Author: Editorial Desk

The world’s battle against climate change introduces shifts like the European Union’s (EU) carbon border adjustment mechanism (CBAM), profoundly altering global trade landscapes. Top officers from India’s government and steel industry representatives convened recently to dissect the intricacies of the EU’s looming carbon tax and potential repercussions on Indian exports. With Commerce Secretary Sunil Barthwal at the helm, this significant gathering welcomed experts from diverse departments, encompassing Finance, Power, Steel, and Mines. This high-profile conversation aimed to discern how India, a key exporter to the EU, should best brace for the CBAM, particularly concerning metals like iron, steel, and aluminum.…

The call for a sustainable future resounds louder than ever from the heart of Bangladesh. With ambitions that extend beyond its textile prowess to champion global recycling, Bangladesh envisages an eco-conscious future. Leading this green charge is the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). “We aspire to establish ourselves as a global recycling hub and further contribute to our economy while positively impacting our climate,” expressed Faruque Hassan, BGMEA’s president, during the unveiling of the “SWITCH to Circular Economy Value Chains (SWITCH2CE)” program. With its status as the world’s second-largest apparel exporter, Bangladesh confronts an immense garment waste challenge.…

Highlighting the fragile ties between Japan and China, the Japanese government lodged a formal protest with the World Trade Organization (WTO) on Tuesday. The protest concerns China’s decision on import seafood ban from Japan, a move that followed Japan’s initiative to discharge treated radioactive water from the imperiled Fukushima nuclear power plant. During the recent press briefing, Chief Cabinet Secretary Hirokazu Matsuno confirmed that the Japanese side circulated the protest document, dated Monday, to WTO member nations. China’s announcement of the import ban last week led to this immediate response from Japan. Describing Beijing’s action as “totally unacceptable,” the document…

As global food security dynamics teeter on the brink, Russia’s recent indication of a possible reconsideration of the export of Black Sea grain deal captures international attention. President Vladimir Putin made this revelation on Monday, September 4th, when Moscow intensified its pressure on Ukraine with strikes on one of its principal grain-exporting ports. “I know you intend to raise the issue of the grain deal. We are open to negotiations on this issue.” Putin articulated during a televised interaction with Turkish President Recep Tayyip Erdogan. The initial accord, a collaborative effort with the United Nations and Turkey, emerged from the…

Beautyworld Middle East, heralding its 27th edition from October 30 to November 1, 2023, stands poised to redefine beauty business dynamics at the iconic Dubai World Trade Centre (DWTC). With its reputation as the region’s predominant trade fair for beauty, hair, fragrance, and wellbeing, Beautyworld Middle East remains an essential date on the global beauty calendar. Commanding its position as the zenith of international expos for beauty, hair, fragrance, and wellbeing within the region, Beautyworld Middle East consistently underscores its pivotal role within the global aesthetic arena. This confluence facilitates not merely a gathering, but an intellectual symphony of the…

As global eyes turn to the upcoming G20 summit in Delhi, UK Prime Minister Rishi Sunak cools expectations of a rapid UK-India trade pact. Reports from The Guardian suggest Sunak eschews an ‘early harvest’ arrangement. This approach might have permitted reduced tariffs on items like whisky, yet sidestepped intricate issues like professional services. This decision casts uncertainty over potential discussions before Sunak’s forthcoming meeting with India’s Prime Minister, Narendra Modi. Speculations swirl, with experts suggesting a potential deal might remain elusive before both nations face polls in 2024. Nonetheless, some government sources retain optimism, hinting at a possible breakthrough later…

The first half of 2023 saw UK exports of fresh and frozen sheep meat soar by 14% compared to the previous year. This boost arose unexpectedly when the modest lamb production increased by only 1% in the same period. A detailed analysis from the Hybu Cig Cymru-Meat Promotion Wales (HCC) Market Bulletin, based on HMRC data, revealed that a staggering 94% of the exported volume targeted European Union markets. France and Germany were standout importers, bringing in an additional 2,500 tonnes and 1,700 tonnes respectively compared to their 2022 figures. Glesni Phillips, a representative from HCC, noted, “And as supply…

Nigeria, a powerhouse within the African oil sector, has witnessed a sharp ascent in its oil production. Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), revealed the nation’s production has touched 1.6 million barrels per day (bpd), surpassing the previous tally of less than one million bpd just a few months prior. This revelation emerged during a media briefing orchestrated by Olawale Edu, Nigeria’s Minister of Finance and Co-ordinating Minister of the Economy. Kyari’s declaration was accompanied by news of a notable 30 percent slump in petrol consumption, attributed directly to President Bola Tinubu’s…

At the noteworthy address during the 2023 China International Fair for Trade in Services (CIFTIS) Global Trade in Services Summit, Chinese President Xi Jinping underscored China’s ambition to elevate its services sector, targeting a pivotal role in the global economic resurgence. Facing transformative global dynamics and an economic rebound challenge, Xi underscored the services trade’s critical role. “The world today is confronted with accelerated changes unseen in a century and sluggish economic recovery,” he articulated. President Xi identified the tenets of a resilient, globalized economy: extended service trade cooperation, green growth fueled by digital innovations, and adoption of emergent business…

Preparing for Canadian Prime Minister Justin Trudeau’s visit to New Delhi, revelations emerge that Canada sought a temporary cessation of ongoing trade talks. Sanjay Kumar Verma, Indian High Commissioner to Canada, confirmed that Canada expressed a desire to suspend negotiations just before the G20 summit set for New Delhi next week. Ottawa’s pause came as both countries are diligently crafting an Early Progress Trade Agreement. The focus of this deal will be specific industries rather than a broader economic spectrum. Reflecting on the negotiation pace, Verma noted, “Having 10 rounds in 13 months is a huge deal. Sometimes it progressed…