Advisory managing director, Deloitte & Touche LLP, added, “Since 2014, our cyber services and solutions have helped industrial sector organizations meet their most pressing ICS/OT cybersecurity needs by providing corporate and plant-level assessments, remediation recommendations, program frameworks, and training. Joining Deloitte will enable us to scale the depth and breadth of our services, increasing our ability to help clients build more trustworthy, resilient and secure environments.”

aeSolutions’ remaining businesses – including its engineering business unit – were not part of the transaction.

Deloitte offers cyber services and solutions across the majority of government/public sector and commercial industries, including industrial sector organizations such as those in oil and gas, chemicals and agricultural chemicals, industrial gases, pulp and paper, and manufacturing.

The addition of the aeCyberSolutions business marks Deloitte’s fifth cyber acquisition in 2021, demonstrating its commitment to aggressively expanding offerings and deepening capabilities that help clients address a broad range of cyber challenges. Earlier Deloitte cyber acquisitions this year included the assets of cyber threat hunting provider Root9B, LLC (R9B), cloud security posture management (CSPM) provider CloudQuest, Inc., digital risk protection company, Terbium Labs and Zero Trust network access (ZTNA) provider TransientX.

Continue Reading

Finance

The various ways you can buy gold

Published

on

Gold is usually valued as a commodity, currency, and investment for many years. This is why it’s still popular nowadays among investors because you can use gold as a hedge against inflation, currency devaluation, or deflation.

And, because of its ability to give you financial protection during times of economic uncertainty, it can be a good idea to invest in physical gold. Keep in mind that the gold market can be quite liquid and there are various ways in which you can gain exposure to gold including gold bars and coins. This page discusses the various ways you can buy gold.

Physical gold

Physical gold can offer you a direct exposure to gold. When gold is in bulk form, it’s called a bullion, and it can be minted into gold coins or cast into bars. The value of a gold bullion is usually based on its purity and mass rather than the monetary face value. Remember that if gold coins are issued with the monetary face value, the market value still depends on its fine gold content.

You can purchase physical gold from private mints, government mints, jewelers, and precious metal dealers. Because different gold sellers can give the same gold at different prices, it’s crucial for you to do research so that you can find the ideal deal. When you buy physical gold, you need to pay the full price.

Physical gold ownership can involve several costs like the insurance costs, storage costs, transaction fees, and markups related to purchasing and selling the commodity. Also, there can sometimes come with the processing fees as well as a small lot fees, especially if you are making small purchases. Collectively these costs cannot be that significant to affect you when you decide to invest a small portion of your portfolio in gold, but they can also be overwhelming if you want to have a large exposure. Check https://goldtrends.net/gold-ira-companies/ before you invest in gold.

Gold EFTs

EFTs are not like physical gold because you can buy them like shares on any stock exchange. The good thing about EFTs is that it allows you to get access to gold and you can avoid some costs like storage costs, markups, and many more. However, you should expect that you can lose a certain percentage of your investment’s value to the expense ratio of the fund. An expense ratio refers to the recurring annual fee that is charged to the funds to pay for administrative costs and management expenses. As a result, it’s always a good idea to weigh your options when it comes to choosing gold EFTs or having a gold IRA.

It’s also important to note that you need to pay a commission when you decide to purchase and sell an EFT. Many online commissions are usually affordable, but they can always add up if you happen to be an active trader. Besides, most brokers usually charge a high commission, especially for broker-assisted trades, special order types, and automated phone orders. To address the cost concerns that come with EFTs, some brokers are now giving commission-free online trading for some type of EFTs.

Continue Reading

Finance

How to ensure your Canadian public documents will be recognized in the EU?

Published

on

If you are moving to the EU for work or educational purposes, or you want to live there for a long time and you plan on using your Canadian public documents in different countries throughout the European Union, you must first go through a process so these documents are recognized in the EU. In Canada, this process is called Document Authentication and Legalization, however, others call it Attestation. Before going abroad, you might consider asking a professional company that handles document authentication Canada to help you out with the requirements needed, especially if time isn’t on your side.

Although you can organize the legalization of your documents yourself, if this is your first time authorizing these documents, it might take up a lot of your time and energy. Reputable agents can help speed up the process, so you can get on with the rest of your tasks before your travel to the EU.

What Business Documents do you need to Have Legalized Before entering the EU?

If you want to get your documents authenticated in Canada, you have to get the Department of Foreign Trade and International Affairs to stamp each document. If you are traveling to the EU for business, you might need to get the following documents authenticated:

  • Certificate of export
  • Shipping Document
  • Corporate documents that can be used while in the EU
  • Commercial invoice
  • Certificate of free sale
  • Pharmaceutical certificate
  • Distributorship Agreements

If you travel to the EU without these documents in order, you might find it difficult to carry out the work you had planned. Expect the European Union authorities to inspect these documents thoroughly. If you decide to go it alone instead of hiring an agent to help you out, make sure that you have plenty of time because a lot of these documents can take a long time to get legalized.

