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

Indonesia Aims for OECD Membership to Boost Trade Prospects

February 28, 2024

Daisy

Indonesia is eyeing membership in the Organization for Economic Co-operation and Development (OECD) within the next two to three years, with the aim of enhancing its trade landscape, a senior cabinet minister announced Wednesday.   As Southeast Asia’s largest economy, Indonesia sees OECD membership as a strategic move to attract increased investment and foster beneficial […]

U.S. Trade Chief Offers Insights on WTO Negotiations

February 28, 2024

Daisy

U.S. Trade Representative Katherine Tai provided an update on the ongoing negotiations at the World Trade Organization (WTO), indicating that while an agreement on reforming dispute settlement appeals was not expected this week, progress was evident, and the atmosphere remained constructive.   The impasse in the WTO’s dispute settlement system, attributed to the U.S. blocking […]

US Spirits Exports Surge Amid Tariff Suspension by EU

February 28, 2024

Daisy

In a positive turn of events for the spirits industry, exports of American spirits experienced a notable 8% increase in 2023, totaling $2.2 billion, as reported by the Distilled Spirits Council of the United States. This surge followed the European Union’s decision to suspend the 25% retaliatory tariffs on American whiskey.   The tariff suspension, […]

Malaysia Set to Forge Free Trade Accord with UAE in June

February 28, 2024

Daisy

Malaysia is poised to join the ranks of nations deepening economic ties with Abu Dhabi as it gears up to sign a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) by June, according to Malaysia’s trade minister.   Trade Minister Tengku Zafrul Aziz disclosed in an interview with Reuters in Abu Dhabi […]

Korea Aims for Ambitious Export Target with Focus on Chip and Car Shipments

February 28, 2024

Daisy

In a strategic move to bolster its export sector, Korea has set its sights on achieving an annual outbound shipment target of $700 billion, signaling a strong commitment to economic growth. The announcement came from the industry ministry on Wednesday, outlining plans to provide comprehensive policy and financial support to key industries, particularly chips and […]

South Korea Exports Expected to Extend Growth Streak in February

February 28, 2024

Daisy

  South Korea’s export trajectory is poised to continue its upward trajectory, marking a fifth consecutive month of growth, predominantly propelled by chip shipments, according to a recent Reuters poll.   Analysts anticipate a modest 1.9% increase in exports for February compared to the same period last year. This follows an impressive 18.0% surge recorded […]

Chinese Premier Calls for Enhanced Economic and Trade Relations with US

February 28, 2024

Daisy

Chinese Premier Li Qiang emphasized the importance of strengthening economic and trade ties between China and the United States during a meeting with a visiting US delegation, as reported by Chinese state radio on Wednesday.   Li emphasized that fostering economic and trade cooperation would benefit both nations, highlighting the mutually advantageous nature of such […]

WTO Director-General Urges Members to Forge Consensus as MC13 Nears Conclusion

February 28, 2024

Daisy

As the 13th Ministerial Conference (MC13) in Abu Dhabi approaches its closing session, WTO Director-General Ngozi Okonjo-Iweala commended members for the significant progress achieved during the intensive three-day meeting. With less than 24 hours remaining, she urged ministers to intensify their efforts and bridge remaining gaps on critical issues.   Speaking at a meeting of […]

Vietnam Records Stable Growth in Rice Exports for Jan-Feb 2024

February 28, 2024

Daisy

Vietnam has reported a steady increase in rice exports for the first two months of 2024, according to recent government data released on Thursday.   In January and February, Vietnam exported a total of 912,000 metric tons of rice, marking a modest 2.1% increase compared to the same period last year. The General Statistics Office […]

US Resumes Poultry Exports to Colombia After Negotiations

February 28, 2024

Daisy

Following successful negotiations between the United States and Colombia, the months-long halt on the US poultry industry’s access to the Colombian market has come to an end. The resumption of poultry and egg exports to Colombia marks a significant milestone in bilateral trade relations between the two countries.   Greg Tyler, President of the USA […]

Taiwan’s January Export Orders Surpass Expectations Driven by AI Demand

February 27, 2024

Daisy

In a surprising turn of events, Taiwan’s export orders for January outpaced expectations, showcasing resilience amid dynamic global market conditions. With a rise of 1.9% from the previous year, reaching $48.42 billion, the island nation defied projections of a 3.6% decline as forecasted by a Reuters poll. This unexpected surge follows a significant 16.0% drop […]

Significant Growth Reported in Cargo Shipments for 2023 at Indiana Ports

February 27, 2024

Daisy

In a notable development for Indiana’s maritime industry, there has been a substantial increase in cargo shipments for the year 2023 at the ports of Indiana. Experiencing a 6% rise compared to the previous year, a total of 12.6 million tons of cargo were shipped, marking the second-highest tonnage recorded in the history of these […]

Global Trade Leaders Stress the Need for Strengthening the WTO to Deliver Trade Benefits

February 26, 2024

Daisy

Today, a gathering of global trade leaders underscored the necessity of revitalizing the World Trade Organization (WTO) to effectively address the needs of people worldwide through trade. The 13th WTO Ministerial Conference (MC13) in Abu Dhabi served as a platform for stakeholders to emphasize the importance of maximizing the multilateral trading system’s potential, promoting socio-economic […]

Vietnam Looks to Expand Food Exports to China Amid Positive Trade Developments

February 26, 2024

Daisy

Vietnam is eyeing an increase in its agricultural exports to China following promising discussions between the two countries to ease regulations and open up the market further for poultry, fish, and fruits.   Officials and industry leaders in Vietnam express optimism about the potential expansion of trade with China, particularly in key sectors like poultry […]

Chinese Exports Flourish Under Regional Comprehensive Economic Partnership Agreement

February 26, 2024

Daisy

Since the inauguration of the Regional Comprehensive Economic Partnership (RCEP) on January 1, 2022, numerous enterprises in China have reaped the rewards of enhanced trade and industrial collaboration with RCEP member nations.   In Yuhangren’s sea buckthorn juice production workshop, a high-tech company dedicated to harnessing the plant’s potential, workers bustle about packaging bottles destined […]

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