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Archive for the ‘News’ Category

Landmark Australia-UK Free Trade Agreement

Australia, News, United Kingdom

August 22, 2023

Melbourne, August 22, 2023 – The International Trade Council is pleased to acknowledge the successful implementation of the Australia-United Kingdom Free Trade Agreement (FTA). This milestone was celebrated today during the Australian British Chamber of Commerce business lunch in Melbourne. The recent activation of this gold-standard trade agreement marks a significant shift in the economic relationship […]

ASEAN and WIPO Strengthen Ties with New Memorandum of Understanding

Intellectual Property, News

August 21, 2023

SEMARANG – In a significant move to fortify intellectual property (IP) collaboration, the ASEAN Member States and the World Intellectual Property Organization (WIPO) inked a Memorandum of Understanding (MOU) on August 20, 2023. The signing, which took place during the 55th ASEAN Economic Ministers Meeting (AEM), was executed by Dr. Kao Kim Hourn, Secretary-General of […]

EU Deforestation Rules Raise Concerns About Global Trade Impact, Says ITC Chief

Environmental Trade Regulations, Europe, News

August 20, 2023

The European Union’s (EU) new rules aimed at curbing deforestation have raised concerns over their potential “catastrophic” impact on global trade if not implemented with consideration for small producers and developing nations, according to the head of the International Trade Centre (ITC).   Pamela Coke-Hamilton, the Executive Director of the ITC, a collaborative agency of […]

United Kingdom Considers Establishing Joint Trade and Economic Committee with the Philippines

News, Philippines, Trade Relations, United Kingdom

August 19, 2023

United Kingdom Considers Establishing Joint Trade and Economic Committee with the Philippines The International Trade Council reports that the United Kingdom (UK) and the Philippines are in discussions regarding the potential formation of a Joint Trade and Economic Committee (JETCO). The aim of the JETCO would be to strengthen economic connections between the two nations. […]

International Financial System Reforms Discussed to Enhance Investment in Africa

Africa, Investment and Trade Reform, News

August 18, 2023

NAIROBI – During the recent United Nations Conference on Trade and Development (UNCTAD) presidential dialogue in Nairobi, Kenyan President William Ruto emphasized the need for reforms in the international financial system. Such reforms, he highlighted, would strengthen investor trust in the African continent. President Ruto advocated for improved risk assessments for Africa, emphasizing that a […]

International Trade Council Observes US Ban on New Investments in China’s Sensitive High-Tech Industries

China, International Trade, News, United States

August 18, 2023

The International Trade Council is taking note of the recent development concerning a ban issued by President Joe Biden in August, restricting new US investments in China’s high-tech sectors, specifically targeting artificial intelligence (AI), advanced semiconductors, and quantum information technologies. This policy encompasses various forms of investment, such as indirect investments, private equity, venture capital, […]

Nigeria Anticipates Substantial Foreign Direct Investment Boost for Oil Projects

Africa, Energy / Natural Gas, News

August 10, 2023

Nigeria is poised to receive a significant influx of foreign direct investments (FDI) ranging from $18 to $20 billion in its oil sector, as various oil companies show renewed interest in restarting previously abandoned projects and expediting the progress of delayed initiatives. Bala Wunti, the Group General Manager of Nigerian Upstream Investment Services (NUIS), recently […]

US-Taiwan Trade Agreement Enacted to Enhance Bilateral Economic Cooperation

International Trade Agreements, News, Taiwan, United States

August 9, 2023

The International Trade Council notes the official enactment of the US-Taiwan trade agreement following US President Joe Biden’s endorsement. This legislation represents the first agreement under the US-Taiwan Initiative on 21st Century Trade, signaling a collaborative approach to bilateral trade ties. The agreement’s primary features include: Streamlining of customs procedures. Measures against corruption. Support mechanisms […]

International Trade Council Addresses EU Trade Deficit with China

China, Europe, News, Trade Relations

August 8, 2023

The International Trade Council addresses the escalating concerns pertaining to the European Union’s trade deficit with China, which approached a notable €400 billion last year.   EU Trade Commissioner, Valdis Dombrovskis, communicated to media outlets about the remarkable deficit, highlighting that it has magnified twofold in a mere span of two years. This accentuates the […]

International Trade Council Report on Wildfire Impact on Canadian Exports

Canada, Economic Relations, News

August 7, 2023

The International Trade Council acknowledges the evident implications of wildfires on Canada’s trading performance. As illustrated by the recent Donnie Creek wildfire and many others this year, there is a significant impact on Canadian exports.   The latest report from the Conference Board of Canada highlights a widening of Canada’s trade deficit for the second […]

International Trade Council Applauds Vietnam-Israel Free Trade Agreement

Economic Relations, Middle East, News, Vietnam

August 4, 2023

The International Trade Council is thrilled to announce the successful signing of the Vietnam-Israel Free Trade Agreement (VIFTA) on July 25. This landmark agreement is projected to amplify bilateral trade by fifty percent within the next two years. The fruit of a rigorous seven-year negotiation period, the agreement saw its formal endorsement by the trade […]

International Trade Council – Update on Global Trade Forecasts

Economic Relations, News

August 4, 2023

The International Trade Council notes the recent update by A.P. Moller-Maersk A/S on their projections for global container trade. Maersk, as an influential figure in the world shipping sector, has revised its estimates, indicating a possible contraction of global container trade by up to four percent this year. This marks a shift from their previous […]

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