Author: Editorial Desk

Fenjiu, a renowned Chinese liquor brand with a history spanning thousands of years, took center stage at the 2024 Belt and Road Commerce Chambers and Associations Conference (GCCAC) on December 5 in Fuzhou, Fujian Province. As the general co-organizer, Shanxi Xinghuacun Fenjiu International Trade showcased its cultural legacy and international aspirations, promoting Chinese liquor culture to a global audience. Championing Cultural Exchange Fenjiu’s vice chairman, Li Zhenhuan, addressed the opening ceremony, emphasizing the role of cultural identity in taking Chinese liquor to international markets. Li highlighted that brand internationalization, underpinned by cultural appreciation, is pivotal for the global success of…

Africa’s pharmaceutical industry is emerging as a major investment opportunity, driven by population growth, rising healthcare demand, and trade policies under the African Continental Free Trade Area (AfCFTA). With the population projected to surpass 2.5 billion by 2050, combined with urbanisation and growing health awareness, the sector offers substantial potential for innovation and expansion. The AfCFTA, the world’s largest free trade agreement by member countries, aims to establish a single market across Africa. Eliminating tariffs on 90% of goods and addressing non-tariff barriers reduces costs, improves supply chain efficiency, and supports market expansion, particularly benefiting the pharmaceutical sector. Fragmented markets…

Malaysia has called for timely reforms to the World Trade Organisation (WTO), emphasising fairness and security in global trade. Prime Minister Dato’ Seri Anwar Ibrahim highlighted these priorities during discussions with WTO Director-General Dr Ngozi Okonjo-Iweala, who visited Malaysia from 6 to 8 December 2024. The visit, hosted by the Ministry of Investment, Trade, and Industry (MITI), marks her inaugural trip to the country. The Prime Minister stressed the urgency of restoring the WTO’s dispute settlement mechanism and fostering inclusive dialogue to address the concerns of all members, especially developing nations. Their discussions also covered pressing issues, including rising trade…

India is set to recalibrate its import-export policies to bolster domestic businesses and consumers amidst evolving global market trends. The government is engaging in interministerial and industry consultations to identify opportunities to expand the value and volume of Indian exports, sources told CNBC-TV18. This strategic shift aligns with efforts to secure competitive advantages for Indian exporters, especially in light of US President-Elect Donald Trump’s proposal to impose a 60% tariff on Chinese goods. Officials are targeting specific regional trade groups to enhance India’s export reach and are exploring sub-sectors within services to improve overall export performance. The move comes as…

Nigeria’s non-oil export market faces critical challenges that hinder its potential to drive economic diversification. A recent forum in Gumel, Jigawa State, addressed these issues by equipping exporters in the North-west region with tools and resources to navigate global markets. Challenges and Opportunities Stakeholders highlighted Nigeria’s potential to transform its non-oil exports into a significant source of foreign exchange. However, key challenges, including high energy costs, limited funding, and inadequate infrastructure, persist. According to the Nigerian Export Promotion Council (NEPC), non-oil export revenues fell from $4.8 billion in 2022 to $4.5 billion in 2023. Addressing these challenges requires adding value…

The European Union (EU) has finalised a free trade agreement with the Mercosur bloc, comprising Argentina, Brazil, Paraguay, and Uruguay, marking the culmination of 25 years of protracted negotiations. The deal was formally announced on Friday, December 6, during a summit in Montevideo attended by European Commission President Ursula von der Leyen and the leaders of Mercosur nations. “Today marks a truly historic milestone,” said von der Leyen. “This agreement is not only an economic opportunity but a political necessity, showcasing openness and cooperation in a divided world.” The EU’s chief diplomat, Kaja Kallas, lauded the deal as “good foreign…

China, the world’s largest producer of steel and graphite, is reshaping global trade dynamics through significant policy adjustments. Recent export policies have raised challenges for countries reliant on these materials, particularly India and the United States. The ripple effects extend far beyond economic implications, impacting pricing, market structures, and international trade relationships. China has announced plans to reduce steel exports, a move aimed at restructuring global supply chains. Authorities have introduced measures to curb production of environmentally harmful steel types, steering the industry toward greener practices. While this transition aligns with China’s sustainability goals, it has introduced volatility and created…

South Africa has emerged as the world’s largest exporter of live tigers and their parts, despite lacking captive-breeding facilities registered under the Convention on International Trade in Endangered Species (CITES). This startling revelation of tiger trade comes from a report by global animal welfare organisation Four Paws, titled South Africa’s Out of Control Big Cat Industry. The report highlights how South Africa circumvents CITES recommendations, which advocate for regulated tiger breeding and registration of facilities. This regulatory loophole has enabled the country to lead the global trade in big cat exports, raising concerns about conservation efforts and compliance with international…

Commerce and Industry Minister Piyush Goyal has highlighted the challenges faced by global trade, particularly Indian exports, due to longer shipping routes. Ships are increasingly navigating through the Cape of Good Hope, leading to extended travel times and delays in goods reaching international markets. Addressing the Lok Sabha, Goyal noted that this development has affected trade dynamics, but assured that there is no reported shortage of shipping containers linked to these delays or other geopolitical conflicts, such as the ongoing Russia-Ukraine war or Red Sea tensions. He stated that continuous dialogue is maintained with shipping lines, port operators, and trade…

Vietnam’s vegetable and fruit imports surged significantly in the first ten months of 2024, reaching nearly $1.87 billion, a 15.7 per cent increase year-on-year, according to data from the General Department of Customs. The growth was driven by higher imports from key suppliers, including the United States, Thailand, and Myanmar, with respective increases of 30 per cent, 31.1 per cent, and 33.1 per cent. In October alone, Vietnam imported fruits and vegetables worth nearly $211.7 million, reflecting a 30.8 per cent year-on-year increase. China maintained its position as the largest supplier, contributing $794 million during the ten-month period, which accounted…