Author: Editorial Desk

Uzbekistan and Kazakhstan embark on a remarkable journey, blending economic partnership with digital innovation, through the creation of UzKazTrade, a joint online trading platform. This initiative, rooted in a January 5 discussion between trade ministers Laziz Kudratov of Uzbekistan and Arman Shakkaliev of Kazakhstan, aligns with a roadmap signed by the presidents of both nations a year earlier, symbolizing a new era in Central Asian commerce. The UzKazTrade platform, an embodiment of collaborative digital commerce, emerges as a joint foreign trade company. This venture aims to diversify the array of goods available in both markets, showcasing the potential of digital…

As 2024 dawns, the 45th anniversary of China-US establishing diplomatic ties as a significant milestone. This juncture offers a prime opportunity for both nations to reflect and strategize for a progressive bilateral relationship. The past 45 years witnessed fluctuating dynamics in China-US relations, yet the overall trajectory has been one of advancement. This narrative serves as a powerful reminder: mutual respect, peaceful coexistence, and win-win cooperation remain key to thriving international partnerships. The genesis of diplomatic relations between China and the US in the late 20th century rested on the principle of mutual respect, coupled with a focus on shared…

The Indonesian embassy in Phnom Penh has announced a notable milestone in Indonesia-Cambodia trade relations, with bilateral trade figures soaring close to $1 billion. By November 2023, Indonesia secured its position as Cambodia’s 6th largest trading partner, registering a trade volume of $965.24 million. This impressive achievement was a key topic during a meeting on January 3 between Indonesian Ambassador Santo Darmosumarto and Cambodian Minister of Foreign Affairs and International Cooperation Sok Chenda Sophea. The embassy underscored the significance of this growth, stating, “This figure represents a substantial increase and is a testament to the growing economic cooperation between the…

Elevating their economic relationship, Pakistan and the United Arab Emirates (UAE) have resolved to amplify bilateral trade and boost investment in pivotal sectors. This decision emerged from a strategic meeting held in Abu Dhabi on Saturday. Dr. Gohar Ejaz (HI, SI), representing Pakistan as the Minister for Commerce, Industries, and Investment, engaged with his UAE counterpart, Dr. Thani Ahmed Al Zeyoudi, Minister of State for Foreign Trade. Their discussions revolved around expanding trade volumes and identifying lucrative opportunities for UAE investment in Pakistan, focusing particularly on services and logistics. The investment landscape identified includes infrastructural enhancements at ports and aviation…

The US-Russia trade relations have been marked by a consistent decline, as highlighted in the latest annual report from the Office of the U.S. Trade Representative. This downturn in bilateral trade, coupled with strained relations, presents a complex challenge as the U.S. grapples with Russia’s deviation from the World Trade Organization’s (WTO) foundational principles such as national treatment, freer trade, predictability, transparency, and fair competition. Over the past decade, U.S.-Russia trade witnessed significant flux, with imports and exports fluctuating yet ultimately dropping. U.S. imports from Russia have fallen by 50.6 percent, and exports have decreased by 57.9 percent. This sharp…

India’s auto industry is now a major player on the international stage, attracting significant attention from nations eager to establish free trade agreements (FTAs) with the country. Commerce Secretary Sunil Barthwal recently underscored this growing interest, particularly regarding ongoing FTA discussions with key global economies like the United Kingdom (UK). India’s Auto: An Expansive Powerhouse Barthwal emphasized India’s vast capabilities in auto manufacturing, covering a range from vehicle assembly to the full value chain. The industry has shown remarkable growth in areas such as auto-grade steel production, component manufacturing, and tire production, with successful exports to international markets. Electric Vehicles:…

Kemi Badenoch, UK’s Business and Trade Secretary, embarks on a critical journey to Istanbul, Turkey, setting the stage for transformative trade discussions. This proactive step precedes the launch of negotiations for an upgraded UK and Turkey trade agreement, with a sharp focus on services trade. Economic Ties Enter New Era The trade dynamics between the UK and Turkey have flourished, registering a robust 17% growth, amounting to £26.2 billion as of June 2023. The existing trade deal, primarily covering goods, now eyes expansion into uncharted territories of services, digital, and data – sectors vital to modern commerce. Agenda: Engagements and…

A transformative endeavor by Walmart, the US retail titan, aims to catapult its Indian exports to an astounding $10 billion annually, with Indian toys as the cornerstone of this vision. This detail emerged from a senior government official’s announcement this Thursday. Sanjiv, Joint Secretary at the Department for Promotion of Industry and Internal Trade (DPIIT), shed light on Walmart’s concerted efforts with over a hundred Indian toy manufacturers, designed to craft a solid export framework for Indian toys. “Walmart has given a target of $10 billion in exports from India and in that they are going to have toy exports…

Thani bin Ahmed Al Zeyoudi, representing the UAE in foreign trade, and Jordan’s Prime Minister Bisher Khasawneh, held significant trade talks. The major goal is to expand and deepen the economic links between their nations. This crucial dialogue took place in Amman, showcasing a strategic focus on economic development. Yousef Mahmoud Al Shamali, Jordan’s Minister of Industry, Trade and Supply, was present during these discussions. The agenda focused on enhancing the collaboration between the respective business communities, aiming at economic advancement. Prime Minister Khasawneh, acknowledging the deep-rooted relations with the UAE, expressed enthusiasm for the UAE hosting the 13th World…

Indonesia has reached out to India for a substantial onion import of 900,000 tonnes, challenging India’s recent export bans. This development is particularly significant given Indonesia’s status as India’s primary ASEAN trade partner and a country traditionally dependent on onion imports from the United States, India, and New Zealand. This outreach is set against India’s August decision to levy a 40% export tax on onions, followed by an $800 per tonne minimum export price in October. These measures aimed to stabilize the domestic supply and prices amidst a crop shortfall, yet escalating prices eventually necessitated a complete export ban by…