The 2022 enforcement data for the EU Timber Regulation (EUTR) offered, if nothing else, a stark reminder that regulatory vigilance in timber supply chains is no longer theoretical. For wood product distributors and importers, the penalties imposed during the 2020–2022 period painted a picture that was, depending on one’s perspective, either overdue or somewhat harsh. […]
KUALA LUMPUR — Following the conclusion of the second National Investment Council Meeting (NICM), the government has emphasized the pivotal role of Domestic Direct Investment (DDI) as a primary benchmark in determining the overall national investment strategy. Prime Minister Datuk Seri Anwar Ibrahim highlighted the potential of strategic DDI to lure more Foreign Direct […]
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 […]
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 […]
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 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. […]
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 […]
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, […]
The International Trade Council acknowledges the recent data shared by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The figures presented indicate that the United States’ trade deficit in goods and services stood at $65.5 billion in June, marking a decrease of $2.8 billion from the revised $68.3 billion reported in May. […]
The International Trade Council acknowledges the recent data shared by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. The figures presented indicate that the United States’ trade deficit in goods and services stood at $65.5 billion in June, marking a decrease of $2.8 billion from the revised $68.3 billion reported in May. […]
India and the United Arab Emirates (UAE) have decided to settle crude oil transactions using their national currencies: the Indian rupee and the UAE dirham. This move follows the Memorandum of Understanding (MoU) that was signed when Prime Minister Narendra Modi visited the UAE on July 15. This MoU led to the establishment of […]
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 […]
The Blue Food Labeling and Sustainability Act, introduced in the US Senate back in 2021, marked a curious yet inevitable evolution in food labeling policy. For years, various advocacy groups had lobbied for a way to help consumers distinguish between seafood sourced responsibly and that harvested in ways less kind to marine ecosystems. The bill, […]
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 […]
The International Trade Council addresses the escalating concerns pertaining to the European Union’s trade deficit with China, which approached a notable â‚ ¬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 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 […]