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Indonesia’s Shift Towards Boxed Meat Imports Impacts Live Export Cattle Prices

Agricultural Trade, Indonesia, News

October 17, 2023

In a noticeable trend, live export cattle prices to Indonesia have seen a decline, reflecting shifting dynamics in the market as Indonesia increases its imports of boxed meat. Feeder steers transported from Darwin are now fetching approximately $2.60 per kilogram, a substantial drop from the peak of $5.50 per kilogram recorded in 2022. This price […]

Director-General Okonjo-Iweala Announces the Launch of WTO’s Task Force for Establishing Global Carbon Pricing

International Trade, News

October 17, 2023

In a significant move towards addressing global climate change concerns while ensuring equitable international trade practices, the World Trade Organization (WTO) has announced the launch of a task force dedicated to creating a comprehensive methodology for establishing global carbon prices. This initiative aims to prevent the imposition of import taxes based on carbon emissions from […]

China and Indonesia Forge Stronger Economic Ties in Emerging Industries

Bilateral Trade Relation, China, News

October 17, 2023

In a bid to strengthen ties and foster collaboration, President Xi Jinping of China has expressed China’s willingness to expand cooperation with Indonesia in several emerging industries, including the digital economy, photovoltaics, and new energy vehicles. During a meeting with Indonesian President Joko Widodo on the sidelines of the Belt and Road Forum, President Xi […]

Mexico Strengthens Trade Relations with Cuba through Humanitarian Oil Assistance

International Trade, Mexico, News

October 16, 2023

In a heartening display of solidarity, Mexican President Andres Manuel Lopez Obrador announced on Monday that Mexico is committed to assisting Cuba, including supplying the country with vital oil resources.   Since the beginning of this year, Mexico has been regularly shipping crude oil to Cuba, with approximately 2.8 million barrels sent to the island […]

U.S. and EU Business Leaders Advocate for Resolution of Trade Disputes and Collaborative Approach to Critical Minerals

Europe, News, Supply Chain, United States

October 16, 2023

Leading business federations from the United States and the European Union have come together to call for constructive dialogue and cooperation as leaders convene for a crucial summit on Friday. The primary agenda includes resolving ongoing disputes stemming from metal tariffs initiated during the Trump administration and bolstering collaboration on essential minerals vital to the […]

Western Balkans’ Path to EU Membership: Single Market and Comprehensive Reforms, Key to Accelerating Accession

Economic Development, Europe, News

October 16, 2023

  In a pivotal move to reinvigorate the accession process for the Western Balkan countries, the European Union emphasizes comprehensive economic reform and the establishment of a regional single market as critical precursors to full EU membership, the International Trade Council (ITC) has learned.   While the nations of Albania, Bosnia, Kosovo, Montenegro, North Macedonia, […]

Australia Anticipates Wine Trade Resolution with China as Deadline Approaches

Agricultural Trade, Australia, China, News

October 16, 2023

  In an address to the business community, Australian Trade Minister Don Farrell emphasized the need for businesses to diversify their customer base and reduce their dependence on a single market, particularly in light of the ongoing trade dispute with China. Australia’s pursuit of a resolution through the World Trade Organization (WTO) reflects the country’s […]

U.S. and EU Business Leaders Call for Steel Resolution and Critical Minerals Collaboration at Summit

Bilateral Trade Relation, Europe, News, United States

October 16, 2023

Business federations representing the United States and the European Union are urging leaders convening for an upcoming summit to address persistent issues surrounding Trump-era metals tariffs and to strengthen cooperation concerning vital minerals crucial for the green energy transition.   In a joint statement issued on Monday, the U.S. Chamber of Commerce and Business Europe […]

International Trade Council Celebrates Extension of Tariff-Free Trade between Britain and South Korea

News, South Korea, Trade Agreements

October 15, 2023

In a positive development, Britain and South Korea have agreed to extend the period of low or zero tariffs on bilateral trade, particularly on products with components originating from the European Union (EU). This extension, confirmed by the British government, is a welcomed boost for various industries, notably the automotive sector.   The extension of […]

German Finance Minister Extends Invitation to UK for Post-Brexit Trade Talks

Germany, News, Trade Agreements, United Kingdom

October 14, 2023

In an unexpected move, Christian Lindner, the German Finance Minister and leader of the German liberals, has extended an invitation to the United Kingdom to explore “new steps” in their post-Brexit trade relations with the European Union (EU). Lindner’s gesture, made during a BBC interview, has raised the prospect of reducing trade barriers and addressing […]

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