Author: Editorial Desk

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…

Demonstrating commitment to fortified trade ties, International Trade Minister Nigel Huddleston today embarked on a pivotal journey to both Indonesia and Vietnam. Forecast data suggest Southeast Asia’s economy will mirror the magnitude of the world’s third-largest by 2027, with an anticipated valuation exceeding £4 trillion. Despite last year’s 20% surge in UK-ASEAN trade equating to £47 billion, a vast arena of potential awaits British businesses. Emerging as the first new Dialogue Partner to ASEAN after a quarter-century gap, the UK stands poised to amplify economic growth in this dynamic region, heralding an era of shared prosperity. Minister Huddleston will join…

The Japanese economy experienced a setback in July, witnessing a trade deficit of $538 million, primarily driven by a sharp decline in exports of semiconductor-related equipment, despite a surge in automobile exports. This slump follows the Finance Ministry’s report of a trade surplus in June, the nation’s first in over two years. The latest trade figures raise doubts over the sustainability of Japan’s impressive economic recovery pace, especially given the 6% second-quarter GDP growth and an upward revision of the first quarter to 3.7%. Economist Chisato Oshiba from Dai-ichi Life Research Institute reflects on these numbers, suggesting a keen watch…

Acting decisively against the Russia-North Korea Arms Deal and potential global arms exchanges that could escalate the Ukrainian conflict, the Biden administration announced sanctions Wednesday against three businesses. These firms are allegedly at the heart of a weapons trade scheme between North Korea and Russia. These sanctions focus on entities associated with Ashot Mkrtychev, a Slovakian national previously sanctioned by the US this past March. Mkrtychev is believed to have orchestrated arms deals between Russia and the Democratic People’s Republic of Korea (DPRK). The Treasury Department’s findings indicate Mkrtychev collaborated with DPRK officials. Their agreement would allow Russia to secure…

On the 78th Liberation Day, the South Korean government announced special presidential pardons for a plethora of the nation’s top business leaders. The day marks the end of Japan’s colonial reign over the Korean Peninsula from 1910 to 1945. Prominent figures among the beneficiaries included Lee Joong-keun of Booyoung Group, Park Chan-koo from Kumho Petrochemical Group, and Shin Young-ja, previously at the helm of Lotte’s scholarship foundation. This act, the third of its kind by President Yoon Suk Yeol since his commencement as the nation’s leader, garnered Cabinet approval earlier. These pardons signify the government’s intent to honor Liberation Day…

Amid the backdrop of the flourishing Vietnam-Korea trade relationship, Vietnam and the Republic of Korea (RoK) are set to further strengthen their bonds as the northern port city of Hai Phong gears up to host the Vietnam-Korea trade promotion week from September 1-10. This significant event is aimed at marking the 31st anniversary of diplomatic ties between the two nations. Amid the bustling city backdrop, the event intends to not only stimulate trade and investment activities but also to introduce participants to the rich culture, tourism, history, and people of Vietnam and RoK. By doing so, it hopes to enhance…

Italian Trade witnesses a dramatic reversal as Italy’s global trade balance transitioned from deficit to surplus during the first half of 2023. Official figures from the National Institute of Statistics (ISTAT) highlight this economic metamorphosis. From January to June, Italy posted a surplus of 18.3 billion euros ($20.1 billion), contrasting sharply with the 15.0 billion euro deficit of 2022’s first half. Diving deep into the figures, Italy’s robust trade growth originates mainly from dealings beyond the European Union (EU) borders. The nation’s surplus with non-EU nations soared to an astounding 26.2 billion euros during this year’s initial six months, turning…

Global energy dynamics are shifting, prompting nations to re-evaluate and adapt their energy infrastructures. Bangladesh’s delayed response to refining capabilities reveals an essential need for swift strategic transitions. Missing lucrative opportunities, like discounted Russian oil due to a lack of foresight, demonstrates the critical role of timely infrastructure decisions amidst a changing energy panorama. A decade ago, the Eastern Refinery Limited (ERL) could have set Bangladesh on a path to seize opportunities from Russian oil, echoing successes seen by other nations. Yet, the Bangladesh Petroleum Corporation’s inaction stalled this potential until government supports revitalized aspirations for a fortified energy sector.…

Celebrating four decades of intertwined economic history, Australia and New Zealand have signed the Inclusive and Sustainable Trade Declaration. This agreement magnifies their collective aim to cultivate sustainable trade practices while confronting global urgencies like climate change, plastics pollution, and modern slavery. The annual Closer Economic Relations (CER) Ministerial Meeting in Adelaide provided the backdrop for this landmark agreement. This Declaration arrives 40 years post the inception of CER, an accord that gained renown for its forward-looking approach back in 1983. Speaking at the event, Damien O’Connor, New Zealand’s trade and export growth minister, emphasized the CER’s capacity to evolve…

After two tumultuous years of crashes and hacks, the cryptocurrency landscape had finally entered a phase of relative calmness. The arrival of ‘WorldCoin’, which has jolted the world and drawn widespread attention is intriguing. But WorldCoin isn’t just another cryptocurrency. Beyond its digital coin aspect, it promises a wide array of potentials, notably a global digital identification platform dubbed the ‘World ID’. WorldCoin offers every individual a unique ID, regardless of nationality or background, marking a bold step towards strengthening human identity in the face of rapid advancements in artificial intelligence. The force behind WorldCoin It’s none other than OpenAI,…