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Archive for the ‘News’ Category

Thailand and Sri Lanka Forge Strategic Trade Alliance to Fuel Economic Recovery

News, Sri Lanka, Thailand, Trade Agreements

February 3, 2024

In a significant move aimed at revitalizing their economies, Thailand and Sri Lanka have sealed a Free Trade Agreement (FTA). Sri Lanka, grappling with its most severe financial crisis in decades, hopes this strategic partnership will be a lifeline for its economy. With the World Bank estimating a contraction of 3.8% in Sri Lanka’s […]

Tajikistan Boosts Potato and Fruit Imports to Enhance Variety and Availability

Agricultural Trade, News

February 1, 2024

In the year 2023, Tajikistan witnessed a notable increase in the import of potatoes and fruits, despite reports from the Committee on Food Security indicating a rise in domestic production of these agricultural products. Tajikistan celebrated a record-breaking fruit harvest of approximately 665,000 tons, which represented a substantial 30% growth compared to the previous […]

Japanese Crude Oil Imports Maintain Steady Supply from Saudi Arabia

Energy Trade, Japan, News, Saudi Arabia

February 1, 2024

Japan has consistently maintained a substantial share of its crude oil imports from Saudi Arabia, accounting for about 44 percent of its total oil requirements, totaling approximately 36.28 million barrels. This information, sourced from the Agency of Natural Resources and Energy within the Ministry of Economy, Trade and Industry, underscores Saudi Arabia’s reliability as a […]

Progress in WTO Agricultural Negotiations: Draft Text Presented Ahead of MC13

International Trade, News

January 31, 2024

In a crucial development, Ambassador Alparslan Acarsoy of Türkiye, Chair of the agriculture negotiating body, introduced a draft negotiating text during a meeting on January 30th, open to all WTO delegations. This draft text has garnered positive responses from trade officials and is seen as a valuable starting point for discussions leading up to the […]

China’s Factory Activity Expands in January, Boosted by Export Orders

China, Economic Development, News

January 31, 2024

In a recent private-sector survey, it was revealed that China’s factory activity experienced growth in January. This expansion was attributed to stable output, improved logistics efficiency, and the first uptick in new export orders since June. Consequently, business confidence reached a nine-month high. The positive results, however, contrasted with an official survey from the […]

Fisheries Funding Mechanism Advances to Support Developing and Least-Developed Countries

News, Sustainable Trade

January 31, 2024

The Steering Committee of the WTO Fisheries Funding Mechanism recently convened its inaugural meeting on January 31st, with the primary aim of preparing to extend assistance to developing members and least-developed country members (LDCs) for the effective implementation of the Agreement on Fisheries Subsidies. Deputy Director-General Angela Ellard stressed the critical importance of having this […]

China Surpasses Japan as Global Vehicle Export Leader in 2023, Marking a Historic Shift in the Auto Industry

Automotive Industry, China, Japan, News

January 31, 2024

In a significant industry development, China has officially taken the crown as the world’s largest vehicle exporter in 2023, surpassing Japan, according to data released by the Japan Automobile Manufacturers Association (JAMA). The remarkable growth of China’s auto sector in recent years can be attributed to substantial investments in electric vehicles (EVs), a domain […]

Unlocking Vietnam’s Potential in Livestock Product Exports to China

Agricultural Trade, China, News, Vietnam

January 31, 2024

Vietnam is poised for a significant upswing in its agricultural export value to China this year, thanks to a collaborative effort with China to review regulations permitting the official export of poultry meat from Vietnam to the Chinese market. In the year 2023, livestock products constituted only 1 percent of the total agricultural, forestry, […]

EU Trade Chief Continues Discussions with US on Battery Minerals Trade Despite Differences

Energy Trade, Europe, News, United States

January 30, 2024

In recent developments, the United States and the European Union have encountered challenges in reaching a trade deal related to critical battery minerals. Despite this setback, both parties are committed to pursuing negotiations aimed at establishing a transatlantic marketplace for minerals and other vital components, as stated by the EU’s top trade official. Valdis […]

Swiss Watch Exports Maintain Record Performance in 2023

Luxury Goods, News

January 30, 2024

In a remarkable achievement, Swiss watch exports have achieved a record-breaking performance for the third consecutive year in 2023, witnessing a substantial increase of 7.6 percent, amounting to 26.7 billion Swiss francs ($31 billion), as reported by an industry group. The boost in exports can be primarily attributed to the thriving sales in their […]

The Philippines and Vietnam Strengthen Trade Ties with 5-Year Rice Agreement

Agricultural Trade, News, Philippines, Vietnam

January 30, 2024

In a significant move to bolster their trade relations, the Philippines and Vietnam have signed a Memorandum of Understanding (MOU) on Rice Trade Cooperation. This agreement, among several others, was forged on Tuesday, Jan. 30, during bilateral discussions between the two nations. The MOU on Rice Trade Cooperation establishes a framework for rice cooperation […]

Passenger Car Exports Soar to Record High in 2023

Automotive Industry, News

January 30, 2024

Korea’s passenger car exports reached unprecedented levels in 2023, experiencing a remarkable increase of over 30 percent, primarily driven by the growing demand for eco-friendly models. According to data from the Korea Customs Service, domestic car manufacturers shipped passenger cars valued at $63.81 billion last year, a significant surge from the $49 billion recorded the […]

Spain and China Urged to Strengthen Trade and Investment Ties

China, International Trade, News, Spain

January 29, 2024

Spain and China Urged to Strengthen Trade and Investment Ties. Representatives from over a hundred Chinese and Spanish businesses, along with officials including China’s Ambassador to Spain, Yao Jing, convened in Barcelona to explore avenues for boosting trade and investment between the two nations. Wang Bo, General Manager of China Construction Bank in Europe, […]

Farmers’ Group Expects Increased Rice Imports Amidst Rising Global Prices

Agricultural Trade, News

January 29, 2024

The Federation of Free Farmers (FFF) anticipates higher rice imports this year, despite elevated global rice prices. According to Raul Montemayor, the FFF’s national manager, rice imports are likely to rise due to insufficient domestic production to meet the growing demand driven by population growth. Montemayor pointed out that while the Philippines reported a […]

South Korea Sees 1% Growth in Export-Import Cargo in 2023 Amid Export Recovery

International Trade, News, South Korea

January 29, 2024

South Korea’s export-import cargo experienced a 1 percent growth in 2023, signaling a recovery in the country’s exports, according to the Ministry of Oceans and Fisheries. The seaports in South Korea handled a total of 1.32 billion tons of export-import cargo, a slight increase from the previous year’s 1.31 billion tons. However, overall cargo processed […]

China’s Ambitious Plans to Expand Global Free Trade Agreements in 2024

China, International Trade, News

January 29, 2024

China is setting its sights on an ambitious plan to further expand its global network of high-standard free trade areas (FTAs) in 2024, building on the remarkable progress it has made in negotiating FTAs over the past year. Chinese Vice Commerce Minister Wang Shouwen has unveiled these intentions, highlighting the country’s commitment to increasing openness […]

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