Author: Editorial Desk

India has temporarily halted negotiations on new free trade agreements (FTAs) as it reassesses its trade strategy. The government’s move aims to ensure that future agreements better serve the country’s economic interests. Key concerns include preventing unintended concessions, curbing third-country goods, especially from China, via partner nations, enhancing market access for domestic industries, resisting strict sustainability clauses, and achieving a fairer trade balance. Early-stage FTA talks with Peru and Chile are paused pending review, but negotiations with key partners like the UK and EU continue. This selective approach reflects India’s focus on strategically important relationships. Data from the Global Trade…

Australia is currently conducting a review of 66 active military export permits to Israel, according to a report by The Guardian. The permits, which were approved before last year’s Gaza invasion, are being reassessed by the Department of Defense on a case-by-case basis to ensure compliance with Australia’s international obligations, including human rights considerations. A defense spokesperson emphasized Australia’s scrutiny of pre-existing permits in light of evolving Middle Eastern circumstances, aiming to maintain a calibrated approach. This review follows a request by the Australian Centre for International Justice in April, which urged Defense Minister Richard Marles to annul all military…

India’s target to install 500 GW of renewable energy by 2030 could push the country’s solar equipment import bill to around $30 billion annually, warned a report by the Global Trade Research Initiative (GTRI). The report highlighted India’s heavy reliance on imported solar components, especially from China, which controls 97% of global polysilicon production and 80% of solar module manufacturing. India installed 15 GW of solar capacity in 2023-24, bringing the total to 90.8 GW, compared to just 2.8 GW in 2014. To meet the ambitious 2030 target, the country needs to scale installations to 65-70 GW annually, with solar…

With persisting economic difficulties posed by Covid-19 and Pakistan’s limited capacity to import essential raw materials, the country’s experts and scientists are making major strides in local medical device production. These advancements could reduce Pakistan’s reliance on imported medical equipment and help slash its $2 billion import bill, according to Zubair Motiwala, Chief Executive Officer of the Trade Development Authority of Pakistan (TDAP). Speaking at the 21st Health Asia exhibition in Karachi, Motiwala highlighted the country’s success in manufacturing crucial medical devices such as ventilators, dialysis machines, and cardiac stents, which were previously imported. He stated, “We believe this development…

China has introduced new regulations governing the export of dual-use items, effective December 1, 2024. The rules aim to balance development with security, supporting international peace and China’s global commitments. Premier Li Qiang signed the State Council decree, which consists of six chapters and 50 articles. The regulations require that exports of dual-use items comply with laws to protect national security. The scope includes goods related to national security, non-proliferation, and international obligations. The Ministry of Justice (MOJ) and the Ministry of Commerce (MOFCOM) clarified that the regulations do not ban exports. They ensure transparency in export control while supporting…

The European Union presents a vast cross-border e-commerce market, but Vietnamese businesses’ participation in exporting to Europe through international trading platforms remains significantly lower than in other regions, a recent report revealed. E-commerce is transforming global trade, especially in the post-pandemic era, according to findings presented at a seminar titled ‘E-commerce Trends in the World and Implications for EU-Vietnam Trade’, organized by the Vietnam Institute for Development Strategies and the Konrad-Adenauer-Stiftung Institute Vietnam (KAS). The seminar took place on Thursday. While global trade growth has slowed, with an annual average of 2-5% over the past few years and even a…

Australia is experiencing a surge in beef exports as the shrinking US cattle herd creates new opportunities. At Monbeef, a slaughterhouse owned by Bindaree Food Group, production has increased to 200 cattle per day, up from 30-40 two years ago. Livestock manager Ryan McDonald noted strong US demand driving up prices for cattle and meat. A drought in the US has reduced cattle numbers to their lowest since the 1950s, prompting increased imports and reduced exports. Analysts expect US beef exports to fall further as farmers rebuild herds, giving Australia a growing market opportunity. Australia, with plentiful cattle after wet…

Uzbekistan is accelerating efforts to join the World Trade Organization (WTO) by 2026, President Shavkat Mirziyoyev announced. Despite progress, challenges remain, with only 29% of the country’s laws and standards currently aligning with WTO regulations, according to a government report. At an October 10 meeting, Mirziyoyev acknowledged improvements in standards harmonization but stressed the need for faster reforms. “Much work remains ahead of us,” he stated, noting that product development and quality control must meet international standards to achieve WTO membership. Of the 269 laboratories in the country, only 105 comply with international standards. Mirziyoyev set a target for all…

Ukraine has appealed to the International Maritime Organization (IMO) for help following a surge in Russian attacks on its shipping routes and port facilities. These assaults, concentrated on key Ukrainian ports along the Black Sea, threaten vital maritime infrastructure essential for the export of grain and other goods, putting global trade and food security at risk. Over the past month, Russia has escalated its targeting of Ukraine’s shipping hubs, marking a significant intensification in the ongoing conflict. In response, Ukrainian officials have requested a monitoring mission from the IMO to assess the damage and ensure maritime security. Ukraine’s request comes…

India’s apparel and textile exports surge by 5.13% to $17.66 billion between April and September 2024, with a 12.38% growth in September alone. Apparel exports surged by 17.30%, marking a strong recovery after a period of slow trade. Textile exports increased by 2.76% to $10.155 billion, while apparel exports grew by 8.51% to $7.505 billion during the same period. The share of textiles and apparel in India’s total merchandise exports rose to 8.28%. Cotton yarn, fabrics, made-ups, and handloom products saw a slight rise of 0.79%, reaching $5.946 billion, while man-made yarn and fabrics grew by 2.95%. Carpet exports increased…