Author: Editorial Desk

The trajectory of iron ore exports from Brazil has ushered in a fresh breath of vitality to the global dry bulk market, showcasing an upward trend in 2023 according to industry narratives. The robust stance of the Brazilian iron ore market has engendered a sense of optimism among market enthusiasts and stakeholders. Shipbroker Banchero Costa, in its latest weekly synopsis, underscored a palpable increase in global iron ore trade this year. Between January and August 2023, the global loadings of iron ore climbed by 4.0% year-on-year to 1,028.8 million tonnes from 988.9 million tonnes during the corresponding period in 2022,…

The thriving hubs of China’s apparel industry are seeing a wave of clothing companies shifting their focus from traditional textile exporting to establishing their brands on the international stage via retail stores. Among the enterprises spearheading this transition is Bosideng, a company that values the real-time customer feedback gleaned from in-store interactions, despite the cost efficiencies offered by overseas e-commerce platforms. Bosideng’s spokesperson highlighted the influx of diverse customers their stores are attracting globally, stating, “We’re starting to see a lot more different customers from all walks of the world.” Italian designer Pietro Ferragina, who collaborates with Bosideng, emphasized the…

With a decisive stride set to restructure trading dynamics within Southeast Asia, all ten Customs Administrations of the ASEAN Member States (AMS) have united to sign the Mutual Recognition Arrangement (MRA) for their Authorised Economic Operator (AEO) Programs, a monumental step aimed at crafting a more predictable and transparent trading environment across member nations. Dubbed the ASEAN AEO MRA (AAMRA), this agreement aligns seamlessly with the norms and standards delineated by the World Customs Organization (WCO) SAFE Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework). It’s conceived to ensure that certification standards across AMS customs administrations harmonize…

Under the innovative initiative known as Global Gateway, Ghana and the European Union (EU) have ushered in a fresh era aimed at confronting the menace of illegal timber trade. Ghana steps into the spotlight as the pioneering African nation, and the second on a global scale, to furnish the EU with export licenses authenticating the legality of their timber merchandise. This significant stride materialized in Brussels during a pivotal session of the Ghana-EU Voluntary Partnership Agreement (VPA) on Forest Law Enforcement Governance and Trade (FLEGT) enforcement entity. This collaboration encompasses a diverse array of stakeholders, including the Ghanaian forest administrative…

India elucidated its position on the rice export ban during a meeting of the World Trade Organisation’s (WTO) Committee on Agriculture held in Geneva on September 27. Responding to apprehensions from the US and other member nations, India described the action as a regulatory safeguard to ensure food sustenance for its expansive population of 1.4 billion amidst worldwide supply chain disturbances, rather than a restrictive action to curtail trade. This rebuttal materialized after a cadre of nations including the United States articulated concerns regarding the ban’s repercussions on import-reliant countries, especially during the existing tumultuous global landscape marked by the…

On the cusp of cementing a seminal Comprehensive Economic Partnership Agreement (CEPA), the United Arab Emirates (UAE) and Thailand are steering towards an enriching economic collaboration, poised to append an additional $300 million to Thailand’s Gross Domestic Product (GDP). The ongoing negotiation round in Bangkok, anticipated to wrap up by Thursday, beckons promising outcomes, as divulged by Thailand’s ambassador to the UAE, Sorayut Chasombat, during a media briefing at the Royal Thai Embassy in Abu Dhabi. Following Chasombat’s tenure commencement in December 2022, the ambassador presented his credentials to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime…

At a crucial juncture marked by escalating discourse around international trade and industrial policies, a decisive exchange unfolded at the core of the World Trade Organization (WTO) this week. Members assembled at the organization’s headquarters for an informal retreat on 25-26 September, nurturing focused deliberations regarding trade, industrial policies, and the pathway toward WTO reform. Presided over by Ambassador Athaliah Lesiba Molokomme of Botswana, the retreat aimed to elucidate the intricate dynamics between trade and industrial policies. This initiative was perceived as a preparatory step for various high-stake meetings earmarked on the WTO calendar. Ambassador Molokomme expressed a sense of…

Ambassador Eric Garcetti accentuated the imperative of a “more ambitious” partnership between India and the United States, with a focus on agricultural and dairy sectors, during his address at the 20th Indo-US Economic Summit organized by the Indo-American Chamber of Commerce this Tuesday. Garcetti highlighted the stagnation of productivity within India’s dairy domain, articulating that American enterprises could offer substantial support. This endeavor may entail the export of feed grains from the US to India. Previous dialogues surrounding a trade pact encountered a standstill due to the USA’s insistence on India acquiring its dairy products. Ambassador Garcetti urged both nations…

The dawn of digital global trade emerges as Burnley’s inaugural fully digitalized shipment of goods alights in Singapore, reflecting innovation and enhanced trade dynamics post-Brexit. This monumental advancement, stimulated by the UK’s pioneering legislation, forecasts streamlined and economical avenues for British businesses. The spearhead of this digital revolution, a valve manufactured by Burnley’s industrial maestro, Fort Vale, embarked on its voyage from Manchester Airport last Thursday. Through the cooperative brilliance of the UK and Singapore’s tech entity, LogChain, this historic shipment discarded traditional physical customs documentation, opting for a holistic digital paradigm. This transformative move trails the UK’s recent…

Aiming to broaden their business scope and secure a robust presence in the Indian market, close to 50 Vietnamese enterprises participated in a significant trade promotion and business matching programme held on September 22 and 23. This programme was a highlight of the inaugural UP Trade Show (UPITS), a venture initiated by the administration of the Indian state of Uttar Pradesh. The Vietnamese contingent, supported by the Trade Office of Vietnam in India, represented over 10% of the international attendees, underlining the increasing importance of Indo-Vietnamese trade relations. The UPITS event was organized in harmony with the Federation of Indian…