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Archive for the ‘News’ Category

International Trade Council reports $9.6bn of goods is held up each day due to the Suez Canal blockage

News, Transport and Logistics

March 26, 2021

The International Trade Council has reported that an estimated $9.6bn (£7bn) worth of goods are held up every day due to the stranded Ever Given mega-container ship in the Suez Canal. The canal is a vital passageway between the East and West, with approximately 12% of total global trade moving through it. Shipping expert Lloyd’s […]

Abu Dhabi investment fund has agreed to pay £800m into the UK life sciences sector

Foreign Investments, News, United Kingdom

March 24, 2021

Abu Dhabi Investment Fund Mubadala has committed to investing £800 million in the UK’s life sciences sector over five years, marking the first of what could be several billion pounds of investments in the UK. Abu Dhabi is also reportedly planning to invest heavily in British health, tech, green energy, and infrastructure. The exact size […]

British Exports to Ireland Suffer Significant Decline as Post-Brexit Trading Kicks Off

Economic Relations, Ireland, News

March 18, 2021

The Republic of Ireland recorded a 65% decrease in British imports, resulting in almost €1bn (£856m) less of British goods in January 2021, in contrast to the same period last year, according to the Central Statistics Office of Ireland. The decline was even steeper for food imports, which plummeted by 75%, marking a massive blow […]

International Trade Council celebrates as US and EU agree to suspend tariffs in Boeing-Airbus trade dispute

Europe, News, Trade Policy, United States

March 5, 2021

The International Trade Council (ITC) welcomes the decision by the United States and the European Union to temporarily suspend the tariffs on each other’s goods, which were imposed as retaliation over subsidies provided to Airbus and Boeing, respectively. The four-month suspension, which affects billions of dollars’ worth of goods, including wine, cheese, and tractors, comes […]

International Trade Council Expresses Concern over Plummeting Chinese Investment in Australia

Australia, China, Foreign Investments, News

March 1, 2021

Sydney, 1 March 2021 – The International Trade Council (ITC) expresses its concern over the recent 61% drop in Chinese investment in Australia in 2020, marking a six-year low. The drop comes amid growing diplomatic tensions between the two countries, and signals a major challenge to Australia’s economy, which has long benefited from Chinese investment. […]

International Trade Council welcomes Biden’s 100-day review amid supply chain strains

News, Supply Chain

February 24, 2021

Washington, D.C. – The International Trade Council has welcomed President Joe Biden’s order for officials to find ways to bolster supply chains amidst the global shortage of computer chips that has hit car manufacturers around the world. The initial review is focused on computer chips, pharmaceuticals, rare earth minerals, and large batteries, such as those […]

China Failing to Meet Trade Deal Targets with US

China, News, Trade Agreements, United States

January 22, 2021

The International Trade Council has expressed concern over China’s shortfall in meeting its commitment to purchase an extra $200 billion worth of US goods over 2020 and 2021. This commitment was part of a phase one trade deal aimed at resolving the trade war between the world’s two largest economies. The agreement saw China […]

EU Ambassadors Approve EU-UK Trade Deal

Europe, News, Trade Relations, United Kingdom

December 28, 2020

Brussels, 28 December 2020 – Ambassadors from the 27 EU member states have given their unanimous approval to the EU-UK post-Brexit trade deal, paving the way for it to come into force on 1 January. The UK Parliament is expected to approve it on 30 December. Under EU rules, it can take effect provisionally, […]

International Trade Council Reacts to US Blacklisting of Companies with Possible Military Ties

News, Trade Policy, United States

December 22, 2020

The International Trade Council is closely monitoring the recent move by the United States to blacklist more than 100 Chinese and Russian companies with alleged military ties. The US government has placed export restrictions on these companies and US exporters will be required to obtain a license before they transfer “designated items” to companies on […]

International Trade Council celebrates the signing of the UK-Japan Free Trade Agreement

Bilateral Trade Relation, Japan, News, United Kingdom

October 23, 2020

The International Trade Council is pleased to announce the signing of the UK-Japan Free Trade Agreement, which marks the United Kingdom’s first major trade pact after Brexit. The deal is expected to strengthen the trade relationship between the two nations, bringing significant benefits to both countries. Under the agreement, nearly all exports from the […]

US eliminates plans for 10% tariff on certain types of Canadian aluminium

News, Trade Policy, United States

September 15, 2020

International Trade Council welcomes the decision of the United States to drop the proposed 10% tariff on certain types of Canadian aluminum. The tariff was announced by President Donald Trump just last month, citing a flood of under-priced metal into the country. After determining that imports were likely to decline after an earlier surge, the […]

International Trade Council welcomes US-EU agreement to eliminate lobster tariffs

Europe, News, Trade Agreements, United States

August 21, 2020

The International Trade Council (ITC) welcomes the news that the European Union has agreed to eliminate tariffs on US lobster, a key priority of President Donald Trump, in exchange for the US halving import taxes on some $160m worth of European goods, including cigarette lighters and certain crystal glassware. The agreement is the first tariff […]

Modification of Trade Status: Cambodia’s Exclusion from the European Union’s EBA Initiative

Cambodia, Europe, News, Sanctions

August 13, 2020

The International Trade Council announces that the European Union has formally adjusted its trade relationship with Cambodia, moving away from its preferential trade programme, the Everything but Arms (EBA) agreement. The decision, resulting from Cambodia’s persisting systemic human rights violations, reinstates custom duties on a significant proportion of Cambodia’s exports to the EU. Under the […]

International Trade Council calls for swift resolution to EU-US data transfer dispute

Digital Trade, Europe, News, United States

July 16, 2020

The International Trade Council (ITC) is concerned by the decision of the European Court of Justice (ECJ) to strike down the EU-US Privacy Shield, which governed the transfer of EU citizens’ data to the United States. The ITC recognizes the potential negative consequences of this decision on transatlantic trade worth $7.1 trillion (£5.6tn), and urges […]

International Trade Council warns of severe decline in global trade amidst COVID-19 crisis

News, Trade Agreements

June 9, 2020

The International Trade Council (ITC) welcomes the start of post-Brexit trade talks between the United Kingdom and Japan, which are set to begin on Tuesday. The negotiations aim to reach agreement on a new trade deal to replace the current agreement Britain has with Japan through the European Union. Without a new deal by […]

Trump Signs US Mexico Canada Agreement (USMCA)

Mexico, News, Trade Agreements, United States

January 29, 2020

The International Trade Council announces that US President Donald Trump has officially signed the US Mexico Canada Agreement (USMCA), which is set to replace the 1994 North American Free Trade Agreement (NAFTA). This new trade pact brings Trump’s campaign promise to replace the existing deal between the three countries closer to reality. The USMCA aims […]

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