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As global eyes turn to the upcoming G20 summit in Delhi, UK Prime Minister Rishi Sunak cools expectations of a rapid UK-India trade pact. Reports from The Guardian suggest Sunak eschews an ‘early harvest’ arrangement. This approach might have permitted reduced tariffs on items like whisky, yet sidestepped intricate issues like professional services. This decision casts uncertainty over potential discussions before Sunak’s forthcoming meeting with India’s Prime Minister, Narendra Modi. Speculations swirl, with experts suggesting a potential deal might remain elusive before both nations face polls in 2024. Nonetheless, some government sources retain optimism, hinting at a possible breakthrough later…

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The first half of 2023 saw UK exports of fresh and frozen sheep meat soar by 14% compared to the previous year. This boost arose unexpectedly when the modest lamb production increased by only 1% in the same period. A detailed analysis from the Hybu Cig Cymru-Meat Promotion Wales (HCC) Market Bulletin, based on HMRC data, revealed that a staggering 94% of the exported volume targeted European Union markets. France and Germany were standout importers, bringing in an additional 2,500 tonnes and 1,700 tonnes respectively compared to their 2022 figures. Glesni Phillips, a representative from HCC, noted, “And as supply…

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Nigeria, a powerhouse within the African oil sector, has witnessed a sharp ascent in its oil production. Mele Kyari, Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), revealed the nation’s production has touched 1.6 million barrels per day (bpd), surpassing the previous tally of less than one million bpd just a few months prior. This revelation emerged during a media briefing orchestrated by Olawale Edu, Nigeria’s Minister of Finance and Co-ordinating Minister of the Economy. Kyari’s declaration was accompanied by news of a notable 30 percent slump in petrol consumption, attributed directly to President Bola Tinubu’s…

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At the noteworthy address during the 2023 China International Fair for Trade in Services (CIFTIS) Global Trade in Services Summit, Chinese President Xi Jinping underscored China’s ambition to elevate its services sector, targeting a pivotal role in the global economic resurgence. Facing transformative global dynamics and an economic rebound challenge, Xi underscored the services trade’s critical role. “The world today is confronted with accelerated changes unseen in a century and sluggish economic recovery,” he articulated. President Xi identified the tenets of a resilient, globalized economy: extended service trade cooperation, green growth fueled by digital innovations, and adoption of emergent business…

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Preparing for Canadian Prime Minister Justin Trudeau’s visit to New Delhi, revelations emerge that Canada sought a temporary cessation of ongoing trade talks. Sanjay Kumar Verma, Indian High Commissioner to Canada, confirmed that Canada expressed a desire to suspend negotiations just before the G20 summit set for New Delhi next week. Ottawa’s pause came as both countries are diligently crafting an Early Progress Trade Agreement. The focus of this deal will be specific industries rather than a broader economic spectrum. Reflecting on the negotiation pace, Verma noted, “Having 10 rounds in 13 months is a huge deal. Sometimes it progressed…

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To deepen economic ties between the UAE and New Zealand to center stage, Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, hosted Damien O’Connor, New Zealand’s Minister of Trade and Export Growth, in Dubai. The focus of their high-level discussion centered on the potential Comprehensive Economic Partnership Agreement (CEPA). At this crucial juncture, Al Zeyoudi highlighted the solid bond between both nations and expressed enthusiasm for boosting collaboration in pivotal sectors: agriculture, renewable energy, and healthcare. Discussions also touched upon the World Trade Organisation’s 13th Ministerial Conference (MC13) scheduled for 2024 in Abu Dhabi. Al Zeyoudi…

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As global commerce stakes its claim on economic stability, key ports across the United States and Europe register discernible ports declines in container traffic during the first half of 2023. Sluggish retail imports contribute to North America’s premier 13 ports recording a 20% dip from the previous year’s numbers, settling at 12.3 million twenty-foot equivalent units (TEUs). Los Angeles, a predominant player, notched the most pronounced decline at 32%. On a broader scale, West Coast and East Coast ports logged reductions of 24% and 18% respectively. Despite this trend, Houston stood out, noting a 3.4% uptick, driven largely by a…

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The European Union is actively reviewing a proposal to extend a $652 million financial support mechanism for Ukrainian grain exporters. This initiative, unveiled by Janusz Wojciechowski, the European Commissioner for Agriculture, seeks to address the growing diplomatic challenges arising from the increased grain exports from Ukraine to its EU neighbors. This proposed subsidy aims to alleviate the costs of transporting 20 million tonnes of grain to Baltic Sea ports, primarily in Germany and Poland. Historically, Ukraine directed approximately 50% of its grain exports through the volatile Black Sea route. The viability of this channel came under scrutiny when Russia, earlier…

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A ripple effect through global rice markets, the Indian government has offered a lifeline to traders with non-basmati rice consignments that found themselves trapped at ports due to the unexpected export ban imposed last month. Last month’s ban, designed to counter the rocketing domestic prices of this essential grain, left numerous shipments, amounting to thousands of tonnes, stranded. This move echoed the Centre’s prior restrictions on broken rice exports. Per the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, eligibility for export extends only to those traders securing customs clearance, completing consignment handovers, and procuring…

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Understanding and advancing women’s economic empowerment requires a meticulous focus on the gender gap in trade. Yet, historically, the paucity of gender-focused data in international trade has stymied the formulation of balanced empowerment policies. Addressing this void, the United Nations Conference on Trade and Development (UNCTAD) rolled out a strategy in 2018, termed ‘microdata linking’. This strategy empowers countries to integrate their existing statistical data with gender trade dynamics. This approach, both sustainable and economical, offers a fresh alternative to designing standalone surveys. After the strategy’s introduction, six countries rigorously applied the framework. The methodology now finds its place in…

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