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Stay Updated with the Latest News from the International Trade Council and Our Members

UK and Turkey Set to Initiate Discussions on Expanded Free Trade Agreement

March 14, 2024

Daisy

In an announcement made on Thursday, both the United Kingdom and Turkey declared their intent to commence negotiations for an enhanced Free Trade Agreement (FTA), encompassing not only goods but also services.   While the UK already maintains an FTA with Turkey, inherited post its departure from the European Union in 2020, a joint review […]

Indonesia’s February Trade Surplus Widened

March 14, 2024

Daisy

As February came to a close, forecasts indicated that Indonesia’s trade surplus had expanded slightly, bolstered by a moderated decline in exports and a surge in imports in anticipation of Ramadan, according to a Reuters poll conducted from March 7-14.   Insights from 20 economists projected a trade surplus of $2.32 billion for February, up […]

Korea Sees Export Growth Spur Job Creation with 330,000 New Positions in February

March 13, 2024

Daisy

Korea experienced a significant boost in employment in February, adding nearly 330,000 new jobs, largely driven by increased opportunities for senior workers and expansion in the manufacturing sector amidst a rise in exports.   According to data released by Statistics Korea on Wednesday, the country recorded a total of 28.04 million employed individuals, marking a […]

Rice Imports Surge 84.5% with Vietnam as Top Supplier

March 12, 2024

Daisy

The Philippines has experienced a significant increase in rice imports during the first two months of 2024, according to data from the Department of Agriculture’s Bureau of Plant Industry (BPI).   Rice imports for January and February totaled 728,254.49 metric tons (MT), representing an 84.57 percent surge compared to the same period last year when […]

Thailand Positioned for Growth Amid Semiconductor Production Shift

March 12, 2024

Daisy

In a recent statement, US Commerce Secretary Gina Raimondo emphasized Thailand’s potential to benefit significantly from the United States’ strategic move to diversify semiconductor production. Raimondo highlighted the readiness of American firms to amplify investments in the Southeast Asian nation, foreseeing promising prospects ahead.   The electrical and electronics industry stands as a pivotal sector […]

Britain Expands Economic Ties with Texas Through Landmark Trade Pact

March 12, 2024

Daisy

In a significant move aimed at fostering economic collaboration, Britain is set to sign a memorandum of understanding on trade with Texas, marking the largest state-level agreement between the UK and the United States to date. This pact underscores a concerted effort to stimulate investment and bolster trade relations amidst evolving global dynamics.   The […]

EU’s €137 Billion Boost Signals Economic Revival for Poland

March 12, 2024

Daisy

In a significant development, Polish Prime Minister Donald Tusk has successfully secured funds worth up to €137 billion from the European Union, marking a pivotal moment for Poland’s economic trajectory. This infusion of funds signifies the end of years-long tensions with Brussels over democratic standards, heralding a new era of economic growth for Central Europe’s […]

Germany’s Support Crucial for PH-EU Free Trade Talks

March 12, 2024

Daisy

President Ferdinand ”Bongbong” Marcos Jr. highlighted the pivotal role of Germany’s support as negotiations for a free trade agreement between the Philippines and the European Union prepare to resume.   ”Germany’s support is vital to the country’s reapplication to the EU’s Generalised Scheme of Preferences Plus (GSP+) and for the resumption of negotiations for a […]

Japan Bolsters Long-Term LNG Supplies with Allies Australia and the U.S.

March 10, 2024

Daisy

In a bid to secure stable, long-term supplies of liquefied natural gas (LNG), resource-scarce Japan has deepened its partnerships with close allies Australia and the United States. This strategic move comes as key contracts from various providers are set to expire by the early 2030s. Last month, JERA, Japan’s leading power generator, finalized an agreement […]

Positive Developments in Chinese Trade Barriers on Australian Wine and Lobster

March 9, 2024

Daisy

In a promising update, Australian Trade Minister Don Farrell announced significant progress in addressing trade barriers imposed by China on Australian wine and lobster. Farrell expressed optimism as China nears completion of its review into tariffs on Australian wine, with expectations for a resolution by the end of March. Additionally, China is reassessing restrictions on […]

Historic Trade Pact Between India and EFTA Nations to Boost Global Commerce

March 9, 2024

Daisy

In a landmark move set to reshape international trade dynamics, India is poised to finalize an economic pact with the European Free Trade Association (EFTA) on Sunday. This agreement, involving Switzerland, Norway, Iceland, and Liechtenstein, marks the culmination of nearly sixteen years of meticulous negotiations, promising to significantly enhance trade and investment flows.   With […]

ASEAN Advances Free Trade Agreement with Australia and New Zealand

March 8, 2024

Daisy

In a significant step towards bolstering regional trade relations, the Philippines has signed the second protocol to the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).   President Ferdinand Marcos Jr., in his address during the ASEAN-Australia Special Summit Leader’s Plenary Session, expressed confidence in the agreement’s potential to bolster the region’s economy and support micro, small, […]

Switzerland Sets Course for Renewed EU Relationship Talks

March 8, 2024

Daisy

In a pivotal decision on Friday, the Swiss government has green-lighted the initiation of discussions with the European Union, aiming to rejuvenate the nation’s ties with the bloc. This move comes as a significant step forward after the disintegration of a former agreement attempt in 2021. Switzerland’s strategy emphasizes the vital importance of unfettered access […]

Chile’s Copper Exports Surge to $3.47 Billion in February

March 7, 2024

Daisy

Chile, renowned as the leading copper producer globally, showcased its robust trade performance in February as copper exports soared to $3.47 billion, marking a commendable 3.77% increase compared to the same period last year. This impressive feat was revealed by the central bank on Thursday, underscoring Chile’s pivotal role in the copper market.   Despite […]

WTO Invites Applications for 2025 Young Professionals Programme

March 7, 2024

Daisy

The World Trade Organization (WTO) has announced the commencement of the application process for its 2025 Young Professionals Programme (YPP). Individuals up to the age of 32 as of January 1, 2025, hailing from eligible developing economies and least-developed countries (LDCs), are encouraged to submit their applications by April 2, 2024.   Selected candidates will […]

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