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

WTO Members Extend Congratulations to Bhutan for Graduating from LDC Status

December 13, 2023

Daisy

The Sub-Committee on Least Developed Countries (LDCs) convened on December 13, where World Trade Organization (WTO) members celebrated Bhutan’s commitment to reinvigorate negotiations for WTO accession and extended their heartfelt congratulations on Bhutan’s graduation from Least Developed Country (LDC) status. During the meeting, the United Nations Committee for Development Policy provided an update on the […]

Indonesia’s Forward-Thinking Tax Incentives Spark Surge in Electric Vehicle Investment

December 13, 2023

Daisy

In a strategic move to bolster investments in the electric vehicle (EV) sector, Indonesia has introduced a range of tax incentives, unveiling its commitment to becoming a significant player in the global EV market. The recent presidential regulation, signed on December 8 and made public this week, is a signal of Jakarta’s proactive approach to […]

Trading Houses Assist Venezuela in Replenishing Fuel Stocks Under U.S. License

December 12, 2023

Daisy

In the wake of the U.S. easing of oil sanctions on Venezuela in October, trading houses that initially became purchasers of Venezuelan crude have transitioned to supplying the state-owned company PDVSA with motor fuels and diluents for heavy oil production, as revealed by documents and data.   As Venezuela gears up for a presidential election […]

U.S. Congressional Committee Unveils 2024 Legislative Agenda for Balancing Economic Ties with China

December 12, 2023

Daisy

In a bipartisan effort, a U.S. congressional committee has issued an extensive set of recommendations aimed at reshaping America’s economic relationship with China. These legislative proposals for 2024 are intended to prevent the United States from becoming overly dependent on its primary geopolitical rival and to safeguard its economic interests.   The comprehensive recommendations put […]

Brazil Secures $10 Billion in Funding from Banks for South American Integration Projects

December 12, 2023

Daisy

In a significant move aimed at advancing South American integration and enhancing trade while reducing transportation time to Asia, the Brazilian government has successfully orchestrated the raising of $10 billion from multilateral and development banks for infrastructure projects.   The Brazilian development bank, BNDES, is set to contribute $3 billion to this endeavor, primarily for […]

Chile Formally Embraces Fisheries Subsidies Agreement, Boosting Global Conservation Efforts

December 12, 2023

Daisy

Chile has taken a significant step in the realm of international trade and environmental conservation by formally accepting the Agreement on Fisheries Subsidies. On December 12th, Chile’s Undersecretary of International Economic Relations, Claudia Sanhueza Riveros, presented the instrument of acceptance to Director-General Ngozi Okonjo-Iweala at the World Trade Organization (WTO).   Director-General Okonjo-Iweala welcomed Chile’s […]

WTO Deputy Director-General Emphasizes Role in Combating Illegal Food Trade

December 11, 2023

Daisy

In a recent virtual agriculture symposium titled “Illicit Trade in Food and Food Fraud,” Deputy Director-General of the World Trade Organization (WTO), Jean-Marie Paugam, highlighted the crucial role of WTO rules in addressing the issue of illegal food trade. Paugam emphasized that the WTO’s rulebook provides a legal framework for international food trade, making it […]

China’s President Xi Jinping Visits Vietnam to Strengthen Economic Ties

December 11, 2023

Daisy

Chinese President Xi Jinping has embarked on a two-day visit to Vietnam, seeking to bolster economic relations between the two nations. This visit follows U.S. President Joe Biden’s recent trip to Hanoi, highlighting the competition for influence in Southeast Asia between the world’s two major powers.   Xi’s visit, his first in six years, has […]

UNCTAD Forecasts Global Trade Outlook for 2023: Anticipates 5% Contraction

December 11, 2023

Daisy

In a recent Global Trade Update, the United Nations Conference on Trade and Development (UNCTAD) has released a projection indicating that global trade is expected to contract by 5% in 2023 compared to the previous year. The report also presents a cautious outlook for 2024.   According to UNCTAD’s findings, the global commerce volume for […]

Saudi Investment Minister Holds Productive Talks with Chinese Commerce and Industry Leaders

December 10, 2023

Daisy

Saudi Arabia’s Minister of Investment, Khalid Al-Falih, engaged in fruitful discussions with China’s top officials in commerce and industry during a meeting held in Beijing on Sunday. The agenda revolved around enhancing cooperation in various areas, including trade, investment, and technology, according to statements from the Chinese ministries.   Chinese Commerce Minister Wang Wentao expressed […]

Global Commodities Traders Vow to Safeguard South American Grasslands at COP28

December 9, 2023

Daisy

  Eight of the world’s leading commodities traders have made a significant commitment to cease purchasing soy from farms that harm South American grasslands, reinforcing their prior promises to avoid suppliers involved in forest clearing. This landmark announcement was made during the COP28 climate summit.   This pledge holds immense potential for the conservation of […]

Global Report Highlights Trade’s Crucial Role in Advancing Green Hydrogen Markets

December 9, 2023

Daisy

 A collaborative report from the International Renewable Energy Agency (IRENA) and the World Trade Organization (WTO), released on December 9th, sheds light on the global hydrogen trade landscape and the policies required to escalate green hydrogen production. Green hydrogen, produced exclusively from renewable energy sources, has emerged as a pivotal element in the transition away […]

Turkey Expresses Concern Over Link Between Drone-Camera Exports and Sweden’s NATO Membership

December 8, 2023

Daisy

Turkish President Tayyip Erdogan has voiced concerns over a reported linkage between the export of drone cameras to Turkey and Sweden’s NATO membership bid, involving Canada and the United States. In an interview transcript released on Friday, Erdogan highlighted that both Canada and the United States were stipulating that Ankara ratify Sweden’s NATO membership bid […]

U.S. Initiates Informal Talks on the Future of North American Trade Agreement

December 8, 2023

Daisy

U.S. officials have initiated preliminary discussions to prepare for potential negotiations regarding the future of the North American Free Trade Agreement (NAFTA), as stated by David Cohen, the U.S. Ambassador to Canada, in an interview with CBC News published on Saturday.   Ambassador Cohen disclosed that the United States has embarked on initial internal deliberations […]

U.S. Secretary Raimondo Holds Positive Discussion with Turkey’s Minister of Trade Omer Bolat

December 8, 2023

Daisy

In a significant diplomatic exchange, U.S. Secretary of Commerce, Gina M. Raimondo, held a productive conversation with Turkey’s Minister of Trade, Omer Bolat, with the aim of reinforcing bilateral and commercial ties between the two nations.   Secretary Raimondo warmly congratulated Minister Bolat on his recent appointment and conveyed the Department’s unwavering commitment to enhancing […]

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