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April 2017

Renegotiation of NAFTA – 27th of April 2017

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Despite of previous address regarding NAFTA (North American Free Trade Agreement) termination, President Trump agreed to negotiate with President Peña Nieto and Prime Minister Justin Trudeau for a better and stronger agreement for all three countries.

The two-decade old agreement needs swift reconsideration by the three leaders to prevent the White House intention from withdrawing. Last week news revealed that the White House has prepared a draft to notify the United States withdraw from NAFTA. This Draft would give Canada and Mexico a six-month notice of exit from the agreement by United States.

New Austerity program in Saudi Arabia aiming at unfinished projects

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Saudi Arabia’s oil-based economy has seen so many fluctuations since the first drilling projects, but the kingdom had a great growth by the oil price explosion in 1970s. The oil windfall changed the face of the kingdom and people, especially within the next decades when they got more accustomed to abundance.

The 2014 oil slip had its impact on welfare in Saudi Arabia since they used their currency reserves and face a budget deficit reached 16% of economic output. The oil price collapse carried big challenges to GCC countries especially Saudi Arabia as engaged directly to regional conflicts.

The kingdom has been facing the regional changes politically and economically since 2011 when the “Arabian Spring” began; the army was engaged in Yemen civil war.