Author: Editorial Desk

President Donald Trump has threatened a 25% tariff on all Colombian goods entering the United States, with the rate set to double to 50% within a week if no resolution is reached. This announcement follows Colombia’s refusal to allow a US military deportation flight carrying migrants to land, triggering a diplomatic and economic standoff. While Colombia is not among the US’s largest trading partners, the potential tariffs could significantly impact the $53.5 billion annual trade relationship between the two nations. Key Colombian exports to the US, including petroleum ($6 billion in 2022), coffee ($1.8 billion), and cut flowers ($1.6 billion),…

Uganda has set its sights on tapping into Oman’s substantial annual import market, valued at $38.5 billion, as the nation prepares to participate in the East Africa Trade and Investment Expo on April 16–17, 2025, in Muscat, Oman. The Expo is designed to strengthen trade and investment ties, foster innovation and knowledge sharing, and build lasting economic relationships between Uganda, the East African region, and Oman. Uganda currently contributes only $8 million to Oman’s import market, underscoring the significant untapped potential for economic collaboration. Uganda plans to leverage its robust agricultural sector, which aligns with Oman’s focus on enhancing food…

Argentina has slashed grain export taxes to enhance its global agricultural competitiveness. The measure, effective from Monday and lasting until June, is aimed at boosting exports during the country’s prime harvest season for corn and soybeans, intensifying competition for U.S. farmers during a critical period. This decision has caught the attention of the global agricultural community, particularly in the United States, where concerns are mounting about its impact on American exports. Analysts view the move as a strategic effort by Argentina to reinforce its position as a leading exporter. Randy Place, an analyst at Hightower Report, remarked, “This will keep…

The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, reaffirmed the organization’s commitment to ensuring Bangladesh’s smooth graduation from the Least Developed Country (LDC) category and promoting the country as a hub for global supply chains. Speaking during a meeting with Chief Adviser Prof Muhammad Yunus on the sidelines of the World Economic Forum annual meeting in Davos, Ngozi highlighted the WTO’s efforts to support Bangladesh’s economic transition. “We have established principles. We will be working with you to ensure the graduation process is smooth,” she assured. Ngozi also revealed her ongoing discussions with global businesses to encourage them…

The Indonesian Trade Ministry has initiated talks with the Global Australian Halal Certification (GAHC) to strengthen the competitiveness of Indonesian halal exports and products in the Australian market. Trade Minister Budi Santoso underscored the importance of tapping into Australia’s expanding halal product market. “In addition to exploring cooperation opportunities, we are committed to enhancing the competitiveness of our halal products to boost exports,” he stated in an official release on Friday. Santoso detailed a threefold strategy to achieve this goal: obtaining global-standard halal certifications to broaden export market access, empowering micro, small, and medium enterprises (MSMEs) to meet international halal…

The World Trade Organisation (WTO) has issued a stern warning against escalating trade tensions after US President Donald Trump threatened to impose higher tariffs on goods imported into the United States. WTO Chief Ngozi Okonjo-Iweala urged nations to exercise restraint, cautioning that a retaliatory tariff war could have disastrous consequences for the global economy. Speaking on Thursday at the World Economic Forum in Davos, Switzerland, Okonjo-Iweala appealed for calm, emphasizing the importance of avoiding hasty responses. “Please let’s not hyperventilate. I know we are here to discuss tariffs. I’ve been saying to everybody: could we chill, also. I just sense…

A trade official from the Philippines has highlighted the country’s openness to deepening trade ties with China despite ongoing political tensions, including a protracted dispute over sovereignty in the South China Sea. Glenn Penaranda, commercial counselor at the Philippine consulate in Shanghai, expressed optimism about Chinese investments in key sectors such as electric vehicles (EVs), renewable energy, smart manufacturing, electronics, and agriculture. Penaranda noted that the Philippines could serve as a strategic manufacturing hub for exports to major markets, including the United States and the European Union. “The Philippines can be another location or platform for manufacturing for export to…

According to Michael Lewis, CEO of German utility Uniper, increased exports of liquefied natural gas (LNG) from the United States to Europe, as advocated by President Donald Trump, are set to alleviate tight global gas markets, lower prices, and provide traders with more diverse supply options. “When Trump sends more gas to Europe, it will reduce the world gas price,” Lewis stated during an interview at the Handelsblatt Energy Summit. He highlighted the potential benefits for German industry and consumers, noting that “it means lower energy prices for German industry and customers, that’s why it’s positive.” The comments come after…

Kosovo has entered into a notable Free Trade Agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. The agreement was signed during a ceremony held in Davos, Switzerland, attended by EFTA representatives and Kosovo’s Prime Minister, Albin Kurti. The agreement removes customs tariffs on goods exported from Kosovo to EFTA member states, significantly boosting trade opportunities. Until now, Kosovo’s local producers have faced customs duties of up to 10%, which has placed additional financial burdens on their exports. With the new agreement, Kosovar products can access EFTA markets tariff-free, enhancing their competitiveness. This milestone deal…

The Department of Commerce, Government of India, has launched the Diamond Imprest Authorisation (DIA) Scheme to enhance India’s global competitiveness in the diamond sector. The scheme will take effect on 1st April 2025 and aims to support exporters and sustain the growth of the domestic diamond industry through duty-free imports of Natural Cut and Polished Diamonds under specific conditions. Piyush Goyal, Minister of Commerce & Industry, initially revealed the government’s decision to reintroduce the Diamond Imprest Licence (DIL) at the IIJS Premiere 2024 in Mumbai on 10th August 2024. Key Features of the DIA Scheme Duty-free import of Natural Cut…