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Archive for the ‘Countries’ Category

The ITC Supports Strict Enforcement of Cosmetics Regulations

News, Regulatory Compliance

May 16, 2023

The International Trade Council (ITC) today underscores the importance of adhering to cosmetic regulation management rules, as a small trading firm in southwest China faces a significant fine of $420 million for suspected violations.   The Chongqing-based company, Dezhao, was fined by the city’s market regulator for alleged breaches, including the failure to obtain necessary […]

EU Passes Groundbreaking Law for ‘Deforestation-Free’ Trade

Environmental Trade Regulations, Europe, News

May 16, 2023

The International Trade Council (ITC) welcomes the European Union’s new landmark law obligating EU-based companies to ensure their imports and exports are “deforestation-free” and respectful of human rights.   The newly adopted European Union Deforestation-Free Products Regulation places the responsibility on companies registered in EU member states to confirm that seven key agricultural commodities – […]

International Trade Council Responds to the Recent China-Ecuador Free Trade Agreement

China, News, Trade Agreements

May 12, 2023

The International Trade Council (ITC) acknowledges the signing of the Free Trade Agreement (FTA) between China and Ecuador, marking a significant strengthening of economic relations between the Andean nation and the world’s second-largest economy. This development comes despite concerns raised by the United States, which has been active in countering the expansion of China’s influence […]

China and Ecuador Enact Free Trade Agreement: A Significant Step in Fostering Bilateral Trade

China, Ecuador, News, Trade Agreements

May 11, 2023

The International Trade Council (ITC) is pleased to announce the signing of a Free Trade Agreement (FTA) between China and Ecuador. This landmark agreement, facilitated by the Chinese Ministry of Commerce, is set to enhance bilateral trade and strengthen business ties between the two nations.   As per the agreement, Ecuador joins the ranks as […]

The International Trade Council Responds to the Philippines’ Call for Asean’s Committment to Free Trade

News, Philippines, Trade Agreements

May 10, 2023

The International Trade Council (ITC) acknowledges President Ferdinand “Bongbong” Marcos Jr.’s recent call for ASEAN member states to demonstrate their commitment to the principle of free trade. This call was made during the plenary session of the 42nd ASEAN Summit held in Labuan Bajo, Indonesia.   The Philippine government has shown its commitment to this […]

Advocating for Resilience and Integration in Sub-Saharan Africa

Africa, International Trade, News

May 2, 2023

The International Trade Council (ITC) has today highlighted concerns over potential economic implications for Sub-Saharan Africa amid escalating geopolitical tensions. In a scenario of global bifurcation into two isolated trading blocs centered around the United States/European Union and China, Sub-Saharan Africa could experience a permanent decline of up to 4% of real GDP after a […]

Japan and South Korea Re-establish Finance Dialogue Amid Geopolitical Challenges

Economic Development, Japan, News, South Korea

May 1, 2023

The International Trade Council is pleased to announce the re-establishment of finance dialogue between Japan and South Korea, as the two countries held their first finance leaders’ meeting in seven years on May 2, 2023. The renewed commitment to regular dialogue is a crucial step towards enhanced cooperation and coordination in the region.   Japanese […]

International Trade Council Condemns China Exit Bans

China, International Relations, News

April 21, 2023

The International Trade Council (ITC) expresses deep concern over the increasing use of exit bans by Chinese authorities, impacting both Chinese nationals and foreigners attempting to leave the country. Recent reports and research highlight a surge in cases involving exit bans, sending a troubling message amidst China’s claims of openness for business.   The ITC […]

Hungary Implements Temporary Import Ban on Select Ukrainian Agricultural Products

Europe, International Trade, News, Ukrain

April 19, 2023

The International Trade Council wishes to inform its members and relevant stakeholders that Hungary has implemented a temporary ban on imports of honey, certain meat products, and grains from Ukraine, effective immediately until June 30, 2023. This decision follows the European Commission’s announcement of emergency preventive measures for wheat, maize, sunflower seeds, and rapeseed imports […]

China Reports Growth in March Industrial Output and Retail Sales, Signaling Post-COVID Economic Recovery

China, Economic Development, News

April 18, 2023

The International Trade Council is pleased to announce that China’s industrial output and retail sales have shown significant growth in March 2023, signaling a steady economic recovery following the easing of COVID-19 restrictions. Official data released on Tuesday reveals that China’s industrial output rose by 3.9% year-on-year in March, accelerating from a 2.4% increase in […]

International Trade Council Responds to Cyprus’ Commitment to Uphold EU Sanctions on Russia

Europe, International Relations, News, Russia

April 18, 2023

The International Trade Council (ITC) commends the government of Cyprus for its firm commitment to upholding European Union (EU) sanctions on Russia. In light of recent blacklisting of Cypriot nationals by the US and UK for alleged involvement in sanctions-busting activities, the government of Cyprus has vowed to take decisive action against any deviation from […]

International Trade Council Announces UK’s Joining of CPTPP, Boosting Trade with Asia and Pacific Nations

News, United Kingdom

March 31, 2023

The International Trade Council is pleased to announce that the United Kingdom has signed a deal to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade pact that includes 11 Asia and Pacific nations. This development comes three years after the UK officially left the European Union.   Joining the CPTPP will […]

UK Joins CPTPP Trade Bloc, Expanding Economic Opportunities in the Asia-Pacific Region

International Trade, News, United Kingdom

March 31, 2023

The International Trade Council is pleased to announce that the United Kingdom has successfully joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). After 21 months of negotiations, the UK has become the first non-founding member of the 11-nation trade bloc, which includes Japan, Australia, Canada, Mexico, Vietnam, and Malaysia. This significant achievement expands […]

International Trade Council Announces China’s Lifting of Brazilian Beef Import Ban Ahead of Lula’s Visit

Brazil, China, News, Trade Relations

March 24, 2023

The International Trade Council welcomes China’s agreement to immediately resume imports of Brazilian beef, which were halted voluntarily by Brazilian authorities on February 23, following the discovery of an atypical case of mad cow disease. This decision comes days ahead of Brazilian President Luiz Inacio Lula da Silva’s visit to China to expand trade relations […]

ITC Acknowledges Sri Lanka’s $3bn IMF Bailout as a Step towards Economic Stability

Economic Development, News, Sri Lanka

March 20, 2023

The International Trade Council (ITC) recognizes the recent $3bn ( £2.4bn) bailout provided to Sri Lanka by the International Monetary Fund (IMF) as a crucial lifeline for the country amidst its severe economic crisis.   Sri Lanka’s struggling economy, compounded by the impact of the pandemic, rising energy prices, populist tax cuts, and high inflation, […]

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