Author: Editorial Desk

Reports indicate that Iran has turned to cryptocurrency, including Bitcoin, to sidestep severe international sanctions and facilitate the export of advanced ballistic missiles to Russia. While yet to be officially verified, this move suggests a bold shift in how Tehran navigates economic blockades, potentially redefining global arms trade practices. Intelligence sources reveal that Iran has supplied Russia with a large cache of ballistic missiles, including the Fateh-110, Zolfaghar, and Fateh-360 models. These advanced weapons, noted for their accuracy and extended range, are believed to be part of a broader military supply effort to support Russia’s current conflicts, particularly the ongoing…

India’s diamond sector is reeling from a dramatic collapse as both imports and exports plummet. The Global Trade Research Initiative (GTRI) highlights a troubling scenario marked by defaults, factory shutdowns, and significant job losses. Thousands of workers find themselves unemployed, and the sector faces unprecedented challenges with unsold rough diamonds. Ajay Srivastava, GTRI’s Founder, underscores the gravity of the situation, pointing out the emotional and financial toll it has taken. “This has led to defaults, factory closures, and widespread job losses. Tragically, more than 60 individuals from Gujarat’s diamond sector have taken their own lives, highlighting the intense financial and…

British Ambassador Laure Beaufils hosted a reception at her residence on September 17, celebrating a key development in UK-Philippine trade—the resumption of UK poultry exports after a three-year halt caused by highly pathogenic avian influenza (HPAI). Ambassador Beaufils, marking her third year in the Philippines, spoke of the initial setback from the ban but emphasized the positive shift. “Tonight, I am here to reaffirm the UK’s commitment to the highest safety standards in agriculture, to celebrate with all of you the return of UK poultry to the Philippines after three years, and indeed to celebrate the growth of this industry,…

India’s export sector faces substantial hurdles, as high freight costs and a scarcity of domestically produced containers strain the country’s global trade capabilities. The Global Trade Research Initiative (GTRI) points to critical gaps in shipping infrastructure and container manufacturing, calling for decisive steps to regain control over trade costs and reduce reliance on foreign shipping entities. The cost of shipping a 40-foot container has seen significant fluctuations from 2022 to 2024, with disruptions in the Red Sea exacerbating the situation. Indian exporters now face shipping rates that have surged to more than twice their levels from a year prior. Current…

India’s escalating copper demand has positioned Peru as a vital partner in securing its supply needs. As both nations edge closer to finalizing a landmark copper trade deal, their economic collaboration is set to reshape the global copper market. India’s Expanding Copper Needs Copper has become an indispensable resource for industries driving clean energy advancements, from wind turbines to electric vehicle batteries. This surge in demand has outpaced India’s domestic production, leading to a sharp increase in copper imports. By 2024, India’s copper concentrate imports reached ₹26,000 crore, up from ₹13,000 crore in 2019, underscoring its deepening dependence on international…

The Indian government has lifted the floor price on Basmati rice exports, aiming to enhance the global trade of its premium rice variety. The decision is expected to bolster India’s position in international markets, addressing concerns raised by exporters and industry stakeholders. Earlier, in August 2023, authorities had set a minimum export price of $1,200 per metric ton (MT) to curb potential misuse of export channels amid domestic price surges. This measure sought to prevent the misclassification of non-basmati rice as Basmati and safeguard the country’s rice supplies. The high price threshold, however, sparked concerns from exporters, as it constrained…

Foreign Minister Antonio Tajani reaffirmed Italy’s support for the European Commission’s proposed tariffs on Chinese EVs imports. During a conversation with Corriere della Sera, ahead of a key meeting with China’s Commerce Minister Wang Wentao, Tajani emphasized Italy’s commitment to shielding European companies from unfair competition. “We back the EU Commission’s duties proposal to safeguard the competitiveness of our companies,” Tajani noted. Wang Wentao, currently on a European tour addressing the EU’s anti-subsidy investigation into Chinese EVs, met Tajani in Rome on Monday. Although the official Italian statement omitted direct references to EVs, key topics like intellectual property rights, agri-food…

African nations are taking new steps to restructure agricultural tariffs, seeking solutions to one of the continent’s most pressing challenges—food insecurity. Leaders and industry experts are gathering to break down tariff barriers that obstruct trade within Africa, especially regarding critical agricultural goods. Speaking at the 2024 Africa Food Systems Summit in Kigali, AfCFTA Secretary General Wamkele Mene emphasized the need for reform. He pointed out that African countries, paradoxically, levy the highest tariffs on agricultural products traded amongst themselves, despite importing more than $100 billion worth of food from beyond the continent. “We impose barriers on our own, yet continue…

Germany’s Federal Association of Small and Medium-Sized Businesses (BVMW) has its sights set on Malaysia, with German SMEs recognizing it as a critical trade partner within ASEAN. The BVMW sees promising opportunities for closer ties with Malaysia to ensure shared, sustainable economic growth. During the Diplomatic Day of German SMEs, hosted by the Malaysian Embassy in Berlin on September 9, 2024, leaders from the Federal Economic Senate of BVMW gathered to explore avenues for bolstering collaboration. Ninety influential members of the Senate, led by BVMW executive board chairman Christoph Ahlhaus, took part. This Senate, comprising top business executives and entrepreneurs,…

The U.S. government’s decision to impose steep tariff hikes on specific Chinese imports, including a 100 percent duty on electric vehicles (EVs), has sparked global outrage from industry experts and businesses. Set to take effect on September 27, the tariffs also include a 50 percent increase on solar cells and 25 percent on EV batteries, critical minerals, steel, aluminum, and ship-to-shore cranes, as announced by the U.S. Trade Representative’s Office. Kuang Xianming, deputy head of the China Institute for Reform and Development, cautioned that this decision could have unintended consequences. He warned that the tariffs might not only damage U.S.…