It’s a big week in politics for Ireland and South Korea. In the former, Taoiseach Leo Varadkar steps down after his second stint in the role of leader after unexpectedly announcing his departure. South Korea’s election, meanwhile, could mark a change in direction as popular support grows for an insurgent party led by the former president.
Elsewhere, there are UK GDP and trade figures due on Friday, while the World Trade Organization (WTO) gives a preview of the year to come in trade. Traders can also get insights into customs IT developments and more in this week's programme of Institute of Export and International Trade (IOE&IT) events.
Northern Ireland milestone
Today (8 April) marks the return of a key institution in Northern Ireland following the return of power-sharing to the region’s government assembly in Stormont. The North-South Ministerial Council is set to convene for the first time in almost three years, the first meeting of the group since the Democratic Unionist Party (DUP) staged its walkout over the introduction of the Northern Ireland Protocol.
In another major moment for the island of Ireland tomorrow, Taoiseach Leo Varadkar steps down from his role as the Republic of Ireland’s leader following his shock resignation announcement last month. He’s replaced by Simon Harris.
Tomorrow also sees IOE&IT host a free public webinar on how customs solutions can be leveraged by firms to increase their trade in the EU. You can sign up to take part here before another next week on developments in customs IT.
Next elections
Wednesday (10 April) marks another important moment in the year’s long list of elections, as South Korea goes to the polls to vote in parliamentary elections.
The country’s government, led by the right-leaning People Power Party, does not have a majority in the country’s parliament. The new Rebuilding Korea Party is enjoying a rapid rise in support, meanwhile, even as its leader, former president Moon Jae-in, appeals a conviction once investigated by current president Yoon Suk Yeol when he was a prosecutor.
Stats releases
The WTO also publishes its global trade forecast on Wednesday, providing insight into the shape of trade in the year ahead. There may also be some hint at the direction of China’s economy on Thursday (11 April), when inflation stats will be published for the country.
The OECD will also release Official Development Assistance figures, presenting a clearer picture of aid spending by more advanced nations aimed at improving the economies of developing ones. US consumer price index figures are also due to be published.
In Europe, the European Central Bank will make its decision on the euro zone interest rate on Thursday. It comes following a surprise dip in the zone’s inflation rate last month to 2.4% from 2.6%, as reported by Reuters. Lithuania will host a meeting of the Three Seas Initiative the same day, bringing together countries from across Europe’s eastern half to improve transport connectivity and cooperation in energy and other sectors.
On Friday (12 April), meanwhile, the Office for National Statistics (ONS) publishes its UK GDP figures. Revised figures published last week found that the UK ended 2023 in recession. There are also UK Index of Production and overseas trade figures to look forward to.
Other dates for the diary
· Monday: EU external action vice-president Josep Borrell speaks on naval security in the Red Sea
· Tuesday: Nordic and Baltic foreign ministers meet in Sweden
· Wednesday: Italy economic report published
· Thursday: UK family visa income requirements increase
· Friday: US Steel shareholders vote on Nippon Steel acquisition
· Saturday: Scrabble Day
· Sunday: Olivier Awards