May 11, 2016 Reading Time: 2 minutes
President Obama to visit Hiroshima, Japan. Image credit - cowardlion /depositphotos
Reading Time: 2 min read
Turkey and SL increase business ties
A business delegation from the Foreign Economic Relations Board of Turkey met with the Ceylon Chamber of Commerce and exchanged memorandums of understanding on enhancing business relations. The Turkish delegation also met with members of the Sri Lankan private sector.
Turkey is Sri Lanka’s 14th largest export destination. In 2015 Sri Lankan exports amounted to LKR 180 million, while imports amounted to LKR 15 million.
President Sirisena leaves for London
President Sirisena and his delegation are scheduled to arrive in London to attend the ‘Anti-Corruption Summit – 2016’, which begins tomorrow, 12 May 2016.
Bilateral discussions will also be held between the UK Prime Minister, David Cameron, and President Sirisena, after the summit.
TPP to affect trade
According to the Institute of Policy Studies (IPS) of Sri Lanka, the Trans-Pacific Partnership (TPP) could cost Sri Lanka USD 39.8 million in exports as a result of trade diversion.
A country-wise analysis indicates that Sri Lanka’s largest export loss would be the US market; 81% of total losses.
Obama to visit Japan and Vietnam
President Obama is scheduled to visit Hiroshima, Japan and Hanoi, Vietnam on an official visit to Asia, from 21-28 May. He will also take part in the G7 summit, held in Japan.
President Obama will be the first US President to visit Hiroshima, and will ‘highlight his continued commitment to pursuing peace and security in a world without nuclear weapons’.
UN concerned over human rights violations in Turkey
In light of ‘alarming’ reports of major human rights violations, the UN High Commissioner for Human Rights, Zeid Ra’ad Al Hussein, has highlighted the need for transparency and independent investigations in southeast Turkey.
The reports highlight violence and other unlawful acts allegedly committed by Turkish forces and other non-state actors.
Saudi Arabia to increase oil production
Saudi Arabia’s state-owned oil giant, Aramco, has stated that it would continue to increase its output in 2016, despite global efforts to increase oil prices by cutting down production.
This decision follows a national plan to privatise 5% of the company, in order to to double the size of the Saudi Arabian economy by 2030. Aramco expects global crude oil demand to grow by 1.2 million barrels per day in 2016, particularly due to increasing oil consumption in the US and India.
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