Author: Editorial Desk

The World Trade Organisation (WTO) has issued a stern warning against escalating trade tensions after US President Donald Trump threatened to impose higher tariffs on goods imported into the United States. WTO Chief Ngozi Okonjo-Iweala urged nations to exercise restraint, cautioning that a retaliatory tariff war could have disastrous consequences for the global economy. Speaking on Thursday at the World Economic Forum in Davos, Switzerland, Okonjo-Iweala appealed for calm, emphasizing the importance of avoiding hasty responses. “Please let’s not hyperventilate. I know we are here to discuss tariffs. I’ve been saying to everybody: could we chill, also. I just sense…

A trade official from the Philippines has highlighted the country’s openness to deepening trade ties with China despite ongoing political tensions, including a protracted dispute over sovereignty in the South China Sea. Glenn Penaranda, commercial counselor at the Philippine consulate in Shanghai, expressed optimism about Chinese investments in key sectors such as electric vehicles (EVs), renewable energy, smart manufacturing, electronics, and agriculture. Penaranda noted that the Philippines could serve as a strategic manufacturing hub for exports to major markets, including the United States and the European Union. “The Philippines can be another location or platform for manufacturing for export to…

According to Michael Lewis, CEO of German utility Uniper, increased exports of liquefied natural gas (LNG) from the United States to Europe, as advocated by President Donald Trump, are set to alleviate tight global gas markets, lower prices, and provide traders with more diverse supply options. “When Trump sends more gas to Europe, it will reduce the world gas price,” Lewis stated during an interview at the Handelsblatt Energy Summit. He highlighted the potential benefits for German industry and consumers, noting that “it means lower energy prices for German industry and customers, that’s why it’s positive.” The comments come after…

Kosovo has entered into a notable Free Trade Agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. The agreement was signed during a ceremony held in Davos, Switzerland, attended by EFTA representatives and Kosovo’s Prime Minister, Albin Kurti. The agreement removes customs tariffs on goods exported from Kosovo to EFTA member states, significantly boosting trade opportunities. Until now, Kosovo’s local producers have faced customs duties of up to 10%, which has placed additional financial burdens on their exports. With the new agreement, Kosovar products can access EFTA markets tariff-free, enhancing their competitiveness. This milestone deal…

The Department of Commerce, Government of India, has launched the Diamond Imprest Authorisation (DIA) Scheme to enhance India’s global competitiveness in the diamond sector. The scheme will take effect on 1st April 2025 and aims to support exporters and sustain the growth of the domestic diamond industry through duty-free imports of Natural Cut and Polished Diamonds under specific conditions. Piyush Goyal, Minister of Commerce & Industry, initially revealed the government’s decision to reintroduce the Diamond Imprest Licence (DIL) at the IIJS Premiere 2024 in Mumbai on 10th August 2024. Key Features of the DIA Scheme Duty-free import of Natural Cut…

US President Donald Trump announced plans on Tuesday to impose tariffs on the European Union (EU), citing trade imbalances, while warning that a 10 percent tariff on Chinese imports could be implemented as soon as February 1. Speaking to reporters at the White House shortly after his inauguration, Trump criticized the EU’s trade practices and Beijing’s role in fentanyl trafficking. “They treat us very, very badly. So they’re going to be in for tariffs,” Trump said, asserting that imposing duties is the only way to achieve fairness in trade. Trump also accused the EU of insufficiently importing American goods, suggesting…

Vietnamese exporters have proactively diversified their markets from the start of the year to mitigate risks, anticipating potential global tax increases, according to industry insiders and experts. Nguyễn Phi Long, Chairman of the members’ council at Saigon Industry Corporation (CNS), revealed that the company had prepared contingency plans for higher tariffs. CNS, a leading exporter of high-quality plastic products and molds, primarily serves markets in Europe and the United States. “Trade defence investigation, however, has become a real concern,” Long stated, highlighting the increasing challenges posed by global trade policies. Rising Trade Defence Cases In 2024, the United States initiated…

Morocco, long recognized as the world’s leading producer and exporter of cannabis, is increasingly becoming a key hub for international cocaine trafficking. This growing concern was underscored by a recent Spanish security operation that seized nearly three tons of cocaine smuggled into Spain via the Guadalquivir River. The operation, led by Spain’s National Police and Civil Guard, targeted a group of traffickers attempting to smuggle the cocaine alongside four military-grade weapons. According to Spanish news outlet El Faro de Ceuta, the traffickers had used a warehouse in La Puebla del Río, Seville, as a storage site. Authorities arrested four individuals…

The South Korean drone industry witnessed an impressive growth in exports last year, surging by 260% to reach $27.54 million, as reported by the Korea International Trade Association. This significant increase is largely credited to mounting restrictions on Chinese-made drones in the United States, propelling Korean drones into the spotlight as a competitive alternative on the global stage. The U.S. emerged as the largest market for Korean drones, accounting for $11.67 million, or 42.3%, of total exports. The demand spike follows heightened scrutiny by the U.S. Department of Commerce on Chinese drone regulations and the U.S. House of Representatives’ passage…

The Kazakh Ministry of Agriculture has banned potato exports to non-Eurasian Economic Union (EAEU) countries for six months. Announced in a statement released on Sunday, the decision, effective immediately, aims to stabilize domestic potato prices. The ministry attributed the move to a significant surge in potato exports, which have increased by 1.5 times this year due to heightened demand from neighboring countries and higher export prices. This surge has placed pressure on local markets, leading to concerns about potential price hikes and market instability. The export restriction will not apply to trade within EAEU member states, allowing regional trade to…