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China’s service sector surges with a record expansion in December, boosting global economic confidence

International Trade, News

January 3, 2024

In a remarkable turnaround, China’s service sector experienced its fastest growth in five months, indicating a robust rise in new business and injecting a renewed sense of optimism into the industry, according to the latest Caixin/S&P Global services purchasing managers’ index (PMI) released on Thursday.   Contrary to an official survey that suggested a contraction […]

Nicaragua and China Forge New Economic Ties with Commencement of Free Trade Agreement

China, International Trade, News

January 1, 2024

In a significant step towards deepening economic collaboration, Nicaragua and China officially initiated trading under a new free trade agreement on Monday. This landmark agreement grants the Central American nation the opportunity to export approximately 71% of its products to the largest Asian market without facing tariffs.   State media reports reveal that the exported […]

South Korea’s Export Growth Moderates in December Amidst Global Dynamics

International Trade, News, South Korea

December 31, 2023

In December, South Korea witnessed a third consecutive month of export growth, albeit at a slower pace, according to recent data. While global semiconductor sales remained robust, weakened demand for Korean products in China tempered overall export expansion.   The data revealed a 5.1% increase in exports, totaling $57.66 billion in December. This marked a […]

Seamless Travel for Romanians and Bulgarians: Passport-Free Access to EU and Beyond from March 2024

Europe, International Trade, News

December 30, 2023

In a significant development, citizens of Romania and Bulgaria are set to enjoy hassle-free air and sea travel within the European Union and select neighboring countries starting March 31, 2024. The Council of EU governments announced on Saturday that individuals from these EU member states will no longer require a passport to travel to most […]

Spain Ensures Policy Continuity with Cuerpo’s Appointment as Economy Minister

News, Spain, Trade Policy

December 29, 2023

  In a strategic move signaling continuity in economic policies, Spanish Prime Minister Pedro Sanchez has appointed Carlos Cuerpo as the new Economy and Trade Minister, succeeding the outgoing Nadia Calvino. Cuerpo, a 43-year-old close ally of Calvino, affirmed in his inaugural speech that his approach would align with the successful policies of his predecessor. […]

U.S. Extends Steel and Aluminum Tariff Rate Quotas for European Union, Reflecting Biden Administration’s Economic Priorities

News, Trade Policy, United States

December 28, 2023

In a significant update, U.S. Secretary of Commerce Gina M. Raimondo issued a statement following President Biden’s signing of two Presidential Proclamations, prolonging the European Union’s access to U.S. tariff rate quotas (TRQs) for steel and aluminum for an additional two years.   Secretary Raimondo underscored President Biden’s economic agenda, which places a strong emphasis […]

U.S. President Joe Biden Prolongs EU Tariff Suspension, Nurturing Trade Relations

Europe, News, Trade Policy, United States

December 28, 2023

In a move to foster ongoing negotiations and collaboration, U.S. President Joe Biden announced on Thursday the extension of the suspension of tariffs on European Union steel and aluminum for an additional two years. This decision underscores the commitment of both the United States and the European Union to finding comprehensive solutions to address challenges […]

US and Mexico Strengthen Collaboration to Address Migration Challenges

Mexico, News, Trade Policy, United States

December 28, 2023

In a collaborative effort to address the escalating issue of record migration at their shared border, the United States and Mexico have pledged to enhance cooperation, as announced in a joint statement following high-level talks. The discussions, which took place after U.S. Secretary of State Antony Blinken’s visit to Mexico, focused on strategies to manage […]

Global Oil Industry Reshapes in 2024 Amidst U.S. Consolidation

Global Trade, News, United States

December 26, 2023

In a transformative year for the oil and gas sector, the industry embarked on a $250 billion acquisition spree in 2023, capitalizing on high stock prices to secure cost-effective reserves and brace for anticipated industry consolidation. Major players, including Exxon Mobil, Chevron Corp, and Occidental Petroleum, executed acquisitions totaling $135 billion, positioning themselves strategically to […]

Resolution at Ukraine-Poland Border as Polish Farmers Conclude Blockade

News, Poland, Trade Relations, Ukrain

December 24, 2023

In a positive development for cross-border trade, Ukrainian border services announced the resumption of lorry movement after Polish farmers concluded their blockade at one of the key border crossings between Ukraine and Poland. The blockade had disrupted truck traffic, causing delays and challenges for both nations.   According to the Ukrainian border service’s statement on […]

U.S. and Mexico Acknowledge Need for Increased Border Enforcement

Logistics, Mexico, News, United States

December 21, 2023

In a recent conversation between U.S. President Joe Biden and Mexican President Andres Manuel Lopez Obrador, both leaders concurred on the necessity of enhancing border enforcement between their nations, as a surge in attempted border crossings has disrupted trade activities. This consensus was disclosed by the White House.   In response to this shared concern, […]

Chair of Fisheries Subsidies Negotiations Presents New Text to Advance Agreement at MC13

News, Trade Agreements

December 21, 2023

Ambassador Einar Gunnarsson of Iceland, chairing the negotiations on fisheries subsidies, has circulated a fresh draft text aimed at curbing subsidies that contribute to overcapacity and overfishing. This move is part of a concerted effort to push these negotiations towards a successful conclusion at the 13th Ministerial Conference (MC13) scheduled for late February 2024. The […]

Ukraine Aims to Resolve Border Blockade with Poland

Bilateral Trade Relation, News, Poland, Ukrain

December 21, 2023

Ukraine is actively seeking an agreement with Poland’s new government this week to put an end to the ongoing truck blockades at their shared border crossings, announced Ukraine’s Deputy Prime Minister. Polish truckers had recently resumed their blockade of key border crossings, demanding the reinstatement of a system that requires Ukrainian companies to obtain permits […]

EU and Kenya Forge Strong Economic Partnership Agreement with Emphasis on Sustainability

Europe, News, Trade Policy

December 20, 2023

In a momentous development for international trade, the European Union (EU) and Kenya have officially signed an Economic Partnership Agreement (EPA). This landmark agreement is designed to bolster bilateral trade in goods, promote increased investment flows, and foster sustainable economic growth.   Distinguished by its comprehensive approach to sustainability, the EPA represents the most ambitious […]

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