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

US Senators Propose Legislation to Support Enforcement of Iran Oil Sanctions

October 19, 2023

Daisy

Bipartisan efforts are underway in the U.S. Senate to introduce legislation aimed at strengthening the enforcement of oil sanctions on Iran. Senator Joni Ernst, a Republican, is leading the charge for this bill, set to be unveiled on Monday. The proposed legislation seeks to establish a $150 million Iranian sanctions enforcement fund specifically designated for […]

Venezuela Reaches Out to Former Oil Clients as U.S. Sanctions Temporary Lifted

October 19, 2023

Daisy

In a recent development, China has expressed its willingness to assist Sri Lanka without imposing any political conditions and has also pledged to increase its imports from the island nation. Chinese President Xi Jinping conveyed this commitment during a meeting with Sri Lankan President Ranil Wickremesinghe in Beijing, as reported by state media.   This […]

EU and US Seek Resolution to Trade Disputes for Mutual Benefit

October 19, 2023

Daisy

In a bid to foster cooperation and tackle trade disputes, European Council President Charles Michel emphasized the need for the European Union and the United States to work together to find mutually beneficial solutions. This statement comes as top EU officials embark on a diplomatic mission to Washington with the aim of reaching agreements that […]

EU and US Seek Resolution to Trade Disputes Ahead of Summit

October 19, 2023

Daisy

European Council President Charles Michel has stressed the importance of finding mutually beneficial solutions to resolve trade disputes between the European Union (EU) and the United States. As US President Joe Biden prepares to host European Commission chief Ursula von der Leyen and Michel for a White House meeting to demonstrate unity in the face […]

WTO Seeks Member Input on E-Commerce Work Program Ahead of MC13

October 19, 2023

Daisy

Ambassador Usha Dwarka-Canabady of Mauritius, the facilitator of the Work Programme on Electronic Commerce at the World Trade Organization (WTO), conducted a dedicated session on October 18th to gather member input on the forthcoming 13th Ministerial Conference (MC13). During the meeting, Ambassador Dwarka-Canabady reported on her consultations with WTO members regarding potential outcomes at MC13 […]

Persistent Low Water Levels in Mississippi River Challenge Global Grain Trade Despite Predicted Drought Alleviation

October 19, 2023

Daisy

The International Trade Council brings into focus the ongoing crisis faced by the global grain market due to the unyielding low water predicaments on the Mississippi River, despite NOAA’s forecasts of potential drought improvement in the Southern US over the coming winter.   The National Oceanic Atmospheric Administration (NOAA) highlighted in its recent U.S. winter […]

US Oil Refiners Shift Focus to Diesel Amid Profit Challenges

October 19, 2023

Daisy

US oil refineries are increasing their production of diesel, heating oil, and jet fuel for the winter season, but they are grappling with profit challenges as gasoline margins have dropped by over 80% since the conclusion of the summer driving season.   Refineries, which traditionally produce higher volumes of distillates like diesel and heating oil […]

New Deputy Director-General Appointed at WTO: Johanna Hill to Play Key Role

October 18, 2023

Daisy

In a significant development, WTO Director-General Ngozi Okonjo-Iweala has announced the appointment of Johanna Hill from El Salvador as the new Deputy Director-General (DDG). Ms. Hill’s appointment comes as Anabel González of Costa Rica departs after serving as DDG for two years.   Johanna Hill currently serves as the Managing Partner and Founder of the […]

Venezuela’s Oil Sanctions Eased: A Slow Path to Recovery and Profit

October 18, 2023

Daisy

In a significant development, the United States has decided to ease broad sanctions on Venezuela’s oil sector, a move that could have notable implications for the country’s oil industry and its struggling economy. However, experts caution against expecting an immediate surge in oil production, emphasizing that the primary impact will be on profitability and the […]

ASEAN and Canada Forge Closer Ties, Progress Towards Free Trade Agreement

October 18, 2023

Daisy

  Recent developments in the relationship between ASEAN (the Association of Southeast Asian Nations) and Canada are paving the way for a promising future marked by strengthened economic cooperation. During the ASEAN Summit held in late September, Canada achieved official recognition as a strategic partner, a significant milestone in the growing alliance between the two […]

Japan’s Exports Achieve Record Levels, Defying Global Economic Concerns

October 18, 2023

Daisy

In a remarkable turn of events, Japan’s exports have surged to record-breaking levels in September, marking the first upswing in three months. This impressive feat can be attributed to the resurgence of Japanese automakers who have intensified shipments to the United States and Europe, capitalizing on their newfound freedom from the global chip shortage that […]

Indonesia’s Shift Towards Boxed Meat Imports Impacts Live Export Cattle Prices

October 17, 2023

Daisy

In a noticeable trend, live export cattle prices to Indonesia have seen a decline, reflecting shifting dynamics in the market as Indonesia increases its imports of boxed meat. Feeder steers transported from Darwin are now fetching approximately $2.60 per kilogram, a substantial drop from the peak of $5.50 per kilogram recorded in 2022. This price […]

Director-General Okonjo-Iweala Announces the Launch of WTO’s Task Force for Establishing Global Carbon Pricing

October 17, 2023

Daisy

In a significant move towards addressing global climate change concerns while ensuring equitable international trade practices, the World Trade Organization (WTO) has announced the launch of a task force dedicated to creating a comprehensive methodology for establishing global carbon prices. This initiative aims to prevent the imposition of import taxes based on carbon emissions from […]

China and Indonesia Forge Stronger Economic Ties in Emerging Industries

October 17, 2023

Daisy

In a bid to strengthen ties and foster collaboration, President Xi Jinping of China has expressed China’s willingness to expand cooperation with Indonesia in several emerging industries, including the digital economy, photovoltaics, and new energy vehicles. During a meeting with Indonesian President Joko Widodo on the sidelines of the Belt and Road Forum, President Xi […]

Mexico Strengthens Trade Relations with Cuba through Humanitarian Oil Assistance

October 16, 2023

Daisy

In a heartening display of solidarity, Mexican President Andres Manuel Lopez Obrador announced on Monday that Mexico is committed to assisting Cuba, including supplying the country with vital oil resources.   Since the beginning of this year, Mexico has been regularly shipping crude oil to Cuba, with approximately 2.8 million barrels sent to the island […]

U.S. and EU Business Leaders Advocate for Resolution of Trade Disputes and Collaborative Approach to Critical Minerals

October 16, 2023

Daisy

Leading business federations from the United States and the European Union have come together to call for constructive dialogue and cooperation as leaders convene for a crucial summit on Friday. The primary agenda includes resolving ongoing disputes stemming from metal tariffs initiated during the Trump administration and bolstering collaboration on essential minerals vital to the […]

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