The U.S. will announce today whether it will investigate allegations that Mexico unfairly subsidized its sugar exports, a step that may lead to penalties on trade that was valued at $1.1 billion last year.
Bank of East Asia Ltd. said it has signed an agreement with Shanghai Shengpay e-payment Service Co. to provide cross-border electronic payment services. * Bank of East Asia to become first foreign bank to provide cross-border electronic renminbi payment services in Shanghai’s pilot free-trade zone, the company said in a press release today * the pact will enable Bank of East Asia to further develop its international trade payment and cross-border RMB settlement business * China’s banking regulator also recently approved the bank’s Shanghai free-trade zone sub-branch to conduct personal banking business, the release said.
Australian Prime Minister Tony Abbott, having called Japan his country’s closest friend in Asia, will seek this week to overcome Chinese unease about his loyalties in a region beset by territorial tensions.
Singapore is encouraging companies to expand in China to tap rising consumption in the world’s second-largest economy as President Xi Jinping sustains efforts to reduce his country’s reliance on investment and exports.
Australia’s bid to reach a trade deal with Japan during Prime Minister Tony Abbott’s North Asia visit next week is being jeopardized by a disagreement over agricultural and car tariffs, Trade Minister Andrew Robb said.