Issue 18| April 6, 2012

Ambassador Marantis discusses importance of Trans Pacific Partnership and Asia-Pacific Trade in Los Angeles
On April 2 and 3, Deputy U.S. Trade Representative Demetrios Marantis visited downtown Los Angeles’ fashion district. He sat down with manufacturers, designers, and retailers in the fashion industry to discuss the benefits of trade agreements like the Trans Pacific Partnership and the U.S.-Korea free trade agreement. Marantis stressed the importance of these agreements in bolstering U.S. exports and creating jobs.

Port of Long Beach confirms largest ever lease agreement
Officials from the Port of Long Beach and shipping company Orient Overseas Container Line (OOCL) signed off on the port’s biggest lease of all time. OOCL agreed to a 40-year lease of the new Middle Harbor container terminal for $4.6 billion. J. Christopher Lytle, executive director of the Port of Long Beach, commented that this deal will “ensure both the competitiveness of the Port of Long Beach and our customer, OOCL, for decades to come.”

Chinese stocks rise in response to decisions to open market to foreign investment
Stocks in mainland China rose in response to a recent announcement of Chinese intent to open its markets to increased foreign investment. The Shanghai composite index gained 1.7 percent and the Shenzhen index gained 3.1 percent on April 5. This counters the slowed growth that the Chinese market has experienced in recent months.

Spanish economic troubles stir up trouble for Eurozone
Concerns flared recently as Spain struggled to handle its debts. This caused many experts to worry about Spain joining the ranks of Greece and Portugal by requesting a bailout. Due to these concerns over Spain’s economic state, experts warn Europe to brace for “another hot summer.”

China ship insurer deals new blow to Iran oil exports
The China P&I Club announced that it will stop indemnity coverage for Iranian oil tankers starting in July. Chinese refiners, the top importers of oil from Iran, may struggle to obtain the insurance needed to maintain trade with Iran due to this announcement. This decision will certain put pressure on the Iranian economy as it may lead to losses of crucial trade partners.