STANDPOINT by Atique Naqvi

  In 2023, more countries such as the UAE and Iran joined the BRICS group. BRICS Key to Arab Trade Diversification Strategy By Syed Atique Hussain Naqvi, Toronto, Canada  As global business and economic dynamics constantly evolve, countries are increasingly diversifying their trade relations to protect their interests. The Arab world is no exception. Economic powerhouses like Saudi Arabia and the United Arab Emirates (UAE) have been expanding their strategic business partnerships with major economies such as China, Russia, and India, while maintaining strong ties with traditional partners like the European Union, the United States, and other nations in the Americas. The leadership in these Arab nations envisions rapid economic growth over the next 10 to 20 years, which will require additional partners to drive foreign investment and trade. This forward-looking approach is evident in the UAE’s recent involvement with BRICS. During a visit to Russia for the BRICS Summit in Kazan...

No business sector would remain immune from the effects of COVID19 or Coronavirus IMF to open its US$1 trillion-vault for emerging economies as investors withdraw US$83 billion from low-income countries By Atique Naqvi The International Monetary Fund is expecting negative global economic growth in 2020 and the organization is ready to deploy US$1 trillion – its full lending capacity – in countries that are seeking financial assistance owing to COVID19. Investors have already removed US$83 billion from low-income and emerging economies since the beginning of COVID19 or Coronavirus outbreak, according to the IMF. Following a conference call with G20 Finance Ministers and Central Bank Governors, IMF’s Managing Director Kristalina Georgieva said: “The human costs of the Coronavirus pandemic are already immeasurable and all countries need to work together to protect people and limit the economic damage. This is a moment for solidarity, which was a major theme of the meeting...

Coronavirus has affected people across the world and the virus has spread quickly. The impact of coronavirus, COVID-19, on global economy would be relatively minor and short-lived as the Chinese economy would return to normal in the second quarter of 2020, said the managing director of International Monetary Fund in Saudi Arabia's capital  city Riyadh. IMF's Kristalina Georgieva made a statement at the G20 Finance Ministers and Central Bank Governors meeting. “While the impact of the epidemic continues to unfold, the World Health Organization’s assessment is that with strong and coordinated measures, the spread of the coronavirus in China and globally can yet be contained and the human tragedy arrested. We are still learning about how this complex virus spreads and the uncertainties are too great to permit reliable forecasting. Many scenarios can play out, depending on how quickly the virus is contained and how fast the Chinese and other affected economies return to n...