Author: Editorial Desk

India and Brazil, two of the world’s largest sugar producers, have commenced negotiations to resolve a longstanding World Trade Organisation (WTO) sugar dispute, involving the potential sharing of Brazil’s advanced ethanol production technology with India. Brazil, the global leader in sugarcane and ethanol production, indicated its willingness to share ethanol production technology. This is a significant development as ethanol, derived from sugarcane, broken rice, and other agricultural produce, is mixed with oil to power vehicles. This helps reduce dependence on overseas oil shipments and cut carbon emissions. India, currently relying on imports for 85% of its oil needs, aims to…

Statistics Indonesia revealed on Friday that the nation, being Southeast Asia’s largest economy, observed a significant surge in rice imports between January and August 2023 compared to the corresponding period of 2022, due to global supply limitations and a concerted effort to bolster strategic reserves. Amalia Adininggar Widyasanti, the chief of Statistics Indonesia, disclosed that Indonesia imported 1.59 million tons of rice during the initial eight months of 2023, while the aggregate rice imports for the entirety of 2022 were just over 429,000 tons. This escalation in imports transpired as global rice prices hit a 15-year peak last week, subsequent…

Following a previous ‘pause’ on the Early Progress Trade Agreement (EPTA), the Canadian Government has now called off a trade mission to India, initially slated for October, as trade talks are suspended and worries grow over pro-Khalistan activities. The decision was made public by the media on Friday, citing the office of Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, which did not provide a reason for the delay. An Indian senior official revealed that the media was their only source of information about the decision. New Delhi officials suspended trade discussions as a response…

While staunch resistance from Eastern European Union (EU) member states persists, the European Commission has opted against renewing the ban on Ukrainian grain imports. Reacting to this, the Polish government threatened to enforce its unilateral ban, an action that would contravene EU single market rules and undermine solidarity with Kyiv. The import prohibition on Ukrainian grain, encompassing wheat and maize, impacted five eastern EU countries, which include Poland, Hungary, Slovakia, Romania, and Bulgaria. It was instituted to protect farmers within these nations from an influx of low-priced produce originating from Ukraine, a nation still recovering from war. Yet, the ban…

The International Air Transport Association (IATA) has reported an ongoing recovery in the global air cargo markets for July 2023, despite various worldwide challenges including inflation and supply chain delays. Although the growth of air cargo is still trailing behind global trade, the gap has shrunk to -0.8 percentage points in June, the smallest margin since January 2022. IATA’s Director General, Willie Walsh, noted that despite many fundamental drivers of air cargo demand remaining weak or deteriorating, the strengthening demand gives reason for cautious optimism. Walsh highlighted that while there are growing concerns over China’s economic development, shorter delivery times,…

A joint briefing was presented to the G7 trade ministers by The Aluminium Association of Canada, European Aluminium, The Aluminium Association, and the Japan Aluminium Association. It comes ahead of the scheduled meetings in Osaka, Japan, in October. Entitled ‘Aluminium Supply Chain Pathways to Net Zero GHG Emissions and Fair Global Markets: Priority Action Areas,’ the document underscores aluminum’s critical role in the transition to a low-carbon economy and green transition. It also outlines strategies for sector decarbonization while addressing market distortions caused by non-market economies like China. The report states that the global demand for aluminum is expected to…

The aggregate revenue of the public enterprises headquartered in China among the top 10 Asia-Pacific (APAC) cities, in terms of GDP, amounted to $8.4 trillion (47.9%) in 2022, finds GlobalData, a leading data analytics and research company. An analysis of GlobalData’s Company Profiles Database reveals that five cities from China—Beijing, Shanghai, Shenzhen, Guangzhou, and Chongqing—featured in the list of top 10, followed by Japan with two cities—Tokyo and Osaka. GlobalData ranked the cities based on the total revenue generated by the public companies headquartered in each city in 2022. The sample size considered for the research was about 29,000 public…

The World Trade Report 2023, themed ‘Reglobalisation for a Secure, Inclusive and Sustainable Future’, recently released in Geneva, Switzerland, sheds light on a significant shift in Bangladesh’s export sector. The growth rate of digital services exports is eclipsing that of traditional goods, underlining the potential of digital services in the nation. although this sector remains relatively nascent and requires a policy push for full potential realization. The report, citing World Trade Organisation (WTO) estimates, reveals that since 2005, Bangladesh’s exports of digitally delivered services have grown annually at a rate of 15%, compared to a slower 11% growth rate for…

President Xi Jinping declared a fortifying of Sino-Venezuelan ties during a meeting with Venezuelan President Nicolas Maduro, on Wednesday as per state-run media. Following a tour of Shanghai and other Chinese metropoles, Maduro landed in Shenzhen before proceeding to the capital for his initial official visit since 2018. His stay, scheduled until Thursday, is part of an effort to secure Venezuela’s inclusion in BRICS, a coalition of burgeoning economies, Brazil, Russia, India, China, and South Africa. As Venezuela’s principal creditor, China has maintained a steadfast alliance with the diplomatically estranged nation, despite its hyperinflation woes. President Xi reaffirmed China’s backing…

The World Trade Organisation (WTO) has issued a stark warning against the global trade split into separate blocs, labeling it as ‘extremely costly’ and a potential trigger for global instability. A recent report from the organization highlights the repercussions of geopolitical tensions on trade flows and challenges the rising belief that the integration of the global economy over the past 25 years was ill-advised. Ngozi Okonjo-Iweala, WTO Director-General, conceded the organization’s shortcomings yet contended that fortifying the trading system is far more beneficial than forsaking it. She stated, “The alternative to rules-based integration is power-based fragmentation and a world of…