Author: Editorial Desk

Russian lawmakers have approved a groundbreaking law allowing cryptocurrency for international payments, a strategic response to severe financial sanctions from Western nations due to the Ukraine conflict. The State Duma, Russia’s lower house of parliament, passed the legislation on Tuesday. Anatoly Aksakov, head of the Duma, declared this a “We are taking a historic decision in the financial sphere,” as reported by Reuters. This law empowers Russian businesses to engage in cross-border trade using cryptocurrencies, aiming to alleviate the sanctions’ impact. Mati Greenspan, CEO of Quantum Economics, emphasized the advantages of this shift. “Bitcoin transactions cannot be censored or blocked…

Pulmuone, a leading Korean food company, achieved the first ‘K-FOOD&SAFETY’ certification for its kimchi and Seoul Ramyeon products. This milestone propels Pulmuone to the forefront of K-food’s international expansion, reflecting the rising global interest in Korean cuisine. Pulmuone (CEO Lee Hyo-yul) recently announced that four of its products, ‘Pulmuone Nasoya Kimchi Mild,’ ‘Pulmuone Nasoya Kimchi Spicy,’ ‘Pulmuone Seoul Ramyeon,’ and ‘Pulmuone Seoul Jjajang,’ have received the ‘K-FOOD&SAFETY’ certification. This achievement underscores the company’s dedication to maintaining high standards of food safety and quality, as verified by the Korea Agency of HACCP Accreditation and Services. The rigorous certification process involved extensive…

US Ambassador Robert F. Godec and Gonzalo Suarez, the US Assistant Secretary of State for International Security and Nonproliferation, recently engaged with Phumtham Wechayachai, Thailand’s Deputy Prime Minister and Minister of Commerce. Their discussions centered on enhancing investment and trade relations, emphasizing international security measures, particularly concerning dual-use items (DUIs). DUIs, with both commercial and military applications, pose significant risks if misused. These items permeate several industries such as automotive, electronics, aviation, marine equipment, telecommunications, sensors, and lasers. For instance, ball bearings used in heavy machinery could be repurposed for nuclear weapons, while carbon fiber in sports equipment might serve…

A recent shift in regional energy supply underscores the fragile balance in the Middle Eastern electricity trade. This week, Iran ceased electricity exports to Iraq, citing an acute domestic power deficit, shortly after Turkey began exporting electricity to the same neighbor. Power Outages in Diyala The National Iraqi News Agency reported a massive power outage in Iraq’s Diyala province on July 23 due to Iran halting its electricity supply. The cessation affected both transmission lines from Iran, which had been supplying 250 megawatts (MW) of electricity, far below the province’s 900 MW requirement during soaring temperatures. Declining Iranian Exports Iran’s…

Malaysia is set to introduce a comprehensive national shipping policy aimed at bolstering its domestic fleet and reducing foreign vessel dependency. This initiative seeks to modernize the shipping sector while accelerating the shift towards green shipping, addressing both economic and environmental imperatives. Transport Minister Anthony Loke announced on July 4 the impending policy, slated for cabinet review by year-end, which promises to guide the local shipping sector in handling exports and imports, as well as create new employment opportunities. This policy revision comes at a crucial juncture, with the Malaysian Shipping Masterplan (MSMP) 2017-2022 falling short of its targets and…

The World Trade Organization (WTO) has agreed to India and Chinese Taipei’s request to delay the adoption of a ruling against New Delhi’s import duties on certain information and technology products until the end of October. This decision by the WTO’s dispute settlement body (DSB) provides additional time for both parties to negotiate a resolution. The WTO dispute panel’s ruling, issued on April 17, 2023, determined that India’s import duties on specific high-tech goods contravene global trading norms. The European Union, Japan, and Taiwan initiated this case. During the DSB meeting in Geneva, India and Chinese Taipei reiterated their need…

Vietnam, a major coffee supplier to the United Kingdom, has experienced a dramatic increase in coffee export prices in the first half of 2024. The General Department of Customs reports that the average export price of Vietnamese coffee reached $3,941 per ton, reflecting a substantial 68.4% rise from the previous year. This price hike comes as export volumes fall. In June 2024, Vietnam shipped 2,180 tons of coffee to the UK, valued at $9.1 million. This marks a 44.6% drop in volume and a 17.5% decrease in value compared to June 2023. The sharp decline in volume has propelled prices…

Indonesia has solidified its status as the premier exporter of processed rattan, achieving a notable transaction value of $158.5 million. This accounts for 42.2 percent of the global processed rattan market, firmly establishing Indonesia as the industry leader. During a visit to Katingan, Central Kalimantan on July 26, 2024, Putu Juli Ardika, Director General of Agro-Industry, highlighted Indonesia’s preeminent role. “Indonesia is currently the world’s largest exporter of processed rattan, amounting to US$158.5 million or around 42.2 percent of the world’s processed rattan export value of US$375.6 million, followed by China and Vietnam,” Putu remarked. Indonesia’s success stems from its…

On Friday, July 26, the United Kingdom joined an innovative global agreement poised to boost the economy through enhanced digital trade. After five years of intensive negotiations, the UK, alongside 90 other nations, finalized the E-Commerce Joint Initiative at the World Trade Organization (WTO). This landmark agreement promises to revolutionize trade, making it faster, cheaper, fairer, and more secure, thereby unlocking new opportunities for British businesses, workers, and consumers. The Organisation for Economic Co-operation and Development (OECD) estimates the value of global digital trade at approximately £4 trillion, with projections indicating further growth. The agreement mandates the digitalization of customs…

Japan and Sweden have taken a step in bolstering defense cooperation, focusing on defense equipment and technology. This decision comes in response to the increasingly severe security challenges faced by both nations. During a meeting in Stockholm, Japanese Defense Minister Minoru Kihara expressed Tokyo’s support for Sweden’s strategic decision to join NATO. Swedish Defense Minister Pal Jonson welcomed Japan’s backing, emphasizing the importance of international cooperation in the current geopolitical climate. Sweden’s official NATO membership in March, following Russia’s full-scale invasion of Ukraine in February 2022, underscores its commitment to collective security and marks a departure from traditional nonalignment. The…