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Archive for the ‘News’ Category

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 […]

Italy Enthusiastic about Latin American Exports, Eyes Mercosur Pact for Trade Boost

Italy, Trade Agreements

October 13, 2023

Italy is looking forward to a surge in its exports to Latin America’s largest economies, with an estimated growth of about 5% in 2024, according to the Italian export credit agency, SACE. This optimistic outlook comes as Italy actively pursues a landmark European Union trade agreement with various South American nations, a pact that holds […]

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 […]

Exciting Developments in Aid-for-Trade Monitoring and Evaluation

News, Trade Policy

October 9, 2023

In a significant stride towards understanding the trade and development priorities of developing economies and least-developed countries (LDCs), WTO members launched the Aid-for-Trade monitoring and evaluation exercise during a Committee on Trade and Development meeting on October 9th. This exercise aims to scrutinize how development finance, provided by partners, is addressing the unique needs of […]

U.S. and Venezuela Engage in Talks for Potential Oil Sanction Exemptions

News, Trade Policy, United States

October 9, 2023

In a significant development, the United States and Venezuela have advanced in discussions that could lead to sanctions relief for Venezuela. This relief may come in the form of permitting at least one additional foreign oil company to accept Venezuelan crude oil for debt repayment, contingent on President Nicolas Maduro’s return to negotiations with the […]

Empowering Small Businesses: Enhanced Access to Trade Information and Capacity Building in Focus Ahead of MC13

News, Trade Policy

October 9, 2023

The International Trade Council applauds the recent strides made by the Informal Working Group on Micro, Small, and Medium-sized Enterprises (MSMEs), as detailed during their meeting on October 9th, in preparation for the 13th Ministerial Conference (MC13) slated for February 2024. Under the astute guidance of Coordinator Ambassador Matthew Wilson of Barbados, the group has […]

WTO Members Commence Sixth ‘Fish Week’ Ahead of Senior Officials Meeting

International Trade, News

October 9, 2023

October 9, WTO members initiated the sixth “Fish Week” of the year, marking the shift into the text-based phase of negotiations aimed at establishing regulations on subsidies linked to overcapacity and overfishing. Director-General Ngozi Okonjo-Iweala and Ambassador Einar Gunnarsson of Iceland, who chairs the negotiations, emphasized the intensifying negotiations in anticipation of the WTO’s Senior […]

Global Markets Exhibit Mixed Reactions Amid U.S. Employment Concerns; Asian Stocks See Cautious Optimism

International Trade, News, United States

October 6, 2023

In a climate of persistent economic uncertainty, particularly regarding U.S. employment data, markets across the Asian sphere presented a largely positive front, despite subdued trading activity, the International Trade Council reported on Friday. While Japan’s Nikkei 225 experienced a slight contraction, decreasing by 0.3% to settle at 31,129.06, other key market indicators in the […]

Indonesia to Enhance Customs Oversight on Select Consumer Goods Amidst Rising Imports

Indonesia, International Trade, News

October 6, 2023

Indonesia has revealed its intentions to bolster customs monitoring procedures for specific imported goods, encompassing cosmetics, footwear, apparel, toys, and electronics, as part of the country’s efforts to manage its import volume. The decision to introduce this regulation comes in response to concerns raised by business associations regarding a surge in imported goods, which […]

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