The Automotive Tyre Manufacturers’ Association (ATMA) reported a severe shortage of domestic natural rubber, warning of potential disruptions to tire production unless supply issues are urgently addressed. Despite soaring natural rubber (NR) prices, availability has dwindled, with ATMA suspecting that some segments of the rubber industry might be withholding supplies in anticipation of further price hikes. ATMA Director General Rajiv Budhraja said the tire industry has been experiencing tightness in the domestic availability of natural rubber for some time. Currently, a severe crunch is being witnessed despite NR prices reaching a multi-year high. The lack of natural rubber must be…

South Korean Minister of Trade Ahn Dukgeun plans to expand trade with Vietnam via major infrastructure projects and a sustainable supply chain. Speaking at the South Korea and Vietnam Business Forum in Seoul, Ahn highlighted the 32-year relationship between the two nations and their growing friendship. Ambitious Trade Goals Ahn called for collaboration on large infrastructure projects and the establishment of a sustainable supply chain to boost bilateral trade from $76 billion last year to $100 billion by 2025 and $150 billion by 2030. He emphasizes Vietnam’s rare earth resources and South Korea’s advanced manufacturing technology as complementary strengths that…

Israel’s global trade dropped 18% during the last quarter of 2023, while trade with Arab nations saw only a 4% decrease. This resilience underscores the Israel-Arab’s evolving economic relationships. A joint investigation by Middle East Eye (MEE) and Arabic Post revealed that hundreds of food products from various Arab countries are certified kosher and sold in Israel. Despite international condemnation and calls for boycotts over alleged genocide and the deaths of over 37,000 Palestinians in Gaza, 3367 kosher products from Arab and Muslim countries have been imported to Israel, including 442 products from 80 companies based in Arab countries. The…

Thailand is set to participate in a Joint Trade Committee (JTC) meeting with Malaysia on July 4, aiming to boost bilateral trade to $30 billion by 2025. Commerce Minister Phumtham Wechayachai will attend the third JTC meeting in Kuala Lumpur, marking Thailand’s first JTC engagement with an ASEAN country this year. Ambitious Trade Goals The upcoming JTC meeting seeks to surge trade between the two nations from $25 billion in 2023 to $30 billion by next year. Director-General of the Trade Negotiations Department, Chotima Iemsawasdikul, emphasized the meeting’s prospect to enhance market access for Thai agricultural products in Malaysia. Forging…

The World Bank has approved a major $650 million investment to support Bangladesh’s construction of a breakwater for the Bay Terminal, a transformative expansion project at Chattogram port. This move is set to bolster Bangladesh’s global trade position by enhancing port efficiency and drawing in private investment. Plans for the Bay Terminal include the creation of two container terminals, a multipurpose terminal, and an oil and gas terminal. This project is poised to overhaul Bangladesh’s maritime infrastructure, which currently relies on the Chattogram port for over 90% of the nation’s international trade and 98% of its container traffic. The port…

The Trade Board Limited (TBL) urges exporters to secure origin certificates to leverage duty concessions, enhancing Jamaica’s trade competitiveness. These certificates are vital for Jamaican products exported under several preferential trade agreements, granting duty-free or reduced-duty access in foreign markets. Rushelle Whyte, Public Relations Officer at TBL, highlighted the cost-saving benefits of obtaining a certificate of origin. “It essentially is your ticket to pay little or no duty to the country you are exporting to. Say you are… the company that is exporting your products, or you are getting ready to export but things can get costly, we are here…

A newly adopted model law by the United Nations promises to unlock financing for commodity producers in developing countries while curbing financing fraud. This law, which governs warehouse receipts, organizes a clear legal framework to bolster banks’ confidence in using these receipts as a guarantee. Developed by the International Institute for the Unification of Private Law (UNIDROIT) and the UN Commission on International Trade Law (UNCITRAL), the law received approval from UNCITRAL on June 26 after UNIDROIT’s endorsement in mid-May. Driving Economic Growth Supporters highlight the model law’s potential benefits for developing nations with ample agricultural commodities but inadequate legal…

South Korea and the United States have bolstered their partnership in semiconductor technology and supply chain stability. This collaboration was highlighted at the US-Korea Supply Chain and Commercial Dialogue Semiconductor Forum in Washington. This forum emerged from a bilateral agreement made last April to deepen ties in the semiconductor sector. Key industry figures, including South Korea’s Industry Minister Ahn Duk-geun and U.S. Commerce Secretary Gina Raimondo, joined representatives from Samsung Electronics, SK hynix, Intel, and IBM to discuss ways to expand industry cooperation. A notable outcome of the forum was the signing of a memorandum of understanding between the Korea…

According to the insights from both Chinese and Peruvian analysts, China and Peru are poised to boost their economic and trade ties under the Belt and Road Initiative (BRI). It coincides with Peruvian President Dina Boluarte’s state visit to China, which started on Tuesday. Experts highlight the strong complementarities and mutual benefits between the two trading partners. Their relationship remains robust despite external efforts by the US to disrupt these ties. President Boluarte’s five-day visit began with a tour of Shenzhen, the innovation hub in South China’s Guangdong Province. The schedule includes stops in Shanghai, a key financial and trade…

Since 2006, the World Trade Organization’s (WTO) Aid for Trade initiative has injected $648 billion into developing and least-developed countries to boost their export capacity. This substantial investment, detailed in the recent ‘Aid for Trade at a Glance 2024′ report by WTO and OECD, aims to boost these nations’ integration into the global trade network. Record Funding Levels Achieved The year 2022 marked a major surge in Aid for Trade funding, with disbursements reaching a new high of $51.1 billion—a 14% rise from the previous year. Funding commitments also grew by 31%, reaching a new peak of $65 billion. Funding…