Author: Editorial Desk

The European Union and the United States have jointly decided to extend their trade truce concerning aluminum and steel, marking a significant stride in economic collaboration. This move is integral to the efforts underway to establish a Global Arrangement on Sustainable Steel and Aluminum (GSA). The European Union has extended its suspension of rebalancing tariffs on US imports. Originally implemented as a counter to the US Section 232 tariffs on steel and aluminum set during the Trump era, this suspension, is now set to last until March 31, 2025. Parallel to this, the United States has expanded the number of…

Riyadh hosted the sixth Kazakh-Saudi Intergovernmental Joint Committee meeting, focusing on Trade, Economic, Scientific, Technical, and Cultural Cooperation. This event, as reported by the Kazakh Foreign Ministry’s press service, marks a pivotal step forward in the strategic relationship between Kazakhstan and Saudi Arabia. Concurrent with this significant meeting, an investment round table brought together over 100 business leaders from both countries, highlighting the Saudi market’s vast potential for expanding trade, economic relations, and investment partnerships. Kazakh Deputy Prime Minister and Foreign Minister Murat Nurtleu emphasized the broad scope for collaboration across sectors like green energy, food security, transport, logistics, mining,…

Bangladesh has outperformed China as the top exporter of knitwear to the European Union (EU), both by dollar value and volume, from January to September this year. Knitwear exports, as reported by the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), mark a significant stride in the country’s textile sector. The surge in Bangladesh’s EU knitwear market presence stems from recent investments in higher value-added products, especially active wear. BGMEA president Faruque Hassan highlights this strategic shift towards non-cotton-based athleisure items, suggesting that Bangladesh is poised to set new benchmarks in various product categories in the coming years. Hassan underscores the…

The discussions between India’s Commerce and Industry Minister Piyush Goyal and New Zealand’s Trade Minister Todd McClay in New Delhi marked a pivotal moment for enhancing economic ties. These talks focused on streamlining trade processes and dismantling barriers to create a more conducive business atmosphere for both countries. Minister McClay praised India’s proactive stance on resolving wooden log export issues, showcasing India’s dedication to practical trade solutions. The meeting also shone a light on India’s successful G20 Presidency, highlighting its role in shaping global solutions. The ministers committed to boosting bilateral trade and economic cooperation, with agriculture, forestry, pharma, connectivity,…

The recent Houthi militia missile attacks on merchant vessels traversing the Red Sea have triggered a steep climb in ocean freight rates, throwing global supply networks into disarray. This development, crucially reported by Xeneta, an authority in industry analytics, reveals a 20% hike in spot rates since last Friday. The reason is the top shipping companies now steer clear of the Red Sea due to escalating Red Sea crisis. Peter Sand, Xeneta’s Chief Analyst, describes the situation as akin to a “war situation,” highlighting the peril that has made the Red Sea and the Suez Canal, a crucial artery for…

China and Russia are forging stronger financial and trade relations, as demonstrated at the recent China-Russia Financial Ministerial Dialogue in Beijing. Chinese Finance Minister Lan Fo’an stressed the importance of advancing financial cooperation for mutual benefit. Support for financial institutions operating in each other’s countries and measures to ease trade and investment were key topics. A pivotal moment in the dialogue was the signing of a memorandum on auditing standards and audit oversight equivalence. Russian Finance Minister Anton Siluanov remarked that this agreement establishes a robust framework for audit cooperation, poised to stimulate economic growth and employment. Lan Fo’an highlighted…

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…