Fail to Reach Consensus on Plastic Treaty, BRICS Summit and Tariffs
Over 100 Countries Fail to Reach Consensus on Plastic Treaty as Talks in Busan Conclude
Based on the information provided from the scrape, the summary of the article indicates that over 100 countries failed to reach an agreement in UN plastic talks, where many nations aimed to cap plastic production while some oil-producing countries wanted to focus solely on reducing plastic waste. The meeting in Busan, South Korea, was intended to produce a legally binding global treaty but ended with postponed decisions and the need for further talks. Divisive issues such as capping plastic production, managing plastic products and chemicals of concern, and financing for developing countries remained unresolved. The postponement reflects the complexity of addressing plastic pollution on a global scale and the urgency to reconvene in the future.
Highlights:
- Over 100 countries failed to reach an agreement on capping plastic production in UN plastic talks.
- Divisive issues such as managing plastic products and financing for developing countries remained unresolved.
- The meeting in Busan, South Korea, intended to produce a legally binding global treaty but ended with postponed decisions.
- The postponement underlines the complexity of addressing plastic pollution on a global scale and the urgency to reconvene in future talks.
VTB CEO Describes BRICS Summit as Defiant Message to the West
Based on the information you provided from the scrape, the article discusses the statements made by Andrei Kostin, the CEO of Russia’s VTB, regarding the BRICS summit held in Kazan in October. Kostin mentioned that the summit, attended by 23 leaders, was a strong message to Western nations that imposed sanctions on Russia, referring to it as a “slap in the face” to the Americans. He highlighted the support for Russian initiatives and a rejection of U.S. policies, emphasizing that Western sanctions had little impact as Russia had partnerships with numerous countries like China, India, and Turkey. Kostin expressed that the summit was beneficial for Russia, and he emphasized the importance of sustaining momentum.
Highlights:
- Andrei Kostin, the CEO of Russia’s VTB, described the BRICS summit as a direct challenge to Western nations.
- The summit in Kazan, attended by 23 leaders, showcased support for Russian initiatives and a rejection of U.S. policies.
- Kostin stated that Western sanctions on Russia did not significantly affect the country due to strong partnerships with countries like China, India, and Turkey.
- The CEO emphasized the positive impact of the BRICS summit for Russia and stressed the need to continue advancing in the future.
Malaysia Warns Chinese Firms Against Using Country as Tariff Dodge
Malaysia has advised Chinese companies against using the country as a base to circumvent U.S. tariffs by “rebadging” products, as mentioned by its deputy trade minister amid growing export constraints and fears of a potential U.S.-China trade conflict. With Washington likely to tighten export restrictions on Chinese semiconductor toolmakers and specific chipmaking equipment, including those made in Malaysia, Singapore, and Taiwan, Malaysia has cautioned against investing in the country solely for tariff avoidance purposes. Emphasizing Malaysia’s significance in the semiconductor industry, accounting for a substantial portion of global testing and packaging, the deputy trade minister stressed the risks associated with expecting Malaysia to serve as a tariff workaround for Chinese firms.
Highlights:
- Malaysia urges Chinese companies to refrain from using it as a base for “rebadging” products to evade U.S. tariffs.
- Concerns arise over potential U.S. export restrictions on Chinese semiconductor toolmakers and chipmaking equipment from Malaysia, Singapore, and Taiwan.
- Malaysia facilitates a significant portion of global testing and packaging in the semiconductor industry.
- The deputy trade minister advises Chinese businesses against investing in Malaysia solely for tariff evasion purposes and warns about the likelihood of U.S. tariffs irrespective of the political administration in power.
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