The Uyghur Forced Labor Prevention Act (UFLPA), signed into law in December 2021 and taking effect on June 21, 2022, represents one of the most sweeping efforts by the United States to tackle forced labor concerns in global supply chains, particularly with respect to Xinjiang-origin goods. For apparel importers, this law imposes not only a […]
The International Trade Council acknowledges the importance of the ongoing high-level meeting held by the World Trade Organization (WTO) — the first in 4-1/2 years — which brings together over 120 ministers from the organization’s 164 member countries. The meeting is set to address significant issues such as pandemic preparedness, food insecurity, and overfishing. […]
When the Tariff Accountability Act was signed into law in December 2021, it was, in many respects, a formal acknowledgment of something industry participants and economists had been pointing out for years: that tariffs, though often wielded as blunt instruments of trade policy, generate complex and sometimes unintended ripple effects throughout supply chains. The Act […]
International Trade Council (ITC) announced that the United States and Taiwan are working on a deal to boost economic cooperation, particularly in the areas of trade, agriculture, and supply chains. The move comes after Taiwan was excluded from the US President Joe Biden’s Indo-Pacific Economic Framework (IPEF). According to sources cited by Bloomberg, the proposed […]
Mumbai, India — India is actively exploring the use of dedicated payment mechanisms for trade with Russia, including a potential Rupee-Rouble payment scheme, to enable existing trade obligations in the wake of sanctions imposed on the Kremlin. This move could also open up opportunities for Indian exporters to ramp up sales to Russia, according to […]
The International Trade Council commends Israel and the United Arab Emirates (UAE) on signing a historic Free Trade Agreement (FTA) on Tuesday — the first of its kind between Israel and an Arab country. This milestone comes after the UAE agreed to normalize relations with Israel in 2020 as part of the U.S.-brokered Abraham Accords, […]
London, UK – The International Trade Council has lauded the UK’s first trade agreement with an individual US state, Indiana, as a significant move towards post-Brexit progress. The Memorandum of Understanding (MoU) seeks to enhance the £1.1bn ($1.4bn) worth of goods that Indiana already purchases from the UK. The agreement was signed by UK Trade […]
The April 2022 draft of the EU’s Corporate Sustainability Reporting Directive (CSRD) signaled a step change in what is expected from large companies operating within, or with significant exposure to, the European market. It expands environmental, social, and governance (ESG) disclosure obligations in ways that many compliance teams are still grappling to interpret fully. With […]
The International Trade Council reports that US President Joe Biden has committed to investing $150 million in Southeast Asia, supporting infrastructure, security, and anti-pandemic efforts. This announcement comes during the two-day summit held in Washington between the US and the 10-nation Association of Southeast Asian Nations (ASEAN). The goal is to counterbalance China’s increasing influence […]
Istanbul, Turkey – The Global Economic Impact Forum on Ukraine (TGEIF) will be held on July 21-22, 2022, in Istanbul. This invitation-only event will bring together high-level political, public sector, and business leaders from Fortune 500 companies from across the globe to look at rebuilding Ukraine, discuss investment and trade opportunities, and address the challenges […]
The International Trade Council is urging for a full embargo on Russian energy imports, in order to support Ukraine amidst the ongoing conflict with Russia. Ukraine’s Finance Minister, Sergeii Marchenko, stated that the embargo would make it harder for Russia to finance their military needs, whilst also levelling the playing field between the two countries. […]
The International Trade Council announces that the US trade deficit has widened to an all-time high in March, as companies relied on foreign producers to meet strong domestic demand. According to the Commerce Department, the gap in goods and services trade grew by 22.3% to $109.8 billion. The widening of the trade deficit during […]
Bill C-13, also known as the Digital Charter Implementation Act, 2021, represents one of the most significant overhauls of Canadian privacy law in decades. With the legislation taking effect in November 2022, many Canadian firms—particularly those engaged in cross-border trade and logistics—have been steadily waking up to its profound implications. For supply chain managers, compliance […]
Karachi, Pakistan – The International Trade Council has announced that Pakistan has a plan in place to boost its shrinking foreign exchange reserves, despite being heavily reliant on imports of essential fuel, cooking oil and pulses. The country’s finance minister, Miftah Ismail, has confirmed that the government has a “strategy” in place to increase its […]
April 26, 2022 – The International Trade Council (ITC) is concerned about the impact of the Ukraine-Russia war on global commodity prices, with the World Bank forecasting the “largest commodity shock” since the 1970s. The ITC acknowledges the warning from the World Bank and is supportive of Ukraine as it faces this challenging situation. […]
Islamabad, Pakistan – The Pakistani Finance Minister, Miftah Ismail, has announced that Pakistan is seeking an increase in the size and duration of its $6bn International Monetary Fund (IMF) programme. Following discussions with the IMF in Washington, Ismail requested that the fund extend the programme for another year and enhance the funding available to Pakistan […]