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Japan's trade with China and Hong Kong exceeded its trade with the US - its biggest trading partner for decades - for the first time in 2004. The share of China plus Hong Kong in Japan's overall trade stood at 20.1%, while that with the US stood at 18.6% for the year, according to the latest data recently released by the Japanese Ministry of International Trade & Industry (MITI). The share of trade with China without Hong Kong factored-in stood at 16.5% in 2004, up from 15.5% in 2003, the agency said. The country's overall trade surplus in 2004 rose 17.9%t to 12.01 trillion yen - about $115.5 billion. Exports in 2004 rose 12.2% to a record 61.18 trillion yen, while imports grew 10.8% to 49.17 trillion, also a record...

The Federal Bureau of Investigation (FBI) has detained an Irishman in California for the unlawful export of defense equipment articles to Russia, reports the daily Irish Independent. Denis Sugrue, 54, originally from Galway but now living in Moscow, was arrested recently at Los Angles International Airport after being tailed for a week by FBI special agents around Silicon Valley where he met with several high technology companies, the newspaper reports. Sugrue is a partner in Amideon Systems, an Ireland-based telecommunications company that he founded with his brother last year. The company reportedly had entered into agreement with a German company to collaborate in selling equipment in Russia. According to an FBI report, agents have seized a package being sent by Sugrue to his company's Irish headquarters that was found to contain hi-tech equipment which the FBI alleges can be used to "assist in the sending and interception of carrier waves [signals]." Sugrue has been prevented by the FBI from leaving California until it completes its inquiries…

The European Union is threatening to take France to court and demand the return of subsidies to troubled energy and train giant Alstom SA, alleging that the government has not complied with EU conditions for the company's bailout. The European Commission has insisted that France do more to open up its domestic market for railway equipment, one of Alstom's strongest sectors. EC spokesman Jonathan Todd said France had already missed two deadlines on compliance with the rescue program agreed to last July, and that the Commission would wait "at most a few weeks" before opening court proceedings. Last July, EU regulators gave approval to a rescue package for Alstom that requires the French engineering conglomerate to shrink by 10% and enter into partnerships in "key areas" in the transportation equipment and energy sectors; and …

The US and Russia could reach a deal on Russia's accession to the World Trade Organization (WTO) sometime this year, the two countries' top trade negotiators said recently after eight hours of meetings in Zurich, Switzerland. US Trade Representative Robert B. Zoellick and Russian Federation Minister of Economic Development and Trade German Gref both expressed optimism during their remarks to journalists. "If we keep up this momentum, we should be able to reach our bilateral agreement on accession during the course of this year," said Zoellick. Gref went even further, saying a "very good window of opportunity" exists for Russia to have all the negotiations - including with other WTO members - completed "by the end of December." Zoellick added the US will "work closely with our Russian partners to help work through the multilateral aspects with all 148 economies in the WTO to expedite Russia's accession, in addition to our bilateral work."

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