Author: Editorial Desk

The overseeing body of one of the world’s most heavily trafficked shipping passages, the Panama Canal Authority (ACP), revealed a new protocol to curb the number of ships navigating this critical interoceanic course. This action emerges as a necessary response to an unprecedented drought afflicting the region since January, leading to intense water scarcity due to climate Impact. Commencing July 30, daily ship crossings will shrink from the typical rainy season average of 36 down to a mere 32. The Panama Canal’s functioning depends heavily on two man-made lakes – Gatun and Alajuela – for the water needed to operate…

Tunisia, a globally recognized olive oil exporter is setting its sights on expanding its olive oil exports to South Korea. Exporters envision this move to augment the nation’s market share in the international olive oil industry. The recent Korea Import Fair in Seoul, from June 29th to July 1st, cast a spotlight on Tunisia’s ambitions. The Tunisian Export Promotion Center and the Tunisian embassy stationed in South Korea joined forces to present an array of Tunisian agri-food offerings. Boughedir Ahmed, an official from the Tunisian embassy, stressed the event’s objective: to amplify the global presence of Tunisia’s agricultural bounty and…

IFC Paves Way for Lithium Mining Revolution in Argentina with a $180M Loan, Reinforcing Clean Energy Transition and Diverse Export Strategy The International Finance Corporation (IFC) is set to propel Argentina’s lithium mining landscape with a groundbreaking loan of up to $180 million. The financial resources allocated will fortify Allkem, a renowned lithium chemicals company, to develop a lithium mine that could stimulate Argentina’s exports and fortify the worldwide supply chain for batteries and electric vehicles (EVs). This venture into lithium mining is a first for the IFC, with the organization earmarking up to US$100 million for its own account,…

With the symbolic flourish of a pen, a transformative new chapter in international trade opened as Vietnam and Israel signed the pivotal Vietnam-Israel Free Trade Agreement (VIFTA) on July 25th. Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat stood together in unity, flanked by Vietnamese Deputy Prime Minister Tran Luu Quang and Israeli Prime Minister Benjamin Netanyahu. This historic agreement, which marks the culmination of seven years and 12 rounds of negotiations, holds particular significance as the two nations commemorate 30 years of diplomatic relations. A milestone in many respects,…

Petrapole, West Bengal’s key trading hub, launched the first-ever Rupee trade shipment to Bangladesh this Tuesday, carving out a new avenue for bilateral trade. Situated in North 24 Parganas, Petrapole serves as a critical portal for trade exchanges with the neighboring nation. Prompted by an intent to shield the regional economy from global financial uncertainties, the Indian government has advocated for wider adoption of Rupee trade across various countries. Bangladesh stands to gain from this development as the initiative intends to stimulate economic growth and fortify the regional currency. Kamlesh Saini, Manager of the Land Ports Authority of India (ICP…

Oman’s Ministry of Heritage and Tourism has embarked on a strategic mission to augment its global tourism profile. Launching a robust campaign in India, the Sultanate’s second-most prodigious source of tourists, Oman is set to unfurl its captivating array of attractions amplifying Oman-India tourism. A grand roadshow, unveiled in the heart of New Delhi, is Oman’s beacon to the Indian tourist market. This itinerant spectacle, scheduled to grace Jaipur and Kolkata, culminates in Mumbai on July 31. With a primary focus on familiarising Indian tourists with Oman’s unique selling points, this initiative paints an engaging picture of the Sultanate’s diverse…

A momentous chapter in the World Trade Organization’s (WTO) history unfolds as Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, ascends to the chairmanship of the WTO’s 13th Ministerial Conference (MC13). Delegates from across the world welcomed this development during the WTO General Council assembly held in Geneva, Switzerland. This conference, due to launch in Abu Dhabi come February 2024, will witness participation from significant representatives of the WTO’s 164 members and customs blocs. Scheduled at a critical juncture of global trade dynamics, MC13 aims to solidify the conclusions of MC12, scrutinize the performance of the…

China has made a plea to Japan to consider mutual interests following Tokyo’s decision to tighten controls on the export of advanced semiconductor manufacturing tools, under the new ‘Semiconductor Export Rules.’ The appeal comes as a reaction to these rules, implemented by Japan on Sunday, which have been interpreted by China as a targeted move against them. Mao Ning, a spokesperson for the Ministry of Foreign Affairs in China, was candid about her government’s stance. She underscored that this action was seen as an intentional dig at China. Mao also projected the potential ripple effects of this move, such as…

Australia faces a potential impasse over Morocco’s appeal for livestock shipments, while the latter wrestles with drastic drought conditions. These developments unfold as the Australian government contemplates a sweeping ban on maritime live sheep exports, a sector valued at $92m. Morocco sought assistance from Australia’s Department of Agriculture, Fisheries, and Forestry while enduring one of the harshest droughts witnessed in decades. The request entailed the commencement of trade discussions concerning livestock imports from Australia. Despite this plea, the probability of actualizing this proposed deal appears faint. Murray Frangs, the managing director of Rural Export and Trading WA, counts various impediments…

For modernizing international trade practices, the United Kingdom has taken the lead by passing the Electronic Trade Documents Act, allowing shipping containers to be traded using digital documents instead of paper ones. The act, which received Royal Assent on Thursday, 20th September, initiates digitalization to the forefront, offering a range of benefits to businesses, the economy, and the environment. By granting legal status to electronic Bills of Exchange, Bills of Lading, and several other commercial documents, the Electronic Trade Documents Act is poised to generate over $1 billion for the British economy over the next decade. The move is set…