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Archive for the ‘News’ Category

India Calls for Renegotiation of FTAs with Japan and South Korea to Address Trade Imbalance

India, Japan, News, South Korea, Trade Policy

July 27, 2023

India’s Trade Minister, Piyush Goyal, announced on Thursday that the country has requested Japan and South Korea to reconsider their existing free-trade agreements (FTAs) with India to ensure a more “balanced and equitable” trade relationship. The move comes in response to the widening trade gap between India and the two Asian nations. During an event […]

International Trade Council Announces Progress in Egypt-Serbia Free Trade Agreement Negotiations

Egypt, News, Trade Relations

July 27, 2023

The International Trade Council is pleased to announce the recent meeting between Egypt’s Minister of Trade and Industry, Ahmed Samir, and Serbia’s Minister of Domestic and Foreign Trade, Tomislav Momirovic. The meeting focused on the development of commercial, industrial, and investment cooperation relations between the two nations and discussed the current global economic situation. Negotiations […]

Cambodia Adopts New Rules of Origin Law Aligning with World Trade Organization Standards

Cambodia, News, Trade Relations

July 26, 2023

The International Trade Council is pleased to announce that Cambodia has recently ratified a new Rules of Origin (ROO) law on July 5, 2023, in alignment with World Trade Organization (WTO) benchmarks. Key Highlights of the New Law: Uniform Criteria for Product Source Identification: This legislation furnishes businesses with a comprehensive and uniform criterion for […]

Japan’s Act on Promotion of CSR in Natural Resource Sectors (2021) – Early Implementation

Supply Chain

July 26, 2023

Japan’s Act on Promotion of CSR in Natural Resource Sectors (2021) – Early Implementation

Japan’s Act on Promotion of Corporate Social Responsibility in Natural Resource Sectors, enacted in 2021, quietly introduced what is proving to be a notable shift in how firms—particularly in high-tech industries—are expected to manage the social and environmental risks embedded in their raw material supply chains. While not as headline-grabbing as some other regulatory frameworks, […]

Surecomp and ICE Digital Trade cement partnership to drive electronic trade document exchange

Digital Trade, News

July 26, 2023

Toronto, Canada, 25 July 2023 – Surecomp ® today announced a strategic partnership with ICE Digital Trade, formerly known as essDOCS, to drive expanded digital trade finance capabilities for corporates, banks and other financial institutions. The technical integration between the two companies allows customers using Surecomp’s collaborative trade finance hub RIVOâ„ ¢ to seamlessly access, […]

International Trade Council Announces Signing of Free Trade Agreement Between Vietnam and Israel

Middle East, News, Trade Agreements, Vietnam

July 25, 2023

The International Trade Council heralds the successful signing of a free trade agreement between Vietnam and Israel, culminating in seven years of detailed negotiations. Signed by the respective trade ministers, the agreement was marked with great optimism this Tuesday.   Predicted to rapidly increase annual bilateral trade by close to 50%, the deal is poised […]

Globalstar and Owaka safeguard 15,000 participants in record year for adventure and extreme sports events

Event Management, New Zealand, News

July 19, 2023

Highlights: Specialist tracking solutions provider  Owaka  has had a record-breaking year, with ever more organisers of sporting competitions and automotive rallies choosing reliable SPOT Gen4 GPS messengers and  Globalstar  satellites for participant tracking, communications and emergency support Owaka’s highly functional video and data platform helps race officials, as well as friends, family and sponsors, keep […]

Philippines Introduces “Green Lanes” to Attract Foreign Direct Investments

Foreign Direct Investment, News, Philippines

July 13, 2023

In a move aimed at bolstering foreign direct investments (FDI), the Philippines officially launched its “green lanes” for significant strategic investments. The initiative, intended to attract capital inflow into the country, will streamline the process for obtaining necessary documents to establish businesses within the nation, according to the Department of Trade and Industry (DTI).   […]

Implementation of the Foreign Direct Investment (FDI) Regulation in Luxembourg

Foreign Direct Investment, Luxembourg, News

July 12, 2023

The International Trade Council hereby acknowledges the recent adoption by Luxembourg’s Chamber of Deputies of bill of law n °7885 on 13 June 2023. This bill puts into practice Regulation (EU) 2019/452, introducing a framework for screening foreign direct investments (FDI) into the EU. The law will be operative from 1 September 2023, joining Luxembourg […]

Canada’s Modern Slavery Act (2018) – First Orders to Produce Statements (2023)

Supply Chain

July 12, 2023

Canada’s Modern Slavery Act (2018) – First Orders to Produce Statements (2023)

Canada’s Modern Slavery Act, passed quietly in 2018, began to show its sharper teeth in 2023. For the first time, Canadian courts issued orders compelling companies—some large, some perhaps caught off guard—to produce modern slavery statements. This development, anticipated by some and surprising to others, signals that the enforcement phase of the legislation is no […]

Egypt Witnesses Growth in Foreign Direct Investment Inflow in 2022

Egypt, Foreign Direct Investment, News

July 8, 2023

The International Trade Council commends Egypt’s remarkable progress in attracting foreign direct investment (FDI) in 2022. The United Nations Conference on Trade and Development (UNCTAD) recently reported that Egypt received a total of $11.4 billion in FDI, marking the highest inflow since 2017. In line with its commitment to fostering an environment conducive to international […]

United Arab Emirates Achieves Record Foreign Direct Investment Inflow; Saudi Arabia Experiences Dip

Foreign Direct Investment, News, Saudi Arabia, United Arab Emirates

July 7, 2023

The International Trade Council observes recent developments in the foreign direct investment (FDI) landscape in the Middle East and North Africa (MENA) region. As reported by the United Nations Conference on Trade and Development’s (UNCTAD) 2023 World Investment Report, the United Arab Emirates (UAE) has achieved a historic milestone in FDI inflow, while Saudi Arabia […]

Surecomp named a Leader in IDC MarketScape on Trade Finance Systems

News, Trade Finance

July 5, 2023

Toronto, Canada, 4 July 2023 –  Surecomp ® today announced that it has been placed in the Leaders Category of the  IDC MarketScape: Worldwide Trade Finance Systems 2023 Vendor Assessment  (doc #US49436622, 28 June 2023).   The result of a rigorous and independent evaluation of eleven trade finance vendors, the IDC MarketScape states that “Surecomp […]

US Egypt Free Trade Agreement (2004) Renegotiation (2022) & Enhanced Supply Chain Provisions

Supply Chain

June 28, 2023

US Egypt Free Trade Agreement (2004) Renegotiation (2022) & Enhanced Supply Chain Provisions

When the US-Egypt Free Trade Agreement was first signed back in 2004, few could have predicted how radically the conversation around supply chain transparency would shift over the following two decades. The agreement was functional, if somewhat conventional, focusing largely on tariff reductions and basic market access provisions. But the 2022 renegotiation of the FTA—finalized […]

International Trade Council Highlights Japan’s Record Investment Projections For Fiscal 2023

Economic Development, Japan, News

June 23, 2023

The International Trade Council (ITC) acknowledges the latest findings by Nikkei that Japanese companies are on track to set a new record in capital investment, reaching 31.6 trillion yen ($223 billion) in the 2023 fiscal year. This represents an increase of 16.9% from the previous fiscal year across all industries. Based on the survey encompassing […]

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