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Archive for the ‘News’ Category

International Trade Council Responds to Cyprus’ Commitment to Uphold EU Sanctions on Russia

Europe, International Relations, News, Russia

April 18, 2023

The International Trade Council (ITC) commends the government of Cyprus for its firm commitment to upholding European Union (EU) sanctions on Russia. In light of recent blacklisting of Cypriot nationals by the US and UK for alleged involvement in sanctions-busting activities, the government of Cyprus has vowed to take decisive action against any deviation from […]

Timor-Leste’s Single Window System Looks to Accelerate International Trade

International Relations, News

April 3, 2023

The International Trade Council (ITC) acknowledges the European Union’s (EU) 11th package of sanctions against Russia announced last week by European Commission President, Ursula von der Leyen. The latest sanction package aims to prevent Russia from importing high-tech components for the ongoing conflict in Ukraine from neighbouring countries.   Central Asian nations, such as Uzbekistan […]

International Trade Council Announces UK’s Joining of CPTPP, Boosting Trade with Asia and Pacific Nations

News, United Kingdom

March 31, 2023

The International Trade Council is pleased to announce that the United Kingdom has signed a deal to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade pact that includes 11 Asia and Pacific nations. This development comes three years after the UK officially left the European Union.   Joining the CPTPP will […]

UK Joins CPTPP Trade Bloc, Expanding Economic Opportunities in the Asia-Pacific Region

International Trade, News, United Kingdom

March 31, 2023

The International Trade Council is pleased to announce that the United Kingdom has successfully joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). After 21 months of negotiations, the UK has become the first non-founding member of the 11-nation trade bloc, which includes Japan, Australia, Canada, Mexico, Vietnam, and Malaysia. This significant achievement expands […]

Growth in ‘Green Goods’ Amid Global Trade Slowdown

News, Sustainable Trade

March 28, 2023

The International Trade Council (ITC) acknowledges the recent findings from UNCTAD’s Global Trade Update, which highlight a slowdown in global trade in 2022. However, the report also brings attention to a silver lining in the form of ‘green goods,’ which showed significant growth, defying the overall downward trend.   Global trade hit a record $32 […]

International Trade Council Announces China’s Lifting of Brazilian Beef Import Ban Ahead of Lula’s Visit

Brazil, China, News, Trade Relations

March 24, 2023

The International Trade Council welcomes China’s agreement to immediately resume imports of Brazilian beef, which were halted voluntarily by Brazilian authorities on February 23, following the discovery of an atypical case of mad cow disease. This decision comes days ahead of Brazilian President Luiz Inacio Lula da Silva’s visit to China to expand trade relations […]

ITC Acknowledges Sri Lanka’s $3bn IMF Bailout as a Step towards Economic Stability

Economic Development, News, Sri Lanka

March 20, 2023

The International Trade Council (ITC) recognizes the recent $3bn (£2.4bn) bailout provided to Sri Lanka by the International Monetary Fund (IMF) as a crucial lifeline for the country amidst its severe economic crisis.   Sri Lanka’s struggling economy, compounded by the impact of the pandemic, rising energy prices, populist tax cuts, and high inflation, has […]

International Trade Council Highlights Record High US-China Trade Amid Rising Tensions

China, International Trade, News, United States

February 28, 2023

Despite escalating diplomatic tensions, trade between the United States and China reached a record high in 2022, with imports and exports totaling $690.6 billion, according to official figures. This development showcases the continued interdependence between the world’s two largest economies, even in the context of an ongoing trade war since 2018. The new data reveals […]

Secretary Grant Shapps Expresses Concern Over Potential Impact of Biden’s Green Subsidies on Global Trade

International Trade, News

January 20, 2023

The International Trade Council (ITC) takes note of the recent statements by Business Secretary Grant Shapps expressing concern that President Joe Biden’s green subsidies could potentially lead to a rise in protectionism, which could prove “dangerous” for world trade. The President’s $430bn (£350bn) scheme, inclusive of tax credits for green technologies, is aimed at attracting […]

International Trade Council Applauds US-UK Energy Partnership to Boost Natural Gas Exports and Strengthen Energy Security

Energy Security, News, United Kingdom, United States

December 8, 2022

The International Trade Council commends the recent announcement of a comprehensive energy partnership between the United States and the United Kingdom. President Joe Biden and British Prime Minister Rishi Sunak unveiled the agreement, known as the U.K.-U.S. Energy Security and Affordability Partnership, with the aim of reducing global reliance on Russian energy exports, stabilizing Western […]

U.S.-U.K. Energy Partnership Aims to Boost Energy Security and Drive Down Prices

Energy Security, News, United Kingdom, United States

December 7, 2022

The International Trade Council commends the recent announcement of a comprehensive energy partnership between the United States and the United Kingdom. President Joe Biden and British Prime Minister Rishi Sunak unveiled the agreement, known as the U.K.-U.S. Energy Security and Affordability Partnership, with the aim of reducing global reliance on Russian energy exports, stabilizing Western […]

International Trade Council Addresses Tensions at Mercosur Summit

Economic Policy, News

December 7, 2022

MONTEVIDEO, Uruguay, December 7, 2022 – The International Trade Council addresses the tensions that arose during the recent Mercosur summit, as Uruguay expressed its desire to pursue foreign markets despite opposition from Brazil, Argentina, and Paraguay. Uruguayan President Luis Lacalle Pou highlighted the need for his country to “open up to the world,” expressing intentions to […]

Addressing Green Subsidies Concerns at EU-US Tech Summit: A Step Towards Global Trade Harmony

Economic Policy, Europe, News, United States

December 6, 2022

The International Trade Council acknowledges the persistent discussions surrounding green subsidies between the European Union and the United States at the latest Trade and Technology Council (TTC) meeting. The summit, held at the University of Maryland, marked an important step in the progression of international cooperation on economic and technological matters. EU representatives, Vice Presidents […]

India Affirms Commitment to Energy Priorities Amidst Russian Oil Purchase Decision

Energy Security, India, News

December 5, 2022

The International Trade Council (ITC) acknowledges India’s recent indication that it will continue to prioritize its own energy needs and maintain its purchase of oil from Russia. While recognizing India’s sovereign right to make its energy choices, the ITC emphasizes the importance of considering the ongoing conflict in Ukraine and the potential consequences of supporting […]

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