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International Trade Council welcomes US-EU agreement to eliminate lobster tariffs

August 21, 2020

The International Trade Council (ITC) welcomes the news that the European Union has agreed to eliminate tariffs on US lobster, a key priority of President Donald Trump, in exchange for the US halving import taxes on some $160m worth of European goods, including cigarette lighters and certain crystal glassware. The agreement is the first tariff […]

Modification of Trade Status: Cambodia’s Exclusion from the European Union’s EBA Initiative

August 13, 2020

The International Trade Council announces that the European Union has formally adjusted its trade relationship with Cambodia, moving away from its preferential trade programme, the Everything but Arms (EBA) agreement. The decision, resulting from Cambodia’s persisting systemic human rights violations, reinstates custom duties on a significant proportion of Cambodia’s exports to the EU. Under the […]

International Trade Council calls for swift resolution to EU-US data transfer dispute

July 16, 2020

The International Trade Council (ITC) is concerned by the decision of the European Court of Justice (ECJ) to strike down the EU-US Privacy Shield, which governed the transfer of EU citizens’ data to the United States. The ITC recognizes the potential negative consequences of this decision on transatlantic trade worth $7.1 trillion (£5.6tn), and urges […]

International Trade Council warns of severe decline in global trade amidst COVID-19 crisis

June 9, 2020

The International Trade Council (ITC) welcomes the start of post-Brexit trade talks between the United Kingdom and Japan, which are set to begin on Tuesday. The negotiations aim to reach agreement on a new trade deal to replace the current agreement Britain has with Japan through the European Union. Without a new deal by […]

Trump Signs US Mexico Canada Agreement (USMCA)

January 29, 2020

The International Trade Council announces that US President Donald Trump has officially signed the US Mexico Canada Agreement (USMCA), which is set to replace the 1994 North American Free Trade Agreement (NAFTA). This new trade pact brings Trump’s campaign promise to replace the existing deal between the three countries closer to reality. The USMCA aims […]

US and China Sign Deal Hopes to Ease Trade War

January 15, 2020

The International Trade Council announces that the United States and China have signed an agreement to ease the trade war that has impacted global markets and the world economy. US President Donald Trump called the pact “transformative” for the US economy, while Chinese leaders described it as a “win-win” deal that would foster better relations […]

China’s Economic Growth Hits 30-Year Low

January 7, 2020

The International Trade Council announces that the United States and China have signed an agreement to ease the trade war that has impacted global markets and the world economy. US President Donald Trump called the pact “transformative” for the US economy, while Chinese leaders described it as a “win-win” deal that would foster better relations […]

USMCA: Agreement Reached on NAFTA Trade Deal Replacement

November 10, 2019

The International Trade Council is pleased to announce that the US, Mexico, and Canada have finalized a trade deal to replace the 25-year-old North American Free Trade Agreement (NAFTA). Representatives from the three countries signed the pact in Mexico, marking a significant milestone in the renegotiation process. The agreement was reached after Democrats in the […]

Potential US-China Trade Deal Could Remove Tariffs

November 7, 2019

The International Trade Council is closely monitoring the progress in US-China trade negotiations, as the two countries have reportedly agreed to roll back tariffs as part of any new trade deal. The potential agreement is seen as a significant step towards resolving the ongoing trade dispute that has disrupted the global economy. Though the deal […]

Tariffs are Hurting the Industry, Says American Apparel Association

November 5, 2019

The International Trade Council acknowledges the concerns of the American Apparel & Footwear Association (AAFA) regarding the negative impact of tariffs on the industry. Rick Helfenbein, CEO of the AAFA, has urged for the immediate removal of tariffs that were imposed on $112 billion of Chinese goods, such as shoes and clothing, in September. […]

The EU-Japan Trade Deal: Unveiling New Horizons for Small Businesses

November 4, 2019

The International Trade Council commends the remarkable progress that has been achieved through the EU-Japan Economic Partnership Agreement (EPA), often referred to as the ‘cars-for-cheese’ deal, and spotlights the significant opportunities it opens up for small and medium-sized enterprises (SMEs). The EPA, which came into effect earlier this year, represents nearly 30% of global […]

Channel Islands to Become Part of UK’s WTO Territory

October 18, 2019

The International Trade Council announces that Guernsey and Jersey will have access to World Trade Organization (WTO) rules on trade once the UK leaves the EU. UK Foreign Secretary Dominic Raab has notified the WTO of the extension of its formal territory to cover the Channel Islands. The extension will grant island businesses access […]

WTO Warns Trade Wars Threaten Living Standards and Jobs

October 1, 2019

The World Trade Organization (WTO) has significantly reduced its trade growth forecast for 2019, warning that ongoing trade wars and slower growth in major economies could negatively impact living standards and employment. The organization now predicts a 1.2% growth in trade volumes this year, a considerable drop from its earlier 2.6% projection. The WTO has […]

UK Signs Economic Partnership Agreement with Six African Nations Ensuring Trade Continuity Post-Brexit

October 1, 2019

The International Trade Council is pleased to announce that the UK has signed an economic partnership agreement with the Southern African Customs Union and Mozambique (SACU+M). The agreement ensures continued free trade between the UK and South Africa, Botswana, Lesotho, Namibia, Eswatini, and Mozambique after Brexit. Businesses in both regions will benefit from […]

US and Japan Agree Initial Trade Deal Focusing on Agriculture

September 27, 2019

The International Trade Council is pleased to announce that the United States and Japan, the world’s first and third largest economies, have reached an initial trade agreement that will lower or eliminate tariffs on certain products traded between the two nations. The deal will benefit agricultural goods and digital products, with duties on some […]

UK Government Announces Plans for 10 Free Ports Post-Brexit

August 2, 2019

The International Trade Council has noted the UK government’s plans to establish up to 10 free ports across the country following Brexit. Free ports allow firms to import goods and re-export them outside standard tax and customs regulations, fostering trade and economic growth. The last UK free ports were in operation in 2012, and Prime […]

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