Author: Editorial Desk

India- EU (European Union) are advancing towards a pivotal moment in global trade, preparing for their seventh negotiation round targeting a comprehensive free trade agreement. This forthcoming discussion, scheduled for mid-February, will pivot on services and investments, following earlier dialogues on goods and public procurements. Remarkable strides have been achieved, with 18 out of 23 policy areas reaching substantial progress during October 2023’s sixth round. Since then, diligent efforts have ironed out several differences, laying a solid foundation for the upcoming negotiations from February 19-23, 2024, in India’s capital. The scope of these bilateral discussions extends beyond a mere trade…

The United States Department of Agriculture (USDA) forecasts the Philippines to retain its status as the foremost rice importer worldwide throughout 2024. This projection emerges against a backdrop of escalating local rice costs, fueled in part by the country’s ongoing rice import requirements, which have surged to a peak unseen in 14 years. The USDA’s Economic Research Service posits the nation’s rice imports reach approximately 3.8 million metric tons (MT) for the year. Preceding this figure, the Bureau of Plant Industry (BPI) recorded imports of 3.22 million MT from January 1 to December 22, 2023. According to the USDA, the…

Russia has dethroned Saudi Arabia as China’s leading oil exporter, a pivotal shift highlighted by recent Reuters data citing Chinese import figures. In 2023, Russia exported an impressive 107 million tons of oil to China, equivalent to 2.1 million barrels daily. This development marks a significant change in energy trade, especially considering Saudi Arabia’s previous long-standing status as China’s primary oil source, supplying 86 million tons last year, a 2% reduction from its earlier figures. The backdrop for this change is the Western sanctions on Russia following the Ukraine invasion in February 2022. These sanctions, particularly by Europe and the…

Vietnam’s Textile and garment industry, standing as the third-ranked exporter to Canada, is poised for a significant market expansion in North America. Commanding a 12% share of Canada’s textile imports, this sector is strategically positioned for growth, thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Recent textile showcases in Canada witnessed the prowess of Vietnamese enterprises like Vietnam Export Garment (VEG) and Thái Sơn Co. These entities displayed adherence to CPTPP’s origin principles. Trần Thu Quỳnh, a Trade Counsellor at the Vietnamese Embassy in Canada, emphasized these companies’ capacity for producing their own fiber materials. Yet, the…

Marking a monumental shift in environmental governance, India recently updated its wildlife trade policies for the first time in 40 years. This significant alteration in regulations reflects a sophisticated and nuanced approach to wildlife conservation, showcasing India’s commitment to evolving environmental challenges. The Union environment ministry’s release, ‘Wild Life (Protection) Licencing (Additional Matters for Consideration) Rules, 2024,’ sets forth new parameters for licenses involving captive animals, snake venom, trophies, and stuffed animals. Announced on January 18, this revision supersedes the 1983 framework, indicating a strategic shift in India’s wildlife management. A critical change in the 2024 rules pertains to the…

The United Arab Emirates (UAE) emerges as a vanguard, championing the digital transformation of global trade. Articulated by Dr. Thani Al Zeyoudi, UAE’s Minister of State for Foreign Trade, at the prestigious World Economic Forum in Davos, Switzerland, this vision harnesses the power of advanced technologies – from AI to robotics – to reimagine global trade. Dr. Al Zeyoudi, in his address, discussed a future where digital innovation transcends traditional barriers in global commerce. “The UAE believes that digital transformation is the best tool to navigate the challenges confronting global supply chains, from access to operational efficiency,” he declared. His…

The Panama Canal, a linchpin in global commerce, confronts a dire reduction in traffic due to an ongoing severe drought. This drastic situation presents an economic threat, with anticipated losses escalating to between $500 million and $700 million in 2024, a significant jump from earlier projections of $200 million. Initiated last year, this drought compels a 36% decrease in ship crossings. Ricaurte Vásquez, the Panama Canal Administrator, underscores the urgency of this crisis, emphasizing Panama’s commitment to tackling the water shortage issue head-on. Concurrently, heightened maritime tensions in the Red Sea, primarily due to attacks by Yemen’s Houthi rebels, disrupt…

Russia has taken a proactive step towards elevating its economic ties with Bangladesh. Alexander Mantytskyi, the Russian Ambassador to Bangladesh, offered a wheat export agreement during a sojourn to Bangladesh’s Food Minister, Sadhan Chandra Majumder. This decision signals a development move in the economic dynamics between the two countries. Participants in this crucial meeting included Ismail Hossain, Secretary to the Food Ministry, and Shakhawat Hossain, Director General of the Food Department. Discussions traversed various themes, from Bangladesh’s economic progress to potential trade expansion, centering on the idea of wheat exports from Russia. Acknowledging the proposal, Minister Majumder recognized Russia’s significant…

World Trade Organization Director-General Ngozi Okonjo-Iweala casts doubt on the global 2024 trade forecast, singling out escalating Red Sea tensions as a major disruptor. At the World Economic Forum in Davos, Okonjo-Iweala highlighted the combined impact of sluggish global economic growth and disruptions across vital trade routes, including the Red Sea, Suez Canal, and Panama Canal. This mix of factors contributes to a gloomier outlook for international trade. The WTO’s earlier optimistic projections of 0.8% growth for 2023 and 3.3% for 2024 are now overshadowed by recent Middle East conflicts, notably the October Hamas attack on Israel and the ensuing…

2023 unfolded as a banner year for Paraguay, a nation adeptly maneuvering the complexities of global trade. Defying landlocked limitations, this Mercosur member notched a commendable $17.3 billion in exports, per the Central Bank’s International Trade Report. This figure represents a significant 24.8% leap from the preceding year, underscoring a resilient and strategic economic ascent. Agricultural Exports as Economic Catalysts Paraguay’s economic narrative pivots around its agricultural sector’s success. Dominated by soybeans, rice, and soy flour, these exports propelled the nation forward, contributing $11.9 billion, or 68.7% of total exports. This sector alone witnessed a 19.5% uptick compared to 2022,…