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Archive for the ‘News’ Category

WTO Workshop on Import Licensing and Notifications Concludes in Geneva

News, Trade Policy

September 27, 2023

Geneva, September 27, 2023 – The World Trade Organization (WTO) successfully concluded its sixth workshop on import licensing and notifications, marking the first in-person gathering of its kind since the onset of the COVID-19 pandemic. The event, which took place from September 25 to 27, saw the participation of twenty-eight government officials hailing from developing […]

Exploring “Friendshoring”: A Strategic Shift in Global Operations for Resilient International Trade

Economic Policy, News

September 27, 2023

In an era characterized by heightened globalization, geopolitical complexities, and evolving economic landscapes, businesses worldwide are continually reassessing their strategies to ensure resilience and sustainability. A relatively recent concept gaining traction is “friendshoring,” a strategic approach to offshoring or outsourcing that prioritizes countries with which a company’s home nation shares positive diplomatic, economic, or trade […]

International Trade Council Commends Ukraine’s Initiative on Grain Export Channel Amidst Ongoing Negotiations for Comprehensive Black Sea Agreement

News, Ukrain

September 27, 2023

The International Trade Council extends its support for Ukraine’s recent initiative to establish a dedicated maritime channel for its grain exports, recognizing the move as a crucial intervention in bolstering global food security. This initiative arises in the wake of Russia’s departure from a prior United Nations-endorsed arrangement that had previously facilitated Ukrainian exports through […]

Taiwan Seeks Australian Support for Inclusion in Pacific Trade Pact

Australia, News, Taiwan

September 26, 2023

During a meeting with a delegation of Australian lawmakers, Taiwan President Tsai Ing-wen called on Australia to back Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Both Taiwan and China applied to join the CPTPP in 2021, but China opposes Taiwan’s inclusion, citing Taiwan as its own territory. The CPTPP, […]

WTO Members Engage in Informal Talks on Trade and Industrial Policy

International Trade, News

September 26, 2023

In a dedicated effort towards the reform of the World Trade Organization (WTO), members convened for an informal retreat at the organization’s headquarters on September 25-26. This retreat served as a platform for focused discussions on trade and industrial policy, aiming to facilitate deliberations on the intersection between trade and industrial policy and to identify […]

German Export Sentiment Records Three-Year Low

Germany, International Trade, News

September 26, 2023

A recent survey conducted by the Ifo economic institute revealed that sentiment among German exporters has deteriorated significantly in September, reaching its lowest level since May 2020.   The Ifo institute’s export expectations indicator, in its fifth consecutive month of decline, dropped to minus 11.3 points in September, down from minus 6.5 points in August. […]

Brazil’s President Lula Explores Trade Opportunities with Vietnam

Brazil, International Trade, News, Vietnam

September 25, 2023

Brazilian President Luiz Inacio Lula da Silva announced on Monday that Vietnam has shown interest in establishing a trade deal with the Mercosur bloc, consisting of Brazil, Argentina, Paraguay, and Uruguay. Lula, who is currently chairing the Mercosur group, aims to foster closer relations between Mercosur members and Asian countries. He highlighted the potential for […]

EU Trade Commissioner Encourages Balanced Trade Relations with China Amid Concerns Over Ukraine Conflict

Europe, News, Trade Agreements, Ukrain

September 25, 2023

The European Union’s trade commissioner, Valdis Dombrovskis, has emphasized the need for a more balanced economic relationship with China while highlighting the EU’s substantial trade deficit with the country, which amounted to nearly 400 billion euros ($425 billion). Speaking at China’s Tsinghua University, Dombrovskis also expressed concerns about how China’s stance on the war in […]

UK Forges Trade Understanding with Washington State, Sets Sights on Florida, Signaling Robust State-Level Trade Engagement

International Trade, United Kingdom

September 25, 2023

In an innovative move showcasing adaptability and strategic foresight, the United Kingdom marked a significant milestone in international trade relations on Monday by finalizing a memorandum of understanding (MoU) focused on trade with the U.S. state of Washington. This development, a commendable pivot in the UK’s post-Brexit strategy, comes amidst a pause in negotiations for […]

Philippines and South Korea Forge Transformative Free Trade Agreement

International Trade, News, Philippines, South Korea

September 25, 2023

The International Trade Council is pleased to report on the signing of a significant Free Trade Agreement (FTA) between the Philippines and South Korea. This momentous occasion took place during the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia, and is poised to strengthen economic ties and promote increased cooperation between the […]

Paraguay Sets December Deadline for Mercosur-EU Trade Talks

International Trade, News, Paraguay

September 25, 2023

The International Trade Council wishes to inform stakeholders that President Santiago Pena of Paraguay has officially announced a stipulated deadline for the ongoing Mercosur-European Union trade negotiations. If an agreement is not reached by December 6th, Paraguay will cease participation in these talks once it assumes the bloc’s presidency from Brazil.   President Pena has […]

Britain Forges Trade Agreement with Washington State, Gears Up for Florida

International Trade, News, United Kingdom

September 25, 2023

In a significant move, Britain inked a memorandum of understanding (MoU) on trade with Washington State on Monday. The International Trade Council commends this strategic initiative, which underscores the nation’s agility in pursuing beneficial trade relationships at the state-level, especially in the light of paused free trade talks with the United States. Nusrat Ghani, Britain’s […]

South Korea, Japan, and China Set to Reinvigorate Trilateral Cooperation with Upcoming Summit

China, Japan, News

September 25, 2023

The International Trade Council celebrates the constructive decision by senior diplomats of South Korea, Japan, and China to rejuvenate trilateral exchanges and cooperation. This resolution, announced after a pivotal meeting in Seoul, underscores their commitment to hold a leadership summit at the earliest feasible opportunity.   Commencing in 2008, the three nations established a tradition […]

Thailand’s August Exports Show Unexpected Increase Amid Global Demand Concerns

International Trade, News, Thailand

September 25, 2023

The International Trade Council reports that Thai exports experienced an unexpected increase in August, marking the first uptick in 11 months, despite concerns over weak global demand. The Ministry of Commerce in Thailand stated on Tuesday that it anticipates shipments to perform well in the final quarter of the year, primarily driven by year-end orders. […]

Mexican Auto Industry Calls for Swift Border Crisis Resolution Amid Trade Concerns

International Trade, News

September 25, 2023

The International Trade Council reports that the prominent Mexican Automotive Industry Association (AMIA) has made an earnest appeal to the Mexican authorities. They are pressing for heightened collaboration with the United States to address the escalating “migration crisis” that the two nations are grappling with at their common border, which is now significantly impacting trade […]

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