Author: Editorial Desk

US Deputy Treasury Secretary Wally Adeyemo staunchly defended the Inflation Reduction Act (IRA) at an industry conference, encouraging European counterparts to consider a similar green act. Focused on combating climate change, the IRA offers tax credits to stimulate the growth of green industries, including hydrogen, electric vehicles, and renewable energy. The IRA has been received with skepticism by EU policymakers. The German government amongst others accuses the US of contravening the World Trade Organisation (WTO) rules by purportedly discriminating against foreign products. Adeyemo dismissed these criticisms, clarifying that the IRA aims to promote global collaboration against climate change and enhance…

Russia’s military prowess amid the ongoing Ukraine war, the European Union (EU) is deliberating on imposing rigorous sanctions that could potentially impact Moscow’s trade to the tune of $5 billion. Driven by the objective to thwart Russia’s acquisition and production of military arsenal used against Ukraine, these sanctions aim to meticulously obstruct Russia’s access to pivotal components, technologies, and electronics from global conduits. Since 2014, eleven cycles of sanctions have unfolded from the European Union against the Russian Federation. The latest cycle, unfurled in June 2023, predominantly centered on items with dual functionalities, notable among them are computer chips, while…

Brazil has proactively offered to impart its sophisticated ethanol production technology to India, marking a strategic attempt to defuse a persistent sugar-related conflict at the World Trade Organisation (WTO). This inventive proposal (Ethanol Tech) aims to enable India to transform surplus sugar into ethanol, a maneuver that could recalibrate competition in the volatile international sugar market, where Brazil holds a commanding presence as the predominant exporter. This proposed technological collaboration aligns with India’s aspirations to augment ethanol blending in petroleum auto fuels, facilitating a reduction of dependency on imported crude oil. Brazil’s advanced flex technology presents a robust solution, positioning…

Indonesia and the United Kingdom (UK) have laid the foundation for a transformative partnership in the agricultural sector, focusing on the cassava trade. This concession schedule agreement, forged during the Senior Official Meeting (SOM) of the World Trade Organization (WTO), emerges as a beacon of new opportunities in the post-Brexit era, crafting a dedicated Tariff Rate Quota (TRQ) for Indonesian cassava products. Djatmiko Bris Witjaksono, General of Indonesian International Trade Agreements Negotiation, alongside Joanna Crellin, the UK’s Trade System Director-General, formalized the agreement. Their signatures marked the onset of a promising era, where Indonesia is set to export up to…

Indian Finance Minister Nirmala Sitharaman has championed an urgent call for unified global action against sophisticated smuggling rackets. Speaking at the forefront of the premier global conference on cooperation in enforcement matters, under India’s G20 presidency, Sitharaman articulated a compelling strategy to destabilize the criminal masterminds perpetuating illicit trade networks. This engagement also drew participation from the esteemed leadership of the World Customs Organisation (WCO). Sitharaman’s strategy emphasizes a coordinated crackdown on the shadowy overlords of smuggling operations, ensuring that punitive actions reverberate at the zenith of these illicit hierarchies. By prioritizing the capture of these top-tier operatives, a significant…

Surging due to escalating health consciousness and the adoption of more active lifestyles, the global sportswear market is booming, with projections to surpass an impressive USD 356 billion by 2032, according to a report by Market.us. The market is expected to follow a trajectory corresponding to a Compound Annual Growth Rate (CAGR) of 6.9% from 2023 to 2032, highlighting remarkable acceleration in demand. Statistics emphasize the growing attraction towards fitness and outdoor activities as a stress buster and health improvement strategy. Consumers, grappling with the challenges of stress and lifestyle-related health issues, are turning towards sports and fitness activities, fueling…

The relentless conflict between Israel and Hamas has ushered in a challenging era for the travel industry in West Asia, witnessing a substantial decline in flight bookings, according to a Reuters report. Comprehensive data by travel analysis firm ForwardKeys unveils the vast repercussions echoing far beyond the borders of Israel, enveloping countries like Egypt, Jordan, and Lebanon within its impact. Following an escalation in violence, a torrent of flight cancellations to Israel emerged, compelling numerous global airlines to suspend operations due to prevalent security apprehensions. A tangible reflection of this disruption is evident through the cancellation of Israeli trips by…

A pivotal meeting between Turkmenistan’s Foreign Minister, Rashit Meredow, and the European Commissioner for International Partnerships, Jutta Urpilainen, unveiled plans to fortify energy ties between Turkmenistan and the European Union (EU). Taking place within the framework of the ministerial assembly involving Central Asia and the EU, discussions focused on the augmentation of cooperation in crucial sectors such as hydrogen energy, methane emission reduction, and natural gas conversion. Collaborative projects with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, a global operator in hydrogen and methane research, underscored the session, illustrating the established synergy and mutual objectives in these domains. Both diplomats…

The United Kingdom’s departure from the European Union has precipitated a discernible economic impact across various sectors. The UK beauty exports exhibit significant strain, witnessing an £850 million decline in value to the EU. A meticulous analysis conducted by Oxford Economics, on behalf of the British Beauty Council, reveals that this contraction is attributed primarily to Brexit-related trade complexities rather than global pandemic upheavals. Customs delays and escalated costs of cross-border commerce have emerged as formidable adversaries, eroding sales margins. Small businesses, essentiality of industry machinery, experience exacerbated vulnerabilities owing to heightened trade barriers. The research juxtaposes the UK’s beauty…

Africa’s fashion industry is on the brink of a global revolution, yearning for pivotal investment to unlock its vast potential, unveiled a pivotal UNESCO report during the illustrious Lagos Fashion Week. The industry, boasting $15.5 billion in yearly exports, holds the promise of tripling this figure within a decade with enriched investment and enhanced infrastructure, articulated by UNESCO Director-General Audrey Azoulay. The continent, with a youthful population of 1.3 billion poised to swell by 2050, has positioned its fashion industry as a formidable force for championing cultural diversity and empowering women and the youth. The industry showcases a radiant spectrum…