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The International Trade Council Team

Archive for the ‘News’ Category

News, South Korea, Trade Relations

September 11, 2023

The International Trade Council commends South Korea for its proactive engagement in international talks and the signing of multiple agreements related to minerals and electric vehicles (EVs). These agreements align with South Korea’s ambitious goals for EV battery manufacturing and underscore the nation’s commitment to pursuing strategic initiatives despite challenges in its manufacturing sector.   […]

India, News, Saudi Arabia

September 11, 2023

In a significant development aimed at strengthening economic cooperation between the two nations, India and Saudi Arabia have pledged to fast-track negotiations on the India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA).   During a special briefing on the State Visit of the Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman […]

India, News, United States

September 11, 2023

The International Trade Council acknowledges the recent data released by the Reserve Bank of India (RBI), stating that the United States has been identified as the foremost contributor of foreign direct investment (FDI) into India for the financial year 2023 (FY23). According to the RBI census, the United States accounted for Rs 8.58 lakh crore […]

In a significant move to advance economic growth and mutual security, the Prime Minister of the United Kingdom has formally entered into a Strategic Partnership with Singapore. This partnership, signed on September 9, is expected to foster collaboration between the two nations in various domains, particularly in cutting-edge technologies like artificial intelligence (AI) and cybersecurity, […]

India, International Trade, News

September 10, 2023

The International Trade Council is pleased to report on the groundbreaking developments arising from India’s Prime Minister Narendra Modi’s participation in the 20th annual ASEAN-India summit and the 18th East Asia summit, both held in Jakarta on September 7, 2023. The Prime Minister, during his visit, introduced an extensive 12-point proposal aimed at fostering deeper […]

International Trade, News, South Asia

September 9, 2023

The International Trade Council recognizes Nepal’s accomplishment in successfully importing its first batch of goods via a transit arrangement with China. The transaction took place on September 7, 2023, in Kathmandu, Nepal, and marks a significant development in Nepal-China trade relations.   The imported shipment consisted of 15 tons of turmeric powder from Vietnam. The […]

Pakistan’s interim commerce minister, Dr. Gohar Ejaz, has announced that the South Asian nation is expected to finalize a free trade agreement (FTA) with the United Arab Emirates (UAE) during the forthcoming visit of a UAE delegation scheduled for the last week of September. The UAE holds the position of being Pakistan’s third-largest trading partner, […]

News, Trade Finance

September 8, 2023

The gap in global trade finance has broadened to an unprecedented $2.5 trillion in 2022, a marked increase from $1.7 trillion in 2020. This development comes as a result of surging interest rates, uncertain economic outlooks, inflation, and geopolitical instability, which have inhibited banks’ capacity to facilitate trade financing, according to the 2023 Trade Finance […]

Digital Trade, News, United Kingdom

September 8, 2023

A recent webinar conducted by the Institute of Export & International Trade (IOE&IT) has revealed that approximately 75% of businesses believe the forthcoming UK Electronic Trade Documents Act (ETDA) will positively impact their operations. The legislation is slated for implementation later this month. Digital Economy and Technology Minister Paul Scully has projected that the ETDA […]

Foreign Investments, India, News

September 8, 2023

India is contemplating changes to its investment policies to encourage foreign inflows into its manufacturing and industrial sectors, according to sources within the Department for Promotion of Industry and Internal Trade (DPIIT). These changes are expected to be part of the ongoing discussions for Free Trade Agreements (FTAs). A Shift in Policy The proposed modifications […]

News, Trade Finance

September 8, 2023

According to a recent survey by the Asian Development Bank, the global trade finance deficit reached an unprecedented $2.5 trillion in 2022, increasing from $1.7 trillion in 2020. The surge in the deficit is attributed to various factors, including rising interest rates, economic uncertainty, inflation, and geopolitical volatility, all of which have constrained banks’ capacity […]

Maritime Trade, News

September 8, 2023

The International Trade Council acknowledges the recent signing of the United Nations Convention on the International Effects of Judicial Sales of Ships. The ceremony took place in Beijing, People’s Republic of China, on September 5, 2023. Formulated by the United Nations Commission on International Trade Law (UNCITRAL), the convention, now known as the Beijing Convention […]

Industrial Equipment, News

September 8, 2023

A-Gas was founded in 1993 in Bristol, UK, by founder and pioneer John Rutley, and co-founder John Cooper. Together, they saw opportunities to build a new business that could support the HVACR industry with the transition away from Chlorofluorocarbons (CFCs). Today, as A-Gas celebrates its 30th anniversary, a leading supplier of refrigerants to the heating, ventilation, […]

Indonesia, News, United States

September 7, 2023

The International Trade Council takes note of Indonesia’s recent proposal to initiate discussions on a potential trade agreement for critical minerals with the United States. This significant development emerged during a meeting between Indonesian President Joko Widodo and U.S. Vice President Kamala Harris on the sidelines of the Association of Southeast Asian Nations (ASEAN) meetings […]

News, Philippines, South Korea

September 7, 2023

The International Trade Council is pleased to recognize the signing of a free trade agreement (FTA) between the Philippines and South Korea during the ASEAN Summit in Indonesia. President Ferdinand Marcos Jr. announced this significant development, emphasizing its potential to strengthen investment relations and create employment opportunities.   President Marcos highlighted that the FTA underscores […]