Author: Editorial Desk

Pakistan’s economy, once acclaimed for its rapidly developing textile industry, is encountering significant obstacles as the sector battles a global and domestic slowdown. As the economic conditions continue to deteriorate, the once vibrant textile sector, accounting for 60 percent of the country’s exports, has taken a substantial hit. Emerging victorious from the Covid-19 pandemic, the textile industry had once enjoyed a resurgence, benefiting from expedited lifting of restrictions compared to regional competitors, India and Bangladesh. That period of prosperity appears a distant memory now, as the sector sees a sharp 15 percent dip in exports, falling to $16.5 billion for…

Nestled within the industrial expanses of Skellefteå, a northern town in Sweden, the audacious Northvolt Ett – Europe’s premier battery ‘gigafactory’ – emerges as a beacon of global green promise for electric mobility. Not merely a titan in size, the project wields the ambition to turn out enough batteries annually to fuel a million electric cars. By 2026, it aims to create jobs for 4,000 people, churning out 60 gigawatt-hours of lithium battery cells every year. The gigafactory’s significant trait stretches beyond its vastness, with Northvolt asserting its soon-to-be-fully-operational batteries as the most eco-friendly globally. This assertion dispels criticisms that…

Aligning itself with Western sanctions, Georgia has implemented a ban on the transit and re-export of vehicles imported from the United States and the European Union, headed for Russia and Belarus. Amid Russia’s expansive incursion into Ukraine, Georgia’s thriving re-export industry faces mounting scrutiny. Though the intent behind this maneuver is to fortify the enforcement of sanctions, it remains uncertain whether it can effectively obstruct these vehicles from reaching Russia through indirect channels. As of August 1, cars imported from the U.S. and bound for the two sanctioned nations fall under this regulation, with a similar prohibition on European vehicles…

As global digitalization surges, ‘Online Bank Fraud’ escalates in its shadow, posing a worldwide concern. A recent report by Bankrate underlines an amplified dependency on online banking, with their survey indicating that 44% of bank customers are now administering their finances via mobile apps – a number that is ceaselessly climbing. This boom in online banking, unfortunately, also corresponds with a parallel increase in banking fraud, specifically online bank fraud. Unauthorized access to ordinary consumers’ account information and subsequent fraudulent activities are rather easy to execute. This same situation is now expanding into the trade world. There have been common…

Iran and Pakistan, both having more than 900 kilometers of common border, are advancing toward a lasting strategic collaboration. This border, once merely a dividing line, from transit corridors to bilateral trade, is now a focal point for enhancing economic prosperity. The recent collaborations symbolize the intertwining of economic, security, and transit relations and transcend the traditional notion of neighbors. Milestone Projects and Investments Mid-May witnessed a significant milestone with Iranian President Ebrahim Raisi and Pakistani Prime Minister Shehbaz Sharif inaugurating the Mand-Pishin border market and the 100-MW Polan-Gabd electricity transmission line. These projects, attended by influential officials, stand as…

A significant leap in the economic bond between Kazakhstan and Afghanistan is on the horizon, with anticipated trade expansion to a substantial $3 billion, according to a statement by Kazakhstan’s Ministry of Trade and Integration. The bold projection was unveiled at the recent Kazakh-Afghan Business Forum, suggesting a strategic intent to fortify the commerce bridge between these nations. Deputy Prime Minister of Kazakhstan, Serik Zhumangarin, articulated his confidence in this expansion during his forum address. “The mutual trade turnover between our countries has reached almost $1 billion, and in the future, it is planned to increase the volume of trade…

Following a significant shift in Australia-China trade relations with Beijing’s decision to abolish the Australian barley tariff by 80.5%, the government of Australia led by Prime Minister Anthony Albanese is now urging China to remove its heavy tariffs on the nation’s wine. This development comes amid cautious optimism of a possible thawing of economic tensions between the two nations. A significant reversal of policy that once nearly obliterated trade worth nearly $1 billion annually, China’s Commerce Ministry recently announced that the previously imposed tariffs on Australian barley would be scrapped, citing changes in the domestic market situation. This encouraging development…

The conclusion of a year-long hiatus on anti-dumping duties for poultry from Brazil, Denmark, Ireland, Poland, and Spain presages a steep global hike in chicken prices. Predicated on recommendations from South Africa’s International Trade Administration Commission (ITAC), this development possesses the potential to reshape the global marketplace drastically. Each implicated nation stands accused of overloading the Southern African Customs Union (SACU) market with ‘frozen bone-in chicken portions such as leg quarters. Ebrahim Patel, South Africa’s Minister of Trade, Industry, and Competition, sanctioned ITAC’s recommendation to implement considerable anti-dumping duties after corroborating the allegations. With duties scaling up to a monumental…

Amid European Union’s protestations, Indonesia staunchly defends restrictions on nickel ore exports, emphasizing its prerogative to spur local value addition, stimulate economic expansion, and generate employment through ascending the value chain. The archipelagic nation, previously the global front-runner in nickel ore exportation, insists its restrictions are paramount for cultivating its electric vehicle (EV) ecosystem. The EU, on the other hand, argues that resource-rich Indonesia has transgressed international trade norms. Nickel, a pivotal element in crafting high-performance lithium-ion batteries for EVs and a vital component for stainless steel production, experienced a global price surge post-Indonesia’s export ban, initiated on January 1,…

Expressing a clear intent for bolstering international relationships, Vietnam has expressed its desire to augment cooperative ties with the prestigious Geneva-based International Trade Centre (ITC). The aspiration was articulated by Ambassador Lê Thị Tuyết Mai, the esteemed Permanent Representative of Vietnam to global organizations such as the United Nations, and the World Trade Organization (WTO), among others, stationed at Geneva during the 57th ITC’s Joint Advisory Group session. Praising the ITC’s profound assistance for micro, small, and medium-sized enterprises (MSMEs), Ambassador Mai acknowledged the role played by the organization in instigating digital metamorphosis, paving the way for green transitions, and…