Weeks of September 16 & 23 Newsletter

??THIS WEEK: UNGA, Healthcare, Climate Action, Supply Chains, Artificial Intelligence, Sustainability, Trade

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Get the inside scoop on what is going to happen this week locally, in the U.S. and on the international stage.

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Read this week’s FREE EXECUTIVE BRIEF on:

A PRIMER ON UNITED NATIONS ANNUAL START-OF-SESSION

World leaders gather once a year at United Nations. During this week important top-to-top meetings take place. And more importantly, businesses, associations, nonprofits and NGO’s hold meetings on the margins of UNGA with government and nongovernment officials. These meetings on the sidelines are of strategic importance for advocacy on specific topics of interest.

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Infographic of The Week

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HAPPENING THIS WEEK

Monday, 23 September

Colombia: A press briefing will be held by Colombia’s Minister of Environment and Sustainable Development and the Executive Secretary of the Convention on Biological Diversity. (UN Headquarters, New York)

European Union (EU): A High-level Segment on “Leading the Way Forward: Managing Migration Globally” will take place. (UN Headquarters, New York)

United Nations Women: The European Investment Bank and WHO will host an event on innovative health financing strategies. (Conference Room 6, UN Headquarters, New York)

COP29 Presidency and IOM: A High-Level Roundtable on Climate, Peace, and Human Mobility will be co-organized. (Conference Room 11, UN Headquarters, New York)

United Nations Office for Partnerships: The SDG Media Zone programme will open, featuring interviews and sessions on the Summit of the Future and SDGs. (New York)

European Union: The Budgets Committee will vote on mobilizing the EU Solidarity Fund to aid countries affected by natural disasters in 2023. (Brussels)

Hungary: Hungary's ministers will present their presidency priorities in the Environment, Food Safety, and Public Health Committees. (Brussels)

Global Renewables Summit: The Global Renewables Summit will begin in New York, aiming to accelerate the global transition to renewable energy. (New York)

European Photovoltaic Solar Energy Conference: The 41st edition of the European Photovoltaic Solar Energy Conference opens in Vienna. (Vienna, Austria)

USA: House Committee on Rules will meet to discuss legislation related to appropriations. (Washington, D.C.)

European Parliament: The Budgets Committee will vote to mobilize the EU Solidarity Fund for disasters in Italy, Slovenia, Austria, Greece, and France. (Brussels)

Tuesday, 24 September

United Nations: The General Debate of the 79th session will begin, with the Secretary-General delivering remarks. (General Assembly Hall, New York)

European Union (EU): The General Affairs Council will review the rule of law and Hungary’s presidency priorities. (Brussels)

Council of the EU: Ministers will hear presentations on Hungary’s priorities and prepare for the October European Council meeting. (Brussels)

United Nations: The Treaty Event 2024 will begin, focusing on strengthening multilateral treaties. (New York)

European Union (EU): The European Manufacturing Conference 2024 will begin, addressing industry challenges and innovation. (Brussels)

USA: The Senate Committee on Finance will hold hearings on women's health care. (Washington, D.C.)

Wednesday, 25 September

United Nations: The General Debate of the General Assembly will continue. (General Assembly Hall, New York)

European Union (EU): The Competitiveness Council will discuss European competitiveness and small and medium-sized enterprises (SMEs). (Brussels)

European Union (EU): The Fisheries Science Seminar will focus on the role of artificial intelligence in achieving sustainable fisheries. (Anderlecht, Brussels)

USA: The House Committee on Transportation will hold a markup on disaster management and other bills. (Washington, D.C.)

European Union (EU): The European Manufacturing Conference will continue in Brussels. (Brussels)

Thursday, 26 September

United Nations: The General Debate of the General Assembly will continue. (General Assembly Hall, New York)

Friday, 27 September

United Nations: The General Debate of the General Assembly will continue. (General Assembly Hall, New York)

Saturday, 28 September

United Nations: The General Debate of the General Assembly will continue. (General Assembly Hall, New York)

USA: The Global Citizen Festival will take place at Central Park in New York, with remarks from the UN Deputy Secretary-General. (New York)

GLOBAL ECONOMIC PULSE

USA:? Several key events in the United States are anticipated, including speeches from Federal Reserve members Goolsbee, Bostic, Kashkari, and Chair Jerome Powell. These speeches, along with the core Personal Consumption Expenditure (PCE) inflation data, are expected to influence market sentiment, especially after the recent Federal Open Market Committee (FOMC) decision. The core PCE inflation rate was previously at 0.3% monthly and 3.2% annually. Additionally, U.S. President Joe Biden will host a Quad Leaders Summit with the prime ministers of Australia, India, and Japan in Delaware, emphasizing diplomatic relations in the Asia-Pacific region.

