Panama will not renew its participation in China’s Belt and Road Initiative (BRI), President José Raúl Mulino announced after a meeting with US Secretary of State Marco Rubio. The decision makes Panama the first Latin American country to withdraw from the global infrastructure initiative. 

A broad agreement between Panama and China to contribute to China's Belt and Road initiative, under which the Asian country expanded investment in Panama during previous administrations, will not be renewed, Mulino said as per a Reuters report. 

Mulino stated that the agreement is set for renewal in the next one to two years, and his government will evaluate the possibility of terminating it earlier. "We'll study the possibility of terminating it early," he said. Panama initially joined the initiative in 2017 under a previous administration. "I do not feel that there is any real threat at this time against the (neutrality) treaty, its validity, and much less the use of military force to make the treaty," Mulino said, adding that it will be important to have face-to-face talks with Trump. 

The BRI, launched by China in 2013, has served as a key mechanism for Beijing to extend its global economic influence by financing infrastructure projects in various countries. Panama joined the initiative in 2017 during the administration of former President Juan Carlos Varela, securing increased Chinese investments in infrastructure..

Source: The Economic Times

SOUTH Korea’s export grew for the 12th straight month due to strong demand for locally-made semiconductors and automobiles, government data

showed Tuesday.

Export, which accounts for about half of the export-driven economy, gained 7.5 per cent from a year earlier to US$58.77 billion in September, continuing to increase since October last year, according to the Ministry of Trade, Industry and Energy.

Import rose 2.2 per cent over the year to $52.12 billion in September, sending the trade surplus to $6.65 billion. The trade balance stayed in black

for the 16th consecutive month since June last year. Of the country’s 15 major

export items, six products saw an expansion in outbound shipment.

Semiconductor export advanced 37.1 per cent over the year to $13.62 billion in September, keeping an upward trend for the 11th successive month.

The double-digit growth was attributed to chip demand relevant to artificial intelligence, higher memory chip prices, and the launch of new smartphones.

Mobile device shipment jumped 19.0 per cent to $1.92 billion thanks to the global smartphone market recovery, while computer export more than doubled to $1.51 billion on a continued demand for solid state drive (SSD).

Display panel export shrank 4.3 per cent to $1.73 billion last month, keeping a downward trend for the second straight month.

Automotive shipment mounted 4.9 per cent to $5.48 billion in August, rebounding in four months on the back of robust demand for hybrid electric vehicle. — Xinhua

AS the predicament in Germany’s auto giant Volkswagen (VW) unfolds, several jobs are on the line. Stakeholders from various sectors are collaborating to prevent a crisis in the automotive industry, particularly concerning VW.

Earlier this week, German Economics Minister Robert Habeck convened a “car summit” to discuss the headwinds facing the country’s auto industry with representatives of the German Association of the Automotive Industry, workers’ union IG Metall and leading carmakers such as VW, BMW and MercedesBenz. The summit aimed to find common ground to navigate the industry challenges.

The summit failed to yield an immediate solution, but Habeck was quoted by local media as saying that the government would devise concrete measures to tackle the current crisis. Some analysts said this puts the German auto industry at a “make or break” moment. — Xinhua