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’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, […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 anniversary, a leading supplier of refrigerants to the heating, ventilation, […]
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 […]
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 […]
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 […]
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 […]
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 […]
President Ranil Wickremesinghe’s recent address at the centenary celebration of Al Mubarak Central College in Malwana has unveiled an ambitious economic vision for Sri Lanka’s future. President Wickremesinghe outlined a strategy to replicate the successful Biyagama Free Trade Zone model on a national scale, with the goal of fostering rapid development over the next […]
The International Trade Council warmly welcomes the Free Trade Agreement (FTA) between the United Kingdom and Australia, a landmark deal set to boost fintech sectors in both nations by removing over 99% of tariffs and enhancing labor mobility. Signed in December 2021, this comprehensive agreement will not only facilitate work and travel opportunities but […]