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Archive for the ‘News’ Category

Taiwan Temporarily Opens Market for Egg and Egg Products to Address Shortage

Agricultural Trade, News, Taiwan

September 7, 2023

In a recent development aimed at alleviating a domestic egg shortage, Taiwan has temporarily opened its market to eggs and egg products from 12 countries, including Australia. This move is in response to supply constraints in Taiwan attributed to unpredictable weather, escalating feed costs, and recent outbreaks of avian influenza. The newly implemented market access […]

International Trade Council Statement on Recent BRICS Expansion

International Trade, News

September 7, 2023

The International Trade Council acknowledges the recent expansion of the BRICS group to potentially include Saudi Arabia, the United Arab Emirates, Iran, Egypt, Argentina, and Ethiopia. According to a note from S&P Global Ratings, the near-term economic impact for member countries is anticipated to be limited.   S&P Global Ratings explains that their current sovereign […]

International Trade Council Takes Note of Canada’s Anticipation to Conclude Free Trade Agreement with ASEAN

Canada, News, Trade Agreements

September 6, 2023

The International Trade Council acknowledges Canada’s Prime Minister, Justin Trudeau’s announcement regarding the expectation to finalize a free trade agreement with the Association of Southeast Asian Nations (ASEAN). This development follows the formal launch of the Canada-ASEAN strategic partnership, which was a focal point of discussion during the ASEAN-Canada summit held in Jakarta.   Prime […]

President Wickremesinghe Proposes Nationwide Industrialization Modeled After Biyagama Free Trade Zone

News, Trade Agreements

September 6, 2023

President Ranil Wickremesinghe’s recent address at the centenary celebration of Al Mubarak Central College in Malwana has unveiled an ambitious economic vision for Sri Lanka’s future.   President Wickremesinghe outlined a strategy to replicate the successful Biyagama Free Trade Zone model on a national scale, with the goal of fostering rapid development over the next […]

International Trade Council Applauds UK-Australia Free Trade Agreement for Accelerating Fintech Collaboration

Australia, News, Trade Agreements, United Kingdom

September 6, 2023

The International Trade Council warmly welcomes the Free Trade Agreement (FTA) between the United Kingdom and Australia, a landmark deal set to boost fintech sectors in both nations by removing over 99% of tariffs and enhancing labor mobility.   Signed in December 2021, this comprehensive agreement will not only facilitate work and travel opportunities but […]

International Trade Council Applauds the Revival of Tariff-Free Sugar Trade Between Australia and the UK

Australia, News, Trade Agreements, United Kingdom

September 5, 2023

The International Trade Council welcomes the significant milestone of the first shipment of raw sugar from Australia to the United Kingdom under the newly established free trade agreement between the two nations. This historic trade event marks the reopening of a valuable market for Australian sugar suppliers and underscores the positive impact of international trade […]

China’s Multilateral Trade with BRICS and Africa Demonstrates Significant Growth in the First 7 Months of 2023

Africa, China, News, Trade Agreements

September 5, 2023

In recent data released by the Chinese General Administration of Customs, it has been revealed that China’s imports and exports with fellow BRICS members experienced notable growth of 19.1% year-on-year, reaching ¥2.38 trillion (approximately US$330.62 billion) between January and July 2023. The BRICS, comprised of Brazil, Russia, India, China, and South Africa, have collectively strengthened […]

International Trade Council Takes Note of Israel’s Exploration of a Free Trade Agreement with Bahrain

Bahrain, Middle East, News, Trade Agreements

September 4, 2023

Israeli Foreign Minister, Eli Cohen, recently visited Bahrain and explored the possibility of signing a free trade agreement with the Gulf nation. The International Trade Council acknowledges these diplomatic discussions, aimed at fostering economic cooperation and enhancing regional stability.   During his official visit to Bahrain, Minister Cohen was accompanied by a business delegation representing […]

International Trade Council Welcomes Canada’s Forthcoming Strategic Partnership with ASEAN

News, Southeast Asia, Trade Agreements

September 4, 2023

The International Trade Council warmly acknowledges the impending strategic partnership between Canada and the Association of Southeast Asian Nations (ASEAN). This significant move is set to be formalized during Prime Minister Justin Trudeau’s upcoming visit to Indonesia, where he will meet with Indonesian President Joko Widodo among other dignitaries. The forthcoming partnership underscores Canada’s increasingly […]

Hungary’s Prime Minister Rejects Ukraine’s NATO Membership and Advocates for Dialogue

News, Trade Agreements, Ukrain

August 31, 2023

Budapest, August 30, 2023 – Viktor Orban, the Prime Minister of Hungary, has expressed his opposition to the potential integration of Ukraine into the North Atlantic Treaty Organization (NATO). The statement was made today, according to reports published by Prensa Latina. Prime Minister Orban also emphasized the importance of pursuing dialogue with Russia in addressing the […]

International Trade Council Participates in GTR Asia 2023; Calls for More Companies to Seize the Opportunity

International Trade, News

August 30, 2023

SINGAPORE, August 30, 2023 – The International Trade Council (ITC) proudly announces its participation in the prestigious GTR Asia 2023 event, set to be held in Singapore on September 5-6. As Asia’s leading event for the trade, treasury, commodities, and fintech sectors, this is a golden opportunity for companies worldwide to delve deep into the dynamics […]

India Allocates Rice Export Quotas to Bhutan, Singapore, and Mauritius

Agricultural Exports, India, News, Singapore

August 29, 2023

– In a move to foster international trade relationships and meet global demand, India has announced the allocation of export quotas for non-basmati white rice to Bhutan, Mauritius, and Singapore. The decision was officially communicated by the Indian government in a statement.   Under this allocation, India will permit the export of 79,000 metric tons […]

Implications of Global Economic Fragmentation and the Need for Increased Cooperation

Global Economic Trends, News

August 28, 2023

In the face of unexpected global events, economies across the world need to foster resilience both individually and collectively. It’s essential to prioritize collaboration, as heightened protectionism could potentially lead to economic fragmentation or divisions among nations, particularly at times when the world’s economic vulnerability is evident.   Analyses indicate that if international trade restrictions […]

Vietnam Experiences Positive Growth in Foreign Investment

Foreign Direct Investment, News, Vietnam

August 28, 2023

The International Trade Council is pleased to share recent data underscoring Vietnam’s position as an increasingly attractive destination for foreign investment. As reported by Vietnam’s Ministry of Planning and Investment, the country has garnered an approximate foreign investment of US$18.15 billion (RM84 billion) within the first eight months of this year. This figure reflects an […]

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