Author: Editorial Desk

A Japanese diplomat has urged Hong Kong to lift its 13-month-long ban on seafood imports from 10 Japanese prefectures, following signals from Beijing that it may gradually ease similar restrictions. Kenichi Okada, Japan’s consul general in Hong Kong, made the appeal on Wednesday during the opening of the city’s 9th Japan Autumn Festival. Hong Kong currently prohibits aquatic products from prefectures including Tokyo, Fukushima, and Chiba. This restriction was imposed last year in response to Japan’s release of 1.34 million tonnes of treated wastewater from the damaged Fukushima nuclear plant. The Centre for Food Safety also enhanced radiation inspections on…

New Zealand businesses are on high alert as port strikes in the United States threaten to disrupt global supply chains, including vital trade routes for Kiwi importers and exporters. Approximately 45,000 dockworkers from major US ports along the East Coast and the Gulf of Mexico are poised to strike on October 1, with pay negotiations currently at a standstill. The industrial action could significantly affect New Zealand trade, just as exporters express optimism about future growth, bolstered by new free trade agreements. Andrew Coldrey, Vice President for Oceania at freight company C.H. Robinson, warned that such strikes could lead to…

Western nations are set to boost export credit agency (ECA) backing and development finance for critical minerals, responding to concerns over slow investment and heavy reliance on China. The Minerals Security Partnership, a coalition of 14 countries including the G7, Australia, India, South Korea, and the European Union, announced plans to create a finance network involving domestic ECAs and development finance institutions. This initiative will foster collaboration and co-financing to address supply shortages in critical metals needed for the energy transition. US Deputy Secretary of State Kurt Campbell noted the key role of financing, calling it the ‘missing and necessary…

At the 15th Türkiye Investment Conference in New York, President Recep Tayyip Erdogan spoke to American and Turkish business leaders, highlighting the bolstering US-Türkiye economic ties. Organized by the Türkiye-U.S. Business Council (TAIK), the event highlighted spurred trade over the past two years. “Economic and commercial matters constitute one of the most significant aspects of our relations with America,” Erdogan said, noting that the U.S. is now Türkiye’s second-highest export market and fifth-largest import source. Trade between the two nations exceeded $30 billion last year, and Erdogan expressed confidence in reaching the goal of $100 billion with strategic efforts. He…

The European Union has initiated a challenge at the World Trade Organization (WTO) against China’s anti-subsidy investigation into European dairy imports, marking a new phase in rising trade tensions between Brussels and Beijing. The European Commission announced the WTO consultation request on Monday, contesting China’s probe, which began in August. The investigation targets subsidies provided under the EU’s Common Agricultural Policy (CAP) and national schemes in Ireland, Austria, Belgium, Italy, Croatia, Finland, Romania, and the Czech Republic. “The commission is following through on its commitment to firmly defend the interests of the EU dairy industry and the Common Agricultural Policy…

India opted out of the Regional Comprehensive Economic Partnership (RCEP), the largest trade deal globally, citing key reasons tied to national interests. Minister of Commerce and Industry, Piyush Goyal, recently outlined two pivotal factors behind this decision. ASEAN Principles and National Priorities Goyal emphasized that the RCEP framework strayed from the founding principles that guide ASEAN. From India’s perspective, the deal failed to uphold the vision ASEAN was built upon, particularly in promoting balanced and equitable trade relationships. The second major concern revolved around China’s role within the agreement. The minister underscored that entering a free trade pact with China…

Christine Lagarde, President of the European Central Bank (ECB), highlighted both the progress and the looming challenges facing the global economy, while drawing historical comparisons to the economic pressures of the 1920s. Speaking at the 2024 Michel Camdessus Central Banking Lecture at the International Monetary Fund (IMF) headquarters in Washington, Lagarde praised the successful cooling of inflation with minimal job losses, while raising concerns about the broader outlook. Lagarde expressed confidence that inflation targets should be met by mid-2025, noting the successful containment of job losses despite higher interest rates. “It is rare to avoid a major deterioration in unemployment…

As per a Fortune Business Insights study, the global logistics robots market was valued at USD 6.17 billion in 2021 and is expected to grow to USD 21.01 billion by 2029, with a CAGR of 16.7%. Asia Pacific dominated the market in 2021 with a 34.19% share. However, the COVID-19 pandemic caused a 14.1% decline in 2020 compared to 2019, driven by supply chain disruptions and reduced demand. Logistics robots, designed to automate operations in warehouses, ports, and storage units, have gained traction for their ability to reduce human labor and minimize errors. These robots include Automated Guided Vehicles (AGVs),…

India’s frozen food industry is undergoing rapid growth, driven by technological advancements, changing consumer habits, and sustainability initiatives. With modern freezing techniques and smart technology, the sector is transforming into a mainstream source of convenient, nutritious meals. Rapid urbanization, rising disposable incomes, changing lifestyles, and improved cold chain infrastructure are key factors boosting this market. The Indian frozen food market reached INR 167.3 billion in 2023, and it’s expected to grow to INR 561.6 billion by 2032, with a projected annual growth rate of 14%. Smart Technology and Food Preservation Modern freezing techniques, such as individual quick freezing (IQF), are…

Pakistan: Entrepreneurs from Khyber Pakhtunkhwa (KP) have sounded alarms over the provincial government’s recent imposition of a 2% Infrastructure Development Cess (IDC) on the commercial value of export consignments. The decision, they argue, has triggered a staggering 70% reduction in exports, leading to serious concerns about the province’s economic trajectory. Notable figures, including prominent exporter Khalid Sultan Khwaja and Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI) Coordinator Zia-ul-Haq Sarhadi, warned that without urgent intervention, the levy would further erode KP’s already shrinking export volume, jeopardizing the livelihoods of thousands. “Taxation on the commercial value of export consignment amounts in…