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International Trade Council welcomes UK’s trade deal with Norway, Iceland, and Liechtenstein

June 4, 2021

The International Trade Council (ITC) welcomes the recent post-Brexit trade agreement between the UK, Norway, Iceland, and Liechtenstein, which will greatly benefit trade between the four non-EU nations, already valued at £21.6bn. The UK’s international trade secretary, Liz Truss, said the deal would be “a major boost for our trade…while supporting jobs and prosperity in […]

President Biden expands US investment ban on Chinese firms

June 3, 2021

Washington, DC – US President Joe Biden has signed an executive order banning Americans from investing in 59 Chinese tech and defence firms, including communications giant Huawei. This expands the previous list of 31 firms to include surveillance companies, ensuring that US persons are not financing the military industrial complex of the People’s Republic of […]

International Trade Council commends the ‘candid and pragmatic’ meeting between US and China trade officials

May 27, 2021

The International Trade Council (ITC) welcomes the recent virtual meeting between the top trade negotiators of the United States and China. Katherine Tai, the US Trade Representative, and Chinese Vice Premier Liu He had “candid, pragmatic, and constructive exchanges with an attitude of equality and mutual respect” according to a statement released by the Chinese […]

International Trade Council Calls for Resolution in China-Taiwan Pineapple Dispute

May 6, 2021

The International Trade Council (ITC) expresses concern over the recent ban imposed by China on Taiwanese pineapple imports, which has led to a significant economic dispute between the two countries. Taiwan, one of the largest producers of pineapples in the world, has been exporting almost all of its pineapples to China. The move by China […]

International Trade Council concerned over China’s suspension of economic dialogue with Australia

May 6, 2021

The International Trade Council has expressed concern over China’s decision to “indefinitely” suspend key economic dialogue with Australia, calling it the latest in a growing diplomatic rift between both countries. This move has escalated tensions between Australia and China, which have been on the decline since Australia called for a probe into the origins of […]

International Trade Council Hails Ratification of EU-UK Trade Deal

April 28, 2021

The International Trade Council has hailed the European Parliament’s decision to ratify the post-Brexit EU-UK Trade and Cooperation Agreement (TCA) as a key move to ensure tariff- and quota-free trade continues between the two sides. MEPs voted overwhelmingly in favour of the deal by 660 votes to 5, while 32 abstained. The TCA has been […]

Suez Canal Resumes Normal Operation Five Days After Dislodging of Ever Given

April 3, 2021

The International Trade Council is pleased to report the clearance of all remaining vessels stranded as a result of the Ever Given grounding incident in the Suez Canal. The Suez Canal Authority has confirmed that the last of the 61 ships caught in the aftermath of the grounding were able to pass the canal on […]

Potential Months-Long Disruption at European Ports Due to Suez Canal Blockage

March 31, 2021

The International Trade Council announces potential long-term disruptions at European ports resulting from the recent six-day blockage in the Suez Canal by the Ever Given vessel. Despite the successful freeing of the ship, there may be months of residual impact on shipments arriving in the EU. According to the Port of Antwerp, Europe’s second busiest […]

International Trade Council reports $9.6bn of goods is held up each day due to the Suez Canal blockage

March 26, 2021

The International Trade Council has reported that an estimated $9.6bn ( £7bn) worth of goods are held up every day due to the stranded Ever Given mega-container ship in the Suez Canal. The canal is a vital passageway between the East and West, with approximately 12% of total global trade moving through it. Shipping expert Lloyd’s […]

Abu Dhabi investment fund has agreed to pay £800m into the UK life sciences sector

March 24, 2021

Abu Dhabi Investment Fund Mubadala has committed to investing £800 million in the UK’s life sciences sector over five years, marking the first of what could be several billion pounds of investments in the UK. Abu Dhabi is also reportedly planning to invest heavily in British health, tech, green energy, and infrastructure. The exact size […]

British Exports to Ireland Suffer Significant Decline as Post-Brexit Trading Kicks Off

March 18, 2021

The Republic of Ireland recorded a 65% decrease in British imports, resulting in almost Ã¢â€š ¬1bn ( £856m) less of British goods in January 2021, in contrast to the same period last year, according to the Central Statistics Office of Ireland. The decline was even steeper for food imports, which plummeted by 75%, marking a massive blow […]

International Trade Council celebrates as US and EU agree to suspend tariffs in Boeing-Airbus trade dispute

March 5, 2021

The International Trade Council (ITC) welcomes the decision by the United States and the European Union to temporarily suspend the tariffs on each other’s goods, which were imposed as retaliation over subsidies provided to Airbus and Boeing, respectively. The four-month suspension, which affects billions of dollars’ worth of goods, including wine, cheese, and tractors, comes […]

International Trade Council Expresses Concern over Plummeting Chinese Investment in Australia

March 1, 2021

Sydney, 1 March 2021 – The International Trade Council (ITC) expresses its concern over the recent 61% drop in Chinese investment in Australia in 2020, marking a six-year low. The drop comes amid growing diplomatic tensions between the two countries, and signals a major challenge to Australia’s economy, which has long benefited from Chinese investment. […]

International Trade Council welcomes BidenÃ¢â‚¬â„¢s 100-day review amid supply chain strains

February 24, 2021

Washington, D.C. – The International Trade Council has welcomed President Joe Biden’s order for officials to find ways to bolster supply chains amidst the global shortage of computer chips that has hit car manufacturers around the world. The initial review is focused on computer chips, pharmaceuticals, rare earth minerals, and large batteries, such as those […]

China Failing to Meet Trade Deal Targets with US

January 22, 2021

The International Trade Council has expressed concern over ChinaÃ¢â‚¬â„¢s shortfall in meeting its commitment to purchase an extra $200 billion worth of US goods over 2020 and 2021. This commitment was part of a phase one trade deal aimed at resolving the trade war between the worldÃ¢â‚¬â„¢s two largest economies. The agreement saw China […]

EU Ambassadors Approve EU-UK Trade Deal

December 28, 2020

Brussels, 28 December 2020 – Ambassadors from the 27 EU member states have given their unanimous approval to the EU-UK post-Brexit trade deal, paving the way for it to come into force on 1 January. The UK Parliament is expected to approve it on 30 December. Under EU rules, it can take effect provisionally, […]

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