Author: Editorial Desk

India’s government has initiated stringent factory inspections at major spice producers MDH and Everest following international bans triggered by pesticide contamination claims. This move reflects a concerted effort to uphold quality standards across its significant spice export sector. Commanding about 12 percent of worldwide spice exports, India’s role as a key player in the international spice market is undisputed, with trade values reaching $4.25 billion last year according to the Global Trade Research Initiative (GTRI). The integrity of Indian spices is crucial given their extensive use globally. Reports from The Economic Times indicate that the Spices Board of India has…

The first four months of 2024 have seen a dramatic increase in electric car imports to Azerbaijan, signaling a strong national shift toward sustainable transport. This trend aligns with a global movement as countries and manufacturers increasingly adopt electric vehicles. Electric Vehicle Growth Dynamics: Between January and April 2024, Azerbaijan welcomed 1,0 12 electric vehicles, significantly more than the previous year’s count during the same period, which stood at 568. This spike is part of a broader adoption trend, bolstered by favorable government policies like flexible credit terms for new electric cars and an expanding infrastructure of charging stations. Economic…

Pakistan and Turkiye have pledged to increase their bilateral trade from $1 billion to $5 billion, signifying a robust commitment to enhance economic and defense cooperation. This announcement emerged during Turkish Foreign Minister Hakan Fidan’s state visit to Pakistan, signaling a milestone in the longstanding alliance between the two countries. At a press briefing in Islamabad, Turkish Foreign Minister Hakan Fidan, alongside Pakistani counterpart Ishaq Dar, declared the revised trade target. Fidan’s visit, beginning Sunday, focuses on expanding collaborative efforts across various sectors such as defense, banking, science, technology, and innovation. This revised trade objective traces back to an initiative…

Indonesia is pressing New Zealand to drop a protracted World Trade Organization (WTO) dispute concerning food import, asserting that it has aligned its regulations with the global trade authority’s directives. Initiated by New Zealand in 2014, the conflict, coded as DS477, arose from Indonesia’s import controls on horticultural, animal products, and beef, which New Zealand argued violated WTO standards. The issue was a focal point during a bilateral discussion between Indonesian Trade Minister Zulkifli Hasan and New Zealand’s Minister for Building and Construction Chris Penk at the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Peru. Indonesia leveraged this…

Dubai: The 17th edition of the International Apparel and Textile Fair (IATF) kicks off today at the Dubai World Trade Center, marking a significant event in the fashion industry calendar. The fair, which runs until May 22nd, showcases a wide range of products, including apparel, fabrics, accessories, footwear, and home textiles. IATF is recognized as the leading platform in the UAE for sourcing and showcasing the latest trends in the fashion and textile industry. This year’s event features over 400 exhibitors from across the globe, including Turkey, China, India, and Italy, among others. The fair is expected to attract over…

Recent trade study from the Sino-Russian Laboratory for Assessing the Consequences of Intercountry Trade Wars highlight a stark contrast among global economies’ capacities to endure a total trade blockade. Conducted at China’s National Supercomputing Center, this research employed mathematical models to predict the impact of comprehensive economic sanctions on 19 principal world economies, measuring potential GDP losses absent trade opportunities. Results indicate severe repercussions for major European nations with Germany poised to suffer the most, facing an estimated 8.1% shrinkage in GDP. Close followers include South Korea and Mexico, alongside France, with their economies projected to contract significantly by 6%…

South Korean ramen exports have shattered previous records, crossing the $100 million mark monthly for the first time, primarily propelled by the international craze for Samyang Foods’ Buldak Ramens, known globally as ‘Hot Chicken Flavor Ramen.’ Data released by the Korea Customs Service indicate that ramen exports soared to $108.6 million in April, registering a robust 46.8% increase from the same month in the previous year. This significant leap represents the most substantial year-on-year escalation since May 2022. The international allure of Korean culture, fueled by the success of Korean entertainment, has significantly increased the appetite for Korean ramen. At…

Vietnam and France convened for the 8th session of the Vietnam-France High-Level Dialogue on Economy in Paris, underlining their commitment to fortifying economic ties. The meeting, co-chaired by Vietnam’s Deputy Minister of Planning and Investment Tran Quoc Phuong and French Minister Delegate for Foreign Trade Franck Riester, spotlighted the evolving dynamic relationship between the two nations. Minister Riester emphasized the dialogue’s critical role in advancing the 11-year strategic partnership that spans various sectors. He pointed out the necessity for both nations to amplify efforts to tackle global challenges and propel bilateral relations toward sustainable, comprehensive growth. Riester recognized Vietnam as…

At the 30th APEC Trade Ministers’ Meeting in Peru, Indonesian Trade Minister Zulkifli Hasan advocated for a trade framework emphasizing inclusivity, sustainability, and equity within the Asia-Pacific Economic Cooperation (APEC) framework. Minister Hasan outlined the necessity for these principles to drive sustainable development and reciprocal benefits across participating economies. His comments, extracted from a press release by his office, underscored the essential role of the multilateral trade system, with the World Trade Organization (WTO) at its helm, especially during periods of global economic instability and strained international relations. He called on APEC trade ministers to reinforce their support for the…

The UK has advanced a crucial phase towards joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as announced by Trade Policy Minister Greg Hands during a meeting in Arequipa, Peru. This early accomplishment highlights the UK’s dedication to expanding its trade reach. Joining CPTPP, a trade bloc set to represent 15% of global GDP with the UK’s participation, allows over 99% of current UK goods exports to CPTPP members to benefit from tariff-free trade. Encompassing 500 million consumers across major economies, the agreement promises vast potential for increased trade. Business and Trade Secretary Kemi Badenoch signed the deal…