Author: Editorial Desk

The global grain market experienced a shudder as the Euronext wheat futures reported a decline in Paris wheat. This decrease emerged in the wake of an updated U.S. wheat production estimate, which indicated a significantly larger yield. On the concluding trading session of the week, the December wheat futures at Euronext settled 1.7% lower at 235.50 euros ($249.18) a metric ton, mirroring the week’s earlier lows. The downturn was ignited when the U.S. Department of Agriculture (USDA) raised its wheat yield forecast for the year, an estimate that exceeded median analyst projections. This update sent the Chicago wheat futures Wv1…

CT Group recently unveiled Vietnam’s inaugural carbon credit trading platform under the ASEAN joint stock company (CCTPA), marking a significant first for the nation as it actively adapts to evolving international environmental trade frameworks, with eyes set on a low-carbon, economically robust growth trajectory. From October 2023, the European Union’s 27 member nations initiated a pilot program imposing carbon taxation on all exports destined for their markets, utilizing the Carbon Border Adjustment Mechanism (CBAM). With the US on track to enforce similar carbon taxation on imports by 2024 and numerous other nations across the Americas and Asia likely to adopt…

Targeting enhanced food security, Saudi Arabia’s poultry production aspired to achieve 80 percent autonomy in chicken, poultry, and protein supplies by 2025. This initiative aligns with surging demand for hatching eggs, as highlighted by Ahmed Osilan, Managing Director at Tanmiah Food Co Speaking to Arab News, Osilan underscored Saudi Arabia’s agricultural and scientific breakthroughs, enabling the Kingdom to transition from an importer to an exporter of certain products. These milestones hint at Saudi Arabia’s potential to unveil new global trade horizons. Surpassing 100 percent food security in table egg production symbolizes an industry evolution. Companies like Tanmiah Food Co. are…

The trajectory of iron ore exports from Brazil has ushered in a fresh breath of vitality to the global dry bulk market, showcasing an upward trend in 2023 according to industry narratives. The robust stance of the Brazilian iron ore market has engendered a sense of optimism among market enthusiasts and stakeholders. Shipbroker Banchero Costa, in its latest weekly synopsis, underscored a palpable increase in global iron ore trade this year. Between January and August 2023, the global loadings of iron ore climbed by 4.0% year-on-year to 1,028.8 million tonnes from 988.9 million tonnes during the corresponding period in 2022,…

The thriving hubs of China’s apparel industry are seeing a wave of clothing companies shifting their focus from traditional textile exporting to establishing their brands on the international stage via retail stores. Among the enterprises spearheading this transition is Bosideng, a company that values the real-time customer feedback gleaned from in-store interactions, despite the cost efficiencies offered by overseas e-commerce platforms. Bosideng’s spokesperson highlighted the influx of diverse customers their stores are attracting globally, stating, “We’re starting to see a lot more different customers from all walks of the world.” Italian designer Pietro Ferragina, who collaborates with Bosideng, emphasized the…

With a decisive stride set to restructure trading dynamics within Southeast Asia, all ten Customs Administrations of the ASEAN Member States (AMS) have united to sign the Mutual Recognition Arrangement (MRA) for their Authorised Economic Operator (AEO) Programs, a monumental step aimed at crafting a more predictable and transparent trading environment across member nations. Dubbed the ASEAN AEO MRA (AAMRA), this agreement aligns seamlessly with the norms and standards delineated by the World Customs Organization (WCO) SAFE Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework). It’s conceived to ensure that certification standards across AMS customs administrations harmonize…

Under the innovative initiative known as Global Gateway, Ghana and the European Union (EU) have ushered in a fresh era aimed at confronting the menace of illegal timber trade. Ghana steps into the spotlight as the pioneering African nation, and the second on a global scale, to furnish the EU with export licenses authenticating the legality of their timber merchandise. This significant stride materialized in Brussels during a pivotal session of the Ghana-EU Voluntary Partnership Agreement (VPA) on Forest Law Enforcement Governance and Trade (FLEGT) enforcement entity. This collaboration encompasses a diverse array of stakeholders, including the Ghanaian forest administrative…

India elucidated its position on the rice export ban during a meeting of the World Trade Organisation’s (WTO) Committee on Agriculture held in Geneva on September 27. Responding to apprehensions from the US and other member nations, India described the action as a regulatory safeguard to ensure food sustenance for its expansive population of 1.4 billion amidst worldwide supply chain disturbances, rather than a restrictive action to curtail trade. This rebuttal materialized after a cadre of nations including the United States articulated concerns regarding the ban’s repercussions on import-reliant countries, especially during the existing tumultuous global landscape marked by the…

On the cusp of cementing a seminal Comprehensive Economic Partnership Agreement (CEPA), the United Arab Emirates (UAE) and Thailand are steering towards an enriching economic collaboration, poised to append an additional $300 million to Thailand’s Gross Domestic Product (GDP). The ongoing negotiation round in Bangkok, anticipated to wrap up by Thursday, beckons promising outcomes, as divulged by Thailand’s ambassador to the UAE, Sorayut Chasombat, during a media briefing at the Royal Thai Embassy in Abu Dhabi. Following Chasombat’s tenure commencement in December 2022, the ambassador presented his credentials to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime…

At a crucial juncture marked by escalating discourse around international trade and industrial policies, a decisive exchange unfolded at the core of the World Trade Organization (WTO) this week. Members assembled at the organization’s headquarters for an informal retreat on 25-26 September, nurturing focused deliberations regarding trade, industrial policies, and the pathway toward WTO reform. Presided over by Ambassador Athaliah Lesiba Molokomme of Botswana, the retreat aimed to elucidate the intricate dynamics between trade and industrial policies. This initiative was perceived as a preparatory step for various high-stake meetings earmarked on the WTO calendar. Ambassador Molokomme expressed a sense of…