Author: Editorial Desk

Russia has taken a proactive step towards elevating its economic ties with Bangladesh. Alexander Mantytskyi, the Russian Ambassador to Bangladesh, offered a wheat export agreement during a sojourn to Bangladesh’s Food Minister, Sadhan Chandra Majumder. This decision signals a development move in the economic dynamics between the two countries. Participants in this crucial meeting included Ismail Hossain, Secretary to the Food Ministry, and Shakhawat Hossain, Director General of the Food Department. Discussions traversed various themes, from Bangladesh’s economic progress to potential trade expansion, centering on the idea of wheat exports from Russia. Acknowledging the proposal, Minister Majumder recognized Russia’s significant…

World Trade Organization Director-General Ngozi Okonjo-Iweala casts doubt on the global 2024 trade forecast, singling out escalating Red Sea tensions as a major disruptor. At the World Economic Forum in Davos, Okonjo-Iweala highlighted the combined impact of sluggish global economic growth and disruptions across vital trade routes, including the Red Sea, Suez Canal, and Panama Canal. This mix of factors contributes to a gloomier outlook for international trade. The WTO’s earlier optimistic projections of 0.8% growth for 2023 and 3.3% for 2024 are now overshadowed by recent Middle East conflicts, notably the October Hamas attack on Israel and the ensuing…

2023 unfolded as a banner year for Paraguay, a nation adeptly maneuvering the complexities of global trade. Defying landlocked limitations, this Mercosur member notched a commendable $17.3 billion in exports, per the Central Bank’s International Trade Report. This figure represents a significant 24.8% leap from the preceding year, underscoring a resilient and strategic economic ascent. Agricultural Exports as Economic Catalysts Paraguay’s economic narrative pivots around its agricultural sector’s success. Dominated by soybeans, rice, and soy flour, these exports propelled the nation forward, contributing $11.9 billion, or 68.7% of total exports. This sector alone witnessed a 19.5% uptick compared to 2022,…

Celebrating International Rooibos Day on January 16, 2024, South Africa welcomes a game-changing tariff reduction by China on its renowned herbal tea, rooibos. Agricultural economist Dr. Kobus Laubscher heralds this as a significant stride in global trade, reshaping the landscape of international tea commerce. Dr. Laubscher underscores the strategic nature of this breakthrough. “This is an excellent example of bilateral inter-governmental negotiations based on a demand-pull supported by a supply push. It meant that the rooibos tea industry can compete in the market on a basis of product value and not sentiment,” he conveyed to Farmers’ Weekly. “Europe remains the…

The Scotch whisky sector, a powerhouse in the UK’s economic framework, now reports a staggering £7.1 billion impact. Escalating export sales, spurred by robust demand from key markets like the USA, France, Singapore, Taiwan, China, and India, mark this surge. The Scotch Whisky Association (SWA) reveals that the industry added £5.3 billion to Scotland’s economy and another £1.8 billion to the UK’s coffers in 2022. Such figures place Scotch whisky as a pivotal element in Scotland’s fiscal landscape, representing £3 of every £100 of Scotland’s Gross Value Added (GVA), surpassed only by energy production in economic gravity. SWA CEO Mark…

The impending visit of Chinese Premier Li Qiang to Ireland focuses on the revival of beef exports to China. This crucial trade topic, accentuated by the Ireland-Asia think tank, is set to dominate the discussions between Taoiseach Leo Varadkar and Premier Li. Following the detection of atypical bovine spongiform encephalopathy (BSE) last November, Irish beef exports faced suspension. The Department of Agriculture’s confirmation of this isolated case – a first since 2020 – came with assurances of no public health risks, as the affected cow remained outside the food or feed chain. China’s protocol necessitates a halt in exports pending…

Vietnam’s Ministry of Industry and Trade is setting an ambitious course for the year 2024, eyeing a significant boost in exports by 6%. This target, if achieved, would secure a ninth consecutive year of trade surplus, potentially reaching a staggering $15 billion. The ministry’s strategy hinges on leveraging existing free trade agreements while forging new partnerships with nations such as Israel and the UAE. These relationships are key to stimulating trade, attracting foreign investment, and propelling export growth. The nation benefits from established political relationships with powerhouse economies including China, the US, and the EU. These connections form a robust…

US Trade Representative Katherine Tai’s recent dialogue with India spotlights a pivotal moment in global commerce. During her three-day India sojourn, Tai met with Commerce Minister Piyush Goyal in New Delhi, delving into diverse trade facets. Key among these was an appeal for India’s new hardware tech import policies, particularly concerning laptops and tablets, to foster rather than impede future trade. Sources from Bloomberg and Reuters unveil that their discussions spanned various topics, from easing visa processes for Indian workers to ensuring duty-free access to goods. Tai’s focus remained on the operational efficiency of India’s online system and related policies…

A groundbreaking opportunity emerges as Meher Kashif Younis, the Chairman of Kyrgyzstan Trade House (KTH), rallies Pakistani exporters to venture into Kyrgyzstan’s burgeoning $650 million pharmaceutical market. This strategic call was articulated during a robust dialogue with a delegation spearheaded by Ms. Sana Abdullah. Meher articulated the dual benefits of this venture: catapulting Pakistan’s economic trajectory and simultaneously bolstering the healthcare framework for Kyrgyzstan’s seven million inhabitants. The emphasis lay on harnessing Pakistan’s pharmaceutical acumen to carve a significant niche in Kyrgyzstan’s market, thus fostering mutual prosperity and health security. Pakistan’s pharmaceutical sphere, celebrated for its top-tier medicine production, stands…

2023 marks a year where Cambodia, a seemingly small player in the global market, amazes the world with a stellar performance in exports. Despite the sluggish pace of the world’s economic engines, Cambodia’s trade figures with the Regional Comprehensive Economic Partnership (RCEP) nations didn’t just grow — they skyrocketed. A report from the General Department of Customs and Excise paints a picture of triumph. Cambodia’s exports to RCEP countries ballooned to an eye-popping $8.17 billion. This isn’t just growth; it’s a leap of 28.8% from the previous year. Cambodia’s foothold in the Asia-Pacific trade arena is more robust than ever.…