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Italy Enthusiastic about Latin American Exports, Eyes Mercosur Pact for Trade Boost

October 13, 2023

Italy is looking forward to a surge in its exports to Latin America’s largest economies, with an estimated growth of about 5% in 2024, according to the Italian export credit agency, SACE. This optimistic outlook comes as Italy actively pursues a landmark European Union trade agreement with various South American nations, a pact that holds […]

Global Trade Leaders Convene to Amplify Support for Trade Finance: A Step Towards Inclusive Global Supply Chains

October 13, 2023

At the heart of vibrant Marrakesh during the esteemed annual assembly of the World Bank Group and the International Monetary Fund, a pressing issue found its way to the forefront of discussions: the critical need to expand access to trade finance, especially for small and women-led businesses striving for a foothold in the global market. […]

WTO Commences Advanced Training on Sanitary and Phytosanitary Measures, Empowering Officials for Enhanced International Trade Compliance

October 12, 2023

In a significant development for international trade, an Advanced Course focusing on the WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement) began on October 10th at the WTO. This comprehensive two-week training program boasts the participation of 26 government officials from diverse member nations. The course’s primary goal is to equip […]

China’s Trade Deficit Narrows Amid Economic Challenges, According to Analysts

October 11, 2023

In the midst of complex global economic conditions, China, the world’s second-largest economy, exhibits signs of trade stabilization, as indicated by expert forecasts gathered by Reuters. Data anticipates a deceleration in the decline of exports for September, marking a consequential shift in the nation’s trade performance. Projections for September suggest a 7.6% decrease in exports […]

Exciting Developments in Aid-for-Trade Monitoring and Evaluation

October 9, 2023

In a significant stride towards understanding the trade and development priorities of developing economies and least-developed countries (LDCs), WTO members launched the Aid-for-Trade monitoring and evaluation exercise during a Committee on Trade and Development meeting on October 9th. This exercise aims to scrutinize how development finance, provided by partners, is addressing the unique needs of […]

U.S. and Venezuela Engage in Talks for Potential Oil Sanction Exemptions

October 9, 2023

In a significant development, the United States and Venezuela have advanced in discussions that could lead to sanctions relief for Venezuela. This relief may come in the form of permitting at least one additional foreign oil company to accept Venezuelan crude oil for debt repayment, contingent on President Nicolas Maduro’s return to negotiations with the […]

Empowering Small Businesses: Enhanced Access to Trade Information and Capacity Building in Focus Ahead of MC13

October 9, 2023

The International Trade Council applauds the recent strides made by the Informal Working Group on Micro, Small, and Medium-sized Enterprises (MSMEs), as detailed during their meeting on October 9th, in preparation for the 13th Ministerial Conference (MC13) slated for February 2024. Under the astute guidance of Coordinator Ambassador Matthew Wilson of Barbados, the group has […]

WTO Members Commence Sixth ‘Fish Week’ Ahead of Senior Officials Meeting

October 9, 2023

October 9, WTO members initiated the sixth “Fish Week” of the year, marking the shift into the text-based phase of negotiations aimed at establishing regulations on subsidies linked to overcapacity and overfishing. Director-General Ngozi Okonjo-Iweala and Ambassador Einar Gunnarsson of Iceland, who chairs the negotiations, emphasized the intensifying negotiations in anticipation of the WTO’s Senior […]

Global Markets Exhibit Mixed Reactions Amid U.S. Employment Concerns; Asian Stocks See Cautious Optimism

October 6, 2023

In a climate of persistent economic uncertainty, particularly regarding U.S. employment data, markets across the Asian sphere presented a largely positive front, despite subdued trading activity, the International Trade Council reported on Friday. While Japan’s Nikkei 225 experienced a slight contraction, decreasing by 0.3% to settle at 31,129.06, other key market indicators in the […]

Indonesia to Enhance Customs Oversight on Select Consumer Goods Amidst Rising Imports

October 6, 2023

Indonesia has revealed its intentions to bolster customs monitoring procedures for specific imported goods, encompassing cosmetics, footwear, apparel, toys, and electronics, as part of the country’s efforts to manage its import volume. The decision to introduce this regulation comes in response to concerns raised by business associations regarding a surge in imported goods, which […]

Deputy Director-General Angela Ellard Explores Impact of Technological Advancements on Global Trade

October 6, 2023

At the 2023 Annual WTO Conference organized by the British Institute of International and Comparative Law, Deputy Director-General Angela Ellard delivered a keynote speech highlighting the transformative effects of technological developments on international trade. She emphasized the growing role of services, particularly digitally-delivered services, in the global economy and how new technologies have facilitated trade […]

International Trade Council Highlights Key Trade Facilitation Needs

October 5, 2023

The International Trade Council, based on notifications from developing and least-developed country members, has identified five specific measures within the Trade Facilitation Agreement (TFA) where implementation assistance is most frequently sought for the upcoming two years. This update was presented by the WTO Secretariat during a meeting of the Committee on Trade Facilitation, which was […]

Global Trade Growth Projections Revised Downward by WTO Amidst Manufacturing Slowdown

October 5, 2023

In its latest trade forecast released on October 5th, the World Trade Organization (WTO) has adjusted its projections for global merchandise trade growth in 2023, reflecting a persistent slowdown that commenced in the fourth quarter of 2022. The revised estimate anticipates a modest growth rate of 0.8% for this year, a considerable reduction from the […]

Brazil’s Auto Exports Expected to Decline in 2023 Amidst Argentine Economic Crisis

October 5, 2023

The Brazilian auto export industry is poised for a substantial downturn in 2023, according to the recent announcement by the automaker association, Anfavea. This projected decline comes as a direct consequence of the severe economic challenges currently facing Argentina, a key trading partner. Anfavea, in a statement released on Friday, revised its export projections for […]

Global Trade Growth Forecasts for 2023 and 2024

October 5, 2023

The latest release of the “Global Trade Outlook and Statistics” by the World Trade Organization (WTO) offers revised projections for global trade in 2023 and 2024. In 2023, the WTO has revised its forecast for the growth of world merchandise trade volume, downgrading it to 0.8%. This is less than half of the 1.7% growth […]

WTO Revises 2023 Goods Trade Growth Projection

October 5, 2023

GENEVA (International Trade Council) – The World Trade Organization (WTO) has adjusted its forecast for global goods trade growth in 2023, citing several factors, including inflation, higher interest rates, challenges in the Chinese property market, and the ongoing Ukraine conflict as influencing its outlook. The Geneva-based trade organization announced that it now expects merchandise trade […]

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