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Archive for the ‘News’ Category

AGOA Forum Set to Shape Future of U.S.-Africa Trade Relations

Africa, News, Trade Relations, United States

November 1, 2023

The African Growth and Opportunity Act (AGOA), a cornerstone of U.S.-Africa trade relations since 2000, will be the focal point of discussions at the upcoming AGOA Forum in Johannesburg. This year’s event is critical as it precedes the 2025 expiration of the program, sparking debates on its renewal, reform, and impact. Established under former […]

WTO Director-General Urges Member States to Forge Concrete Outcomes Ahead of MC13

International Trade, News

November 1, 2023

Director-General Ngozi Okonjo-Iweala of the World Trade Organization (WTO) stressed the need for concerted efforts among WTO members to reach common ground and deliver tangible results at the 13th Ministerial Conference (MC13) scheduled for February in Abu Dhabi. Speaking in her role as Chair of the Trade Negotiations Committee, she welcomed the outcomes of the […]

African Nations Seek Extension of Duty-Free Access to US Markets Amid AGOA Trade Forum

Africa, International Trade

November 1, 2023

In a gathering set to commence in South Africa, the extension of the U.S. program providing sub-Saharan African nations with duty-free access to American markets is poised to take center stage at the U.S. Africa Growth and Opportunity Act (AGOA) trade forum. The forum, scheduled for the next three days, will bring together officials including […]

China to Develop Xinjiang Free Trade Zone as Part of Belt and Road Initiative

China, Geopolitics, News

October 31, 2023

In a move that aligns with President Xi Jinping’s expansive Belt and Road Initiative, China has unveiled plans to establish a free trade zone in the northwestern region of Xinjiang. This development comes amid ongoing controversies and Western sanctions related to alleged human rights abuses against the Uyghur population in the area. Xinjiang, a […]

International Trade Council Reports Affirmative ITC Decision on Paper File Folder Imports

News, Trade Policy

October 31, 2023

In a recent development, the U.S. International Trade Commission (ITC) has unanimously voted in favor of addressing concerns related to paper file folder imports from China, India, and Vietnam, acknowledging their impact on domestic file folder manufacturers in the United States. This decision aligns with the determinations made by the U.S. Department of Commerce in […]

EU and Korea Initiate Talks on Digital Trade Agreement

Europe, News, Trade Agreements

October 31, 2023

In a joint statement made during the 11th EU-Korea Trade Committee meeting, both parties announced the commencement of negotiations for a digital trade agreement between the European Union (EU) and Korea. This milestone decision aims to establish a legal framework that ensures certainty for businesses and consumers engaged in digital trade, enhances their protection in […]

Opportunity Arises for the Resumption of Power-Sharing Government in Northern Ireland

Geopolitics, Ireland, News

October 31, 2023

In a development with potential implications for Northern Ireland’s political landscape, the International Trade Council reports that there may be an opportunity to reinstate political power-sharing in the region in the coming weeks. This optimism stems, in part, from the possibility of substantial investments in Northern Ireland, as highlighted by the U.S. Ambassador to London. […]

Rhode Island Set to Welcome 300+ Businesses and 35+ Economic Development Agencies as State Plays Host to 2023 Go Global Awards

International Trade and Economic, News, United States

October 31, 2023

Rhode Island Set to Welcome 300+ Businesses and 35+ Economic Development Agencies as State Plays Host to 2023 Go Global Awards

Three-day event set for November 6-8 at the Omni Providence PROVIDENCE, R.I. – Rhode Island Commerce, in partnership with the International Trade Council, is set to welcome hundreds of business and economic development leaders from around the world at next week’s 2023 Go Global Awards. Scheduled for Monday, November 6 – Wednesday, November 8, […]

South Korea’s Exports Poised for Growth in October After Year-Long Decline

International Trade, News, South Korea

October 30, 2023

South Korea, a significant barometer of global trade, is expected to break a year-long trend of declining exports and report growth in October, driven by strong demand from the United States and increased chip shipments. However, softer exports to China have been a drag on this recovery, according to a Reuters survey. Export figures […]

U.S. Military Initiates Purchases of Japanese Seafood in Response to China’s Ban

China, Japan, News, United States

October 30, 2023

In a response to China’s ban on Japanese seafood products following Tokyo’s release of treated water from the Fukushima nuclear plant into the sea, the United States has initiated purchases of Japanese seafood to supply its military stationed in Japan. U.S. Ambassador to Japan Rahm Emanuel unveiled this initiative in a Reuters interview, suggesting that […]

German Chancellor Olaf Scholz Focuses on Trade and Investment Opportunities During West Africa Visit

Africa, Germany, International Trade, News

October 30, 2023

German Chancellor Olaf Scholz held discussions with Nigerian President Bola Tinubu during his West Africa tour, emphasizing trade and investment prospects. This visit reflects Germany’s interest in diversifying its trade partners and expanding economic collaborations in the resource-rich West African region. During their meeting in the capital city of Abuja, Scholz emphasized the need […]

New WTO Training Program Focused on Empowering African Trade

Africa, International Trade, News

October 30, 2023

In a significant step towards enhancing Africa’s role in global trade, the World Trade Organization (WTO) has launched a comprehensive regional course. This initiative, primarily focused on deepening the understanding of WTO agreements within the African trade policy context, marks a notable advancement in integrating the continent more effectively into the global trading system. […]

EU Announces 6 Billion Euro Assistance Package to Support Reforms in the Western Balkans, Aiding Trade Integration

Europe, International Trade, News

October 30, 2023

The European Union (EU) has unveiled an ambitious plan to provide a substantial investment of 6 billion euros ($6.4 billion) to support the Western Balkan countries in their quest for reforms and eventual integration into the EU. This development was announced by Ursula von der Leyen, the President of the European Commission, during her visit […]

European Gas Prices Surge Amidst Disruption in Supply Chain

Europe, News, Supply Chain

October 30, 2023

European gas markets experienced a significant surge in prices, with the Dutch TTF gas futures index rising by nearly 7% to reach €54 per megawatt-hour. This substantial increase marks the highest level since mid-February and has raised concerns regarding supply stability. The catalyst for this price hike comes as Egypt reported a complete halt […]

G-7 Nations Unite to Support Resilient Supply Chains for Energy and Food Amid Global Challenges

News, Supply Chain

October 29, 2023

Trade and economy officials from the Group of Seven (G-7) wealthy democracies reaffirmed their commitment on Sunday to collaborate in ensuring the smooth functioning of supply chains for essential goods such as energy and food, despite prevailing global uncertainties. In a joint statement, these nations pledged to uphold “a free and fair-trading system based […]

Fuel Shortages in Argentina Expected to Improve as Imports Arrive

International Trade, News

October 28, 2023

Argentina is set to address its recent fuel shortages as the government and oil companies confirm the arrival of fuel shipments, offering relief to the long queues at gas stations that resulted from a surge in demand. Energy Secretary Flavia Royon announced that ten fuel shipments, which have been imported by the government, have […]

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