Global trade frictions, or barriers to trade that hinder commerce, remained at a high level in February 2024, according to data released by China's trade promotion body on Sunday.
The global economic and trade measures index, introduced by the China Council for the Promotion of International Trade (CCPIT), remained elevated in February, reaching 299. This marked an increase of 189 points from the previous month but a decrease of 28 points year on year.
Monetary value associated with global trade friction measures rose by 8.3 percent compared to the previous year, or by nearly 67 percent compared to the previous month.
The index is a tool used for assessing and measuring the level of economic and trade frictions on a global scale. It serves as an indicator of the degree of trade barriers encountered by countries in their international trade endeavors.
It looked into trade frictions in 20 countries and regions, including the United States, China, and the EU, and the use of trade measures such as import and export duties, trade remedies, and technical barriers.
The United States, India, and the EU ranked the top three economies with the highest trade friction sub-indices.
A sub-index measuring trade frictions between China and 19 other countries and regions reached 1,384 in February, an increase of 1,167 points compared to January.
"The United States had the highest trade friction index with China, followed by the United Kingdom, with Brazil ranking third," said Zhao Ping, the CCPIT's spokeswoman, at a press conference in Beijing on Sunday.
According to the data, barriers to trade mainly involve transportation equipment, electronics, mechanical equipment, light industry, pharmaceuticals, and chemical industries.
Among the 13 major industries monitored, the transportation equipment industry experienced the most severe trade friction.
Global trade frictions remain severe in February: data
China-Cambodia ties received a boost from Chinese investments in Cambodia's nascent new energy industry on Thursday, as the Cambodian Confederation of Investors Association hosted an event in the capital city of Phnom Penh to welcome these new investments.
The association is expected to better coordinate among ministries and enterprises to start this fresh phase of new energy investment.
Addressing delegates at the ceremony, Cambodian Prime Minister Hun Manet emphasized his government's strong focus on foreign investments in Cambodia, especially in the private sector.
He said Cambodia and China are engaged in close economic cooperation and promised that the Cambodian government will try its best to create a better business environment and solve problems. In recent years, several Chinese companies in the new energy technology and electric vehicle (EV) sector – including the Huaneng Group, Great Wall, BYD and Midea – have started building infrastructure in Cambodia.
"China-Cambodia trade relations have prospered in recent years. We've chosen to invest in new energy projects in Cambodia, including factories and charging equipment. We believe the investments in industries in Cambodia will further improve China-Cambodia friendship," said He Dong, president of ZM Trucks China.
For Cambodia, Chinese investment in electric vehicles and renewable energy plants offers an opportunity to benefit from technology transfers and industrial upgrading.
It would also help Cambodian businesses, create employment opportunities and improve people's living conditions.
"We welcome the investment very much because it helps Cambodia's economic development. It creates more job opportunities for Cambodians and is also good for the environment," said Kun Thai, general chairman of Cambodia Confederation of Investors Association.
The association is working actively with the Chinese new energy sector – to get more companies into Cambodia, and a wave of investment that will usher in positive changes.
Cambodia welcomes more Chinese investment in new energy industry
