Author: Editorial Desk

The Nigerian Association of Master Mariners (NAMM) commends the Federal Government’s Trade Modernisation Project for its efficient cargo clearance at the nation’s ports. During a recent briefing in Lagos, Captain Tajudeen Alao, President of NAMM, underscored the initiative’s role in enhancing effectiveness and elevating Nigeria’s global standing. Boosting Efficiency and Revenue This 20-year concession agreement, signed on May 30, 2022, between the Federal Government and Trade Modernisation Project, promises to digitize the Nigeria Customs Service. Captain Alao highlighted the expected surge in internally generated revenue (IGR) and the alignment of Nigeria with global technological advancements. Global Technological Parallels Drawing on…

The Canadian government’s reported strategy to impose tariffs on Chinese EV imports, mirroring actions by the United States, has stirred major concern among industry experts. They predict potential disruptions to Canada’s green initiatives, investor confidence, and already fragile diplomatic relations with China. Sources close to the matter reveal that Prime Minister Justin Trudeau’s administration is gearing up to announce public consultations on these proposed tariffs. This move would align Canada with recent US and European Union decisions to penalize Chinese-made EVs. Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, criticizes this approach.…

The Latvian beer industry has seen a strange downturn, shifting from a nation renowned for beer-making to one dominated by imports. Reinis Pļaviņš, chairman of the Latvian Society of Independent Brewers (LNAB) and manager of the Labietis brewery revealed that 60% of beer consumed in Latvia now comes from abroad. Since 2016, imported beer has outpaced locally brewed beer, undermining the interests of small brewers and the Latvian economy. “Of the 150-160 million litres consumed, 100 million litres was imported,” Pļaviņš noted. This marks a major departure from Latvia’s historical prominence in beer exportation. Over 150 years ago, Latvia exported…

During the Global Business Forum hosted by Seoul, First Vice Industry Minister Kang Kyung-sung highlighted the major role of exports within South Korea’s economic framework, emphasizing the teamwork between the government and the corporate sector to hit export goal of $700 billion this year. Given the nation’s heavy dependence on exports, a robust 9.6 percent rise from January to May positions South Korea to eclipse its previous peak of $683.6 billion set in 2022. Kang showcased the adept negotiation strategies that enabled Korean automotive leaders Hyundai Motor and Kia to sustain their U.S. market presence despite initial challenges posed by…

BudPay’s advanced fintech solutions are reshaping the business landscape of Africa, linking them to global trade opportunities through robust payment infrastructure. The company’s vision aims to bridge local enterprises with international markets, driving economic growth across the continent. Wale Hassan, Chief Executive Officer of BudPay, emphasized the major impact of their fintech innovations. BudPay’s tailored infrastructure addresses the dynamic needs of the African market, enabling corporates, SMEs, and startups to process payments across over 100 countries. “We are humbled and at the same time proud to have earned the trust of over 20,000 businesses across three markets in the last…

The World Trade Organization (WTO) has revealed the major harm caused by illicit trade, which suppresses economic growth, undermines legitimate businesses, fosters corruption, and strips governments of crucial tax revenue. Director-General Ngozi Okonjo-Iweala leads the WTO’s efforts to explore how international rules can help countries combat these challenges. A recent report on illicit trade in medical products stresses the need for stronger international cooperation and technical assistance. A new WTO publication addresses illicit trade and food fraud, outlining the organization’s role in tackling these issues. This report draws on insights from various organizations, including the Food and Agriculture Organization of…

During Premier Li Qiang’s visit to Malaysia, the two nations signed a groundbreaking agreement to export fresh Malaysian durians to China, celebrating half a century of diplomatic ties. At the administrative capital of Putrajaya, Premier Li and Malaysian Prime Minister Anwar Ibrahim convened for discussions before witnessing the signing of numerous trade and economic agreements. These pacts aim to bolster collaboration across high-level manufacturing and the digital economy, signifying deeper economic integration. A notable accord included a protocol facilitating Malaysia’s initiation of fresh durian exports to China, diversifying Malaysia’s market engagement. Since exporting durian pulp and paste in 2011 and…

Oilmeal exports of India have fallen sharply by 17% in the first two months of the 2024-25 fiscal year, signaling trouble in the agricultural trade sector. The Solvent Extractors’ Association of India (SEA) reports that exports totaled only 7.67 lakh tonnes in April and May, a drop from 9.30 lakh tonnes during the same period last year. May 2024 saw a particularly steep decline, with exports at just 302,280 tons, 31% lower than the 436,597 tons shipped in May 2023. This reduction is closely linked to falling exports of key products such as rapeseed meal and castor seed meal. Diminished…

The European Union’s pork industry is in challenge following the announcement by China’s Ministry of Commerce (MOFCOM) to launch an anti-dumping investigation into EU pork and pig by-products. The investigation initiated at the behest of China’s domestic industry, threatens substantial repercussions for European pork producers. Experts within the industry predict severe and lasting harm if exports of pig by-products to China become restricted. These by-products, which include items like ears, noses, and feet, currently find a vast market in China. Spain’s pork export association, Interporc, has pledged to cooperate fully with the Chinese authorities, highlighting ongoing efforts to secure a…

China’s burgeoning self-sufficiency in dairy production has precipitated major changes across the global dairy trade landscape, according to a recent Rabobank analysis. From 2018 to 2023, China’s domestic dairy output surged by 11 million metric tons, resulting in a stark decrease in whole milk powder (WMP) imports—from an annual average of 670,000 metric tons to just 430,000 metric tons in 2023. Mary Ledman, Global Strategist for Dairy at Rabobank, describes the global dairy sector as dominos, with China’s demand as the pivotal starting point. “If China’s demand falls, it triggers a chain reaction, causing each subsequent domino to topple. This…