As reported by Hong Kong Digest: A new agreement on trade in services, under the framework of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), will allow business and professionals in Hong Kong to enjoy greater access to mainland China’s growing services market, effective June 2016. CEPA is a free trade agreement concluded by the Mainland and Hong Kong. CEPA covers three areas: trade in goods, trade in services, trade and investment facilitation. CEPA has strengthened the trade relationship in goods and services, and fostered trade and investment facilitation between the two places, and are conducive to accelerating the economic integration and enhancing the long term economic and trade development of both places. Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 2.0 percent in the third quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.9 percent.
The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.1 percent. With the third estimate for the third quarter, the general picture of economic growth remains the same; private inventory investment decreased more than previously estimated. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, state and local government spending, residential fixed investment, and exports that were partly offset by a negative contribution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and decelerations in exports, in PCE, in nonresidential fixed investment, and in state and local government spending that were partly offset by a deceleration in imports. Real gross domestic income (GDI), which measures the value of the production of goods and services in the United States as the costs incurred and the incomes earned in production, increased 2.7 percent in the third quarter, compared with an increase of 2.2 percent in the second. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 2.3 percent in the third quarter, compared with an increase of 3.0 percent in the second. NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009) dollars. Price indexes are chain-type measures. This news release is available on BEA's Web site / view PDF. The following is an excerpt of SeaLand's latest press release highlighting the details of their new Atlantico route. To read the full press release, visit SeaLand's website here. "SeaLand, the Intra-Americas regional ocean carrier of the Maersk Group, announces a new service dedicated to trade between the Gulf of Mexico and Eastern and Central United States. The new SeaLand Atlantico service will provide weekly coverage between the ports of Veracruz and Altamira, Mexico and Philadelphia. The service features a fast 6 day transit time. From Philadelphia, Mexican shippers are able to access up to 40% of the U.S. population within only a day's drive. It is also the epicenter of some of the most robust rail networks in America. The new service will have its first sailing out of Veracruz on January 26th, 2016. This option is especially geared for producers and exporters of perishable goods to the U.S. and provides the economies of scale, security and reliability of an ocean service combined with an expedited transit, ideal for moving goods such as avocados, lemons, tomatoes and commercial cargo." Click here to view the SeaLand Atlantico service maps and schedules | Español
The World Trade Center of Greater Philadelphia congratulates our member Scopelitis Garvin Light Hanson & Feary on their recent accomplishment earning the title as one of the nation's top 30 law firms for client service! Read the full press release below. Follow the week's top stories related to trade and business in the region and across the globe, as determined by World Trade Center of Greater Philadelphia staff: Pennsylvania Budget Plan
Federal Rates Increase
Russia and Turkey Tensions Statements and external links in this post should not be construed as an endorsement of the views or privacy policies contained therein.
Coface provides global credit insurance. For more information visit Coface.com.
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Proclamation 5587 -- Made in America Month, 1986 Related Link: Facts About U.S. Manufacturing
ISA has just released the 2016 ISA Global Economic and Risk Outlook.
World Trade Center of Greater Philadelphia Members will be issued a free copy via email during the month of December 2015.
The Commercial Service at the U.S. Embassy Mexico is excited to announce a new webpage dedicated to promoting select Mexican infrastructure projects in the aviation/airports, energy & power, and water/wastewater sectors. The website can be accessed here: Mexico Infrastructure Projects. Infrastructure projects are critical to economic growth, and this effort is part of a U.S. Department of Commerce’s Infrastructure Initiative dedicated to highlighting infrastructure projects in three key economies (Mexico, India and the Philippines).
From the U.S. Bureau of Industry and Security (BIS): BIS launched its Data Portal, which will, for the first time, make public aggregate information on licensing and export data trends. The Portal features data and analysis on Controlled Trade with Select Countries; Export Control Reform (ECR); BIS Licensing; and Exporter Compliance, which users can download in PDF and Excel format. The Data Portal is consistent with the Secretary's goal of Data in her strategic plan to increase the efficiency, effectiveness, and security of Commerce programs through a data-driven government. The Data Portal will make it easier for businesses, communities, and citizens to access, analyze, and use Commerce data. To access the BIS data portal, visit www.bis.doc.gov/data. The BIS Data Portal is a one-stop-shop for export control data and analysis. The Portal features statistical papers and datasets on:
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