Personal Documentation

Although you won’t need these documents if you want to travel to the EU, if you plan on staying there for an extended period, you might need them at some stage. For these files to be recognized throughout the EU, you will need them authenticated. Here are a few examples of the documents you will want to get authorized before you hop on the plane:

If you arrive in the EU without this documentation authenticated, trying to get them recognized in the EU won’t be easy. To make sure your time in the EU goes smoothly, you should make sure that everything is finalized in Canada first.

Travelling to the EU during the Pandemic

Since the outbreak of Covid-19, a lot of areas around Europe have enforced quarantines on those entering from Canada. Each country has its own rules, so before you jet off, find out what the current situation is like. These Covid-19 regulations normally depend on the current situation in Canada, and most embassies will post details on their official website. If you can’t see them on their website, consider making direct contact with the embassy’s officials. Keep in mind that these rules are subject to change, so you should find out the details before you travel.

If you are fully vaccinated, you should have no problems getting into most countries throughout the EU. However, the EU doesn’t recognize every vaccine, even some that are approved by the WHO.

Most of the European countries are accepting fully vaccinated Canadians, but they will ask to see your proof of vaccination. Make sure you bring your travel health certificates with you, as they will show the dates when you received your first and last vaccination. If you haven’t received your vaccinations, then you might be allowed to enter without going into quarantine if you have already had the virus, as long as you have your PCR test completed.

What is the Visa situation for Canadian’s wanting to go to Europe?

At the moment, as long as you have your Covid-19 documents prepared and a valid Canadian passport with at least three blank pages, Canadians should have no issues entering the EU. However, this is going to change in the near future. From the beginning of 2023, Canadians who wish to go on a vacation or plan on working in the EU will have to apply for a travel pass. If you want to enter all the countries in the Schengen Area, you will need to apply for this travel pass online first. This pass is known as the European Travel Information and Authorization System (ETIAS). This electronic scheme was made so the EU can keep track of those travelling around the EU. Canada already has a similar system in place known as the Canadian Electronic Travel Authorization.

You must apply for this before your travel to the EU, but until then, you can still enter with a valid passport. A lot of folks misunderstood the new process and thought it was going to start in early 2021, but the EU released a press release to explain that the changes will be enforced in 2023. However, this isn’t a visa that grants people access to the EU.

What is the Legalization of a Document?

Authentication or legalization of a document that is issued in Canada is a process that will verify, prove, and confirm the genuineness of the position of an official. Each document needs to be stamped by authorized people to allow for it to be recognized throughout the EU.

A lot of the time, the process is theoretically easy. You must submit the documents to get Global Affairs Canada. Every single document must get an official stamp if they are to be recognized. Once they are all stamped, you might have to submit them to the country’s embassy in Canada on where you are planning on going to in the EU so they can be legalized.

Conclusion

Although the process sounds easy, if you are an individual company wanting to do business in the EU, the process can cause a lot of stress. Trying to source the correct documentation and other paperwork might prove to be a lot more challenging than you initially thought. If you have invested heavily, and you are desperate to get to the EU as soon as possible, the process might take a lot longer if you plan on doing it all yourself.

There are plenty of agents out there that can help you through the entire process. They will review your documents before you hand them over to Global Affairs and the embassy, and they will be able to give you expert advice on the process. Experienced agents will understand the current requirements that the Global Affairs officials are looking for. Without having these documents organized before your trip who will struggle to do business in the EU. If you do business without having the paperwork on hand, you could find yourself in trouble with authorities in the EU, which will reflect badly on your business the next time you plan on working inside the European Union.

Continue Reading

Publications

Latest

Tech News2 hours ago

Deloitte Acquires Industrial Cybersecurity Business aeCyberSolutions from aeSolutions

Deloitte Risk & Financial Advisory announced today its acquisition of the industrial cybersecurity business (aeCyberSolutions) from Greenville, S.C.-based Applied Engineering...

New Social Compact4 hours ago

Violence in schools leads to $11 trillion in lost lifetime earnings

 A new report from the World Bank and the End Violence Partnership / Safe to Learn Global Initiative shows that...

Reports7 hours ago

Case Study on Data Markets in India and Japan Show What Is Possible

The World Economic Forum’s Data for Common Purpose Initiative (DCPI) completed the first stage of two case studies demonstrating how...

South Asia9 hours ago

Turkey’s role in Afghanistan

North Atlantic Treaty Organization (NATO) on Thursday launched a training program in Turkey for Afghan military personnel. This is the...

Eastern Europe12 hours ago

Ukraine’s Chance for Rational Behaviour

From the point of view of international politics, the most important thing in the recently-published article by the President of...

South Asia14 hours ago

North-East India Towards Peace and Prosperity: Bangladesh Paves the Way

Bangladesh has always been one of the brightest examples of religious harmony and peace. “secularism” is not only a word...

Defense16 hours ago

Russia in Libya and the Mediterranean

There are several myths about Soviet/Russian involvement in Libya in particular and the Mediterranean in general. Unfortunately, such “political stories”...

Trending