Author: Editorial Desk

South Korea and the United States have bolstered their partnership in semiconductor technology and supply chain stability. This collaboration was highlighted at the US-Korea Supply Chain and Commercial Dialogue Semiconductor Forum in Washington. This forum emerged from a bilateral agreement made last April to deepen ties in the semiconductor sector. Key industry figures, including South Korea’s Industry Minister Ahn Duk-geun and U.S. Commerce Secretary Gina Raimondo, joined representatives from Samsung Electronics, SK hynix, Intel, and IBM to discuss ways to expand industry cooperation. A notable outcome of the forum was the signing of a memorandum of understanding between the Korea…

According to the insights from both Chinese and Peruvian analysts, China and Peru are poised to boost their economic and trade ties under the Belt and Road Initiative (BRI). It coincides with Peruvian President Dina Boluarte’s state visit to China, which started on Tuesday. Experts highlight the strong complementarities and mutual benefits between the two trading partners. Their relationship remains robust despite external efforts by the US to disrupt these ties. President Boluarte’s five-day visit began with a tour of Shenzhen, the innovation hub in South China’s Guangdong Province. The schedule includes stops in Shanghai, a key financial and trade…

Since 2006, the World Trade Organization’s (WTO) Aid for Trade initiative has injected $648 billion into developing and least-developed countries to boost their export capacity. This substantial investment, detailed in the recent ‘Aid for Trade at a Glance 2024′ report by WTO and OECD, aims to boost these nations’ integration into the global trade network. Record Funding Levels Achieved The year 2022 marked a major surge in Aid for Trade funding, with disbursements reaching a new high of $51.1 billion—a 14% rise from the previous year. Funding commitments also grew by 31%, reaching a new peak of $65 billion. Funding…

At the 2024 China Agricultural Conference for International Economic and Trade Cooperation in Beijing, a call for reform in global agricultural trade practices echoed through the halls. Aldonov Frankeko Alvarez, Ambassador of El Salvador to China, highlighted the urgent need for a trade framework that embodies equity and shared responsibilities to combat the dual challenges of the food and climate crises. Due to a slow economic recovery, the lingering effects of El Nino, persistent regional conflicts, and rising protectionism, the current landscape of global agricultural supply and trade is under pressure. According to the Global Report on Food Crises (GRFC),…

The World Crafts Council has designated Srinagar, the summer capital of Jammu and Kashmir, as a World Craft City. This identity represents the city’s profound cultural heritage and the artisans’ exceptional craftsmanship, heralding a renaissance for the handicraft and handloom sectors across the region. The new accolade boosts Srinagar’s global presence, drawing attention to its artisanal treasures and forging pathways to international markets. The global need for handmade goods, which prizes uniqueness and craftsmanship over standardized production, now opens to Srinagar’s artisans. It expands their market presence, potentially spurring demand for their wares. Products such as Pashmina shawls, Kashmiri carpets,…

Indonesia’s textile industry is in crisis due to widespread factory shutdowns and major job cuts. President Joko Widodo orchestrated a crucial meeting with top cabinet officials on June 25, 2024, with this meeting team aiming to forge solutions for the disruptions crippling this vital economic sector. Trade Minister Zulkifli Hasan reported on the discussions, stating, “The meeting discussed complaints from (players of) the textile industry who had to shut down their business or conduct mass layoffs.” The severity of these issues has prompted the government to reevaluate and potentially reinstate key regulatory measures. Central to the government’s strategy is the…

Following a challenging season for local freezers who experienced substantial losses due to plummeting global prices for frozen raspberries last year, Uzbekistan has increased its rasberry imports from Tajikistan, according to EastFruit. It is a response to the previous year’s market instability that led many freezers to stop purchasing raspberries. EastFruit analysts observe a noteworthy shift within the Central Asian berry market. With a renewed surge of interest in 2024, raspberries have become a prime commodity among regional traders. Traditionally, Tajikistan’s berry sector has outpaced Uzbekistan in terms of development, prompting Uzbek companies to source large volumes of fresh raspberries…

Australia’s avocado industry grapples with high production and declining prices, as detailed in Rabobank’s latest Global Avocado Update 2024. The global demand for avocados offers some relief for growers through increased export opportunities. Production forecasts for the 2023/24 financial year reveal a 20% year-on-year rise, pushing Australian avocado output to a record 139,000 metric tonnes. This growth stems from over 1,500 hectares of avocado plantings maturing, with another 4,000 hectares expected to mature in the next five years, according to RaboResearch analyst Pia Piggott. Domestic demand for avocados has risen, showing a compound annual growth rate of 10% over the…

Malawi became a crucial multimodal transshipment hub, connecting landlocked neighbors like Zambia to burgeoning ports in northern Mozambique. Recent logistical development, supported by the US foreign aid agency’s Millennium Challenge Corporation (MMC), showcases this strategic shift. Upgrades to road infrastructure and expanded rail freight services mark major progress. A milestone was reached with a fertilizer shipment from Lusaka to the Port of Nacala, transhipped at Malawi’s Kanengo Station. Kennedy Kwerani, commercial and marketing manager at Nacala Logistics, emphasized this shipment as the inaugural service for the company’s Lilongwe-Nacala Port Railway Freight Transport. This successful shipment suggests the potential establishment of…

Chinese electric vehicle steep prices in the European Union (EU) may be mitigated as both regions agree to negotiate planned import taxes. High-level talks between officials leads to resolve a conflict that risks sparking a trade war. On Saturday, EU Trade Commissioner Valdis Dombrovskis and his Chinese counterpart Wang Wentao engaged in a candid, constructive call, according to an EU spokesperson. This conversation represents the first formal negotiation since the EU threatened China with electric vehicle (EV) tariffs of up to 38%. Both parties will continue discussions at all levels in the coming weeks, regarding ongoing tensions. The EU has…