Europe:? The focus in Europe will be on flash Purchasing Managers' Index (PMI) data, which will provide insights into economic growth and inflation trends. The European Central Bank and Bank of England have already started cutting interest rates, and September's PMI data will be closely watched for signs of economic strength or further weakness. In particular, flash inflation data from the Eurozone will be a significant indicator. Manufacturing trends have been declining across Europe, with concerns that economic downturns in this sector may spread to the broader economy. The United Nations General Assembly and OPEC’s World Oil Outlook will also impact European market sentiment.

Asia:? In Asia, the Reserve Bank of Australia is expected to keep interest rates unchanged due to robust labor conditions and moderate inflation, which is projected to drop to 3.3%. Meanwhile, Japan will release its flash PMI and Tokyo Consumer Price Index (CPI), with expectations of a PMI rise to 53 and a slight easing in Tokyo's CPI due to resumed utility subsidies. Korea faces weakening consumer and business sentiment, driven by tight financial measures and rising political uncertainties. In Singapore, inflation may drop closer to 2%, and industrial production figures will be scrutinized, especially given weaker non-oil export data.

Latin America:? In Mexico, an important interest rate decision is anticipated, part of a broader focus on emerging market economies (EMEs). The economic outlook will likely be shaped by central bank actions in light of global inflationary pressures.

Africa:? Nigeria is set to announce its interest rate decision. This comes at a time when inflationary and macroeconomic pressures are shaping monetary policy decisions in several emerging markets, including Sri Lanka. Both countries are expected to focus on stabilizing their economies amid rising global risks..

WEEKLY TRADE UPDATE

USA:? In September 2024, the United States of America increased tariffs under Section 301, impacting a variety of goods. Additionally, U.S. Customs and Border Protection reclassified import duties on ratchet and pawl cargo securing devices and woven upholstery fabric, leading to higher Most Favored Nation duties. The U.S. Administration signed various Acts, including the California AI Transparency Act (SB 942), Protecting Youth from Social Media Addiction Act (SB 976).? Also, consultations were opened regarding amendments to the Colorado Privacy Act and closed for the NIST 5G Cybersecurity Guidance. A Federal Trade Commission inquiry into social media data protection was also concluded.

Europe:? Spain opened a CNMC consultation on content regulation systems, while the United Kingdom investigated Privacy and Betting and Gaming practices. The European Union focused on interoperability investigations and issued rulings related advertising practices. Meanwhile, Germany adjusted financial grants to support 6G technology and coal-mining region transformation projects. France published recommendations for mobile applications, and Belgium highlighted the importance of GDPR in AI systems.

Asia:? Japan closed consultations on consumer protection and telecommunications regulations.? India modified fertilizer subsidies for the Rabi 2024-2025 season, and Indonesia banned the export of certain kratom plants. Additionally, Saudi Arabia updated procurement rules to include 13 new mandatory items.

Latin America:? Argentina established temporary import tariff-rate quotas for medicaments through MERCOSUR. Additionally, the country issued guidance on responsible AI practices, and Rwanda launched an AI Playbook for small states, collaborating with the United Nations on broader digital governance initiatives.

Africa:? Rwanda, along with UN members, adopted the Global Digital Compact and a Pact for the Future. These initiatives emphasize the role of AI and digital technologies in fostering sustainable development. Rwanda also collaborated with OECD on artificial intelligence.

WEEKLY EXECUTIVE BRIEF:

A PRIMER ON UNITED NATIONS ANNUAL START-OF-SESSION

World leaders gather once a year at United Nations. During this week important topto—top meetings take place. And more importantly, businesses, associations, nonprofits and NGO’s hold meetings on the margins of UNGA with government and nongovernment officials. These meetings on the sidelines are of strategic importance for advocacy on specific topics of interest.

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