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Arab-British Summit Highlights Youth as Key Driver of Regional Economies

Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
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Arab-British Summit Highlights Youth as Key Driver of Regional Economies

Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)

The Arab British Economic Summit 2019 (ABES 2019), which kickstarted in London on Wednesday, witnessed the participation of dozens of representatives of major financial institutions, investors and statesmen who came together to explore means of bolstering trade ties and encouraging investment in youth, infrastructure, and renewable energy.

Speakers focused on the importance of investing in the stock of human capital present in the Middle East and North Africa and promoting Arab-British cooperation in energy, education, health, and infrastructure.

The repercussions of Britain's exit from the European Union, named Brexit, dominated official and sideline meetings held at the event. Nevertheless, Brexit was reviewed positively by attending investors who saw the split as an opportunity to push forward economic relations between the two sides.

Elizabeth Symons, Baroness Symons of Vernham Dean, considered the energy, education and health sectors as great sectors offering broad opportunities for cooperation between the UK and Arab countries.

In a statement to Asharq Al-Awsat, lady Symons noted that one of the main sectors in which Britain is distinguished and seeks to enhance cooperation with the region is renewable energy, especially the means of generating them.

She added that the education sector is another prominent area for cooperation anchored in the exchange of knowledge and qualifying youth for modern-day jobs that are heavily reliant on information technology.

She added that the discussions between the participants on the sidelines of the economic summit focused on the funding that may be obtained by investors from the Middle East and North Africa in Britain.

Chairman of the Council of Saudi Chambers (CSC) Sami bin Abdullah Al-Obaidi, for his part, reiterated the need for exerting more efforts on all levels, including both business and government. This is set to maximize trade exchange, strengthen economic partnership, and build joint projects in various producing and industrial sectors.

According to Obaidi, services sectors are also slated to reap the benefits of outcomes achieved in future-held summits, forums, and conferences.

The Saudi official underlined that economic integration between Saudi Arabia and Britain is not new, but dates back years.

“British companies will be one of our best partners in the mega projects of Kingdom Vision 2030,” Obaidi was cited as on the sidelines of ABES, adding that will be achieved through the exchange of experience and advanced entrepreneurship.

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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT

China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession.

Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the US dollar up slightly and lifted equity markets in Hong Kong and Japan.

“As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank.

But, he cautioned: "It’s clear that neither the US nor China want to be the first in reaching out for a deal."

China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs.

The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship.

A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach.

The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of US tariffs on investment and the operation of foreign firms in the country.

"The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said.

Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide.

The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear.

The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off US exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing.

The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response.

"Many of our member companies are significantly impacted by the tariffs on critical components imported from the US," President Jens Eskelund said.

A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines.

Huatai Securities said the list corresponded to $45 billion worth of imports to China last year.

China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities".