Author: Editorial Desk

Turkey announced a complete cessation of trade with Israel, attributing the decision to the ongoing ‘humanitarian tragedy’ within Gaza. The Turkish trade ministry issued a statement late Thursday declaring an indefinite halt to all import and export activities related to Israel, encompassing a broad range of products and sectors. This drastic measure follows initial restrictions introduced in April when Turkey stopped exporting iron, steel, and construction equipment to Israel. “Turkey will strictly and decisively implement these new measures until the Israeli government allows an uninterrupted and sufficient flow of humanitarian aid to Gaza,” the ministry articulated. This development escalates the…

Vietnam achieved a critical milestone in global trade integration with the departure of its first international freight train from Cao Xá Railway Station in Hải Dương Province. This event marks a significant upgrade in Vietnam’s logistical capabilities and positions the nation more strategically within the international trading landscape. Previously serving domestic routes, Cao Xá Station now facilitates international cargo transport, linking with global trade networks. The inaugural journey saw a train laden with 12 containers of sulphur, aluminium, and milk products from Hải Dương, Hưng Yên provinces, and Hải Phòng City, destined for Yên Viên Station. This connection is essential…

India and Nigeria have resolved to accelerate the formulation of a local currency settlement system, a decision reached during the recent India-Nigeria Joint Trade Committee (JTC) session held on April 29-30 in Abuja, Nigeria. This marked the committee’s reconvening after a five-year hiatus, under the leadership of Amardeep Singh Bhatia, Additional Secretary in the Indian Commerce Ministry. This strategic development aims to fortify economic connections by enabling transactions directly in Indian Rupees and Nigerian Naira, thus bypassing traditional foreign currency dependencies. The anticipated benefits include streamlined trade processes, reduced transaction costs, and enhanced liquidity for businesses operating within both nations.…

A partnership among Better Cotton, the World Trade Organization (WTO), and FIFA—under the banner of Partenariat pour le Coton—aims to redefine cotton production dynamics within West and Central Africa. This coalition, seeks to shift the prevalent model of exporting primarily raw cotton to fostering a robust, locally-driven processing industry. Fueled by funding from the African Export-Import Bank (Afreximbank), Better Cotton will initiate comprehensive sustainability assessments across Mali and Côte d’Ivoire. These strategic evaluations are tailored to pinpoint smallholder cotton farmer needs, facilitating precise support and promoting the cultivation of sustainable, regenerative cotton. This initiative marks a strategic pivot towards amplifying…

UK Export Finance (UKEF) introduced a strategic plan poised to significantly elevate British exports and stimulate economic growth. The 2024-2029 Business Plan sets ambitious targets to secure over £12.5 billion in new contracts for UK companies and to inject £5 billion into domestic operations by 2029. As the nation’s export credit agency, UKEF is pivotal in enabling UK enterprises to thrive globally by providing essential finance and insurance solutions. This strategy notably supports 1,000 small and medium-sized enterprises (SMEs) each year by 2029, through partnerships with the Department for Business and Trade, British Business Bank, and local Chambers of Commerce.…

United Arab Emirates (UAE) and Ukraine cemented the terms of their Comprehensive Economic Partnership Agreement (CEPA). This trade deal announcement came on Monday, April 29, through a dispatch from the state news agency WAM, marking a milestone in economic diplomacy between the two nations. Following robust negotiations, a joint statement was issued by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, alongside Yulia Svyrydenko, Ukraine’s First Deputy Prime Minister and Minister of Economic Development and Trade. The accord promises to dismantle or diminish tariffs on pivotal product lines, eradicate trade barriers, and enhance market accessibility…

A coalition of U.S. ceramic tile suppliers recently urged the federal government to impose significant tariffs on Indian tiles, alleging that these imports benefit from Indian government subsidies, which distort the domestic market. The Department of Commerce has initiated an investigation into these allegations. Over the last decade, the volume of ceramic tiles imported from India to the U.S. has increased dramatically, escalating from a mere 344,000 square feet in 2013 to nearly 405 million square feet by the end of 2023. Representing over 90% of U.S. tile production, the Coalition for Fair Trade in Ceramic Tile (CFTC) is pushing…

International trade dynamics are experiencing profound transformations, particularly within the air freight sector, as Chinese e-commerce platforms like Shein and Temu captivate American consumers. This burgeoning demand is triggering a sharp rise in air cargo prices from China to the U.S., diverging from the global trend of declining rates and spotlighting emerging logistical challenges. Contrary to the typical post-holiday slowdown in cargo activity, this year presents an anomaly driven by the increased preference for Chinese goods among U.S. consumers. Distinct from U.S. e-commerce entities that distribute products from domestic warehouses, Shein and Temu transport their goods directly from Chinese factories…

Vietnam maintains its position as the principal cinnamon exporter worldwide, dispatching nearly 90,000 tonnes last year to generate over $260 million. This represents a 14.6% boost in volume but a 10.7% reduction in value relative to 2022, with an average price drop of 22.1% to $2,918 per tonne. India tops the list of Vietnamese cinnamon importers, buying over 38,000 tonnes, or 42.6% of Vietnam’s total exports. The U.S. and Bangladesh follow, with imports exceeding 10,100 tonnes and approaching 6,000 tonnes, respectively. Early this year, Vietnam secured $30 million from exporting 10,500 tonnes of cinnamon. Hoang Thi Lien, president of the…

Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, convened with Tiit Riisalo, Estonia’s Minister of Economic Affairs and Information Technology, within the UAE to propel trade and investment relations forward. The dialogue between UAE and Estonia focused on sectors poised for growth, emphasizing enhanced cooperation in digitization, advanced technologies, AI, and health-tech. Bilateral trade between the UAE and Estonia surged by 76.2 percent to $176.3 million in 2023, up from $100.1 million the previous year. This meeting served to capitalize on this growth and solidify commitments to deeper economic connections and open, rules-based trade. Both ministers were pleased…