Author: Editorial Desk

Spain has once again gained dominance in the global citrus trade, maintaining its status as the world’s top trader of fresh citrus fruits. During the 2023-2024 season, Spanish citrus exports outpaced imports by 2,509 million euros, amid major weather-related challenges. Spain commands a 25% share of global citrus exports, underscoring its vital role in the international market. A recent analysis of the 2023/24 citrus campaign reveals exports totaling 2.34 million tons, a 3.1% decline from the previous season and a 17.8% drop from the five-year average. Yet, the export value soared to 2,662 million euros, surpassing figures from both last…

Chairperson of the Export Processing Zone Authority (EPZA), Saifuddin Junejo, has urged the business community to leverage the EPZA’s latest initiatives which are private and public-participated Export Processing Zones (EPZs). These innovative concepts aim to boost investment and enhance Pakistan’s export potential. Private and Public-Participated EPZs Private EPZs offer potential investors the opportunity to develop, maintain, and operate export zones if they possess the necessary capital and land. Public-participated EPZs, by contrast, allow investors to develop and maintain these zones, with operations managed exclusively by the EPZA. During a presentation at the Karachi Chamber of Commerce and Industry (KCCI), Junejo…

Iran’s Central Bank Governor, Mohammad Reza Farzin, has announced plans for a joint financial institution with BRICS nations during a recent gathering of Russian economists in St. Petersburg. Farzin underscored the dedication of Iran and Russia to enhance bilateral financial collaboration by promoting national currencies over the US dollar. Farzin highlighted that using the ruble, yuan, dirham, and rial in transactions would help surmount trade barriers between Iran, Russia, China, and other nations. The proposed institution, modeled after the Financial Action Task Force (FATF), seeks to deepen financial ties among BRICS members. Additionally, Farzin invited Russia to join the Asian…

The Automotive Tyre Manufacturers’ Association (ATMA) reported a severe shortage of domestic natural rubber, warning of potential disruptions to tire production unless supply issues are urgently addressed. Despite soaring natural rubber (NR) prices, availability has dwindled, with ATMA suspecting that some segments of the rubber industry might be withholding supplies in anticipation of further price hikes. ATMA Director General Rajiv Budhraja said the tire industry has been experiencing tightness in the domestic availability of natural rubber for some time. Currently, a severe crunch is being witnessed despite NR prices reaching a multi-year high. The lack of natural rubber must be…

South Korean Minister of Trade Ahn Dukgeun plans to expand trade with Vietnam via major infrastructure projects and a sustainable supply chain. Speaking at the South Korea and Vietnam Business Forum in Seoul, Ahn highlighted the 32-year relationship between the two nations and their growing friendship. Ambitious Trade Goals Ahn called for collaboration on large infrastructure projects and the establishment of a sustainable supply chain to boost bilateral trade from $76 billion last year to $100 billion by 2025 and $150 billion by 2030. He emphasizes Vietnam’s rare earth resources and South Korea’s advanced manufacturing technology as complementary strengths that…

Israel’s global trade dropped 18% during the last quarter of 2023, while trade with Arab nations saw only a 4% decrease. This resilience underscores the Israel-Arab’s evolving economic relationships. A joint investigation by Middle East Eye (MEE) and Arabic Post revealed that hundreds of food products from various Arab countries are certified kosher and sold in Israel. Despite international condemnation and calls for boycotts over alleged genocide and the deaths of over 37,000 Palestinians in Gaza, 3367 kosher products from Arab and Muslim countries have been imported to Israel, including 442 products from 80 companies based in Arab countries. The…

Thailand is set to participate in a Joint Trade Committee (JTC) meeting with Malaysia on July 4, aiming to boost bilateral trade to $30 billion by 2025. Commerce Minister Phumtham Wechayachai will attend the third JTC meeting in Kuala Lumpur, marking Thailand’s first JTC engagement with an ASEAN country this year. Ambitious Trade Goals The upcoming JTC meeting seeks to surge trade between the two nations from $25 billion in 2023 to $30 billion by next year. Director-General of the Trade Negotiations Department, Chotima Iemsawasdikul, emphasized the meeting’s prospect to enhance market access for Thai agricultural products in Malaysia. Forging…

The World Bank has approved a major $650 million investment to support Bangladesh’s construction of a breakwater for the Bay Terminal, a transformative expansion project at Chattogram port. This move is set to bolster Bangladesh’s global trade position by enhancing port efficiency and drawing in private investment. Plans for the Bay Terminal include the creation of two container terminals, a multipurpose terminal, and an oil and gas terminal. This project is poised to overhaul Bangladesh’s maritime infrastructure, which currently relies on the Chattogram port for over 90% of the nation’s international trade and 98% of its container traffic. The port…

The Trade Board Limited (TBL) urges exporters to secure origin certificates to leverage duty concessions, enhancing Jamaica’s trade competitiveness. These certificates are vital for Jamaican products exported under several preferential trade agreements, granting duty-free or reduced-duty access in foreign markets. Rushelle Whyte, Public Relations Officer at TBL, highlighted the cost-saving benefits of obtaining a certificate of origin. “It essentially is your ticket to pay little or no duty to the country you are exporting to. Say you are… the company that is exporting your products, or you are getting ready to export but things can get costly, we are here…

A newly adopted model law by the United Nations promises to unlock financing for commodity producers in developing countries while curbing financing fraud. This law, which governs warehouse receipts, organizes a clear legal framework to bolster banks’ confidence in using these receipts as a guarantee. Developed by the International Institute for the Unification of Private Law (UNIDROIT) and the UN Commission on International Trade Law (UNCITRAL), the law received approval from UNCITRAL on June 26 after UNIDROIT’s endorsement in mid-May. Driving Economic Growth Supporters highlight the model law’s potential benefits for developing nations with ample agricultural commodities but inadequate legal…