Trade and investment ministers of the world’s 20 largest industrialised nations are taking steps to mitigate the impact of the coronavirus pandemic on global logistics operations as they continue to monitor and assess its impact on international trade.
“We will ensure smooth and continued operation of the logistics networks that serve as the backbone of global supply chains,” G20 ministers said in a joint statement late on Monday. “We will explore ways for logistics networks via air, sea and land freight to remain open, as well as ways to facilitate essential movement of health personnel and business people across borders, without undermining the efforts to prevent the spread of the virus.”
The group of 20 largest economies in the world is “actively working” to ensure the continued flow of vital medical supplies and equipment, critical agricultural products, and other essential goods and services across borders to fight the pandemic, the ministerial statement said.
The G20, the ministers said, is prioritising the accessibility of essential medical supplies to healthcare workers and pharmaceuticals to hospitals and patients at affordable prices and on an equitable basis where they are most needed.
The bloc is encouraging increased production through “incentives and targeted investment and … will guard against profiteering and unjustified price increases”, the group said.
The call for action by trade and investment ministers follows the G20 leaders' meeting on March 26 in which they presented a united front and committed to inject $5 trillion (Dh18.4tn) into the world economy to counter damage from the pandemic. King Salman of Saudi Arabia chaired the video conference, which assessed the steps that could be taken to tackle the effects of the outbreak. Saudi Arabia currently holds rotating presidency of the G20.
In a note on Tuesday, IMF's managing director Kristalina Georgieva thanked Saudi Arabia for calling this extraordinary meeting.
“We welcome the decisive actions many of you have taken to shield people and the economy from Covid-19, that led to a decline in volatility in major financial markets in recent days," Ms Georgieva said.
“Our forecast of a recovery next year hinges on how we manage to contain the virus and reduce the level of uncertainty. Thus, we support an ambitious G20 action plan to strengthen the capacity of health systems to cope with the epidemic; to stabilise the world economy through timely, targeted and coordinated measures; and to pave the way towards recovery."
The coronavirus pandemic is set to push the global economy into recession this year and the International Monetary Fund expects a recovery only next year. International trade has taken a hammering and travel and tourism have come to a grinding halt as countries in Europe, Asia and North America enforce strict lockdowns to stem the spread of the virus. Some 75 million jobs in the tourism sector alone are at risk, according to the latest estimate by the World Travel and Tourism Council.
A halt in economic activity in major economies could also lead to widespread lay-offs. The US unemployment rate is expected to rise from 50-year low to anywhere between 10 and 40 per cent as the world’s largest economy remains shut to curtail the spread of the coronavirus, James Bullard, president of the St Louis Federal Reserve, said on Monday.
Global foreign direct investment is also expected to fall by as much as by 30 to 40 per cent during 2020-21 due to restrictions on movement, the United Nations Conference on Trade and Development said in a report earlier this month. The UN on Monday called for an economic stimulus package of $2.5tn to ease the economic pain of developing countries.
The novel coronavirus has so far infected more than 787,000 people and resulted in a death toll of more than 37,500 globally. More than 166,000 people have also recovered, according to Johns Hopkins University, which is tracking global coronavirus spread.
“The pandemic is a global challenge and requires a coordinated global response,” trade and investment ministers said.
“We are concerned about the impact of Covid-19 on vulnerable developing and least developed countries, and notably in Africa and small island states,” they said, adding the group will “ensure our collective response is supportive of micro, small and medium-sized enterprises, and recognise the importance of strengthening international investment”.
Yuki Means Happiness
Alison Jean Lester
John Murray
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
UAE currency: the story behind the money in your pockets
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Mohammed bin Zayed Majlis
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
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360Vuz PROFILE
Date started: January 2017
Founder: Khaled Zaatarah
Based: Dubai and Los Angeles
Sector: Technology
Size: 21 employees
Funding: $7 million
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Killing of Qassem Suleimani
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE currency: the story behind the money in your pockets
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
KILLING OF QASSEM SULEIMANI
Killing of Qassem Suleimani
Killing of Qassem Suleimani
