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Global Trade Shows Signs of Recovery Amid Uncertainty

November 27, 2023

The latest quarterly WTO Goods Trade Barometer, released on November 27, indicates a rebound in the volume of global merchandise trade following a recent decline. Key drivers of this recovery include increased automobile sales and production, as well as the trade in electronic components. However, while trade volumes are on the mend, mixed economic data […]

China, Japan, and South Korea Take Steps to Improve Relations and Plan Summit

November 25, 2023

In an effort to ease tensions and enhance cooperation, China, Japan, and South Korea have agreed to restart diplomatic and economic exchanges and work toward organizing a summit. Despite China’s attempts to mend relations with the United States, Beijing is concerned about the strengthening partnership between Washington and its key regional allies. Previously, Beijing, […]

Somalia Joins East Africa Trade Bloc as It Eyes New Opportunities

November 24, 2023

Somalia has officially become the eighth member of the East African Community (EAC) trade bloc, a development expected to have significant implications for the region’s economy and trade opportunities. The EAC, comprising countries such as Kenya, Tanzania, Uganda, and others, has welcomed Somalia into its common market, expanding its market size to nearly 300 million […]

European Union Boosts Global Fisheries Sustainability with EUR 1 Million Contribution to WTO Fund

November 23, 2023

In a landmark move to promote sustainable marine fisheries, the European Union has generously donated €1 million to the World Trade Organization’s Fisheries Funding Mechanism. This multi-year contribution, presented by Ambassador João Aguiar Machado to WTO Director-General Ngozi Okonjo-Iweala, is a significant step toward assisting developing and least-developed members in implementing the Agreement on Fisheries […]

Vietnam and Japan to Explore New Horizons in Bilateral Relations During President Vo Van Thuong’s Tokyo Visit

November 23, 2023

An upcoming visit by Vietnamese President Vo Van Thuong to Japan is poised to mark a significant chapter in the bilateral relations between Vietnam and Japan. This visit, slated for next week, will be President Thuong’s inaugural official trip to Japan and aligns with the 50th anniversary celebrations of diplomatic ties between the two nations. […]

OPEC+ Approaches Agreement with African Members on 2024 Oil Production Levels

November 23, 2023

In a significant turn of events in the global oil market, OPEC+ is reportedly nearing a resolution with its African members over the oil output levels for 2024. This update follows earlier disagreements which led to the delay of a vital organizational meeting, as informed by sources within OPEC+ to Reuters. The focus is […]

South Korea and UK Forge Stronger Ties in Defense, Technology, and Trade

November 22, 2023

In a landmark move, South Korean President Yoon Suk Yeol and British Prime Minister Rishi Sunak have signed the Downing Street Accord during President Yoon’s state visit to London. This agreement represents a significant step in strengthening bilateral cooperation in various sectors, notably in defense, security, and technology. The accord underlines both nations’ commitment […]

Leveraging Trade as a Catalyst, Latin America Seeks to Boost Economic Growth

November 22, 2023

Latin America and the Caribbean have yet to fully tap into the potential of international trade, which is a crucial driver of growth for emerging market economies, according to a recent report by the International Trade Council. Despite some progress in trade openness, the region continues to face challenges such as inadequate infrastructure, cumbersome customs […]

Uruguay Strengthens Ties with China, Eyes Enhanced Trade Opportunities

November 22, 2023

In a strategic move to expand its international trade relations, Uruguay has elevated its ties with China, aligning its level of engagement with that of its fellow Mercosur members, Brazil and Argentina. This development signifies Uruguay’s ambition to explore beneficial deals beyond its regional trade bloc, while China continues to deepen its connections in South […]

European Parliament Ratifies Landmark Free Trade Agreement with New Zealand

November 22, 2023

In a significant move, the European Parliament has ratified a free trade agreement with New Zealand, marking the European Union’s first major trade deal endorsement since February 2020. This development, which saw a substantial majority voting in favor, is set to usher in a new era of EU-New Zealand trade relations, potentially boosting trade by […]

EU’s Trade Policy Boosts Growth and Sustainability in Developing Countries

November 21, 2023

The European Commission and the High Representative for the Common Foreign and Security Policy have jointly released an enlightening report on the Generalized Scheme of Preferences (GSP), revealing its significant role in fostering economic stability and sustainable development in low-income countries. Amidst global uncertainties, the GSP, the EU’s primary trade policy tool aiding developing countries’ […]

Sri Lanka and Thailand Forge Ahead with Trade Agreement, Boosting Economic Prospects

November 21, 2023

In a promising development, Sri Lanka is set to finalize its free trade agreement (FTA) negotiations with Thailand by December, with plans to officially sign the agreement on February 3, 2024. This significant move comes as Sri Lanka actively seeks trade deals to stimulate economic growth and facilitate recovery from one of the most severe […]

Global Experts Convene to Enhance Supply Chain Resilience

November 21, 2023

In a groundbreaking session held on November 21, experts from the World Trade Organization (WTO) and other international organizations gathered to delve into the concept of supply chain resilience. This meeting, the first in a series of thematic sessions, aimed to establish a comprehensive understanding of supply chain resilience, providing a platform for members to […]

China and France Discuss Deepening Economic Ties and Addressing Global Challenges

November 20, 2023

In a significant phone conversation, Chinese President Xi Jinping and French President Emmanuel Macron engaged in talks aimed at deepening economic collaboration between their countries. President Xi expressed China’s keen interest in attracting more investment from French companies, emphasizing the desire for a balanced business environment that also favors Chinese firms in France. The […]

Japan Enhances Role in Ukraine’s Economic Reconstruction Ahead of Key Conference

November 20, 2023

In a pivotal move, Japan is intensifying its role in Ukraine’s post-conflict reconstruction, exemplified by a high-level visit to Kyiv by Japanese officials and business leaders. This visit sets the stage for an upcoming conference in Tokyo, aimed at bolstering Ukraine’s economic recovery. Led by Kazuchika Iwata, State Minister of Economy, Trade and Industry, […]

UK and South Korea Initiate Trade Talks and Diplomatic Ties During President Yoon’s State Visit

November 20, 2023

In a significant development in international relations, the United Kingdom and South Korea are set to commence negotiations on a fresh free trade agreement (FTA) and formalize a new diplomatic accord during the state visit of South Korean President Yoon Suk Yeol. This visit marks a momentous occasion, as it is the first state visit […]

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