Asia is dominating Intellectual Property Rights markets taking up a whopping 65% of the total patents filed globally. This was a jump of 15% over 2007 levels, with China contributing to over two-thirds of the same. The estimated number of patents reached almost 14 million, a massive increase over 8.5 million in 2008.
Africa’s second most populous country, which was ranked the third-poorest in the world in 2000, has seen a meteoric rise through state spending on roads, giant dams and industrial parks. Ethiopia’s services sector has also contributed significantly towards rapid growth. With an annual GDP per capita of USD 80 billion, it is miraculous that Ethiopia has seen poverty rates fall to 31% in less than a decade, making it among the top three fastest growing economies of the world.
Chinese President Xi Jinping rallied BRICS nations (Brazil, Russia, India, China and South Africa) to forge a deeper economic and strategic partnership in the areas of trade, investment, finance and interconnectivity, which set an unprecedented tone for the 10th BRICS summit in Johannesburg South Africa in July 2018.
The increase of cross-cultural influence and tech, health food trends and captured fish practices in the food industry are leading to a surge in seafood consumption, with the global fisheries market estimated to be worth over USD 200 billion by 2020, according to market research firm Million Insights.
Despite the recent US import tariffs on India’s iron, steel and aluminum products India’s market potential makes it a darling among advanced economies for bilateral trade as bets on its manufacturing and services’ sectors appear to double-down. Bilateral trade between the United States and India grew to USD 140 billion in 2017.