Author: Editorial Desk

Trade between the Philippines -Germany is eager to witness significant growth this year, powered by major investments in the aviation and renewable energy sectors, according to the German-Philippine Chamber of Commerce and Industry (GPCCI). GPCCI president and board chairman Stefan Schmitz expressed confidence that trade between the Philippines and Germany will surpass the $4.7 billion recorded last year, cementing Germany’s position as the Philippines’ huge trading partner within the European Union. Schmitz attributed this bright outlook to several factors, including the P15-billion expansion of aircraft maintenance, repair, and overhaul (MRO) provider Lufthansa Technik Philippines and the recent amendment to the…

Negotiations between Canada-UK trade deal have hit a roadblock due to disagreements over food standards and market access for key agricultural products, such as cheese and beef. The UK’s current rollover agreement with Canada, which was put in place following the UK’s departure from the European Union in 2021, is set to expire at the end of this year. Attempts to reach a permanent agreement have been hampered by disputes over the trade of cheese and beef. UK cheese exporters have pressed the Department for Business and Trade to guarantee their continued access to the Canadian market after 2023. They…

The appetite within the United Kingdom for Vietnamese shrimp shows signs of a significant uptick, with predictions pointing to an annual export growth exceeding 10% through 2025. These expectations are underpinned by the tariff-free benefits stemming from the United Kingdom-Vietnam Free Trade Agreement (UKVFTA), as detailed by the Ministry of Industry and Trade’s Import-Export Department. The enactment of the UKVFTA has provided Vietnamese shrimp products with a competitive edge. It’s eliminating import duties and outpacing competitors from nations like Thailand and Brazil that lack a similar trade pact with the UK. Adherence to stringent origin requirements—mandating shrimp to be sourced…

The National Board of Revenue (NBR) has authorized the importation of a diverse range of products from India through the Akhaura-Agartala railway corridor, a recent development that promises to expand trade avenues significantly. This green light of rail trade for over fifty product types, alongside goods produced and processed within Bhutan, was communicated on October 31 and subsequently shared with media outlets. The comprehensive list of importable goods includes staples such as rice and wheat, as well as commodities like stone, cumin, wheat husk, cashew nuts, and cattle. Additionally, the notification extends to all Bhutanese products, with the singular exception…

Australian Prime Minister Anthony Albanese and Chinese President Xi Jinping on Monday publicly committed to fostering stronger bilateral relations. This progression during the high-level China visit of the Aussie PM acknowledges the mutual benefits of free trade and continuous dialogue while also recognizing enduring policy divergences. Prime Minister Albanese’s visit, a first by an Australian leader to China in almost a decade, underscores a warming of relations that suffered notably amid political interference allegations and economic disputes. Aligned with the 50th anniversary of diplomatic ties initiation, Albanese’s journey has been characterized by China’s easing of several trade restrictions, signifying a…

The Sharjah Chamber of Commerce and Industry (SCCI) has initiated a significant trade mission to East Africa, targeting Uganda and Kenya to enhance economic relations and investment ties. This campaign, orchestrated by the Sharjah Exports Development Centre (SEDC), is a strategic step towards fostering development and cementing stronger bonds with these African economies. Leading the expedition, Abdullah Sultan Al Owais, Chairman of the SCCI, joins forces with Abdulaziz Mohammed Shattaf, Assistant Director-General of the Communication and Business Sector at SCCI, and an assembly of board directors. Their collective aim is to promote Sharjah’s industrial and commercial exports and unlock new…

To curb mercury pollution, nations part of the Minamata Convention on Mercury have set a definitive date to end the production and trade of straight-tube fluorescent lamps worldwide by 2027. The decision marks a significant milestone in global environmental health policy and was finalized at a conference in Geneva that concluded on November 3. The stipulation expands on previous commitments to terminate the manufacturing and circulation of other fluorescent lamps by 2025, demonstrating escalating measures against mercury-related hazards. Fluorescent lamps, once prevalent for their efficiency, are now under scrutiny due to their mercury content. It is currently a potent environmental…

U.S. companies are advocating for a solidified future for the United States’ primary Africa trade pact, seeking to expand their production beyond China’s borders, a Biden administration official disclosed on Saturday. With the looming 2025 expiration of the African Growth and Opportunity Act (AGOA), which currently facilitates duty-free entry for select African products into the U.S. market, there is palpable concern within the U.S. business community. Recent talks in Johannesburg between U.S. representatives and African trade ministers have centered on the renewal and potential enhancement of this crucial trade agreement. British Robinson, who leads the U.S. Prosper Africa initiative, conveyed…

Bangladesh’s industrial landscape is under duress with production rates halving to a tepid 8.99 percent growth during the fiscal period of 2022-23. This figure contrasts sharply with the preceding year’s vigorous 16.19 percent rise, a signal of the tough economic conditions affecting consumer appetite and manufacturing activities across the nation. Reports from the Bangladesh Bureau of Statistics (BBS) forecast a continuation of this trend into fiscal 2023-24. With imports of essential industrial materials dwindling and the local currency facing devaluation, pressures are mounting. Zaidi Sattar, chair at the Policy Research Institute of Bangladesh, upholds a cautiously optimistic stance, acknowledging the…

United States officials have raised pointed questions concerning India’s decision to enforce tech import restrictions on technology goods. At the World Trade Organisation’s Committee on Import Licensing, dated October 18, the U.S. probed the rationale and details surrounding India’s licensing requirements for laptops, servers, and other computing devices, slated for enforcement from November 2024. Following India’s August 3, 2023, notification, which shifts the status of tech products under HSN 8471 to ‘restricted’, a license will become mandatory for import operations beginning November 1, 2024. The United States request for clarity underlines its vigilance on policies that may influence international trade,…