FEBRUARYASIA BUSINESS OUTLOOK8The Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network, has signed a memorandum of understanding (MoU) with Abu Dhabi Global Market (ADGM), a leading International Financial Centre (IFC). This huge organization is devoted to improving Circulated Record Innovation (DLT) arrangements and progressing blockchain development.The initiative aligns with ADGM's strategic vision of becoming a central hub for technology-driven financial services, following the introduction of the DLT Foundations Regulations ­ a world-first, purpose-built framework for Blockchain Foundations and Decentralised Autonomous Organisations, as per gdnonline.The cooperation among ADGM and the Solana Establishment will additionally grow ADGM's current contributions by investigating potential open doors for joint drives and undertakings connected with the improvement of the blockchain organization biological system in Abu Dhabi, said an explanation.Hamad Al Mazrouei, CEO of ADGM Registration Authority, said: "Our strategic alliance with the Solana Foundation marks a key milestone in cementing ADGM's leadership in the blockchain sector, and represents a direct reflection of the effectiveness of our DLT Foundations Framework and our commitment to the growth and the development of the blockchain sector. We are excited to partner with Solana to pioneer the future of technology, and further enhance the level of knowledge in the space of blockchain by emphasising the value of regulation and compliance in ensuring robust and sustainable development. We are confident that this significant collaboration will lead to bolstering the blockchain ecosystem and driving further innovative initiatives in Abu Dhabi and the UAE". NEWSROOMADGM, SOLANA FOUNDATION JOIN HANDS TO ADVANCE BLOCKCHAIN INNOVATIONAccording to figures released by the US Commerce Department on February 7, the value of goods imported to the United States from Mexico increased by nearly 5 percent from 2022 to 2023, reaching over $475 billion. On the other hand, the value of Chinese imports fell 20 percent to $427 billion in the same period. The last time Mexican imports exceeded Chinese imports was in 2002.In recent years, economic relations between the United States and China have deteriorated significantly. This is because Beijing has taken an aggressive stance on trade and made military gestures in the Far East, resulting in tensions between the two nations. As a result, the Trump administration imposed tariffs on Chinese imports in 2018, alleging that China's trade practices violated global trade rules. President Joe Biden retained these tariffs after taking office in 2021, indicating that both Democrats and Republicans hold a common ground of antagonism towards China.In response to offshoring production to China, which US corporations have been doing for a long time, the Biden administration has recommended that companies either seek suppliers in allied countries, which is known as "friend-shoring", or bring manufacturing back to the United States, which is called "reshoring". The COVID-19 pandemic also led to supply chain disruptions, prompting US companies to look for supplies closer to the United States, which is known as "near-shoring". MEXICO SURPASSES CHINA AS USA'S LARGEST TRADE PARTNER
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