Author: Editorial Desk

Indonesia’s Health Minister, Budi Gunadi Sadikin, has announced plans to increase domestic medicine production to reduce dependence on imports. Speaking at the Health Innovation Festival on November 8, 2024, Budi emphasized the need for Indonesia to strengthen its healthcare resilience and security, especially to prepare for potential future pandemics. The minister outlined a three-pronged approach to achieve this goal: streamlining permit processes, encouraging partnerships between foreign and local pharmaceutical companies, and implementing incentives to promote the use of locally-produced medicines. Budi assured that the Health Ministry’s budget of Rp105.64 trillion for 2025 is sufficient to support these initiatives. The existing…

In Turkey, consumers of flat products are urging authorities to reconsider anti-dumping duties and high import tariffs on steel imports from China, India, Japan, and Russia, citing escalating production costs and rising inflation. Ali Eren, a board member of the Turkish Federation of Mechanical Engineering and member of the Istanbul Chamber of Industry, voiced concerns over these duties’ impact on industries reliant on flat steel products, as reported by Ekonomim. Key export-driven sectors, including pipe manufacturing, household appliances, automotive, shipbuilding, and mechanical engineering, which collectively represent a quarter of Turkey’s exports, have been particularly affected. These industries depend on flat…

As the prospect of a second Trump administration looms, experts speculate that the policies outlined in the campaign could bring significant benefits to India, especially concerning oil prices and the ongoing Ukraine conflict. Officials, speaking anonymously, suggested that the Trump administration’s promises to combat inflation might lead to reduced oil prices, a prospect that would benefit India’s energy sector and broader economy. Additionally, Trump’s foreign policy stance could hasten a resolution to the Ukraine-Russia war, bringing global economic stability. Under the new regime, officials anticipate a revival of stalled trade talks between India and the US, with an aim to…

Shares in major German carmakers fell sharply Wednesday as U.S. President-elect Donald Trump’s re-election raised concerns about new tariffs on foreign-made vehicles. The prospect of steep import tariffs unsettled investors, leading BMW shares to drop 6.6%, Mercedes-Benz 6.4%, Porsche 4.9%, and Volkswagen 4.3% on the German DAX index. Trump has pledged to protect U.S. automotive jobs, especially in Michigan, with a proposed 10% tariff on all imported goods. At a recent rally in Georgia, he stated, “I want German car companies to become American car companies. I want them to build their plants here.” The U.S. is the largest export…

Vietnamese businesses must enhance innovation, improve competitiveness, and engage in new supply chains to strengthen exports across Asia, urged Quyen Anh Ngoc, Deputy Director of the ASEAN Division under the Ministry of Industry and Trade (MoIT). Speaking at a November 5 conference focused on trade promotion in Asian markets, Ngoc called on companies to work alongside government bodies and trade associations to develop strategic production and business plans that capture emerging opportunities. Ngoc highlighted the importance of understanding free trade agreements, particularly the Regional Comprehensive Economic Partnership (RCEP), within the ASEAN framework. With RCEP’s enactment, certain Vietnamese exports—including seafood, meat,…

As the U.S. election approaches, global agricultural trade faces potential shifts that could directly or indirectly affect Brazil. The race between Kamala Harris and Donald Trump spotlights issues pivotal to rural voters, including tariff barriers, agricultural protectionism, sustainability, climate change, and the trajectory of U.S. trade and exports. The candidates’ contrasting stances on trade and environmental policies may reshape relations with key partners like China and influence the competitive dynamics in global agricultural markets. Shifting Trade Relations with China China’s demand for U.S. agricultural products has recently slowed, posing a challenge for the U.S. candidates, who will need to address…

Kazakhstan is set to expand its flaxseed oil exports to Japan following a surge in Japanese demand. During a meeting with representatives from Japanese firm Jateco, Aizhan Bizhanova, Kazakhstan’s First Vice Minister of Trade and Integration, explored opportunities to increase exports of Kazakhstani flaxseed and other oils to meet rising Japanese interest in the health benefits of these products. Flaxseed oil from Kazakhstan has rapidly gained popularity in Japan, with annual demand reaching about 10,000 tons—significantly outstripping current imports. In response, Jateco announced plans to increase its import volume of Kazakhstani flaxseed oil to 3,000 tons annually, with additional interest…

To reduce Indonesia’s dependence on imported liquefied petroleum gas (LPG), the Ministry of Energy and Mineral Resources (ESDM) is hastening efforts to advance LPG downstreaming. The initiative, led by ESDM Minister Bahlil Lahadalia, focuses on bolstering domestic production capabilities, thereby minimizing the need for foreign-sourced LPG. During a press conference on Monday, November 4, 2024, Minister Bahlil stressed the importance of building local infrastructure for LPG production. “[That’ll be possible] if we mandate the downstreaming of LPG,” he stated. Central to this initiative is the establishment of local LPG production plants, which will be primarily managed by Indonesia’s state-owned energy…

Australia is set to bolster its trade ties with China, as Trade Minister Don Farrell announces progress in removing the last export barriers impacting Australian exports. Currently in China for the world’s largest import expo, Farrell is leading a delegation of over 250 Australian businesses, aiming to expand trade and diversify markets. During his visit, Senator Farrell met with Chinese Commerce Minister Wang Wentao, discussing the resolution of trade restrictions on two Australian abattoirs, marking the final step in a lengthy trade standoff that affected billions of dollars in exports, including wine and barley. Farrell confirmed that China’s ban on…

The 7th China International Import Expo (CIIE), held from November 5 to 10 in Shanghai, has gathered participants from 152 countries, regions, and international organizations. This year, 297 Fortune Global 500 companies and industry leaders will attend, reflecting China’s commitment to economic openness. Since CIIE’s launch, around 2,500 new products, technologies, and services have debuted, with intended turnover surpassing $420 billion, making it a pivotal platform for trade and cooperation. China has recently intensified policies to boost foreign trade and attract investment. On October 25, it introduced guidelines to extend high-standard trade regulations in Free Trade Zones (FTZs) and the…