Author: Editorial Desk

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…

Taiwan’s Mainland Affairs Council (MAC) has condemned China’s ‘economic oppression’ following Beijing’s warning of countermeasures against Taiwan’s trade restrictions. China’s Ministry of Commerce criticized Taiwan for not addressing trade barriers affecting Chinese goods. The Ministry of Commerce announced that Taiwan’s restrictions on over 2,000 Chinese products were identified as trade barriers and urged their removal. In response, Taiwan’s MAC expressed regret but committed to minimizing the impact on the island. Zhu Fenglian, spokesperson for China’s Taiwan Affairs Office, supported possible further actions and attributed Taiwan’s inaction to the Democratic Progressive Party’s stance on independence. She blamed the rejection of the…

Vietnam is set to improve its legal framework to boost digital tech exports, according to Lê Nam Trung, Deputy Director of the Authority of ICT Industry and Communications. The Ministry of Information and Communications is developing the Law on Digital Technology Industry to create a favorable environment for companies to expand internationally. Vietnam ranked first globally in high-tech exports, imports, and creative goods in the Global Innovation Index 2024 (GII), announced by the World Intellectual Property Organization (WIPO) in September. Overall, the country moved up two places to rank 44th, continuing its rise as one of the fastest-growing middle-income economies…

Pakistan is committed to expanding its trade ties with Saudi Arabia. Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal underscores the importance of bolstering economic ties between the two nations. In a meeting with Saudi Investment Minister Khalid Bin Abdulaziz Al Faleh on Friday, Iqbal emphasized the need to strengthen trade as a means of enhancing the longstanding political relationship between the countries. Iqbal highlighted that the trade volume between Pakistan and Saudi Arabia stood at $4.6 billion in 2022. However, he stressed the need for both countries to adapt to modern economic realities. “Our political relationship will…

The World Trade Organization (WTO) has raised concerns that growing conflict in the Middle East could further disrupt global shipping and lead to higher energy prices, given the region’s vital role in petroleum production. These increases would hamper economic growth in fuel-importing countries and indirectly affect global trade, even as WTO anticipates a gradual recovery for trade in 2024. While the disruptive impact of the Red Sea conflict has been contained so far, WTO cautions that an escalation could affect other key shipping routes. Maritime transport, which accounts for over 80% of international trade by volume, remains the primary means…

Britain has introduced a new trade sanctions unit to penalize companies that violate restrictions on exporting services to Russia. The Office of Trade Sanctions Implementation (OTSI) will ensure businesses comply with sanctions imposed since Russia’s invasion of Ukraine in 2022, covering more than £20 billion ($26 billion) worth of trade. Since the onset of the conflict, the UK has imposed sanctions on more than £20 billion ($26 billion) worth of trade with Russia. To support businesses in navigating these restrictions, the government launched the Office of Trade Sanctions Implementation (OTSI), aimed at ensuring compliance and enforcing penalties when necessary. Business…

The World Trade Organization (WTO) has forecast a moderate recovery in global goods trade in 2024 and 2025, despite ongoing geopolitical risks, particularly the conflict in the Middle East. In an updated trade outlook released yesterday, the WTO revised its estimate for world merchandise trade growth to 2.7 percent for this year, slightly higher than the April prediction of 2.6 percent. However, the outlook for 2025 has been downgraded from 3.3 percent to 3 percent. WTO Director-General Ngozi Okonjo-Iweala emphasized the potential risks posed by regional conflicts, stating, “We are expecting a gradual recovery in global trade for 2024, but…

China’s solar industry, bolstered by strong state support and private investment, is now facing major challenges. While China leads global solar power installations, producing 80% of the world’s solar panels, it is grappling with foreign tariffs and a domestic price war. China dominates the global solar market, with exports hitting $49 billion in 2023, according to Wood Mackenzie. Beijing’s investment of over $50 billion in solar supply capacity from 2011 to 2022, along with cheap raw materials and state-owned bank support, has fueled this growth. Lauri Myllyvirta from the Centre for Research on Energy and Clean Air noted that lower…

India’s Finance Minister, Nirmala Sitharaman, voiced strong opposition to the European Union’s (EU) Carbon Border Adjustment Mechanism (CBAM), labelling it as unilateral and arbitrary, which she warned could harm India’s export sectors. The carbon tax, set to be implemented from January 1, 2026, will impose tariffs on energy-intensive goods imported into the EU, including steel, cement, fertiliser, and engineering products. Sitharaman raised concerns over this border tax at the Energy Transition Summit organised by the Financial Times, stating that such measures will make trade barriers. She emphasized that India has expressed its disapproval of the CBAM on multiple occasions and…