Author: Editorial Desk

Elevating their economic relationship, Pakistan and the United Arab Emirates (UAE) have resolved to amplify bilateral trade and boost investment in pivotal sectors. This decision emerged from a strategic meeting held in Abu Dhabi on Saturday. Dr. Gohar Ejaz (HI, SI), representing Pakistan as the Minister for Commerce, Industries, and Investment, engaged with his UAE counterpart, Dr. Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade. Their discussions revolved around expanding trade volumes and identifying lucrative opportunities for UAE investment in Pakistan, focusing particularly on services and logistics. The investment landscape identified includes infrastructural enhancements at ports and aviation…

The US-Russia trade relations have been marked by a consistent decline, as highlighted in the latest annual report from the Office of the U.S. Trade Representative. This downturn in bilateral trade, coupled with strained relations, presents a complex challenge as the U.S. grapples with Russia’s deviation from the World Trade Organization’s (WTO) foundational principles such as national treatment, freer trade, predictability, transparency, and fair competition. Over the past decade, U.S.-Russia trade witnessed significant flux, with imports and exports fluctuating yet ultimately dropping. U.S. imports from Russia have fallen by 50.6 percent, and exports have decreased by 57.9 percent. This sharp…

India’s auto industry is now a major player on the international stage, attracting significant attention from nations eager to establish free trade agreements (FTAs) with the country. Commerce Secretary Sunil Barthwal recently underscored this growing interest, particularly regarding ongoing FTA discussions with key global economies like the United Kingdom (UK). India’s Auto: An Expansive Powerhouse Barthwal emphasized India’s vast capabilities in auto manufacturing, covering a range from vehicle assembly to the full value chain. The industry has shown remarkable growth in areas such as auto-grade steel production, component manufacturing, and tire production, with successful exports to international markets. Electric Vehicles:…

Kemi Badenoch, UK’s Business and Trade Secretary, embarks on a critical journey to Istanbul, Turkey, setting the stage for transformative trade discussions. This proactive step precedes the launch of negotiations for an upgraded UK and Turkey trade agreement, with a sharp focus on services trade. Economic Ties Enter New Era The trade dynamics between the UK and Turkey have flourished, registering a robust 17% growth, amounting to £26.2 billion as of June 2023. The existing trade deal, primarily covering goods, now eyes expansion into uncharted territories of services, digital, and data – sectors vital to modern commerce. Agenda: Engagements and…

A transformative endeavor by Walmart, the US retail titan, aims to catapult its Indian exports to an astounding $10 billion annually, with Indian toys as the cornerstone of this vision. This detail emerged from a senior government official’s announcement this Thursday. Sanjiv, Joint Secretary at the Department for Promotion of Industry and Internal Trade (DPIIT), shed light on Walmart’s concerted efforts with over a hundred Indian toy manufacturers, designed to craft a solid export framework for Indian toys. “Walmart has given a target of $10 billion in exports from India and in that they are going to have toy exports…

Thani bin Ahmed Al Zeyoudi, representing the UAE in foreign trade, and Jordan’s Prime Minister Bisher Khasawneh, held significant trade talks. The major goal is to expand and deepen the economic links between their nations. This crucial dialogue took place in Amman, showcasing a strategic focus on economic development. Yousef Mahmoud Al Shamali, Jordan’s Minister of Industry, Trade and Supply, was present during these discussions. The agenda focused on enhancing the collaboration between the respective business communities, aiming at economic advancement. Prime Minister Khasawneh, acknowledging the deep-rooted relations with the UAE, expressed enthusiasm for the UAE hosting the 13th World…

Indonesia has reached out to India for a substantial onion import of 900,000 tonnes, challenging India’s recent export bans. This development is particularly significant given Indonesia’s status as India’s primary ASEAN trade partner and a country traditionally dependent on onion imports from the United States, India, and New Zealand. This outreach is set against India’s August decision to levy a 40% export tax on onions, followed by an $800 per tonne minimum export price in October. These measures aimed to stabilize the domestic supply and prices amidst a crop shortfall, yet escalating prices eventually necessitated a complete export ban by…

January 2024 heralds a transformative phase for trade between the UK and the European Union, with new import rules taking center stage. Fresh food imports, particularly meat and dairy, will undergo stringent border controls, an outcome of the UK’s departure from the EU’s single market in January 2021. Despite exiting, the UK has repeatedly deferred these border controls due to cost concerns and potential upheaval. The UK government’s unveiling of the Border Target Operating Model seeks to craft a premier border system. Lord Benyon, Defra’s (Department for Environment, Food & Rural Affairs) minister for biosecurity, emphasizes the critical nature of…

The world stands at a pivotal juncture in environmental policy implementation, highlighted by the European Union’s groundbreaking Carbon Border Adjustment Mechanism (CBAM). This development holds profound implications for global trade, particularly resonating with Taiwan, a crucial cog in the international supply chain network, now venturing into international carbon trading. Deloitte’s analysis sheds light on CBAM’s expected transformative impact. Taiwan, while prepping for a carbon fee system rollout in early 2024, is playing catch-up compared to global benchmarks in carbon pricing adoption. This proactive step, albeit delayed, marks Taiwan’s entry into a more ecologically responsible era. Singapore leads the Asian sector…

Saudi Arabia and the United Arab Emirates (UAE) officially joined BRICS, marking a major move in the global economic sphere, particularly within the Middle East and North Africa (MENA) region. This expansion, effective from the start of 2024, also welcomes Egypt, Ethiopia, and Iran into the fold, multiplying the size of this influential economic coalition. BRICS, initially an acronym for Brazil, Russia, India, China, and South Africa, was established in 2006. The group’s expansion doubles its membership and further enhances its global economic influence. The combined population of BRICS nations now covers over 40 percent of the world, wielding a…