Author: Editorial Desk

Uzbekistan is accelerating efforts to join the World Trade Organization (WTO) by 2026, President Shavkat Mirziyoyev announced. Despite progress, challenges remain, with only 29% of the country’s laws and standards currently aligning with WTO regulations, according to a government report. At an October 10 meeting, Mirziyoyev acknowledged improvements in standards harmonization but stressed the need for faster reforms. “Much work remains ahead of us,” he stated, noting that product development and quality control must meet international standards to achieve WTO membership. Of the 269 laboratories in the country, only 105 comply with international standards. Mirziyoyev set a target for all…

Ukraine has appealed to the International Maritime Organization (IMO) for help following a surge in Russian attacks on its shipping routes and port facilities. These assaults, concentrated on key Ukrainian ports along the Black Sea, threaten vital maritime infrastructure essential for the export of grain and other goods, putting global trade and food security at risk. Over the past month, Russia has escalated its targeting of Ukraine’s shipping hubs, marking a significant intensification in the ongoing conflict. In response, Ukrainian officials have requested a monitoring mission from the IMO to assess the damage and ensure maritime security. Ukraine’s request comes…

India’s apparel and textile exports surge by 5.13% to $17.66 billion between April and September 2024, with a 12.38% growth in September alone. Apparel exports surged by 17.30%, marking a strong recovery after a period of slow trade. Textile exports increased by 2.76% to $10.155 billion, while apparel exports grew by 8.51% to $7.505 billion during the same period. The share of textiles and apparel in India’s total merchandise exports rose to 8.28%. Cotton yarn, fabrics, made-ups, and handloom products saw a slight rise of 0.79%, reaching $5.946 billion, while man-made yarn and fabrics grew by 2.95%. Carpet exports increased…

Hong Kong will boosts its strength in gold imports and exports to become a major international gold trading hub, according to John Lee, Chief Executive of the Hong Kong Special Administrative Region (HKSAR). Delivering his third policy address on Wednesday, Lee highlighted Hong Kong’s status as one of the world’s largest gold import and export markets by volume, making it an attractive location for investors. Lee pointed out that Hong Kong’s political stability and security, especially amid current global geopolitical complexities, enhance its appeal for gold storage, trading, settlement, and delivery. “This will spur development of the related industry chain,…

A surge in drug crisis is ravaging the South Pacific, as international cartels and crime syndicates exploit remote island nations to move narcotics globally, according to senior police and United Nations officials. Fiji, Tonga, and other Pacific islands are becoming key transit points for smuggling operations, with cocaine from Latin America and methamphetamine and opioids from Asia flowing through these largely unpatrolled regions. Tonga Police Commissioner Shane McLennan highlighted the challenges posed by the islands’ strategic location and vast, under-protected ocean territory. “We’re a victim of our geographical location. An ideal transit point for vessels crossing the Pacific,” McLennan said,…

India is considering tightening its steel import regulations to address dumping, where foreign companies sell goods below market prices. This move aims to protect the domestic steel industry by enforcing stricter quality controls and certification for imported steel. Concerns have risen over the influx of low-cost steel, particularly from China, which undercuts India’s steel producers. As the world’s second-largest steel producer, India’s industry has struggled with cheaper imports affecting demand for locally produced steel. The proposed measures include stricter checks to ensure imported steel meets Indian safety and quality standards. This is intended to curb substandard imports and protect consumers…

Tanzania’s growing cashew nut industry is set to benefit from a newly launched shipping service tailored to support the country’s growing export demands. Danish shipping giant Maersk has introduced the ‘Korosho Express,’ a dedicated ocean freight service for ease the export of Tanzanian cashews to key markets in India, Vietnam, and China. Running bi-weekly from the Port of Mtwara, the service will operate from late October through February 2024, aligning with the peak cashew harvesting season. Babafemi Jay Aderounmu, Maersk’s East African market division head, highlighted that the service was specifically designed to boost the capacity of Tanzania’s cashew exports…

China’s export growth slowed in September due to extreme weather, global shipping congestion, and base effects, with shipments to the US outpacing those to the EU. Customs data showed exports grew by 2.4 per cent year-on-year to $303.71 billion in September, falling short of the 6.18 per cent forecast and below August’s 8.7 per cent rise. Customs spokesman Lu Daliang attributed the slowdown to ‘short-term incidental factors,’ including frequent typhoons in key port cities, last year’s higher base, and global shipping congestion. “Some data shows that the peak export season for some Chinese products in previous years was in the…

Japan is considering measures to address the increasing steel imports from China, which are raising concerns about their impact on the domestic steel industry. A senior official from Japan’s Ministry of Economy, Trade, and Industry confirmed the government is evaluating the situation and may introduce trade policies to protect local manufacturers from cheaper Chinese imports. Chinese steel exports, supported by subsidies and lower production costs, have increased competition for Japanese producers, putting pressure on prices and profitability. Japan’s steel industry is crucial to the economy, supporting industrial production and jobs. The ministry is considering tariffs or other import restrictions to…

The Philippines is projected to retain its status as the world’s top rice importer this year and next, largely due to the adverse effects of extreme weather conditions, including El Niño, La Niña, and recent typhoons, on domestic rice production. According to the latest report from the US Department of Agriculture (USDA), the Philippines’ rice imports for 2024 are estimated to reach 4.7 million metric tons (MT), representing a 2.2% increase from the earlier forecast of 4.6 million MT. This rise is attributed to strong demand, particularly for rice sourced from Vietnam. Looking ahead, rice imports are expected to further…