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Archive for the ‘News’ Category

UK Signs New Strategic Partnership with Singapore to Boost Economy and Strengthen Security

International Trade, News, Singapore, United Kingdom

September 10, 2023

In a significant move to advance economic growth and mutual security, the Prime Minister of the United Kingdom has formally entered into a Strategic Partnership with Singapore. This partnership, signed on September 9, is expected to foster collaboration between the two nations in various domains, particularly in cutting-edge technologies like artificial intelligence (AI) and cybersecurity, […]

Boosting India-ASEAN Economic Collaboration: Prime Minister Modi Unveils 12-Point Proposal

India, International Trade, News

September 10, 2023

The International Trade Council is pleased to report on the groundbreaking developments arising from India’s Prime Minister Narendra Modi’s participation in the 20th annual ASEAN-India summit and the 18th East Asia summit, both held in Jakarta on September 7, 2023. The Prime Minister, during his visit, introduced an extensive 12-point proposal aimed at fostering deeper […]

International Trade Council Comments on Expansion of China’s Ban on Apple Products

September 9, 2023

International Trade Council Releases Statement on Nepal’s Inaugural Import Through China Transit Arrangement

International Trade, News, South Asia

September 9, 2023

The International Trade Council recognizes Nepal’s accomplishment in successfully importing its first batch of goods via a transit arrangement with China. The transaction took place on September 7, 2023, in Kathmandu, Nepal, and marks a significant development in Nepal-China trade relations. The imported shipment consisted of 15 tons of turmeric powder from Vietnam. The […]

Pakistan and UAE to Potentially Sign Free Trade Agreement by Month’s End

News, Pakistan, Trade Agreements, United Arab Emirates

September 8, 2023

Pakistan’s interim commerce minister, Dr. Gohar Ejaz, has announced that the South Asian nation is expected to finalize a free trade agreement (FTA) with the United Arab Emirates (UAE) during the forthcoming visit of a UAE delegation scheduled for the last week of September. The UAE holds the position of being Pakistan’s third-largest trading partner, […]

Global Trade Finance Deficit Swells to Record $2.5 Trillion, Reveals Asian Development Bank Survey

News, Trade Finance

September 8, 2023

The gap in global trade finance has broadened to an unprecedented $2.5 trillion in 2022, a marked increase from $1.7 trillion in 2020. This development comes as a result of surging interest rates, uncertain economic outlooks, inflation, and geopolitical instability, which have inhibited banks’ capacity to facilitate trade financing, according to the 2023 Trade Finance […]

Industry Outlook Towards UK’s Electronic Trade Documents Act

Digital Trade, News, United Kingdom

September 8, 2023

A recent webinar conducted by the Institute of Export & International Trade (IOE&IT) has revealed that approximately 75% of businesses believe the forthcoming UK Electronic Trade Documents Act (ETDA) will positively impact their operations. The legislation is slated for implementation later this month. Digital Economy and Technology Minister Paul Scully has projected that the ETDA […]

International Trade Council Reports on India’s Proposed Changes to Foreign Investment in Non-Services Sector

Foreign Investments, India, News

September 8, 2023

India is contemplating changes to its investment policies to encourage foreign inflows into its manufacturing and industrial sectors, according to sources within the Department for Promotion of Industry and Internal Trade (DPIIT). These changes are expected to be part of the ongoing discussions for Free Trade Agreements (FTAs). A Shift in Policy The proposed modifications […]

International Trade Council Reports on $2.5 Trillion Global Trade Finance Deficit

News, Trade Finance

September 8, 2023

According to a recent survey by the Asian Development Bank, the global trade finance deficit reached an unprecedented $2.5 trillion in 2022, increasing from $1.7 trillion in 2020. The surge in the deficit is attributed to various factors, including rising interest rates, economic uncertainty, inflation, and geopolitical volatility, all of which have constrained banks’ capacity […]

International Trade Council Issues Statement on the Adoption of UN Convention on the Judicial Sale of Ships

Maritime Trade, News

September 8, 2023

The International Trade Council acknowledges the recent signing of the United Nations Convention on the International Effects of Judicial Sales of Ships. The ceremony took place in Beijing, People’s Republic of China, on September 5, 2023. Formulated by the United Nations Commission on International Trade Law (UNCITRAL), the convention, now known as the Beijing Convention […]

Bespoke Gas Cylinder Attachment Provides Safe and Secure Handling at A-Gas

Industrial Equipment, News

September 8, 2023

A-Gas was founded in 1993 in Bristol, UK, by founder and pioneer John Rutley, and co-founder John Cooper. Together, they saw opportunities to build a new business that could support the HVACR industry with the transition away from Chlorofluorocarbons (CFCs). Today, as A-Gas celebrates its 30th Ã‚Â anniversary, a leading supplier of refrigerants to the heating, […]

International Trade Council Acknowledges Indonesia’s Proposal for Critical Minerals Trade Deal with the United States

Indonesia, News, United States

September 7, 2023

The International Trade Council takes note of Indonesia’s recent proposal to initiate discussions on a potential trade agreement for critical minerals with the United States. This significant development emerged during a meeting between Indonesian President Joko Widodo and U.S. Vice President Kamala Harris on the sidelines of the Association of Southeast Asian Nations (ASEAN) meetings […]

International Trade Council Commends the Philippines and South Korea on the Signing of a Free Trade Agreement

News, Philippines, South Korea

September 7, 2023

The International Trade Council is pleased to recognize the signing of a free trade agreement (FTA) between the Philippines and South Korea during the ASEAN Summit in Indonesia. President Ferdinand Marcos Jr. announced this significant development, emphasizing its potential to strengthen investment relations and create employment opportunities. President Marcos highlighted that the FTA underscores […]

Taiwan Temporarily Opens Market for Egg and Egg Products to Address Shortage

Agricultural Trade, News, Taiwan

September 7, 2023

In a recent development aimed at alleviating a domestic egg shortage, Taiwan has temporarily opened its market to eggs and egg products from 12 countries, including Australia. This move is in response to supply constraints in Taiwan attributed to unpredictable weather, escalating feed costs, and recent outbreaks of avian influenza. The newly implemented market access […]

International Trade Council Statement on Recent BRICS Expansion

International Trade, News

September 7, 2023

The International Trade Council acknowledges the recent expansion of the BRICS group to potentially include Saudi Arabia, the United Arab Emirates, Iran, Egypt, Argentina, and Ethiopia. According to a note from S&P Global Ratings, the near-term economic impact for member countries is anticipated to be limited. S&P Global Ratings explains that their current sovereign […]

International Trade Council Takes Note of Canada’s Anticipation to Conclude Free Trade Agreement with ASEAN

Canada, News, Trade Agreements

September 6, 2023

The International Trade Council acknowledges Canada’s Prime Minister, Justin Trudeau’s announcement regarding the expectation to finalize a free trade agreement with the Association of Southeast Asian Nations (ASEAN). This development follows the formal launch of the Canada-ASEAN strategic partnership, which was a focal point of discussion during the ASEAN-Canada summit held in Jakarta. Prime […]

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