Author: Editorial Desk

The World Trade Organization (WTO) has raised concerns that growing conflict in the Middle East could further disrupt global shipping and lead to higher energy prices, given the region’s vital role in petroleum production. These increases would hamper economic growth in fuel-importing countries and indirectly affect global trade, even as WTO anticipates a gradual recovery for trade in 2024. While the disruptive impact of the Red Sea conflict has been contained so far, WTO cautions that an escalation could affect other key shipping routes. Maritime transport, which accounts for over 80% of international trade by volume, remains the primary means…

Britain has introduced a new trade sanctions unit to penalize companies that violate restrictions on exporting services to Russia. The Office of Trade Sanctions Implementation (OTSI) will ensure businesses comply with sanctions imposed since Russia’s invasion of Ukraine in 2022, covering more than £20 billion ($26 billion) worth of trade. Since the onset of the conflict, the UK has imposed sanctions on more than £20 billion ($26 billion) worth of trade with Russia. To support businesses in navigating these restrictions, the government launched the Office of Trade Sanctions Implementation (OTSI), aimed at ensuring compliance and enforcing penalties when necessary. Business…

The World Trade Organization (WTO) has forecast a moderate recovery in global goods trade in 2024 and 2025, despite ongoing geopolitical risks, particularly the conflict in the Middle East. In an updated trade outlook released yesterday, the WTO revised its estimate for world merchandise trade growth to 2.7 percent for this year, slightly higher than the April prediction of 2.6 percent. However, the outlook for 2025 has been downgraded from 3.3 percent to 3 percent. WTO Director-General Ngozi Okonjo-Iweala emphasized the potential risks posed by regional conflicts, stating, “We are expecting a gradual recovery in global trade for 2024, but…

China’s solar industry, bolstered by strong state support and private investment, is now facing major challenges. While China leads global solar power installations, producing 80% of the world’s solar panels, it is grappling with foreign tariffs and a domestic price war. China dominates the global solar market, with exports hitting $49 billion in 2023, according to Wood Mackenzie. Beijing’s investment of over $50 billion in solar supply capacity from 2011 to 2022, along with cheap raw materials and state-owned bank support, has fueled this growth. Lauri Myllyvirta from the Centre for Research on Energy and Clean Air noted that lower…

India’s Finance Minister, Nirmala Sitharaman, voiced strong opposition to the European Union’s (EU) Carbon Border Adjustment Mechanism (CBAM), labelling it as unilateral and arbitrary, which she warned could harm India’s export sectors. The carbon tax, set to be implemented from January 1, 2026, will impose tariffs on energy-intensive goods imported into the EU, including steel, cement, fertiliser, and engineering products. Sitharaman raised concerns over this border tax at the Energy Transition Summit organised by the Financial Times, stating that such measures will make trade barriers. She emphasized that India has expressed its disapproval of the CBAM on multiple occasions and…

Malaysia’s Plantation and Commodities Minister, Datuk Seri Johari Abdul Ghani, addressed concerns on Tuesday regarding India’s recent hike in palm oil import duties, describing the move as a ‘temporary aberration.’ He assured that the demand for the commodity remains robust despite these changes. During a press conference at the Malaysia Palm Oil Forum, in response to a query from PTI, Ghani clarified there were no ongoing negotiations concerning palm oil supplies in exchange for fighter aircraft transfers between Malaysia and India. On September 14, 2023, India, the world’s largest importer of edible oils, revised its import duties, increasing the tariff…

China has imposed taxes on European brandy imports, widely viewed as retaliation for the European Union’s recent imposition of steep tariffs on Chinese electric vehicles. The European Commission has condemned China’s brandy tariffs, labeling it an ‘abuse’ of trade defense mechanisms, and plans to challenge the new duties at the World Trade Organization (WTO). China, however, defended its decision, describing it as an ‘anti-dumping’ measure aimed at safeguarding its domestic producers. The new tariffs will significantly affect major French brandy brands such as Hennessy and Remy Martin, sparking concerns in France. French trade officials and industry representatives have expressed alarm…

A recent study highlights the need to regulate the parrot breeding industry, specifically the commercial breeding of threatened parrots, to prevent further harm to wild populations. Conducted by the World Parrot Trust and World Animal Protection, the research calls for stricter regulations to ensure that the trade in captive-bred parrots does not negatively impact conservation efforts. The global trade in captive-bred parrots is surging rapidly, with countries like China poised to ease production laws and South Africa actively breeding endangered species. These developments raise concerns about potential risks to wild parrot populations. Published in Conservation Biology, the study found that…

Thailand remains the world’s top exporter of mangosteen, generating 17 billion baht ($502 million) annually, according to the Ministry of Commerce. However, growers are being urged to maintain quality in response to increasing competition. Poonpong Naiyanapakorn, Director of the Office of Trade Policy and Strategy (TPSO), noted that in 2024, Thailand continues to export 91% of its mangosteen production, with only 9% consumed domestically. China is the largest importer, accounting for over 90% of exports, driven by the fruit’s high demand. In 2023, Thailand exported 248,612 tons of mangosteen, a 20.8% increase from the previous year, earning $502.24 million (17.19…

Egypt has expressed its support for French President Emmanuel Macron’s recent call to halt arms exports to Israel for use in Gaza, citing severe violations of international law and humanitarian principles by the Israeli military in both Gaza and Lebanon. The Egyptian foreign ministry, in a statement released on Sunday, highlighted that these violations have resulted in tens of thousands of civilian casualties, with the majority being women and children. The ministry affirmed that Macron’s stance aligns with the principles of international humanitarian law and reflects growing international disapproval of Israel’s actions in Gaza and Lebanon. Egypt also urged the…