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International Trade Council Reports on UAE’s Unprecedented Relaxation of Foreign Direct Investment Restrictions

September 12, 2023

Daisy

Foreign Direct Investment, News, United Arab Emirates

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In a noteworthy development that holds significance for foreign direct investment (FDI) in the Middle East and North Africa region, the United Arab Emirates (UAE) has executed a series of legislative changes designed to foster a more open investment environment. A UNCTAD report released in July 2023 indicates that the UAE now ranks among the […]

Indonesian Authorities Lift Restrictions on Live Cattle and Buffalo Exports from Australia

September 11, 2023

Daisy

Agricultural Trade, Australia, Indonesia, News

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The Department of Agriculture, Fisheries and Forestry (DAFF) has announced a successful agreement with the Indonesian Agriculture and Quarantine Agency (IAQA). Effective immediately, the suspensions and restrictions on live cattle and buffalo exports from seven registered establishments across northern Australia have been lifted.   This decision follows a week of technical discussions with Indonesian authorities, […]

International Trade Council Applauds Expansion of G20 with African Union as Permanent Member

September 11, 2023

Daisy

Africa, International Relations, News

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The International Trade Council extends its congratulations to the G20 leaders and Indian Prime Minister Narendra Modi for the historic inclusion of the African Union as a permanent member of the G20. The landmark announcement came during the G20 Summit held in New Delhi, India, on September 9, 2023.   The G20, formerly a coalition […]

South Korea Advances International Agreements in Minerals and Electric Vehicles, Fueling EV Battery Manufacturing Ambitions

September 11, 2023

Daisy

News, South Korea, Trade Relations

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The International Trade Council commends South Korea for its proactive engagement in international talks and the signing of multiple agreements related to minerals and electric vehicles (EVs). These agreements align with South Korea’s ambitious goals for EV battery manufacturing and underscore the nation’s commitment to pursuing strategic initiatives despite challenges in its manufacturing sector.   […]

India and Saudi Arabia Accelerate Free Trade Agreement Talks to Boost Economic Cooperation

September 11, 2023

Daisy

India, News, Saudi Arabia

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In a significant development aimed at strengthening economic cooperation between the two nations, India and Saudi Arabia have pledged to fast-track negotiations on the India-Gulf Cooperation Council (GCC) Free Trade Agreement (FTA).   During a special briefing on the State Visit of the Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman […]

United States Leads as the Primary Source of Foreign Direct Investment in India for Fiscal Year 2023, Reveals RBI Census

September 11, 2023

Daisy

India, News, United States

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The International Trade Council acknowledges the recent data released by the Reserve Bank of India (RBI), stating that the United States has been identified as the foremost contributor of foreign direct investment (FDI) into India for the financial year 2023 (FY23). According to the RBI census, the United States accounted for Rs 8.58 lakh crore […]

UK Signs New Strategic Partnership with Singapore to Boost Economy and Strengthen Security

September 10, 2023

Daisy

International Trade, News, Singapore, United Kingdom

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In a significant move to advance economic growth and mutual security, the Prime Minister of the United Kingdom has formally entered into a Strategic Partnership with Singapore. This partnership, signed on September 9, is expected to foster collaboration between the two nations in various domains, particularly in cutting-edge technologies like artificial intelligence (AI) and cybersecurity, […]

Boosting India-ASEAN Economic Collaboration: Prime Minister Modi Unveils 12-Point Proposal

September 10, 2023

Daisy

India, International Trade, News

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The International Trade Council is pleased to report on the groundbreaking developments arising from India’s Prime Minister Narendra Modi’s participation in the 20th annual ASEAN-India summit and the 18th East Asia summit, both held in Jakarta on September 7, 2023. The Prime Minister, during his visit, introduced an extensive 12-point proposal aimed at fostering deeper […]

International Trade Council Releases Statement on Nepal’s Inaugural Import Through China Transit Arrangement

September 9, 2023

Daisy

International Trade, News, South Asia

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The International Trade Council recognizes Nepal’s accomplishment in successfully importing its first batch of goods via a transit arrangement with China. The transaction took place on September 7, 2023, in Kathmandu, Nepal, and marks a significant development in Nepal-China trade relations.   The imported shipment consisted of 15 tons of turmeric powder from Vietnam. The […]

Pakistan and UAE to Potentially Sign Free Trade Agreement by Month’s End

September 8, 2023

Daisy

News, Pakistan, Trade Agreements, United Arab Emirates

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Pakistan’s interim commerce minister, Dr. Gohar Ejaz, has announced that the South Asian nation is expected to finalize a free trade agreement (FTA) with the United Arab Emirates (UAE) during the forthcoming visit of a UAE delegation scheduled for the last week of September. The UAE holds the position of being Pakistan’s third-largest trading partner, […]

Global Trade Finance Deficit Swells to Record $2.5 Trillion, Reveals Asian Development Bank Survey

September 8, 2023

Daisy

News, Trade Finance

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The gap in global trade finance has broadened to an unprecedented $2.5 trillion in 2022, a marked increase from $1.7 trillion in 2020. This development comes as a result of surging interest rates, uncertain economic outlooks, inflation, and geopolitical instability, which have inhibited banks’ capacity to facilitate trade financing, according to the 2023 Trade Finance […]

Industry Outlook Towards UK’s Electronic Trade Documents Act

September 8, 2023

Daisy

Digital Trade, News, United Kingdom

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A recent webinar conducted by the Institute of Export & International Trade (IOE&IT) has revealed that approximately 75% of businesses believe the forthcoming UK Electronic Trade Documents Act (ETDA) will positively impact their operations. The legislation is slated for implementation later this month. Digital Economy and Technology Minister Paul Scully has projected that the ETDA […]

International Trade Council Reports on India’s Proposed Changes to Foreign Investment in Non-Services Sector

September 8, 2023

Daisy

Foreign Investments, India, News

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India is contemplating changes to its investment policies to encourage foreign inflows into its manufacturing and industrial sectors, according to sources within the Department for Promotion of Industry and Internal Trade (DPIIT). These changes are expected to be part of the ongoing discussions for Free Trade Agreements (FTAs). A Shift in Policy The proposed modifications […]

International Trade Council Reports on $2.5 Trillion Global Trade Finance Deficit

September 8, 2023

Daisy

News, Trade Finance

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According to a recent survey by the Asian Development Bank, the global trade finance deficit reached an unprecedented $2.5 trillion in 2022, increasing from $1.7 trillion in 2020. The surge in the deficit is attributed to various factors, including rising interest rates, economic uncertainty, inflation, and geopolitical volatility, all of which have constrained banks’ capacity […]

International Trade Council Issues Statement on the Adoption of UN Convention on the Judicial Sale of Ships

September 8, 2023

Daisy

Maritime Trade, News

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The International Trade Council acknowledges the recent signing of the United Nations Convention on the International Effects of Judicial Sales of Ships. The ceremony took place in Beijing, People’s Republic of China, on September 5, 2023. Formulated by the United Nations Commission on International Trade Law (UNCITRAL), the convention, now known as the Beijing Convention […]

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