Author: Editorial Desk

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,…

A Chinese wheat industry delegation touched down in Manhattan, marking their first presence in Kansas in over a decade. This visit is a segment of a broader tour that covers five states, signaling a rekindled interest in the wheat trade between the two nations, with the Kansas Wheat Commission taking the lead on local hosting duties. The U.S. Wheat Associates orchestrated this trade mission, aiming to provide the delegation from COFCO (China Oil and Foodstuffs Corporation) International, a food processing behemoth owned by the Chinese state, with a thorough grasp of the U.S. grain marketing structure. The tour is designed…

The European Union’s rigorous enforcement of trade rules has markedly curtailed the influx of steel imports, causing significant shifts in international trade dynamics. Triggered by Eurofer’s alarm over potential trade rule circumventions, the European Commission’s deep dive into stainless steel cold-rolled flat products from Indonesia has expanded its scope. As a consequence, the quota utilization for Taiwan and Turkey has seen a steep decline to 9% and 11%, respectively, as of October 30, 2023—a stark departure from their full or nearly full utilization the previous year. This scrutiny by the Commission has led to a notable trade downturn of 55,186…

As part of its ambition to foster stronger Turkey trade relationship, the UK Government today initiated a ‘Call for Input’ from businesses and the public to guide the negotiation objectives for an enhanced free trade agreement (FTA) with Turkey. This call to action is a leap toward revitalising UK-Turkey economic connections. Commerce between these two nations soared to £23.5 billion last year, ranking Turkey within the UK’s top 20 trading partners. With exports spanning over 7,500 VAT-registered British businesses, including corporate giants like Vodafone, the trade footprint is significant. The current FTA, anchored in 1990s agreements from the UK’s period…