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Archive for the ‘News’ Category

Japan’s Exports Achieve Record Levels, Defying Global Economic Concerns

International Trade, Japan, News

October 18, 2023

In a remarkable turn of events, Japan’s exports have surged to record-breaking levels in September, marking the first upswing in three months. This impressive feat can be attributed to the resurgence of Japanese automakers who have intensified shipments to the United States and Europe, capitalizing on their newfound freedom from the global chip shortage that […]

Director-General Okonjo-Iweala Announces the Launch of WTO’s Task Force for Establishing Global Carbon Pricing

International Trade, News

October 17, 2023

In a significant move towards addressing global climate change concerns while ensuring equitable international trade practices, the World Trade Organization (WTO) has announced the launch of a task force dedicated to creating a comprehensive methodology for establishing global carbon prices. This initiative aims to prevent the imposition of import taxes based on carbon emissions from […]

China and Indonesia Forge Stronger Economic Ties in Emerging Industries

Bilateral Trade Relation, China, News

October 17, 2023

In a bid to strengthen ties and foster collaboration, President Xi Jinping of China has expressed China’s willingness to expand cooperation with Indonesia in several emerging industries, including the digital economy, photovoltaics, and new energy vehicles. During a meeting with Indonesian President Joko Widodo on the sidelines of the Belt and Road Forum, President Xi […]

Mexico Strengthens Trade Relations with Cuba through Humanitarian Oil Assistance

International Trade, Mexico, News

October 16, 2023

In a heartening display of solidarity, Mexican President Andres Manuel Lopez Obrador announced on Monday that Mexico is committed to assisting Cuba, including supplying the country with vital oil resources.   Since the beginning of this year, Mexico has been regularly shipping crude oil to Cuba, with approximately 2.8 million barrels sent to the island […]

U.S. and EU Business Leaders Advocate for Resolution of Trade Disputes and Collaborative Approach to Critical Minerals

Europe, News, Supply Chain, United States

October 16, 2023

Leading business federations from the United States and the European Union have come together to call for constructive dialogue and cooperation as leaders convene for a crucial summit on Friday. The primary agenda includes resolving ongoing disputes stemming from metal tariffs initiated during the Trump administration and bolstering collaboration on essential minerals vital to the […]

Western Balkans’ Path to EU Membership: Single Market and Comprehensive Reforms, Key to Accelerating Accession

Economic Development, Europe, News

October 16, 2023

  In a pivotal move to reinvigorate the accession process for the Western Balkan countries, the European Union emphasizes comprehensive economic reform and the establishment of a regional single market as critical precursors to full EU membership, the International Trade Council (ITC) has learned.   While the nations of Albania, Bosnia, Kosovo, Montenegro, North Macedonia, […]

Australia Anticipates Wine Trade Resolution with China as Deadline Approaches

Agricultural Trade, Australia, China, News

October 16, 2023

  In an address to the business community, Australian Trade Minister Don Farrell emphasized the need for businesses to diversify their customer base and reduce their dependence on a single market, particularly in light of the ongoing trade dispute with China. Australia’s pursuit of a resolution through the World Trade Organization (WTO) reflects the country’s […]

U.S. and EU Business Leaders Call for Steel Resolution and Critical Minerals Collaboration at Summit

Bilateral Trade Relation, Europe, News, United States

October 16, 2023

Business federations representing the United States and the European Union are urging leaders convening for an upcoming summit to address persistent issues surrounding Trump-era metals tariffs and to strengthen cooperation concerning vital minerals crucial for the green energy transition.   In a joint statement issued on Monday, the U.S. Chamber of Commerce and Business Europe […]

International Trade Council Celebrates Extension of Tariff-Free Trade between Britain and South Korea

News, South Korea, Trade Agreements

October 15, 2023

In a positive development, Britain and South Korea have agreed to extend the period of low or zero tariffs on bilateral trade, particularly on products with components originating from the European Union (EU). This extension, confirmed by the British government, is a welcomed boost for various industries, notably the automotive sector.   The extension of […]

German Finance Minister Extends Invitation to UK for Post-Brexit Trade Talks

Germany, News, Trade Agreements, United Kingdom

October 14, 2023

In an unexpected move, Christian Lindner, the German Finance Minister and leader of the German liberals, has extended an invitation to the United Kingdom to explore “new steps” in their post-Brexit trade relations with the European Union (EU). Lindner’s gesture, made during a BBC interview, has raised the prospect of reducing trade barriers and addressing […]

UAE and South Korea Cement Economic Ties with Landmark Trade Agreement

News, South Korea, Trade Agreements, United Arab Emirates

October 14, 2023

In a significant stride for global trade, the United Arab Emirates and South Korea announced the culmination of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) this Saturday. This pivotal accord underscores the robust and burgeoning economic partnership between the two nations, set against a backdrop of sustained growth in non-oil bilateral trade, which touched […]

Global Trade Leaders Convene to Amplify Support for Trade Finance: A Step Towards Inclusive Global Supply Chains

News, Supply Chain

October 13, 2023

At the heart of vibrant Marrakesh during the esteemed annual assembly of the World Bank Group and the International Monetary Fund, a pressing issue found its way to the forefront of discussions: the critical need to expand access to trade finance, especially for small and women-led businesses striving for a foothold in the global market. […]

WTO Commences Advanced Training on Sanitary and Phytosanitary Measures, Empowering Officials for Enhanced International Trade Compliance

News, Trade Compliance

October 12, 2023

In a significant development for international trade, an Advanced Course focusing on the WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement) began on October 10th at the WTO. This comprehensive two-week training program boasts the participation of 26 government officials from diverse member nations. The course’s primary goal is to equip […]

China’s Trade Deficit Narrows Amid Economic Challenges, According to Analysts

China, International Trade, News

October 11, 2023

In the midst of complex global economic conditions, China, the world’s second-largest economy, exhibits signs of trade stabilization, as indicated by expert forecasts gathered by Reuters. Data anticipates a deceleration in the decline of exports for September, marking a consequential shift in the nation’s trade performance. Projections for September suggest a 7.6% decrease in exports […]

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