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Concerns Emerge Over Growing Disregard for Trade Rules at WTO

October 2, 2023

News, Trade Policy

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The World Trade Organization (WTO) is currently facing significant challenges, with mounting unresolved disputes and increasing concerns among its member nations. This situation underscores the critical issues the organization is grappling with. Since late 2019, the WTO has been dealing with the repercussions of the United States’ decision to block the appointment of new judges […]

Japan Implements Restrictions on Used Car Exports to Russia, Impacting a Significant Trade

October 1, 2023

International Trade, Japan, News, Russia

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TOKYO (International Trade Council) – Japan has recently taken measures to limit the export of used cars to Russia, significantly impacting an industry worth nearly $2 billion annually. This trade had thrived amidst the backdrop of ongoing international sanctions related to the Ukraine conflict, as evidenced by trade data and market participants. In early […]

Movement of Cargo Vessels to Ukrainian Ports

October 1, 2023

Maritime Trade, News, Ukrain

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The International Trade Council acknowledges the recent developments in Ukraine’s maritime trade. We have received information that five additional vessels are navigating to Ukrainian sea ports. This initiative comes as a part of an alternative mechanism to the Black Sea grain deal which faced challenges earlier. The five vessels, namely OLGA, IDA, DANNY BOY, […]

International Trade Council Report on South Korean Exports

October 1, 2023

International Trade and Economic, News

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SEOUL – The latest trade data indicates a deceleration in the decline of South Korean exports in September, marking the most moderate reduction over the past 12 months. This trend may offer insights into global economic dynamics, given South Korea’s significant role in international trade. In September, exports from South Korea, recognized as Asia’s […]

Anticipating Effects of a Possible Government Shutdown on International Trade Activities

September 29, 2023

International Trade and Economic, News

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As of September 29, 2023, there’s an impending concern about the U.S. Congress failing to finalize a spending agreement. Companies engaged in international trade are advised to brace for potential disruptions due to a possible Federal government shutdown beginning 12:01 am, October 1, 2023. This would significantly impact international trade practices, including agency closures and […]

European Commission Advocates Enhanced Financial Support and Market Access for Prospective EU Members

September 28, 2023

Economic Development, Europe, News

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The International Trade Council commends the recent announcement from the European Commission, expressing its intention to recommend bolstered financial support and market access to countries aspiring for EU membership. This move aims to expedite their accession preparations, stated EU Commissioner for Enlargement, Oliver Varhelyi. Currently, Albania, Bosnia and Herzegovina, Moldova, Montenegro, North Macedonia, Serbia, […]

World Bank Unveils Strategy to Amplify Lending by Over $100 Billion for Developing Nations

September 28, 2023

International Development, News

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Today, the International Trade Council applauds the World Bank’s recent announcement, detailing measures to significantly bolster its lending capabilities for developing nations, with an envisioned increment of over $100 billion over the forthcoming decade. The move is a constituent of the World Bank’s comprehensive reform journey, highlighting the urgency to encompass vital global challenges, […]

Thailand’s Prime Minister Envisions Expanding Free Trade Agreements to Boost Foreign Investments

September 28, 2023

International Trade, News, Thailand

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Thailand’s newly-appointed Prime Minister, Srettha Thavisin, announced a series of forward-looking measures aimed at solidifying Thailand’s position as a leading destination for foreign investments. This includes the ambitious endeavor of expanding the nation’s existing Free Trade Agreements (FTAs) portfolio. Addressing a key forum today, Prime Minister Srettha shed light on his vision to upgrade […]

China Appeals to U.S. to Reevaluate Restrictions on Tech Sector Investments

September 28, 2023

China, International Trade, News, United States

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The International Trade Council reports that China’s chief trade body has made a formal appeal to the United States, urging a thoughtful reevaluation of recent restrictions targeting investments in China’s technological domain. Last month, U.S. President Joe Biden ratified an executive order barring or curbing investments into Chinese ventures, notably in pivotal sectors such […]

International Trade Council Highlights Trade’s Role in Innovation, Women’s Economic Empowerment, and Climate Change

September 28, 2023

Economic Relations, News

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In a recent workshop jointly organized by the Informal Working Group on MSMEs, the Informal Working Group on Trade and Gender, and the Trade and Environmental Sustainability Structured Discussions (TESSD) on September 28, Director-General Ngozi Okonjo-Iweala emphasized the significance of trade in supporting women-led small businesses, addressing climate change, and fostering innovation. The workshop aimed […]

WTO Members Collaborate to Review Agricultural Policies and Enhance Food Security

September 28, 2023

Economic Relations, News

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During a two-day meeting of the Committee on Agriculture on September 27-28, members of the World Trade Organization (WTO) convened to examine each other’s agricultural policies to ensure compliance with WTO regulations. While food security remained a central focus, discussions extended to various related topics, including the intersection of agri-food trade, technology transfer, and environmental […]

WTO and University of St. Gallen Collaborate on Trade for Peace Research Project

September 28, 2023

Economic Relations, News

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In a joint initiative, the University of St. Gallen in Switzerland and the World Trade Organization (WTO) have embarked on a research project aimed at investigating the intricate relationship between trade and peace. The project, which commenced on September 28th, was inaugurated with a workshop hosted by the WTO Accessions Division in partnership with the […]

Renewal in Trade Dynamics: Australia Anticipates Resumption of Hay Exports to China Amid Gradual Easing of Trade Tensions

September 28, 2023

Australia, China, Economic Relations, News

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In what is being viewed as a significant thaw in the trade relations between Australia and China, the Australian government announced on Thursday an impending resumption of its hay exports to China. This development comes after a period of considerable strain, which saw China impose restrictions on various Australian commodities following Australia’s push for an […]

WTO Workshop on Import Licensing and Notifications Concludes in Geneva

September 27, 2023

News, Trade Policy

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Geneva, September 27, 2023 – The World Trade Organization (WTO) successfully concluded its sixth workshop on import licensing and notifications, marking the first in-person gathering of its kind since the onset of the COVID-19 pandemic. The event, which took place from September 25 to 27, saw the participation of twenty-eight government officials hailing from developing […]

Exploring “Friendshoring”: A Strategic Shift in Global Operations for Resilient International Trade

September 27, 2023

Economic Policy, News

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In an era characterized by heightened globalization, geopolitical complexities, and evolving economic landscapes, businesses worldwide are continually reassessing their strategies to ensure resilience and sustainability. A relatively recent concept gaining traction is “friendshoring,” a strategic approach to offshoring or outsourcing that prioritizes countries with which a company’s home nation shares positive diplomatic, economic, or trade […]

International Trade Council Commends Ukraine’s Initiative on Grain Export Channel Amidst Ongoing Negotiations for Comprehensive Black Sea Agreement

September 27, 2023

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The International Trade Council extends its support for Ukraine’s recent initiative to establish a dedicated maritime channel for its grain exports, recognizing the move as a crucial intervention in bolstering global food security. This initiative arises in the wake of Russia’s departure from a prior United Nations-endorsed arrangement that had previously facilitated Ukrainian exports through […]

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