Author: Editorial Desk

The United Kingdom and Nigeria formalized an unprecedented economic accord, marking a seminal moment in bilateral relations with far-reaching implications for African engagement. UK Trade Secretary Kemi Badenoch and Nigerian Trade Minister Doris Nkiruka Uzoka-Anite signed the Enhanced Trade and Investment Partnership (ETIP) during Badenoch’s visit to Nigeria on February 13. This pact aims to escalate economic ties between these nations, fostering sustainable development and mutual prosperity. Uniquely, the ETIP represents the first alliance of its kind between the UK and an African nation, aspiring to amplify the UK-Nigeria trade relationship to a £7 billion benchmark. This ambitious initiative will…

Prime Minister Narendra Modi’s recent mission to the United Arab Emirates has set a new precedent for India-UAE relations, marking a significant leap in strategic and economic engagement between the two nations. His visit, spanning two days, involved deep-seated conversations with UAE President Sheikh Mohamed bin Zayed Al Nahyan, leading to the signing of eight critical agreements. These accords aim at deepening bilateral investments and kick-starting the ambitious India-Middle East-Europe Economic Corridor (IMEEC) initiative. The dialogue between Modi and Al Nahyan revisited the strength of India-UAE ties, which reached a new zenith with the elevation to a Comprehensive Strategic Partnership…

The Kingdom of Saudi Arabia’s Deputy Minister of Environment, Water, and Agriculture, Mansour Al-Mushaiti, announced a transformative leap for the nation’s coffee sector. His remarks at the International Saudi Coffee Exhibition in Jazan revealed an evolution from a regional specialty to a worldwide phenomenon. With over 2,000 coffee farms flourishing in Jazan, the region’s output surpasses 1,000 tons annually, a testament to the Ministry of Environment, Water, and Agriculture’s strategic initiatives. This growth not only showcases agricultural prowess but also positions Saudi coffee on the global stage. The International Saudi Coffee Exhibition, spearheaded by the Jazan Development Strategic Office, stands…

The European Union charts a bold course with the inception of the world’s inaugural carbon tax on imports laden with carbon, including pivotal commodities like steel and aluminium, from 2026. This avant-garde policy, dissected by Goldman Sachs, targets the mitigation of competitive disparities faced by EU producers due to the elevated greenhouse gas emissions associated with imported goods, especially from nations like China and India, where similar carbon pricing mechanisms remain absent. The proposed tariff, integral to the EU Carbon Border Adjustment Mechanism (CBAM), seeks to equalize the competitive landscape for domestic producers of steel, aluminium, cement, hydrogen, fertiliser, and…

Recent years have witnessed Asia’s battle against escalating food insecurity, propelled by conflict, climate adversities, and the global pandemic’s aftermath. Presently, this precarious situation teeters on the brink of exacerbation due to critical strains at global ‘food chokepoints’—geopolitical unrest impacting the Red Sea and the Suez Canal, alongside drought conditions afflicting the Panama Canal and the Mississippi River. These vital junctures, integral to the seamless flow of the global food supply, face disruptions that send shockwaves through Asia’s food security landscape. Disturbances at these chokepoints trigger a cascade of effects across the global trade ecosystem, particularly impacting the agriculture sector.…

Australia confronts an economic quandary within its dairy sector, marked by diminishing exports alongside escalating imports—a scenario portending potential consumer price shocks and transformative industry shifts. RaboResearch’s dairy authority, Michael Harvey, elucidates these dynamics through the ‘Australian Dairy Sector Outlook: Slowing Trading Places’ exposition. This analysis reveals a disconcerting trend: milk production has plummeted to its nadir for manufacturing since the 1990s, with the 2022/23 season witnessing a production of merely 8.129 billion litres, perpetuating a three-year descent. This contraction not only affects domestic supply but also Australia’s prominence in the international dairy market. Despite the adversity, Australia secures its…

While world onion supply chain facing an upheaval, price escalations and market disarray, Saudi Arabia onion market still stands stable and foresight. The Federation of Saudi Chambers (FSC) articulates confidence that the Kingdom shall transcend the global tumult unscathed. Through a strategic amalgamation of robust local cultivation and diversified import protocols, Saudi Arabia fortifies its market against the volatility afflicting other territories. The year 2023 showcased the Kingdom’s agrarian efficiency, with consumption figures reaching 702,000 tons of onions, nearly 52% (365,000 tons) of which germinated from Saudi soil. This substantial domestic yield, supplemented by strategic imports to offset the shortfall,…

India and Peru are set to convene for the sixth round of Free Trade Agreement (FTA) discussions next week in Lima. This initiative, spotlighted by the Global Trade and Research Initiative (GTRI), promises to unlock new dimensions of bilateral trade, particularly spotlighting gold—a sector fraught with both prospects and intricacies. This forthcoming India-Peru FTA delineates India’s ambitious stride towards a comprehensive economic partnership within Latin America, diverging from previous Preferential Trade Agreements with Chile and the Mercosur bloc. This agreement extends beyond tariff concessions, encompassing services, thereby positioning Peru as a crucial conduit for India’s strategic penetration into the Latin…

BRICS economic consortium—encompassing Brazil, Russia, India, China, and South Africa—has emerged as bilateral commerce between Russia and China not only surpasses the ambitious benchmark of $200 billion but accomplishes this feat eschewing the US dollar, achieving a remarkable $240 billion. This development, underscored during a conversation between Russian President Vladimir Putin and journalist Tucker Carlson, illustrates the trade dynamics between Moscow and Beijing as balanced and synergistic. This stride forward arrives at a juncture where the BRICS bloc witnesses unparalleled economic ascension, now eclipsing the collective Gross Domestic Product (GDP) of the G7 nations, marking a pivotal shift in global…

To catalyze the ratification process of the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada, Brussels has introduced a novel interpretation of the treaty’s clauses related to investor protection from environmental regulation. This move seeks to mollify EU member states’ apprehensions regarding potential investor lawsuits over enhanced environmental legislations, thereby facilitating the enactment of this pivotal multibillion-euro accord. Since its provisional application in 2017, CETA has encountered ratification delays from ten EU nations, despite accolades from the Commission as the epitome of modern and sophisticated trade agreements. EU Trade Commissioner Valdis Dombrovskis, with Canadian Trade Minister…