Author: Editorial Desk

The Federal Democratic Republic of Ethiopia (FDRE) and Pakistan have embarked on a new chapter in their economic relationship. The Ethiopian House of the Peoples Representatives recently gave unanimous approval to a trade deal with Pakistan, initially signed on February 14, 2023. This decision marks a pivotal moment, strengthening the economic bond between these two nations. Presented by the Ethiopian Parliament’s Standing Committee on Trade and Tourism, this agreement aims to enhance bilateral trade cooperation. Jemal Beker Abdula, Ethiopia’s Ambassador to Pakistan, celebrated this development as a significant step forward. He underscored its potential to elevate the existing trade volume,…

Kenya and the European Union have inked an Economic Partnership Agreement (EPA), a pivotal move to amplify bilateral trade and investments. This agreement, sealed in Nairobi, promises to strengthen trade connections between the African and European continents, aligning with broader EU-Africa relationship goals and the global green transition. European Commission President Ursula von der Leyen highlighted the EPA’s immediate benefits. This deal opens the European market to Kenyan products, offering tariff-free and quota-free access upon its activation. The agreement is unique, embedding robust commitments to social and climate issues, making it the most significant EU trade deal with an African…

Vietnamese agricultural exports recently encountered a significant setback when Japanese authorities destroyed two shipments of durians and peppers. This incident highlights the growing challenges Vietnamese exporters face due to increasingly stringent international standards for environmentally friendly and safe agricultural practices. Ta Duc Minh, Trade Counselor at the Vietnamese Embassy in Japan, stresses the urgency for Vietnamese agricultural businesses to adhere strictly to Japanese standards. He points out that ensuring product quality is crucial to avoid costly violations. The destruction of Vietnamese durians and peppers in October 2023, leading to a loss of nearly $10,000 for Japan Apple LLC, serves as…

A crucial decision by Indonesia to accept a low-tariff quota of 8,500 tons for Japanese rice imports marks a vital shift in the Japan-Indonesia economic alliance. This move emerged from an elite conference between Japanese Prime Minister Fumio Kishida and Indonesian President Joko Widodo. Part of a larger overhaul of the existing economic partnership agreement (EPA) established in 2007 and revisited in 2015, this agreement paves the way for a robust expansion of Japan’s rice exports. Notably, Indonesia’s tariff rate will be around ¥4.3 per kilogram within this quota. Considering Japan’s modest export of 39 tons of polished rice to…

Canada’s latest aviation milestones signify a major leap in international travel and trade dynamics. Transport Minister Pablo Rodriguez announced the expansion of Canada’s air transport accords with Ethiopia, Jordan, and Turkey, reflecting a strategic enhancement of global connectivity. Under the new arrangement, Canada and Ethiopia have agreed to increase their weekly passenger flights to seven, up from five. This growth not only cements the bilateral relations between the two nations but also opens up greater access to the sub-Saharan African region for Canadians. In a similar vein, the amended agreement with Jordan also permits seven weekly passenger flights for each…

India and the UK are actively negotiating key aspects of a proposed free trade agreement (FTA), with a focus on resolving visa issues for Indian professionals and duty concessions on British electric vehicles (EVs). An Indian delegation is currently in the UK, addressing these critical points along with other matters related to services sector and customs duties on British whiskey. A significant focus of the negotiations is the UK’s request for customs duty concessions on its electric vehicle exports to India. India, in response, is advocating for a more liberal visa regime to facilitate the mobility of skilled professionals from…

An unprecedented slump in global coal demand is on the horizon, as forecasted by the latest International Energy Agency’s (IEA) annual coal market report. This marks the first instance where the report foresees a decline in global coal consumption over its forecast period Diverse Trends in 2023 ‘Coal 2023’, the report, anticipates a 1.4% surge in global coal demand this year, surpassing 8.5 billion tonnes. This rise masks considerable regional variations. Advanced economies are bracing for steep declines, with the European Union and the United States each facing about 20% reduction. Contrastingly, robust demand persists in emerging and developing countries,…

Marking a significant stride in international trade, Peru gears up to commence ATA Carnet (Admission Temporaire / Temporary Admission) operations on 30 April 2024. This initiative positions Peru alongside Chile and Mexico as the third Latin American country to adopt the ATA Carnet system. The Lima Chamber of Commerce’s entry into the ATA Carnet international Guaranteeing Chain, confirmed during the ICC World Chambers Federation (WCF) General Council meeting, signals a new chapter in Peru’s trade practices. The ATA Carnet system, simplifying temporary admission of goods like professional equipment and exhibition materials, will eliminate traditional customs procedures. Julian Kassum, WCF Director,…

Dr. Akinwumi Adesina, President of the African Development Bank Group, raises alarm over the European Union’s carbon border tax. Speaking at the Doha Forum, Adesina warned that this carbon tax could derail Africa’s industrial progress. Targeting imports like cement and steel, the EU’s tax could place an 80 euros per tonne burden on African exporters, risking a regression to raw commodity exports. Adesina argues against the unfairness of this tax during Africa’s energy transition. He advocates for a balanced energy mix, emphasizing natural gas’s role in Africa’s industrial future, and calls for equitable trade practices. Doha Forum: A Platform for…

The start of 2024 presents a complex scenario for the UK’s alcohol imports. New UK-EU regulations intertwine with unexpected Panama Canal delays, raising concerns about potential shortages in the UK market, particularly of wines. Grape Escape: The UK-EU Regulatory Puzzle The Institute of Export & International Trade (IOE&IT) sounds the alarm over the upcoming implementation of the Border Target Operating Model (BTOM) on January 31, 2024. This model mandates checks on specific EU imports, including food and drink products, marking a significant shift since Brexit. As the world’s second-largest wine importer, the UK mainly sources its wine from France, Italy,…