JULYASIA BUSINESS OUTLOOK9At the 9th Working Group on Trade Meeting in New Delhi, India and Taiwan inked a Mutual Recognition Agreement (MRA) for organic products. According to the release, this agreement allows for the sale of organic agricultural products in Taiwan, including the inclusion of the "India Organic" logo, as long as they are produced and managed organically in line with the National Programme for Organic Production (NPOP) and accompanied by an organic demonstration document (transaction certificate, etc.) issued by an accredited certification body under NPOP.According to an official press release from the Ministry of Commerce and Industry, the deal between the two countries is notable since it marks the first bilateral agreement for organic products. The Agricultural and Processed Food Products Export Development Authority (APEDA) will serve as a nodal agency, collaborating closely with Taiwan's Agriculture and Food Agency, Ministry of Agriculture (AFA), to achieve the agreements' objectives.Similarly, agricultural products produced and processed organically in line with the Organic Agriculture Promotion Act will be sold in the country, accompanied by the "Taiwan Organic" label.According to the government, mutual recognition will make it easier to export organic products by eliminating the need for dual certification. Following the agreement, both countries' organic products will have lower compliance costs and a simpler compliance requirement because they would be subject to a single standard. The accord will also assist both countries improve trading prospects in the organic industry. Hong Kong is one of the main places in Asia to do business, despite the pandemic significantly impacting the local economy. Although Bloomberg recently estimated that the city lost $ 27 billion during this period, its GDP expanded by 3.2 percent in 2023, reports the financial company. This resilience highlights Hong Kong's strategic advantages. Its proximity to China and other emerging markets in Asia-Pacific facilitates connectivity and trade. The city is known for being business-friendly, with low taxes and simple regulations, which continue to attract international companies that left during the stringent pandemic rules. Hong Kong provides a variety of office types to meet diverse business needs. Traditional private offices, typically leased from landlords or through agents, are categorised into three grades: A, B, and C. Grade A buildings, often found in prime locations like Central, feature high-end facilities. Grade B and C buildings are more budget-friendly in older buildings or outside major CBDs. Coworking spaces and serviced offices are on the rise, providing ready-to-use workspaces that attract startups, small businesses and international companies seeking flexible lease terms.Currently, the office rental market in Hong Kong is changing. Reports state that the cost of office rents, especially for Grade A buildings, are expected to decrease by at least 2 percent this year, mostly because of a slower economic growth and higher interest rates. For example, in Central, the most iconic business district in the SAR, rents dropped to HKD 93.1 per square foot, while the vacancy rate hit a high of 15.9 percent in late 2023. INDIA & TAIWAN SIGN PACT TO ENHANCE TRADE OF ORGANIC PRODUCTSHONG KONG COMPANIES SEEK FLEXIBLE OFFICE SOLUTIONS AMID ECONOMIC SHIFTSNEWSROOM
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