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Archive for the ‘News’ Category

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 […]

Taiwan’s Fourth Quarter Economic Growth Bolstered by Domestic Demand and Export Recovery

Economic Development, News, Taiwan

January 29, 2024

Taiwan’s trade-dependent economy is anticipated to have experienced accelerated growth in the fourth quarter of the year, largely attributed to robust domestic consumption and a resurgence in exports, according to a recent Reuters poll of 22 economists.   Gross domestic product (GDP) for the October-December period is expected to have expanded by approximately 4.35% compared […]

Philippines and Canada Forge Stronger Defense Ties with Memorandum of Understanding

Canada, International Relations, News, Philippines

January 29, 2024

In a significant step towards bolstering their defense cooperation, the Philippines and Canada formally signed a memorandum of understanding on Friday, with Manila’s defense minister expressing optimism that this agreement could pave the way for a troop pact between the two nations.   Defense Secretary Gilberto Teodoro highlighted the strong intention on both sides to […]

India and France Forge Strategic Partnership in Defense Production and Beyond

France, India, International Relations, News

January 27, 2024

India and France have solidified their commitment to collaborate on joint defense production, encompassing helicopters, submarines, and more, both for the Indian armed forces and friendly nations, according to a government statement issued following French President Emmanuel Macron’s visit.   President Macron’s visit included meetings with Prime Minister Narendra Modi and attendance at a state […]

U.S. Firms Eye $8 Billion Investment in Vietnam’s Clean Energy Sector

International Trade, News, United States, Vietnam

January 26, 2024

Fifteen U.S. companies, including semiconductor firms, have expressed keen interest in investing a substantial $8 billion in Vietnam’s clean energy infrastructure. However, this investment is contingent on Vietnam’s progress in implementing renewable energy regulations, as revealed by a senior U.S. official during a press briefing in Hanoi.   Vietnam has been actively seeking to attract […]

Cabo Verde Formally Accepts Agreement on Fisheries Subsidies

International Relations, News

January 26, 2024

Cabo Verde, an ocean state with a substantial maritime area, has officially deposited its instrument of acceptance for the Agreement on Fisheries Subsidies on January 26th. Ambassador Clara Manuela da Luz Delgado Jesus presented Cabo Verde’s acceptance to Director-General Ngozi Okonjo-Iweala. The Agreement is seen as crucial for Cabo Verde, as 80% of its population […]

Japan and Indonesia Strengthen Trade and Collaboration in Updated Agreement

Indonesia, International Trade, Japan, News

January 25, 2024

Japan and Indonesia have reached an agreement to remove trade barriers and enhance cooperation across various sectors, as announced by Indonesia’s Foreign Minister Retno Marsudi.   This development follows a bilateral meeting between Japanese Prime Minister Fumio Kishida and Indonesian President Joko Widodo in Tokyo on December 16, 2023, during which the two leaders discussed […]

European Commission Releases New Guidelines to Enhance Transparency in Dual-Use Export Controls Reporting

Europe, International Trade, News

January 25, 2024

The European Commission has taken a significant step in promoting transparency in dual-use export controls by publishing new Guidelines on data gathering and processing for export controls. This development follows the recent release of the Commission’s White Paper on export controls, which emphasizes the importance of fully implementing the EU’s dual-use regulation.   On January […]

Austria Boosts Developing Economies’ Trade Expertise with EUR 200,000 Contribution

Australia, Europe, International Trade, News

January 25, 2024

Austria has demonstrated its commitment to supporting developing economies’ engagement in international trade by contributing EUR 200,000 (approximately CHF 190,000) to the Global Trust Fund in 2024. This financial contribution is aimed at facilitating greater participation and expertise in global trade for developing nations. A significant portion of this funding will be directed towards the […]

Taiwan President-Elect Expresses Interest in Joining U.S.-Led Trade Framework

International Trade, News, Taiwan, United States

January 24, 2024

Taiwan’s President-elect, Lai Ching-te, has conveyed his keenness for Taipei to become part of the U.S.-led Indo-Pacific Economic Framework, citing the island’s pivotal role in the global economy.   Taiwan was initially excluded from the Indo-Pacific Economic Framework by the United States in 2022, as part of the Biden administration’s efforts to counter what it […]

French President Macron to Grace India’s Republic Day; Focus on Strengthening Strategic Ties

International Relations, News

January 24, 2024

French President Emmanuel Macron will be the chief guest at India’s Republic Day celebrations, underscoring the deepening ties between the two nations. The visit comes amid ongoing negotiations for significant defense deals, including the purchase of French fighter jets and submarines by the Indian military.   While the visit is expected to be ceremonial in […]

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