Author: Editorial Desk

Nigeria and Turkey have embarked on an ambitious mission to deepen their economic relationships, with both nations exploring joint ventures and technological collaborations. The inaugural Turkey-Nigeria Business and Investment Forum, hosted recently in Lagos, provided a pivotal platform for these discussions. Daniel Deji Ayodele, the founder of the Mind Shift Empowerment and Employment (MEE) initiative and the convener of the summit, emphasized the strategic role of the forum in strengthening trade ties and attracting foreign direct investment between the two countries. Ayodele presented Nigeria as a prime gateway for Turkish enterprises looking to expand into Africa and the Sahel region,…

Canada has raised significant issues regarding Bangladesh’s methodology in finalizing its upcoming Import Policy Order (2025-2028) without adhering to established World Trade Organization (WTO) protocols. Documents released by the Canadian High Commission in Bangladesh underscore the lack of formal WTO notification, a crucial step that allows global trading partners a standard 60-day period for commentary. Set to supplant the existing regulations by June 30, 2024, the proposed Import Policy Order is under development. The Canadian High Commission stresses the necessity of notifying this draft to the WTO to ensure ample review and input, deeming it essential for refining the policy’s…

Thailand has reestablished its preeminence in the fresh durian export to China, with shipments exceeding 121,398 tonnes by April 2024. Data from the Global Trade Atlas (GTA) corroborates this trend, also revealing a significant uptick in mango exports to South Korea, propelled by advantageous trade policies. Government spokesperson Chai Wacharong reported that recent data from Thailand’s Ministry of Commerce not only reaffirms Thailand’s critical role in the durian market but also positions it well ahead of Vietnam, which exported 79,186 tonnes valued at $369 million. Thailand’s durian exports to China stood at an impressive $717 million (26.3 billion baht). From…

Ethiopia has embarked on a transformative journey within its agricultural sector, launching the Integrated Export and Import Certification System (IEICS), or e-Phyto system. Developed through a partnership between the Ethiopian Agricultural Authority (EAA) and TradeMark Africa (TMA), this digital platform aims to redefine the trade process for agricultural exports and imports. With funding of ETB 9.1 million (€149k) from the European Union via the Agence Française de Développement (AFD), this shift from conventional paper-based processes to a digital framework promises substantial reductions in transaction costs and carbon emissions. The e-Phyto system seeks to eliminate outdated manual and paper-based certification methods,…

Annually, billions of dollars worth of African gold bypass legal channels, predominantly heading to Dubai before subsequent re-exportation globally, according to a recent Swissaid report. This extensive study spans data from 2012 to 2022, revealing that annually, 321-474 tonnes of primarily artisanally mined gold go unrecorded, representing an estimated $24-$35 billion in value. Africa, as the premier continent for gold production, saw Ghana, South Africa, Mali, and Burkina Faso leading in 2022. Yet, this wealth generates complex challenges. Swissaid’s findings indicate that smuggling activities have more than doubled over the last decade. The NGO delineates gold’s multifaceted impact: providing essential…

EU states have enacted decisive tariffs on grain imports from Russia and Belarus as part of an escalated effort to sever financial support for Moscow’s military operations against Ukraine. Announced on Thursday, these tariffs align with the European Union’s ongoing sanctions strategy initiated after Russia’s invasion of Ukraine in 2022. Valdis Dombrovskis, the EU’s trade commissioner, emphasized via social media that these tariffs target the illicit flow of stolen Ukrainian grain into EU markets. The scope of this measure extends to Belarusian products, reflecting Belarus’s involvement as a staging area for attacks on Ukraine. The tariffs exempt Russian grain transiting…

China will commence imports of Argentine corn following recent regulatory clearances, heralding a boost in bilateral trade ties. Reports from Wednesday confirm the approval for entry of two genetically modified corn varieties from Argentina, positioning the South American nation, a major global corn supplier, to penetrate the Chinese market anew. The agreement restarts corn trade between these nations after a hiatus, with initial shipments potentially starting by July. The resumption transcends mere commerce, marking a significant step in fortifying bilateral relations through augmented agricultural trade, as noted by sector experts. Jiang Shixue, a professor at the Shanghai University Center for…

The World Trade Organization (WTO), alongside the Food and Agriculture Organization (FAO), nonprofit SSAFE, the International Seed Federation (ISF), and a cadre of experts spanning food safety and crime, has issued a pivotal guide addressing the persistent challenges of food fraud and illicit trade in foodstuffs. This comprehensive document elucidates the complexities surrounding these illegal activities and articulates the proactive roles that the WTO’s rulebook can play in mitigating such malpractices. Defined within the publication, food fraud and illicit food trade involve the sale and distribution of misrepresented food products or those failing to meet regulatory standards concerning quality and…

Over 1,000 global leaders gathered from May 21 to 24, 2024, for the inaugural United Nations Global Supply Chain Forum. Hosted by UN Trade and Development (UNCTAD) alongside the Government of Barbados, the conference aimed to tackle significant disruptions across international trade routes. Distinguished attendees included UN Deputy-Secretary General Amina Mohammed, Barbados Prime Minister Mia Amor Mottley, and UNCTAD Secretary-General Rebeca Grynspan. The forum’s discussions zeroed in on fortifying global production and distribution networks against the backdrop of climate change, geopolitical conflicts, and persistent COVID-19 impacts. A key focus was the strategic enhancement of port operations to ensure their continued…

New Delhi: World Trade Organization (WTO) members, including the United States and the United Kingdom, have raised concerns over India’s $48 billion farm input subsidies for the fiscal year 2022-23. According to Indian officials, the increase in subsidies is primarily due to inflation and the rising costs of fertilizers. During a meeting of the WTO’s Committee on Agriculture on May 23-24, these concerns were brought to the forefront. “India explained that the input subsidies are mainly for power, irrigation, and fertilizers and that the increase was due to inflation and rising costs of fertilizers. It insisted that the information had…