Author: Editorial Desk

Argentina has unlocked a fresh route for its burgeoning barley exports, following three years of trade negotiations with Mexico. The Argentine National Service of Quality and Agri-Food Health (SENASA), in collaboration with the Ministry of Foreign Affairs and Mexico’s Ministry of Agriculture & Rural Development (SADER), has facilitated this crucial deal. Over the last two decades, Argentina has managed to increase its barley production by a staggering fourfold. SENASA stated, “Barley exports represent 1.8% of domestic exports with US$1.6 billion and a percentage variation of 70.5% between 2021 and 2022. Last year, it was only surpassed by lithium exports, which…

Swedish archaeologists from the University of Gothenburg have unearthed the tombs of ancient rulers in Hala Sultan Tekke, a Bronze Age metropolis in Cyprus that thrived as a hub for the copper trade between 1500-1300 BCE. The richness of the artifacts discovered in these graves indicates a high possibility that they were royal tombs. Located outside the 50-hectare city, these tombs consist of underground chambers with entrances via a narrow passage from the surface. The chambers vary in size, with some measuring up to 4 x 5 meters. The expedition, led by Peter Fischer, has been conducting excavations in Hala…

The European Union and New Zealand ceremonially endorsed an expansive free trade accord, a strategic move that, according to Brussels’ projections, is poised to augment bilateral commercial exchanges by an impressive margin of 30 percent within a decade. The pact, first agreed upon in June 2022, took four years of robust discussions to reach a consensus, marking a significant milestone in global economic diplomacy. The European Commission President, Ursula von der Leyen, characterized the agreement as “ambitious” and “very well-balanced.” This characterization suggests that the pact’s provisions are intended to enhance the mutual economic interests of both parties while simultaneously…

With a rapidly changing global market scenario, countries around the world are striving to integrate sustainable practices into their industrial sectors. Recognizing the shift, particularly within the European Union (EU), towards sustainable and recyclable textiles, India’s Textile Ministry has initiated plans to position the country as a global nexus for circular textiles and garments. The Ministry is preparing to map the textile waste value chain in India, a vital preliminary stage in constructing textile recycling clusters. A request for proposal (RFP) has been issued to hire a consulting agency to conduct this endeavor, according to a source close to the…

To advance its goals of peaking carbon emissions and achieving carbon neutrality, China’s Ministry of Ecology and Environment has initiated the process of gathering public feedback on draft rules pertaining to the trade of voluntary greenhouse gas emissions reductions. This comes as part of China’s proactive approach to strengthening its commitment to environmental sustainability. The proposed regulations form the fundamental architecture supporting a national voluntary emissions reduction trading market. These rules not only specify the basic requirements for such trading and related activities but also delineate the rights and obligations of market participants. The establishment of this market aims to…

The Ministry of External Affairs announced a crucial shift in trade protocol between India and Malaysia that is set to bolster bilateral ties. Effective immediately, trade transactions can be conducted in the Indian Rupee (INR), a strategic decision aligned with the Foreign Trade Policy (FTP) 2023, which manifests India’s ambition to position the rupee as a global currency. This move is expected to streamline trade between the two nations by mitigating transaction costs and promoting the use of local currencies, further reducing dependency on the US dollar. The innovative move underscores a broader trend of currency swap agreements geared towards…

Agnès Pannier-Runacher, the French Energy Transition Minister, Emphasized the Saudi-France energy cooperation during her recent interview with Okaz/Saudi Gazette. Accepting an invitation from Saudi Minister of Energy, Prince Abdulaziz bin Salman, she arrived within the Kingdom to underline the dedication of French firms to the energy transition. She drew attention to their participation within Saudi Arabia’s major projects targeted at decarbonization and economic diversification, pivotal components of the Saudi Vision 2030 initiative aiming for a reduced reliance on oil. Highlighting the Memorandum of Understanding (MoU) signed between Catherine Colonna, the Minister of Europe and Foreign Affairs, and her Saudi counterpart…

The World Trade Organization (WTO) has consummated negotiations surrounding the pivotal Agreement on Investment Facilitation for Development (IFD), underscoring a significant advance in capitalizing on the economic potential of foreign direct investment (FDI) to buttress socioeconomic development in financially disadvantaged countries. The IFD Agreement is a targeted response to practical impediments confronting new investments, specifically within burgeoning economies. It guarantees transparency in regulatory frameworks, expedites the labyrinthine procedures associated with investments, and fortifies the rapport between investors and administrative bodies, thereby engendering an environment conducive to investment. Originating from a consortium of developing nations, the negotiations culminated in the participation…

Notwithstanding the enduring obstacles triggered by the COVID-19 pandemic, geopolitical turbulence, and unrestrained inflation, the trade world has displayed exceptional resilience and is increasingly interconnected. Countries across the globe are pivoting towards digital solutions, using innovative technologies to circumvent physical and bureaucratic hindrances in a bid to facilitate trade world. The above are some facts from the 5th United Nations Global Survey on Digital and Sustainable Trade Facilitation. The report, covering 161 nations, underlines a significant stride in the implementation of both general and digital trade facilitation measures between 2021 and 2023, registering a 6-percentage point rise. The current global…

Maritime employers in British Columbia (B.C.) have proposed binding arbitration to conclude the ongoing port strike after negotiations with the International Longshore and Warehouse Union (ILWU) Canada stalled. Thousands of union members initiated the strike last Saturday, severely disrupting the province’s supply chains and international trade partnerships. The B.C. Maritime Employers Association (BCMEA) criticized ILWU Canada for its unyielding stance, asserting that their demands exceed the scope of any reasonable settlement framework. According to the BCMEA, further bargaining under the current circumstances is unlikely to yield a collective agreement. On the fifth day of the strike, the BCMEA stated that…