Author: Editorial Desk

Substantial strides have been made in the ongoing India-EU Free Trade Agreement (FTA) negotiations, following the latest round of discussions in late June. Senior officials from the Indian Commerce Department confirm the next round of talks is set for late September. Joint Secretary Darpan Jain detailed recent discussions covering all 21 chapters of the proposed FTA, with notable progress in government procurement, digital trade, technical barriers to trade, and goods market access. Inter-sessional meetings planned for July and August aim to sustain momentum. Resumed in June 2022 after an eight-year hiatus, the India-EU FTA discussions have gathered considerable pace. Besides…

Nigeria Customs Service (NCS) has forged a partnership with the World Customs Organisation (WCO) and the Nigerian Energy Support Group to introduce and educate stakeholders on advanced ruling systems in the trade sector. During an event in Lagos, Comptroller-General of Customs Adewale Adeniyi, represented by Zone A Coordinator Saidu Yusuf, underscored the advanced ruling system’s role as a crucial global trade facilitation tool. This platform enables importers or their representatives to apply to the NCS for rulings on the classification, valuation, origin, or status of their consignments. According to Yusuf, this system determines whether products to be imported are covered…

40Seas, a frontrunner in global B2B payment solutions, unveils its cutting-edge Global Accounts Receivable (AR) platform, set to transform credit, risk, and invoice management across international trade. This advanced solution consolidates invoice data within an intuitive dashboard, enabling enterprises to track payment statuses, manage due dates, and expedite invoice approvals, thereby reducing payment delays. Seamless integration with ERP and accounting software ensures streamlined reconciliation, aligning invoices with purchase orders and delivery receipts in real-time. Supporting payments via credit card, direct debit, or digital wire transfers across multiple currencies, the platform enhances transactional flexibility. 40Seas also empowers businesses to offer extended…

Bangladesh and Vietnam are set to experience serious growth in cotton consumption and trade over the next decade. Competitive labor and production costs drive this surge, as detailed in the ‘OECD FAO Agricultural Outlook 2024-2033’ report by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) of the United Nations. Demand from textiles and apparel sectors, combined with competition from synthetic fibers, will shape raw cotton consumption. The report predicts a 2.1% annual rise in world cotton trade, reaching 12.4 million tonnes by 2033. This increase is fueled by heightened mill use in Bangladesh…

Trade tensions between Beijing and Brussels have reached a new peak as China announced an investigation to counter the European Union’s (EU) probe into Chinese subsidies. This escalation marks a significant development in the ongoing trade dispute, with both sides accusing each other of unfair practices. The European Union recently targeted China’s support for its renewable energy and electric vehicle sectors, alleging market distortion through subsidies. In response, China’s Commerce Ministry declared on Wednesday the initiation of a trade and investment barrier investigation into the EU’s actions against Chinese enterprises. This investigation, requested by China’s Chamber of Commerce for Import…

Indonesian Trade Minister Zulkifli Hasan announced the shipment of areca nuts from Jambi province to Saudi Arabia and Bangladesh on July 13, 2024. Indonesia, the foremost global exporter of areca nuts, supplies 35% of the world’s demand, strengthening its market dominance with this move. At the export ceremony in Kumpeh, Muaro Jambi, Hasan emphasized the significance of Jambi as a major production hub. He declared that this region stands as a leading center for areca nut cultivation. The goal is to ensure this vital commodity remains competitive internationally. The Trade Ministry’s commitment extends to enhancing national exports by expanding market…

Global trade faces major disruption as exporters globally grapple with an unusual shipping container shortage, driven by escalating trade tensions between China and Western economies Tariffs Trigger Container Crunch The European Union’s 37.6% tariffs on Chinese electric vehicles (EVs) took effect on Friday, followed closely by impending US tariffs set to begin on August 1. These US measures are particularly severe, imposing up to 100% tariffs on Chinese EVs and 50% on semiconductors. Chinese exporters, racing to ship goods before these tariffs take hold, have dramatically increased the demand for shipping containers. China’s dominant role in global trade exacerbates the…

Pakistan’s government has taken a major step to regulate the wheat market by banning wheat imports and flour exports. This decision was announced on Friday following a notification from the Ministry of Commerce. A surplus caused by excessive wheat imports necessitated this policy change. The government has revised its Import and Export Policy Orders 2022 to enforce the ban, which now includes a prohibition on exporting flour made from imported wheat. Previously, the federal government had allowed conditional export of flour produced from imported wheat under the Export Facilitation Scheme 2021. This policy shift aims to address the current surplus…

Morocco has officially entered the global medical cannabis trade, sending its first legal cannabis shipment to Switzerland, one of the globe’s most lucrative cannabis markets. This consignment, valued at approximately 1,400-1,800 euros per kilogram, comprised cannabis resin with a THC content below one percent, as reported by Morocco World News. Following the establishment of a legal framework in 2021, the country has paved the way for a regulated cannabis industry. The National Agency for the Regulation of Cannabis Activities (ANRAC), oversees this burgeoning sector, unlocking economic opportunities for thousands of farmers who previously engaged in illicit cultivation. Legalization not only…

The Philippines is set to reap substantial benefits from India’s anticipated decision to lift rice export restrictions, as highlighted by Japan-based Nomura Global Markets Research. This policy shift is expected to stabilize global rice prices, providing critical relief to rice-importing nations, particularly the Philippines. Expectations of Policy Change India, which once accounted for 35% of global rice exports, may soon relax its export bans. Factors such as a promising harvest, ample rice buffer stocks, and softening rice price inflation in India underpin this potential policy adjustment. Implementation of this change is projected to cool global rice prices, aiding numerous rice-importing…