{"id":73007,"date":"2023-08-24T00:00:00","date_gmt":"2023-08-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/24\/today-brief-disruption-to-suez-canal-traffic-saudi-arabia-enters-uns-vienna-convention-for-global-trade\/"},"modified":"2023-08-24T00:00:00","modified_gmt":"2023-08-24T00:00:00","slug":"today-brief-disruption-to-suez-canal-traffic-saudi-arabia-enters-uns-vienna-convention-for-global-trade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/24\/today-brief-disruption-to-suez-canal-traffic-saudi-arabia-enters-uns-vienna-convention-for-global-trade\/","title":{"rendered":"TODAY: Brief disruption to Suez Canal traffic + Saudi Arabia enters UN\u2019s Vienna convention for global trade"},"content":{"rendered":"

Good morning, friends. <\/strong>We have another tight issue for you this week as the newsflow trudges on with more updates from Egypt, Morocco and Iraq. <\/p>\n

THE BIG LOGISTICS STORY- Egypt\u2019s General Authority for Freezones and Investments has approved the establishment of a USD 16.2 bn industrial zone<\/strong>, meant to become a hub for logistics, financial and business centers, and commercial and administrative centers. <\/p>\n

THE BIG LOGISTICS STORY ABROAD- Brics leaders have agreed to a mechanism to allow new members into the bloc<\/strong>, Reuters<\/a> quotes South African foreign minister Naledi Pandor as saying on a ministry-run station, following a meeting that took place at the three-day summit in South Africa. \u201cWe have a document that we've adopted which sets out guidelines and principles, processes for considering countries that wish to become members of BRICS...That's very positive,\u201d Pandor is quoted as saying. The minister did not provide further details, but said that the leaders will make an announcement on expansion before the summit ends on Thursday. <\/p>\n

Great news for countries in the region: <\/strong> Several countries in the Middle East region, including Egypt<\/a>, the UAE, KSA<\/a>, Iran<\/a>, and Algeria<\/a>, have been looking to join the alliance, which is working to reduce reliance on the USD in trade and strengthen trade and economic cooperation among emerging economies. <\/p>\n

China also backed a potential Brics expansion during the gathering<\/strong>, saying that \u201cwe will forge a stronger Brics strategic partnership, expand the Brics plus model, and actively advance membership expansion,\u201d Chinese Commerce Secretary Wang Wentao said in a read-out of President Xi Jinping\u2019s statement.<\/p>\n

There are caveats, though: <\/strong> Both South Africa and Russia are backing the addition of new members, though India is worried about China\u2019s influence in the group, and Brazil is worried about alienating the West, Bloomberg<\/a> reports.<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

Suez Canal traffic resumed normally hours after a <\/strong> minor collision took place in the Suez Canal <\/strong> yesterday <\/strong>between Singapore-flagged LNG Carrier BW Lesmes and tanker Burri,Suez Canal Authority (SCA) boss Osama Rabiee said in a statement<\/a>. The collision occurred when the LNG carrier halted suddenly due to a technical failure, causing the tanker to make \u201cslight contact\u201d with the carrier. SCA tug boats were able to tow the tanker and the carrier out of the waterway.<\/p>\n

<\/a> Good news about the lockjam at the Panama Canal: <\/strong> A backlog of vessels at the Panama Canal due to drought-related transit restrictions<\/a> has started easing after the Panama Canal Authority (PCA) opened two additional daily slots for non-booked vessels, and as some ships take alternate routes, Reuters<\/a> reported. The number of vessels allowed to transit the canal is still capped at 32 per day, however, down from the usual 36. Some 125 vessels were awaiting transit as of Tuesday, down from 160 two weeks ago, records showed, while 40 vessels are en route to the canal, compared to 50 two weeks ago, the newswire wrote citing Refinitiv Eikon data. <\/p>\n

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More details on the new multipurpose terminal at Egypt\u2019s East Port Said <\/strong> Port: <\/strong> Egypt-based Sky Logistics and Reliance Logistics\u2019 new 900-meter multipurpose terminal being developed at East Port Said Port will see investments worth USD 565 mn, Suez Canal Economic Zone Chairman Walid Gamal Eldin told Asharq Business (watch, runtime: 1:05<\/a>). Egypt\u2019s President El Sisi recently ratified<\/a> a decision awarding the contract to the consortium. <\/p>\n

<\/a> Saudi Arabia is entering the <\/strong> United Nations Convention on Contracts for <\/strong> the International Sale of Goods (UNCISG) <\/strong>\u2014 also known as the Vienna Convention \u2014 as of the beginning of September, according to a UN statement<\/a>. The CISG \u2014 a global uniform international sales treaty \u2014 helps facilitate international trade by eliminating legislative obstacles and establishing standardized rules to govern global sales contracts. Saudi Arabia acceded to the full code, except for a section that pertains to interest, which is prohibited under Islamic law. <\/p>\n

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<\/a> WATCH THIS SPACE- <\/strong> AD Ports Group's Fujairah Terminal wants to use its <\/strong>Etihad Rail<\/a><\/strong> connection to boost trade with Asia<\/strong>, the company\u2019s CEO Abdulaziz Al Balooshi told S&P Global<\/a>. Fujairah is exploring potential for trade with East Asia, the Indian subcontinent and East Africa, al Balooshi is quoted as saying. The Etihad Rail connection \u2014 which links Fujairah with Al Ghuwaifat on the Saudi Arabia border \u2014 has helped slash vessel turnarounds by one to two days, and is meant to help open up new trade routes. <\/p>\n

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