Author: Editorial Desk

The United Kingdom’s decision to temporarily suspend the 8% Global cut flower tariff marks a significant development for Kenya’s floriculture sector. Announced by the British High Commission, this two-year elimination of the UK Global Tariff (UKGT), effective from April 11, 2024, to June 30, 2026, promises zero tariffs on unlimited quantities of flowers, even those transiting through third countries. This policy adjustment aims to streamline trade and reduce costs for East African growers and others worldwide. Previously subjected to an 8% tariff when transiting through third nations, flower exports can now reach the UK market under more favorable economic terms.…

The World Trade Organization (WTO) unveiled predictions on Wednesday, forecasting a progressive surge in global commerce throughout the current year, extending into 2025. This rebound signals an easing of the negative impacts associated with elevated inflation rates, as delineated in the organization’s ‘Global Trade Outlook and Statistics’ report. Projections indicate a 2.6% escalation in total global trade volumes for 2024, with an additional 3.3% upswing anticipated for 2025. These figures contrast sharply with the preceding year’s 1.2% contraction, a consequence primarily attributed to the fallout from inflationary pressures and the repercussions of escalated interest rates on international commerce. Ralph Ossa,…

China has announced its intention to strengthen cooperation with Russia, particularly in maintaining international industrial supply chains, in light of the sanctions imposed by Western countries. This announcement came during a joint news conference in Beijing, where Chinese Foreign Minister Wang Yi and his Russian counterpart, Sergey Lavrov, had discussions. Wang emphasized China and Russia’s mutual stance against economic decoupling and the creation of barriers in supply chains. This comes as the United States has intensified restrictions on exports of advanced semiconductors to China among other economic security measures. Lavrov highlighted the unprecedented level of partnership and strategic interaction between…

Uzbekistan’s Ministry of Agriculture, addressing concerns regarding potential sugar scarcities due to Russian export restrictions, confidently asserts the nation’s sugar supply stability. Annual sugar consumption within Uzbekistan ranges from 650,000 to 700,000 tonnes, a demand comfortably surpassed by the country’s prolific sugar production infrastructure. Leading entities like Angren Shakar and Xorazm Shakar elevate national output beyond 900,000 tonnes annually, not merely satisfying local requirements but also fortifying reserves against global market shifts. These industrial powerhouses collectively dispatch around 2,100 tonnes of sugar into the marketplace daily, a stark contrast to the modest average sales tally of 300 tonnes. Such productive…

Era-defining globalization coupled with the imperatives of streamlined supply chains heralds Vietnam’s emergence as a critical logistics nexus. Demonstrating unequivocal commitment to enhancing its logistics framework—a linchpin of economic advancement—forty-five provinces and cities across Vietnam have unfurled logistics service development plans. Concurrently, forty-seven locales report on robust logistics activity implementation over the preceding annum, showcasing a national endeavor towards infrastructural fortification. A recent convocation in Hà Nội by the Agency of Foreign Trade (AFT) under the Ministry of Industry and Trade (MoIT) brought together municipal and provincial departments to deliberate on logistics sector oversight. AFT Director Nguyễn Anh Sơn spotlighted…

The Philippine Department of Trade and Industry (DTI) recently announced the dispatch of the second mango export to Australia. This event is not only a significant achievement for the Philippines’ agricultural sector but also a strong indicator of the growing trade relationship between the Philippines and Australia. The announcement highlighted the trade partnership’s remarkable progress, with bilateral commerce reaching an impressive $4.1 billion in 2023, demonstrating a 20% increase compared to the previous year. Trade Secretary Alfredo Pascual articulated confidence in the venture’s capacity to bolster the bilateral trade framework, noting the global acclaim of Philippine mangoes for their superior…

A remarkable resurgence characterizes Bangladesh’s leather export sector, as evidenced by recent data from the Export Promotion Bureau (EPB). The nation secured $100.40 million from sales of semi-finished leather during July-March of the 2023-24 fiscal year, registering a 9.8 percent ascent over the corresponding period the previous year. This uptick in exports predominantly stems from increased Chinese demand for semi-finished leather, a strategic move to maintain competitive edge amidst US trade tensions. Industry experts highlight China’s import strategy, involving the procurement of semi-finished leather from Bangladesh for further processing and manufacturing into finished goods in Vietnam and Cambodia. This method…

Brazilian Foreign Minister Mauro Vieira endorsed Bangladesh’s proposition for a Preferential Trade Agreement (PTA) with MERCOSUR during a seminal visit to Dhaka. This trade deal marks a commitment to deepen economic ties and foster private sector interaction between the two nations and the wider MERCOSUR bloc. The proposition gained momentum at a bilateral discourse with Bangladesh’s Foreign Minister Hasan Mahmud at state guesthouse Jamuna, signifying a critical juncture in diplomatic engagements. The ministers concurred on initiating the negotiation process for the MERCOSUR-Bangladesh PTA promptly, aiming to solidify economic alliances and mutual development strategies. Unveiling New Economic Pathways MERCOSUR, comprising Argentina,…

The Maldives’ Foreign Minister Moosa Zameer publicly lauded India and its External Affairs Minister, Dr. S. Jaishankar, for renewing export deal essential for the island nation for the forthcoming years, 2024 and 2025. This gesture transcends mere trade agreements, embodying the profound fellowship and reciprocal respect that form the bedrock of Indo-Maldivian relations. It also serves as a testament to India’s unwavering adherence to its ‘Neighbourhood First’ and SAGAR (Security and Growth for All in the Region) initiatives. Zameer’s acknowledgment, conveyed through a poignant message on the social media platform X, underscored the import of India’s decision, “I sincerely thank…

The global onion market confronts unprecedented turmoil, evidenced by escalating prices in the Philippines, export restrictions from erstwhile leaders like India, and a marked increase in Pakistani imports. This scenario prompts discussions around the resilience of existing supply chains and the emergence of new market entrants. Deciphering the Asian Onion Shortfall Attributable to a complex interplay of climatic adversities, economic policies, regulatory frameworks, and demographic shifts, the scarcity of onions in Asia represents a multifaceted challenge. Climate change emerges as a formidable adversary, with environmental fluctuations precipitating considerable crop failures and diminished yields, particularly affecting India’s output. The year 2022…