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Archive for the ‘News’ Category

UK Minister Addresses Prospects of Free Trade Agreement with U.S.

News, Trade Relations, United Kingdom, United States

October 3, 2023

MANCHESTER, England – British business and trade minister, Kemi Badenoch, has conveyed her perspective on the possibility of a free trade agreement (FTA) between the United Kingdom and the United States under President Joe Biden’s administration. She cited the President’s stance on such agreements as a key factor.   President Biden has temporarily halted FTA […]

WTO Deputy Director-General Paugam Emphasizes the Evolving Landscape of Global Trade

News, Trade Policy

October 3, 2023

In a recent address at the Vine and Wine World Trade Forum in Dijon, France, Deputy Director-General Jean-Marie Paugam shared insights into the shifting dynamics of global trade and its implications for businesses and international institutions. Paugam highlighted the significance of strengthening the multilateral trading system embodied in the World Trade Organization (WTO) to address […]

International Trade Council Takes Note of Ongoing WTO Agriculture Negotiations

Agricultural Trade, News

October 3, 2023

Ambassador Alparslan Acarsoy of Turkey, Chair of the agriculture negotiations at the WTO, provided an update to WTO members on October 2-3 regarding the status of agriculture negotiations and outlined plans to advance these discussions. The International Trade Council takes note of these developments, which are crucial in shaping the path towards the 13th Ministerial […]

Global Health Equity and Trade Discussed at John Snow Society Lecture

International Trade, News

October 3, 2023

In a recent address at the John Snow Society’s Pumphandle Lecture, Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), highlighted the critical intersection of global health equity and international trade. Dr. Okonjo-Iweala discussed the role of trade in addressing health challenges and emphasized the need for a collaborative approach to ensure equitable […]

US and UK Discuss Trade Partnership, Agriculture a Key Topic

News, Trade Policy, United Kingdom, United States

October 3, 2023

The United States and the United Kingdom have embarked on discussions concerning a prospective “foundational trade partnership.” This partnership encompasses various dimensions, including digital trade, labor protections, and agriculture, marking a significant stride in bolstering economic connections between the two nations.   Distinguishing itself from a comprehensive free trade agreement, this partnership does not assure […]

WTO Director-General Notes Early Indications of Trade Fragmentation

Economic Trends, News

October 2, 2023

In a recent address at an event in Geneva, Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), expressed concerns about early signs of potential global trade fragmentation. Okonjo-Iweala cautioned against practices like ‘reshoring’ and ‘friendshoring’ occurring between trade blocs, emphasizing the importance of maintaining a connected global trade landscape. “While we don’t yet see […]

Brazil Achieves Historic September Trade Surplus, Slightly Below Market Expectations

Brazil, E-commerce Development, News

October 2, 2023

BRASILIA – In a recent release of government data, Brazil announced that its trade surplus for September reached an all-time high, although it fell just short of market forecasts.   According to the data unveiled on Monday, Brazil’s trade surplus for September amounted to $8.9 billion, narrowly missing the $9.2 billion surplus predicted in a […]

Concerns Emerge Over Growing Disregard for Trade Rules at WTO

News, Trade Policy

October 2, 2023

The World Trade Organization (WTO) is currently facing significant challenges, with mounting unresolved disputes and increasing concerns among its member nations. This situation underscores the critical issues the organization is grappling with. Since late 2019, the WTO has been dealing with the repercussions of the United States’ decision to block the appointment of new judges […]

Japan Implements Restrictions on Used Car Exports to Russia, Impacting a Significant Trade

International Trade, Japan, News, Russia

October 1, 2023

TOKYO (International Trade Council) – Japan has recently taken measures to limit the export of used cars to Russia, significantly impacting an industry worth nearly $2 billion annually. This trade had thrived amidst the backdrop of ongoing international sanctions related to the Ukraine conflict, as evidenced by trade data and market participants.   In early […]

Movement of Cargo Vessels to Ukrainian Ports

Maritime Trade, News, Ukrain

October 1, 2023

The International Trade Council acknowledges the recent developments in Ukraine’s maritime trade. We have received information that five additional vessels are navigating to Ukrainian sea ports. This initiative comes as a part of an alternative mechanism to the Black Sea grain deal which faced challenges earlier.   The five vessels, namely OLGA, IDA, DANNY BOY, […]

Anticipating Effects of a Possible Government Shutdown on International Trade Activities

International Trade and Economic, News

September 29, 2023

As of September 29, 2023, there’s an impending concern about the U.S. Congress failing to finalize a spending agreement. Companies engaged in international trade are advised to brace for potential disruptions due to a possible Federal government shutdown beginning 12:01 am, October 1, 2023. This would significantly impact international trade practices, including agency closures and […]

European Commission Advocates Enhanced Financial Support and Market Access for Prospective EU Members

Economic Development, Europe, News

September 28, 2023

The International Trade Council commends the recent announcement from the European Commission, expressing its intention to recommend bolstered financial support and market access to countries aspiring for EU membership. This move aims to expedite their accession preparations, stated EU Commissioner for Enlargement, Oliver Varhelyi.   Currently, Albania, Bosnia and Herzegovina, Moldova, Montenegro, North Macedonia, Serbia, […]

World Bank Unveils Strategy to Amplify Lending by Over $100 Billion for Developing Nations

International Development, News

September 28, 2023

Today, the International Trade Council applauds the World Bank’s recent announcement, detailing measures to significantly bolster its lending capabilities for developing nations, with an envisioned increment of over $100 billion over the forthcoming decade.   The move is a constituent of the World Bank’s comprehensive reform journey, highlighting the urgency to encompass vital global challenges, […]

Thailand’s Prime Minister Envisions Expanding Free Trade Agreements to Boost Foreign Investments

International Trade, News, Thailand

September 28, 2023

Thailand’s newly-appointed Prime Minister, Srettha Thavisin, announced a series of forward-looking measures aimed at solidifying Thailand’s position as a leading destination for foreign investments. This includes the ambitious endeavor of expanding the nation’s existing Free Trade Agreements (FTAs) portfolio.   Addressing a key forum today, Prime Minister Srettha shed light on his vision to upgrade […]

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