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Archive for the ‘News’ Category

U.S. Trade Deficit Narrows to a Nearly Three-Year Low in August

News, Supply Chain, United States

October 5, 2023

WASHINGTON (International Trade Council) – The United States trade deficit showed a more significant contraction than anticipated in August, primarily driven by a solid increase in exports. This development is expected to bolster economic growth in the third quarter.   According to the Commerce Department’s report on Thursday, the trade deficit shrank by 9.9% to […]

Canada Records Surprising Trade Surplus in August, Rebounding After Port Disruptions

Canada, News, Supply Chain

October 5, 2023

OTTAWA (International Trade Council) – Canada reported an unexpected trade surplus of C$718 million ($521.88 million) in August, marking a swift recovery in trade following labor strikes that led to port closures on the West Coast, according to data released on Thursday. Statistics Canada revealed that higher crude prices and gold transfers to the United […]

WTO Members Examine Preferential Rules of Origin to Boost LDC Trade

International Trade, News

October 5, 2023

On October 5, the WTO Sub-Committee on Least-Developed Countries (LDCs) delved into the role of preferential rules of origin in expanding trade opportunities for LDCs. The session also featured an experience-sharing segment where representatives from academia and the private sector shed light on the challenges and opportunities LDCs encounter when making use of trade preferences. […]

Record ICE Sugar October Delivery to Primarily Go to China – International Trade Council

China, International Trade, News

October 5, 2023

The International Trade Council reports that a significant portion of the unprecedented physical delivery of sugar by commodities traders upon the expiration of the October futures contract on the Intercontinental Exchange (ICE) will be directed to China, based on information provided by two traders familiar with the transactions.   Wilmar International, the Singapore-based food trader […]

U.S. Economic Picture Brightened by Low Weekly Jobless Claims and Shrinking Trade Deficit

International Trade, News, United States

October 5, 2023

The International Trade Council reports that the U.S. economy has experienced positive developments, with the number of Americans filing new claims for unemployment benefits showing a moderate increase last week and a decline in layoffs throughout September. These indicators point to ongoing tight labor market conditions as the third quarter came to a close.   […]

Call for Applications Announced by WTO Chairs Programme

News, Trade Policy

October 4, 2023

GENEVA (International trade Council) – The WTO Chairs Programme officially issued a call for applications on October 4th to expand the network of academic institutions from developing and least-developed economies currently involved in the Programme. This initiative follows the announcement made by Dr. Ngozi Okonjo-Iweala, Director-General of the WTO, last year, indicating a more frequent […]

DG Okonjo-Iweala Encourages WTO Members to Focus on Cotton at MC13

Agricultural Trade, News

October 4, 2023

GENEVA – Director-General Ngozi Okonjo-Iweala of the World Trade Organization (WTO) has urged member nations to intensify their efforts toward achieving a potential outcome on cotton for the upcoming 13th Ministerial Conference (MC13) scheduled for February. During her address at the “World Cotton Day 2023” event hosted by the United Nations Industrial Development Organization (UNIDO) […]

European Commission Initiates Investigation into Subsidized Chinese Electric Cars

China, Europe, News, Trade Relations

October 4, 2023

The European Commission has taken a significant step by launching an anti-subsidy investigation into the import of battery electric vehicles (BEVs) from China. The investigation’s primary objective is to assess whether value chains related to BEVs in China benefit from unlawful subsidization, and whether this subsidization poses a genuine economic threat to BEV producers within […]

U.S. Deputy Secretary of Commerce Concludes Successful Cybersecurity Trade Mission to East Asia

International Trade, News, United States

October 4, 2023

From September 20 to 26, U.S. Deputy Secretary of Commerce Don Graves led a delegation of 15 American companies on a Cybersecurity Trade Mission to the Republic of Korea and Japan. This mission followed President Biden’s Trilateral Summit with President Yoon of Korea and Prime Minister Kishida of Japan. During his visit to Seoul, Deputy […]

UK Minister Addresses Prospects of Free Trade Agreement with U.S.

News, Trade Relations, United Kingdom, United States

October 3, 2023

MANCHESTER, England – British business and trade minister, Kemi Badenoch, has conveyed her perspective on the possibility of a free trade agreement (FTA) between the United Kingdom and the United States under President Joe Biden’s administration. She cited the President’s stance on such agreements as a key factor.   President Biden has temporarily halted FTA […]

WTO Deputy Director-General Paugam Emphasizes the Evolving Landscape of Global Trade

News, Trade Policy

October 3, 2023

In a recent address at the Vine and Wine World Trade Forum in Dijon, France, Deputy Director-General Jean-Marie Paugam shared insights into the shifting dynamics of global trade and its implications for businesses and international institutions. Paugam highlighted the significance of strengthening the multilateral trading system embodied in the World Trade Organization (WTO) to address […]

International Trade Council Takes Note of Ongoing WTO Agriculture Negotiations

Agricultural Trade, News

October 3, 2023

Ambassador Alparslan Acarsoy of Turkey, Chair of the agriculture negotiations at the WTO, provided an update to WTO members on October 2-3 regarding the status of agriculture negotiations and outlined plans to advance these discussions. The International Trade Council takes note of these developments, which are crucial in shaping the path towards the 13th Ministerial […]

Global Health Equity and Trade Discussed at John Snow Society Lecture

International Trade, News

October 3, 2023

In a recent address at the John Snow Society’s Pumphandle Lecture, Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), highlighted the critical intersection of global health equity and international trade. Dr. Okonjo-Iweala discussed the role of trade in addressing health challenges and emphasized the need for a collaborative approach to ensure equitable […]

US and UK Discuss Trade Partnership, Agriculture a Key Topic

News, Trade Policy, United Kingdom, United States

October 3, 2023

The United States and the United Kingdom have embarked on discussions concerning a prospective “foundational trade partnership.” This partnership encompasses various dimensions, including digital trade, labor protections, and agriculture, marking a significant stride in bolstering economic connections between the two nations.   Distinguishing itself from a comprehensive free trade agreement, this partnership does not assure […]

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