The Ocean Shipping Reform Act of 2022 (OSRA), which came into effect in June 2022, represents the most significant overhaul of US maritime regulations in decades. Passed in response to mounting concerns over excessive freight charges, unpredictable demurrage and detention fees, and opaque shipping practices, OSRA aims to create a more transparent, fair, and competitive […]
The EU Corporate Sustainability Reporting Directive (CSRD), which began its pilot phase in 2023, marks a transformative shift in how European companies disclose environmental, social, and governance (ESG) data. As the successor to the Non-Financial Reporting Directive (NFRD), the CSRD significantly expands the scope of reporting obligations, bringing thousands of large companies and, soon, mid-cap […]
The US Secure and Trusted Communications Networks Act, signed into law in March 2020 and effective from November that year, represents a cornerstone of federal efforts to protect the nation’s telecommunications infrastructure from security risks associated with high-risk suppliers. The Act prohibits US government agencies and federally funded projects from procuring, leasing, or maintaining telecommunications […]
Vietnam has achieved a notable milestone as the leading ASEAN exporter to the European Union, showcasing the benefits of the EU-Vietnam Free Trade Agreement (EVFTA). This economic partnership has significantly contributed to growth, job creation, and enhanced access to European goods for Vietnamese consumers over the past four years. The phased reduction of import […]
In a significant development aimed at strengthening trade relations, the Indian government has announced that essential commodities previously subject to restrictions can now be exported to the Maldives from Kandla and Vishakhapatnam ports. This update, applicable for the financial year 2024-25, brings the total number of ports authorized for these exports to six. The Directorate […]
During a significant state visit to India, Vietnamese Prime Minister Phá º ¡m Minh ChàÂÂnh and Indian Prime Minister Narendra Modi engaged in meaningful discussions following a formal welcome at the Presidential Palace. The meeting underscored the deep and enduring relationship between the two nations, with a focus on expanding collaboration across several key […]
Southeast Asian nations are taking proactive steps to bolster their domestic manufacturers and safeguard jobs by adjusting tariffs on low-cost imports. This strategic move is a response to the evolving global trade landscape and aims to ensure economic stability and growth in the region. Thailand, Indonesia, and Malaysia are at the forefront of this […]
With less than 100 days remaining, the latest updates for the 7th China International Import Expo (CIIE) have been unveiled. Set to take place from November 5th to 10th, 2024, in Shanghai, preparations for the event are progressing smoothly with significant advancements already made. The previous edition of the CIIE in 2023 saw a large […]
Tà¼rkiye’s Trade Ministry has announced the start of negotiations for a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC). The first round of talks was held in Ankara, marking a key step in this major trade initiative. In March, the Trade Minister and the GCC Secretary-General signed an agreement to kick […]
Deputy Minister of Trade, Industry, and Competition, Andrew Whitfield, has emphasized the critical importance of manufacturing and export expansion for South Africa’s economic development. Speaking during a recent Budget Vote debate in the National Council of Provinces (NCOP), Whitfield highlighted the need for a manufacturing-centered approach to enhance economic stability and job creation. Whitfield outlined […]
On July 31st, Afghanistan’s Ministry of Industry and Commerce issued a report detailing the country’s trade performance for the past year. The figures show $1.8 billion in exports and over $8 billion in imports, highlighting a substantial trade imbalance and a high reliance on foreign goods and services. The report noted increases in exports […]
In July, exports surged by 13.9% year-on-year, reaching $57.49 billion, while imports rose by 10.5% to $53.88 billion, resulting in a trade surplus of $3.61 billion. This performance marks the second-highest July figure on record and continues a strong upward trend that has lasted for ten consecutive months. The notable export growth was driven […]
As external demand and supportive policies improve, China’s trade in goods reached a new high in the first half of 2024, with overall foreign trade exceeding 21 trillion yuan ($2.9 trillion), and export growth in June of 10.7 percent year-on-year, exceeding all expectations. The improving external demand and accelerated development of new business forms […]
The International Trade Council reports that Australian wine exports have reached a significant AU$2.2 billion, reflecting both positive developments and ongoing challenges in the market. This increase is largely attributed to a resurgence in exports to mainland China, where volumes jumped from 1 million litres to 33 million litres and the value surged by AU$392 […]
China remains the foremost export market for Papua New Guinea (PNG). During a recent groundbreaking ceremony for the Sea Park Development in Port Moresby, the Minister for International Trade and Investment emphasized China’s critical role in PNG’s export economy. The Minister highlighted the robust trade relationship between the two nations, noting, “China is the […]
Egypt’s non-oil trade deficit for the first half of 2024 has decreased to $15.9 billion. This marks a 16% improvement from the $18.9 billion deficit recorded during the same period in 2023. During the initial six months of 2024, Egypt saw a notable 9.8% increase in merchandise exports, reaching $19.6 billion. In contrast, imports […]