Author: Editorial Desk

South Korea at the forefront, showcasing a pronounced inclination towards frozen fruit consumption. The year 2023 set a new benchmark with imports soaring to 64,000 tons, reflecting a 6 percent escalation from the preceding annum. This surge is primarily a response to the prohibitive costs of locally sourced fruits, propelling consumers towards more economically feasible frozen alternatives. Frozen blueberries have captivated 30 percent of the consumer base, with mangoes not far behind at 22 percent, highlighting a transformative phase within the global food market. Economic Constraints and Dietary Evolution Escalating fresh produce prices exert significant pressure on Korean households, necessitating…

The United Arab Emirates (UAE) announces a groundbreaking achievement with its non-oil foreign trade escalating to Dh3.5 trillion in 2023, setting an unparalleled milestone amidst significant global economic fluctuations. This remarkable trade record underscores the UAE’s adeptness at navigating and excelling within the intricate landscape of international trade. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE, and Ruler of Dubai, communicated this extraordinary triumph, highlighting not merely the nation’s economic resilience but its relentless pursuit of growth and distinction. “Today marks a significant milestone as we announce the culmination of our non-oil foreign trade…

As Japan faces economic headwinds with a looming recession threat, Indonesia proactively diversifies its trade horizons, engaging in pivotal trade negotiations to bolster its global market footprint. This strategic endeavor seeks to fortify Indonesia’s economic resilience and expand its international trade engagement. Susiwijono Moegiarso, the torchbearer at the Coordinating Ministry for Economic Affairs, unveils a blueprint for Indonesia’s voyage into expansive trade domains. “The Export Increase Task Force is focusing on expanding market access by encouraging the completion of agreement negotiations, especially the Indonesia-EU CEPA, the opportunity for Indonesia to enter the CPTPP trade block, and Indonesia’s accession to become…

Spearheaded by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, Nigeria embarks automate its export permit process. This initiative unites the Customs Service, Central Bank of Nigeria (CBN), and the Ministry of Finance. The goal is to drive transparency and ensure precise repatriation of export proceeds. This automation marks a pivotal step towards enhancing foreign exchange market liquidity and fortifying the Naira. The CBN’s recent policy adjustment sets price deviation limits for exports and imports at -15% and +15% relative to global averages. This strategic move targets the eradication of over-invoicing practices, historically exploited to siphon foreign exchange from…

Ngozi Okonjo-Iweala, leader of the World Trade Organization (WTO), addressed critics with conviction, emphasizing the institution’s critical importance amidst rising doubts about its effectiveness and overshadowing geopolitical tensions. From the organization’s Geneva headquarters, Okonjo-Iweala is gearing up to spearhead the WTO’s 13th ministerial meeting in Abu Dhabi, slated for February 26 to 29, with aspirations of finalizing pivotal agreements despite formidable challenges. This biennial congregation of WTO members’ trade ministers in Abu Dhabi seeks to wrap up negotiations on an expansive fisheries deal among other urgent global trade matters. Yet, the route to consensus is laden with complexities as member…

Chery, the renowned Chinese state-owned automobile behemoth, unveiled an ambitious plan to catapult its presence within Southeast Asia through the exportation of Indonesia-assembled vehicles to Vietnam and the Philippines. This move signifies a pivotal advancement in Chery’s Southeast Asian market infiltration efforts, utilizing the region’s trade agreements to augment competitiveness and extend market footprint. Collaborative Ventures for Economic Growth Chery’s Indonesian operations are executed in partnership with local entity Handal Indonesia Motor, focusing on joint assembly processes. This collaboration entails Chery supplying automobile components for assembly at Handal’s facilities in Indonesia, encompassing the assembly of Chery’s electric vehicle (EV) model,…

The United Kingdom and Nigeria formalized an unprecedented economic accord, marking a seminal moment in bilateral relations with far-reaching implications for African engagement. UK Trade Secretary Kemi Badenoch and Nigerian Trade Minister Doris Nkiruka Uzoka-Anite signed the Enhanced Trade and Investment Partnership (ETIP) during Badenoch’s visit to Nigeria on February 13. This pact aims to escalate economic ties between these nations, fostering sustainable development and mutual prosperity. Uniquely, the ETIP represents the first alliance of its kind between the UK and an African nation, aspiring to amplify the UK-Nigeria trade relationship to a £7 billion benchmark. This ambitious initiative will…

Prime Minister Narendra Modi’s recent mission to the United Arab Emirates has set a new precedent for India-UAE relations, marking a significant leap in strategic and economic engagement between the two nations. His visit, spanning two days, involved deep-seated conversations with UAE President Sheikh Mohamed bin Zayed Al Nahyan, leading to the signing of eight critical agreements. These accords aim at deepening bilateral investments and kick-starting the ambitious India-Middle East-Europe Economic Corridor (IMEEC) initiative. The dialogue between Modi and Al Nahyan revisited the strength of India-UAE ties, which reached a new zenith with the elevation to a Comprehensive Strategic Partnership…

The Kingdom of Saudi Arabia’s Deputy Minister of Environment, Water, and Agriculture, Mansour Al-Mushaiti, announced a transformative leap for the nation’s coffee sector. His remarks at the International Saudi Coffee Exhibition in Jazan revealed an evolution from a regional specialty to a worldwide phenomenon. With over 2,000 coffee farms flourishing in Jazan, the region’s output surpasses 1,000 tons annually, a testament to the Ministry of Environment, Water, and Agriculture’s strategic initiatives. This growth not only showcases agricultural prowess but also positions Saudi coffee on the global stage. The International Saudi Coffee Exhibition, spearheaded by the Jazan Development Strategic Office, stands…

The European Union charts a bold course with the inception of the world’s inaugural carbon tax on imports laden with carbon, including pivotal commodities like steel and aluminium, from 2026. This avant-garde policy, dissected by Goldman Sachs, targets the mitigation of competitive disparities faced by EU producers due to the elevated greenhouse gas emissions associated with imported goods, especially from nations like China and India, where similar carbon pricing mechanisms remain absent. The proposed tariff, integral to the EU Carbon Border Adjustment Mechanism (CBAM), seeks to equalize the competitive landscape for domestic producers of steel, aluminium, cement, hydrogen, fertiliser, and…