ABU DHABI: Wang Wentao, China’s Commerce Minister, has called for heightened regulatory discussions to bolster the stability and resilience of the global industrial chain.
He emphasised integrating the Investment Facilitation for Development (IFD) Agreement into the World Trade Organisation’s legal framework to aid developing nations in achieving economic and manufacturing progress alongside the realisation of the UN 2030 Agenda on Sustainable Development.
Addressing a session on trade and sustainable development at the 13th WTO Ministerial Conference, the Chinese minister underscored his country’s role in providing high-quality green products at accessible prices worldwide, significantly aiding in addressing pressing global challenges, including climate change.
Wang elaborated on China’s commitment to the concept of new development, advocating for high-quality development while striving for a harmonious coexistence between humanity and nature.
Highlighting initiatives, he affirmed China’s support for tem
porary customs duty exemptions on electronic transportation and expediting the formulation of regulations for digital trade. This burgeoning sector presents new avenues for sustainable development, particularly benefiting developing nations.
Source: Emirates News Agency
The government appointed by the House of Representatives said that the refusal of some shops and commercial centers to accept the Libyan currency in denominations of (50) dinars from citizens is criminalized by law, and affects the national economy.
This came in a statement issued yesterday, saying that it was to clarify the matter for everyone regarding the confusion that prevailed among people regarding the circulation of the fifty dinar currency.
This case was attributed to ‘the letter addressed by the Governor of the Central Bank of Libya to the members of the Finance Committee of the House of Representatives, in which he refers to studying the process of withdrawing the fifty-dinar note in its various issues from circulation.’
The government said that ‘the decision to issue denominations of currency and withdraw them from circulation’ is made in accordance with applicable legislation and the Banking Law is within the jurisdiction of the Governor of the Central Bank and his deputy, ‘and
must be issued with their approval’ and its implementation must be preceded by ‘a warning and a time period of no less than six months until the currency is permanently withdrawn from circulation, and this did not happen” .
“The information circulating among citizens currently has no legal or procedural basis in accordance with the legislation in force, and rejecting the legally circulated currency is a crime punishable under the Libyan Penal Code, and affects the national economy and commercial circulation among people, especially since we are on the cusp of the month of Ramadan.”
At the conclusion of its statement, which it published on its Facebook page last night, the government reassured everyone that all denominations of the Libyan currency are normally negotiable, whether between individuals, banking institutions, or public entities.
Source: Libyan News Agency