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Archive for the ‘News’ Category

Kazakhstan Expands GovTech Technology Exports, Forges New Partnerships

International Trade, Kazakhstan, News

February 13, 2024

Kazakhstan has made significant advancements in exporting its government technology (GovTech) solutions, as highlighted during the Digital Almaty 2024 forum held from Feb. 1-3, according to a report from Profit.kz on Feb. 13. The country signed several memorandums of understanding to extend its IT solutions for e-government development to various nations, with a particular focus […]

Indonesia Takes Proactive Step to Ensure Fair Trade Practices, Initiates WTO Dispute Over EU Fatty Acid Duties

Europe, Indonesia, International Trade, News

February 12, 2024

In a bid to address concerns over the European Union’s imposition of definitive anti-dumping duties on fatty acid imports from Indonesia, the Southeast Asian nation has taken a significant step by initiating WTO dispute consultations with the EU. The request for consultations, formally circulated to WTO members on February 12th, signals Indonesia’s commitment to upholding […]

Norway Commits NOK 20 million to Enhance Sustainable Growth in Least Developed Countries through EIF

International Trade, News

February 12, 2024

Norway has pledged its support to bolster sustainable economic growth in least developed countries (LDCs) by contributing NOK 20 million to the Enhanced Integrated Framework (EIF). This initial contribution of CHF 1.2 million marks the commencement of Norway’s commitment to the newly established EIF Interim Facility, designed to sustain the progress achieved by LDCs with […]

New Gas Transit Initiative in Southeast Europe to Boost Regional Energy Security

Energy Trade, Europe, News

February 12, 2024

Efforts to fortify energy security in southeastern and central Europe are gaining momentum with the launch of a collaborative project aimed at establishing a novel gas transit route. Dubbed the “Vertical Corridor,” this initiative seeks to mitigate the impact of disruptions in gas supply by providing alternative pathways for gas transportation.   The proposed corridor […]

Positive Outlook for UK-Philippines Trade Growth

International Trade, News, Philippines, United Kingdom

February 12, 2024

Recent reports reveal an encouraging trend in UK-Philippines bilateral trade, with total trade in goods and services hitting a record high of £3.0 billion. Chris Nelson, the Executive Director/Trustee of the British Chamber of Commerce Philippines (BCCP), expressed optimism regarding the ongoing positive trajectory of trade between the two nations.   In a recent interview, […]

South Korea’s Defense Exports Reach $14 Billion, Aiming for Global Leadership

International Trade, News, South Korea

February 12, 2024

South Korea has once again secured its position among the world’s top 10 defense exporters, with exports totaling approximately $14 billion in 2023. This marks the second consecutive year that South Korea has achieved this milestone, showcasing its growing influence in the global defense market. Anticipating continued demand, bolstered by substantial deals already in place, […]

Ukraine Forecasts Surge in Electricity Exports Amid Warm Weather

Energy Trade, News, Ukrain

February 12, 2024

Ukraine is expecting a notable uptick in electricity exports on Monday, with projected exports almost doubling in comparison to imports. This surge is attributed to unusually warm weather, as confirmed by the energy ministry.   Following the events of 2022, Ukraine temporarily halted significant electricity exports due to security concerns surrounding attacks on its power […]

Poland Strengthens Quality Assurance Measures for Ukrainian Grain Imports

Agricultural Trade, News, Poland, Ukrain

February 12, 2024

In a bid to uphold standards and safeguard domestic interests, Poland has announced stringent quality inspections on all grain imports from Ukraine. This decision, revealed by Deputy Agriculture Minister Michal Kolodziejczak, underscores Poland’s commitment to ensuring the integrity of its agricultural imports.   The move comes amidst ongoing nationwide protests by Polish farmers, who have […]

U.S. Treasury Secretary Embarks on Economic Victory Tour in Key Battleground States

Economic Development, News

February 12, 2024

U.S. Treasury Secretary Janet Yellen is set to embark on a series of visits to pivotal battleground states, underscoring the Biden administration’s economic achievements. Her itinerary includes stops in Pittsburgh on February 13th and Detroit on February 14th, where she will engage with elected officials and community leaders to highlight the administration’s initiatives aimed at […]

EU Agrees on Looser Fiscal Rules to Cut Debt, Boost Investments

Economic Policy, Europe, News

February 10, 2024

In a significant development, EU member states and Members of the European Parliament (MEPs) have reached a preliminary agreement to ease the bloc’s stringent fiscal regulations. This accord provides governments with additional flexibility in managing debt and offers incentives to bolster public investments, particularly in climate initiatives, industrial policies, and security measures.   The revision […]

US Lawmakers Advocate for Export Control Measures on Social Media Platform

News, Technology Trade Policy, United States

February 8, 2024

In a bipartisan effort, a group of 15 US lawmakers has urged the Commerce Department to consider placing a China-based parent company of a popular social media platform on the government’s export control list. Led by Representative Dan Crenshaw and Representative Josh Gottheimer, the lawmakers emphasized the need to address potential vulnerabilities stemming from the […]

Finland Boosts Developing Economies’ Trade Participation with EUR 1.2 million Contribution

International Trade, News

February 8, 2024

In a significant move to bolster developing economies’ engagement in global trade, Finland has pledged EUR 1.2 million (CHF 1.14 million) to four World Trade Organization (WTO) trust funds. This initiative aims to support developing countries and least-developed country (LDC) members in better understanding and applying international trade regulations.   During a signing ceremony at […]

Korea’s Trade Surplus Hits Record High, Exceeding Expectations

News, Trade Relations

February 7, 2024

In a significant economic update, Korea has revealed a current account surplus surpassing $35 billion for the previous year, outstripping initial projections. The data, released by the Bank of Korea (BOK), indicates a robust 37% increase from the prior year, with December marking the eighth consecutive month of surplus, reaching $7.41 billion. This growth is […]

Britain Extends Tariff-Free Trade Agreement with Ukraine

News, Trade Agreements, Ukrain

February 7, 2024

In a significant development, Britain has announced the extension of tariff-free trade with Ukraine until 2029, extending crucial support to Kyiv in light of recent events.   Following the conflict in the region two years ago, Britain abolished tariffs on all trade with Ukraine. Initially slated to end in March 2024, the agreement has now […]

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