Author: Editorial Desk

Cheap eggs from Ukraine have tightened the squeeze on Latvia’s egg industry, echoing sentiments felt across the European Union (EU) regarding commodities sold below standard market rates. The inundation of Ukrainian eggs in Latvia raises significant concerns, particularly considering the strict EU chicken welfare standards local farms must navigate. Jānis Gaigals, chairman of the board of the Latvian Poultry Industry Association, paints a stark picture: “In the case of Latvia, this [egg imports from Ukraine] is a huge problem. There is no other country in the European Union where so many egg products entered at dumping prices.” The disparity, Gaigals…

Emphasizing the paramountcy of international diplomacy, United States President Joe Biden prepares for an impactful journey to India next month. From September 7 to 10, President Biden will join global counterparts at the G20 Summit, addressing the pressing Ukraine conflict among other worldwide challenges. The White House, on Tuesday, validated the President’s forthcoming visit, highlighting that he will recognize Indian Prime Minister Narendra Modi’s adept leadership of the G20. Destined to unfold in New Delhi on September 9 and 10, this summit stands as a testament to India’s burgeoning role on the global stage, especially since assuming the G20 Presidency…

Marking a pivotal move towards fostering robust bilateral trade and investment ties, Indonesia and Peru reignited negotiations for the Indonesia-Peru Comprehensive Economic Partnership Agreement (IP-CEPA). These talks, paused since 2017, underscore Indonesia’s strategic pivot towards non-traditional export landscapes. The past five years have witnessed Indonesia consistently achieving a trade surplus with Peru. In 2022 alone, the trade value between the nations stood at a commendable $554 million, with Indonesian exports making up $442 million. Notably, with Peru recognizing Indonesia as a burgeoning source of automobiles, vehicle exports from the archipelago soared to $157 million. Other significant export commodities span footwear,…

Once thriving and dynamic, Malaysia’s export sector now faces a period of muted growth amid a shifting landscape of international commerce. Economic research entities within Malaysia anticipate a subdued performance for the nation’s exports, influenced by the current state of global trade. UOB Global Economics and Markets Research stated in a note that, highlighting an absence of positive signals for a Malaysian trade revival. The challenges remain diverse. The pulse of the global economy shows signs of waning, compounded by mounting trade restrictions and the unpredictable menace of climate-related disruptions. UOB’s report underscores that anticipated stringent monetary policies from developed…

Trade dynamics between Israel and Singapore gained momentum as Israeli Minister of Economy and Industry, Nir Barkat, convened with Singapore’s Deputy Prime Minister Heng Swee Keat this Monday. This rendezvous underscored their collective ambition to magnify their economic relations and explore untapped trade dimensions. Leading a potent Israeli business delegation, Barkat received a warm reception, manifesting the burgeoning significance of this bilateral bond. Deputy Prime Minister Heng, who is also the Coordinating Minister for Strategic Economic Affairs, expressed eagerness to embark on an Israel visit by year’s end. The dialogue spanned a spectrum of topics from technological innovation to groundbreaking…

Mexico’s resurgence as the United States’ leading trade partner eclipses China, signifying deeper currents reshaping the world’s economic milieu. Luis Torres, a distinguished business economist at the Federal Reserve Bank of Dallas, reports that US-Mexico trade reached an astounding $263 billion during the initial third of 2023. Statistics reveal Mexico accounted for 15.4% of US trade dynamics, closely trailed by Canada at 15.2%, leaving China at 12%. This shift’s onset predates the pandemic, influenced by President Donald Trump’s trade strategies targeting Chinese commodities and the revamped US-Canada-Mexico trade accord. Torres shines a light on the ‘nearshoring’ trend, where nations consolidate…

Amid a dynamic global economic landscape, Brazil’s commercial ties with the Arab world display outstanding trade growth. Recent data illustrates Brazilian exports to Arab nations advancing by 8% during 2023’s initial seven months, culminating at a staggering $10.61 billion, a noticeable progression from the $9.83 billion recorded during the analogous period in 2022. This insight comes courtesy of the Arab Brazilian Chamber of Commerce (ABCC). Detailing interactions with individual nations, Brazilian exports to Saudi Arabia touched a noteworthy $1.87 billion. Qatar, Kuwait, and Egypt also experienced a surge from Brazil, with exports marking $155.91 million, $157.78 million, and $1.16 billion,…

An ambitious stride forward for the Trade Promotion Council of India (TPCI) materialized on Saturday as it announced a strategic partnership with the World Furniture Confederation. This alliance aims to carve out sophisticated industrial hubs dedicated to furniture manufacturing, targeting a more substantial stake in the global furniture market valued at an impressive $250 billion. To provide some context, while the global market booms, India’s presence remains negligible. The European Union and China, for instance, dominate with combined furniture exports nearing $100 billion. Simultaneously, the US, standing tall as the globe’s premier importer, invests close to $72 billion in these…

Mohammed Salem Al Rashidi, UAE Ambassador to the Federal Democratic Republic of Ethiopia, accentuated the burgeoning ties between the UAE and Ethiopia, underscoring a history saturated with mutual admiration and cooperation. A testament to this relationship, meetings, and exchanges among national leaders such as President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Ethiopia’s Prime Minister Abi Ahmed provide an eloquent narrative of evolving diplomatic engagements. Data from the Ethiopian Ministry of Trade paints a vivid economic canvas: trade between these sovereign states touching the $6 billion mark. Concurrently, the UAE, with its expanse of over 113 ventures, carves…

As tensions simmer between the U.S. and Mexico, the genetically modified (GM) corn debate intensifies. On Thursday, the U.S. took the unprecedented step of seeking a dispute settlement panel, challenging Mexico’s restrictions on GM corn. At the epicenter of this dispute is the United States-Mexico-Canada free trade agreement, the USMCA. Mexico’s Economy Department remains firm in its belief that its policies on GM corn don’t infringe upon the USMCA. Contrarily, the U.S. Trade Representatives Office (USTR) contends that Mexico’s reluctance to permit GM corn for human consumption and its intentions to prohibit it as animal feed lack scientific basis, thus…