Author: Editorial Desk

Mongolia is in the plan to reshape its economic landscape by tackling trade challenges, as outlined in a groundbreaking World Bank report. Despite its relatively open trade policies, Mongolia grapples with unique hurdles owing to its landlocked and remote geography. Infrastructure bottlenecks and logistic challenges compound these issues, making adherence to international standards a significant challenge. The ‘Mongolia Trade Competitiveness Diagnostic’ advocates for counter-cyclical policies to ensure economic stability and competitiveness. Reducing tariff rates on intermediate goods is suggested to enhance domestic productivity, alongside addressing logistical issues to cut delivery costs and expand markets. Agribusiness emerges as a promising sector…

Ambitiously moving to bolster its international trade relations, India is currently in negotiations to establish Mutual Recognition Agreements (MRAs) with ten countries, announced Sanjay Agarwal, chairman of the Central Board of Indirect Taxes and Customs (CBIC). This statement was made at the prestigious ‘International Customs Day 2024’ event in New Delhi. An MRA is a strategic agreement designed to mutually benefit accredited exporters of the participating countries. It facilitates quicker clearance of goods by the customs authorities in the importing country, thus expediting international trade processes. India already has successful MRAs in place with four countries, including the United States,…

The United Kingdom and Canada have indefinitely suspended their trade deal negotiations. The impasse, stemming from disagreements over agricultural products, particularly beef and cheese, signals a challenging phase for the two nations who have been engaged in talks for nearly two years. Negotiations, initially predicated on a rollover agreement replicating the UK’s EU-era terms, encountered substantial obstacles pertaining to agri-products. Canadian domestic pressures, especially from beef and cheese producers, exacerbated the discord with the UK’s trading postures. This standstill is unprecedented since the UK’s EU exit in 2021. A UK government spokesperson articulated their commitment to agreements benefiting British interests,…

The International Trade Centre (ITC) organized a Sustainable Apparel Industry workshop in Morocco for North Africa and the Middle East’s apparel enterprises. This event, integral to ITC’s Global Textiles and Clothing Programme (GTEX) and MENATEX activities, focused on exploring sustainable business opportunities and understanding the impact of legislative reforms in the textile sector. The workshop included experts, academics, and industry professionals from Egypt, Jordan, Morocco, and Tunisia. They discussed sustainability, circularity, international regulations, research and development, and technical aspects of textile circularity. Matthias Knappe, head of ITC’s fibres, textiles, and clothing unit, highlighted the role of academic institutions in supporting…

These disruptions stem from a confluence of global geopolitical crises, including Red Sea attacks, the ongoing war in Ukraine, and unprecedented low water levels in the Panama Canal. Jan Hoffmann, a UNCTAD trade expert, highlighted that these combined events have led to a substantial increase in shipping costs, directly impacting energy and food prices, and escalating inflation risks. Notably, since November, when Yemen’s Houthi rebels commenced attacks on ships in the Red Sea, key players in the shipping industry have ceased operations via Egypt’s Suez Canal. This crucial waterway, which accounted for 12% to 15% of global trade in 2023,…

Iran and Turkey have taken decisive steps to bolster their bilateral relations and economic ties. This development, set against the backdrop of Iranian President Ebrahim Raisi’s landmark visit to Ankara, signals a deepening of this historically interconnected Iran-Turkey Alliance. The centerpiece of President Raisi’s visit was the issuance of a joint declaration on Wednesday. This document lays out a roadmap for enhancing trade ties and deepening the countries’ multifaceted relationship. Reflecting a unified vision, this plan underscores a commitment to frequent high-level exchanges and fostering connections among their citizenries. A critical aspect of the talks focused on a unified denunciation…

A landmark decision emerges from the recent meeting between Indonesian President Joko Widodo and Tanzanian President Samia Suluhu Hassan at West Java’s Bogor Presidential Palace. This assembly heralds a dynamic elevation in Indonesia-Tanzania relations, with commitments spanning trade, investment, energy, agriculture, and healthcare sectors. President Widodo’s announcement during the joint press statement underscores a burgeoning alliance, further cemented by President Hassan’s visit. Central to this partnership is a shared dedication to supporting Palestinian independence. The forthcoming Indonesia-Africa Forum II, hosted by Indonesia, symbolizes a pivotal step towards fortifying African relations, with Tanzania as a key focus. This forum represents a…

China’s recent warning towards the European Union, emphasizes potential repercussions on the bloc’s economic reputation. It comes as a response to the EU’s introduction of stringent trade measures aimed at safeguarding sensitive technology. Foreign ministry spokesman Wang Wenbin articulated Beijing’s apprehensions about these trade rules, perceiving these steps as a drift towards protectionism and anti-globalization. Following Moscow’s invasion of Ukraine and escalating global trade frictions, the European Union has enhanced its array of trade restrictions. This strategic adjustment, conceived to fortify European economic security, confronts the challenges posed by geopolitical adversaries. EU officials, delineating a comprehensive economic security strategy, revealed…

The U.S. Soybean Export Council (USSEC) anticipates China’s import of 30 million metric tons of U.S. soybeans for the 2024 marketing year, mirroring the previous year’s statistics. Zhang Xiaoping, USSEC’s China director, confirms that 20 million tons have already been imported for this period. Lance Rezac from the USSEC underscores the economic interplay between the U.S. and China, predicting robust growth in the soybean sector. By 2033, China’s soybean imports could leap from 101.5 million tons to 134.1 million tons, signifying a yearly growth of 3.1%. Economic Ties and Agricultural Acumen China’s grain procurement strategy champions diversity, relying on the…

A delegation spearheaded by Ahsan Zafar Bakhtawari, leader of the Islamabad Chamber of Commerce and Industry (ICCI), ventured to the Hungarian Embassy in Islamabad for strategic talks with Hungary’s envoy, Bela Fazekas. The agenda centered on amplifying trade and economic cooperation between Hungary and Pakistan. Ambassador Fazekas welcomed the ICCI delegation and underscored the urgency for Hungary and Pakistan to elevate their trade and economic partnerships for mutual benefits. Advocating for robust collaboration between national and regional commerce chambers of both nations, he suggested this as a pathway to unearth and capitalize on latent business opportunities. He promoted direct B2B…