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Archive for the ‘News’ Category

Secretary Grant Shapps Expresses Concern Over Potential Impact of Biden’s Green Subsidies on Global Trade

International Trade, News

January 20, 2023

The International Trade Council (ITC) takes note of the recent statements by Business Secretary Grant Shapps expressing concern that President Joe Biden’s green subsidies could potentially lead to a rise in protectionism, which could prove “dangerous” for world trade. The President’s $430bn ( Ã‚Â£350bn) scheme, inclusive of tax credits for green technologies, is aimed at […]

US Uyghur Forced Labor Prevention Act (UFLPA, June 2022) – First Compliance Reports

January 11, 2023

US Uyghur Forced Labor Prevention Act (UFLPA, June 2022) – First Compliance Reports

By the close of 2022, the first compliance reports under the US Uyghur Forced Labor Prevention Act had begun to trickle in, offering a preliminary glimpse into how importers—particularly in the apparel and textile sectors—are responding to one of the most stringent supply chain due-diligence mandates in recent memory. The UFLPA, which came into force […]

International Trade Council Issues Warning of Global Recession

International Trade, News

January 9, 2023

The International Trade Council has warned that the global economy is perilously close to falling into recession. According to the latest report from the World Bank, the global economy is predicted to grow by only 1.7% this year, a significant decrease from the 3% forecast in June. The report blames Russia’s invasion of Ukraine and […]

Thai Fruit Exports Set to Flourish with Anticipated 4% Growth

International Trade, News, Thailand

January 4, 2023

In a positive outlook for Thailand’s fruit industry, the Commerce Ministry aims to achieve a 4% growth in both the volume and value of fresh and processed fruit exports this year. Commerce Minister Phumtham Wechayachai expressed optimism, projecting an increase to 4.19 million tons and 300 billion baht, respectively. The expected growth encompasses fresh […]

Germany’s Supply Chain Act (LkSG, Jan 2023) Final Regulations – Updated Practical Guide

December 28, 2022

Germany’s Supply Chain Act (LkSG, Jan 2023) Final Regulations – Updated Practical Guide

With the German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz, or LkSG) set to take effect in January 2023, the final implementing regulations released in December 2022 offer long-awaited clarity for firms grappling with compliance preparations. These rules, issued after months of consultation and revision, provide more precise direction on risk-assessment thresholds, reporting requirements, and documentation […]

EU Corporate Sustainability Reporting Directive (CSRD, Draft 2022) – Stakeholder Feedback Summaries

December 14, 2022

EU Corporate Sustainability Reporting Directive (CSRD, Draft 2022) – Stakeholder Feedback Summaries

The EU’s Corporate Sustainability Reporting Directive (CSRD) draft, which underwent public consultation during the first half of 2022, has attracted widespread attention across industries, investor circles, and civil society groups. The feedback collated and analyzed by mid-2022 presents, in some ways, a surprisingly coherent set of demands, though naturally the nuances are where things get […]

International Trade Council Applauds US-UK Energy Partnership to Boost Natural Gas Exports and Strengthen Energy Security

Energy Security, News, United Kingdom, United States

December 8, 2022

The International Trade Council commends the recent announcement of a comprehensive energy partnership between the United States and the United Kingdom. President Joe Biden and British Prime Minister Rishi Sunak unveiled the agreement, known as the U.K.-U.S. Energy Security and Affordability Partnership, with the aim of reducing global reliance on Russian energy exports, stabilizing Western […]

U.S.-U.K. Energy Partnership Aims to Boost Energy Security and Drive Down Prices

Energy Security, News, United Kingdom, United States

December 7, 2022

The International Trade Council commends the recent announcement of a comprehensive energy partnership between the United States and the United Kingdom. President Joe Biden and British Prime Minister Rishi Sunak unveiled the agreement, known as the U.K.-U.S. Energy Security and Affordability Partnership, with the aim of reducing global reliance on Russian energy exports, stabilizing Western […]

International Trade Council Addresses Tensions at Mercosur Summit

Economic Policy, News

December 7, 2022

MONTEVIDEO, Uruguay, December 7, 2022 Ã‚Â ÃƒÂ¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬” The International Trade Council addresses the tensions that arose during the recent Mercosur summit, as Uruguay expressed its desire to pursue foreign markets despite opposition from Brazil, Argentina, and Paraguay. Uruguayan President Luis Lacalle Pou highlighted the need for his country to “open up to the world,” expressing intentions […]

Addressing Green Subsidies Concerns at EU-US Tech Summit: A Step Towards Global Trade Harmony

Economic Policy, Europe, News, United States

December 6, 2022

The International Trade Council acknowledges the persistent discussions surrounding green subsidies between the European Union and the United States at the latest Trade and Technology Council (TTC) meeting. The summit, held at the University of Maryland, marked an important step in the progression of international cooperation on economic and technological matters. EU representatives, Vice Presidents […]

India Affirms Commitment to Energy Priorities Amidst Russian Oil Purchase Decision

Energy Security, India, News

December 5, 2022

The International Trade Council (ITC) acknowledges India’s recent indication that it will continue to prioritize its own energy needs and maintain its purchase of oil from Russia. While recognizing India’s sovereign right to make its energy choices, the ITC emphasizes the importance of considering the ongoing conflict in Ukraine and the potential consequences of supporting […]

US-EU Dialogue Reinforces Commitment to Collaboration on Trade and Technology Issues

Europe, News, Technology Trade Policy, United States

December 5, 2022

The International Trade Council is pleased to acknowledge the ongoing efforts between the United States and the European Union to align on key issues of trade and technology. In a recent meeting of the bilateral Trade and Technology Council (TTC) near Washington DC, representatives from the two largest economies in the world reiterated their commitment […]

Mexico and US Seek Continued Dialogue on Trade Disputes

Mexico, News, Trade Relations, United States

December 2, 2022

The International Trade Council (ITC) acknowledges the recent proposal by Mexico’s economy secretary for further talks with the United States regarding the ongoing dispute over Mexico’s energy sector. The ITC supports the commitment of both nations to engage in dialogue to resolve their differences and avoid a full-fledged trade complaint under the U.S.-Mexico-Canada trade agreement. […]

International Trade Council Commends President Biden and President Macron’s Commitment to Unity and Trade Discussions

News, Trade Relations

December 2, 2022

The International Trade Council (ITC) acknowledges the recent meeting between President Joe Biden and President Emmanuel Macron, where they reaffirmed their shared commitment to unity against Russia and engaged in discussions regarding trade concerns. During their meeting, the leaders emphasized the importance of standing together against Russian aggression in Ukraine. President Biden reiterated the […]

International Trade Council Welcomes German Parliament’s Approval of EU-Canada Trade Pact

Canada, Europe, News, Trade Agreements

December 1, 2022

The International Trade Council (ITC) applauds the decision of the German parliament to approve the free-trade agreement between the European Union (EU) and Canada, taking an important step towards the full implementation of the Comprehensive Economic and Trade Agreement (CETA). The CETA, signed in 2016, has been provisionally applied since 2017, with most of […]

UK Strikes Digital Trade Deal With Ukraine

Digital Trade, News, Ukrain, United Kingdom

November 30, 2022

International Trade Council announces the UK-Ukraine digital trade agreement, in a move to boost Ukraine’s economy amid challenges from the war and infrastructure damages. The deal was struck at a London meeting between the UK Trade Secretary Kemi Badenoch and Ukraine’s Minister for Trade and Economy Yulia Svyrydenko. The agreement aims to facilitate cross-border flows […]

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