Author: Editorial Desk

India has formally requested compensation from Turkiye following Ankara’s recent decision to extend safeguard measures on polyester staple fibres, which has significantly impacted India’s exports of the product. During recent bilateral consultations under the World Trade Organization’s (WTO) safeguard agreement, Indian officials expressed concerns over the trade impact of Turkiye’s actions. An official from India’s trade department noted that this extension of safeguards has led to a tangible loss in trade. “We have sought compensation as we have a loss of trade. India has the option to propose retaliatory customs duties equivalent to the value of export loss if the…

Twenty-seven government officials from developing and least-developed WTO member countries are participating in the WTO Advanced Trade Policy Course in Geneva, held from October 14 to December 6. This eight-week programme, organized by the WTO’s Institute for Training and Technical Cooperation, is designed to build expertise in trade policy, focusing on WTO agreements and procedures. The WTO’s Advanced Trade Policy Course, now in its third session this year, emphasizes practical learning, with participants engaged in discussions, simulations, and case studies to deepen their understanding of WTO agreements. This approach strengthens their analytical and negotiation skills, with hands-on experience in using…

The global tourism market, valued at over USD 11.45 trillion in 2024, is expected to reach USD 22.27 trillion by 2037, with an anticipated 5.4% compound annual growth rate (CAGR). By 2025, the industry’s market size is forecasted to reach USD 11.94 trillion. This growth reflects evolving consumer preferences, economic factors, and industry adaptations. As people increasingly seek meaningful and sustainable travel experiences, tourism’s role in economic growth, job creation, and infrastructure enhancement continues to expand. Key Growth Drivers 1. Rising Interest in Experiential and Sustainable Tourism Among Millennials Millennials are increasingly drawn to experiential tourism, immersing themselves in unique…

Currently ranked second in fresh avocado, Amazonian chestnut, and ginger exports, and third in preserved palm hearts, Peru’s agricultural sector is on track for a prominent year. Projections for 2023 place Peru as the eighth largest fruit exporter globally, with sales expected to exceed US$5.681 billion. Speaking at the 22nd Agro-export Luncheon organized by the Association of Exporters (ADEX), Elizabeth Galdo, head of the Ministry of Foreign Trade and Tourism (Mincetur), emphasized Peru’s rapid growth. Blueberries, avocados, and grapes lead the country’s exports, establishing Peru as the third-largest fruit exporter in Latin America, following Mexico and Chile. Agricultural exports increased…

Bangladesh garment factories are grappling with the adoption of Global Reporting Initiatives (GRI) standards—a globally recognized framework covering 246 issues related to environmental, social, and governance (ESG) impacts. A keynote paper presented at a roundtable yesterday highlighted that only 33 local factories have successfully implemented GRI standards, citing obstacles such as data shortages, lack of expertise, and insufficient policy support. The event, held at The Daily Star Centre in Dhaka and jointly organized by The Daily Star and Swisscontact, gathered industry stakeholders, diplomats, and experts. Mohammad Monowar Hossain, Team Group’s head of sustainability, emphasized that compliance with ESG standards will…

The global wheat flour trade is expected to drop by 6% in the 2024-25 season, reaching 15.9 million tonnes, according to the International Grains Council (IGC). This follows a high of 17 million tonnes in 2023-24. The IGC’s revised projection is 200,000 tonnes lower than its July estimate. The decline is partly due to reduced purchases by Iraq, the world’s second-largest importer, and a drop in sub-Saharan African imports, which had surged last year due to higher deliveries from Turkey. Turkey, the largest flour exporter, has seen its export forecast cut after a partial easing of a wheat import ban.…

China has lifted its two-year ban on Corn starch exports, signaling a boost of confidence in its domestic market and sparking positive sentiment in international trading circles. The policy shift, which was implemented to safeguard domestic supplies in July 2022, is expected to significantly impact global supply-demand dynamics, bringing much-needed stability to international food supply chains. The reversal comes at a crucial time for global trade, with Corn starch playing a key role in industries such as food processing, paper manufacturing, and adhesives. During the restriction period, Corn starch prices experienced significant volatility, affecting numerous industries worldwide. Experts in the…

The United Nations Conference on Trade and Development (UNCTAD) has called for stronger international cooperation to protect global trade, following its Review of Maritime Transport 2024. The report highlights key challenges, including strained supply chains, disruptions in major maritime routes, and fraudulent ship registrations. Rising Costs and Supply Chain Strain Shipping costs surged in early 2024 due to disruptions along key routes and higher operational expenses. Freight rates spiked as vessels were rerouted and ports faced congestion. The Shanghai Containerized Freight Index (SCFI) more than doubled from late 2023, though it later dropped by 45%. However, it remains 115% above…

Australian wine exports grew by 34% in value to $2.39 billion in the 12 months ending September 2024, driven largely by the re-entry of Australian wines into Mainland China following the removal of import duties in March. According to Wine Australia’s Export Report, volume exports also rose by 7%, reaching 643 million litres. This marks the highest level of wine exports in both value and volume since August 2021. The resurgence in exports was led by premium wines returning to the Chinese market, with the value of shipments to China soaring by $604 million to $612 million. Volume shipments also…

Tanzania’s exports to other African countries have reached $2.6 billion annually, surpassing the $1.5 billion in imports from the continent, according to the East African Business Council (EABC). This reflects a positive trade balance as Tanzania taps into regional trade opportunities under the African Continental Free Trade Area (AfCFTA). Zephania Shaidi, EABC’s business development manager, highlighted the potential for Tanzanian businesses at a training session aimed at enhancing small and medium-sized enterprises’ (SMEs) understanding of the AfCFTA. Over 50 company representatives from manufacturing, agro-processing, and transport sectors, along with government officials, attended. The AfCFTA links 1.3 billion consumers with a…