Author: Editorial Desk

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…

Ambassador Eric Garcetti accentuated the imperative of a “more ambitious” partnership between India and the United States, with a focus on agricultural and dairy sectors, during his address at the 20th Indo-US Economic Summit organized by the Indo-American Chamber of Commerce this Tuesday. Garcetti highlighted the stagnation of productivity within India’s dairy domain, articulating that American enterprises could offer substantial support. This endeavor may entail the export of feed grains from the US to India. Previous dialogues surrounding a trade pact encountered a standstill due to the USA’s insistence on India acquiring its dairy products. Ambassador Garcetti urged both nations…

The dawn of digital global trade emerges as Burnley’s inaugural fully digitalized shipment of goods alights in Singapore, reflecting innovation and enhanced trade dynamics post-Brexit. This monumental advancement, stimulated by the UK’s pioneering legislation, forecasts streamlined and economical avenues for British businesses. The spearhead of this digital revolution, a valve manufactured by Burnley’s industrial maestro, Fort Vale, embarked on its voyage from Manchester Airport last Thursday. Through the cooperative brilliance of the UK and Singapore’s tech entity, LogChain, this historic shipment discarded traditional physical customs documentation, opting for a holistic digital paradigm. This transformative move trails the UK’s recent…

Aiming to broaden their business scope and secure a robust presence in the Indian market, close to 50 Vietnamese enterprises participated in a significant trade promotion and business matching programme held on September 22 and 23. This programme was a highlight of the inaugural UP Trade Show (UPITS), a venture initiated by the administration of the Indian state of Uttar Pradesh. The Vietnamese contingent, supported by the Trade Office of Vietnam in India, represented over 10% of the international attendees, underlining the increasing importance of Indo-Vietnamese trade relations. The UPITS event was organized in harmony with the Federation of Indian…

During a diplomatic engagement, Beijing’s premier diplomat, Wang Yi, implored the European Union to uphold open markets, inclusivity, and free trade principles. This appeal transpired in a telephonic conversation with Emmanuel Bonne, the Diplomatic Advisor to the French President, last Friday. Wang voiced concerns over the potential pitfalls of protectionism amidst the prevailing global economic strains. Wang Yi, who is also a member of the Communist Party of China Central Committee’s Political Bureau and Director of the Office of the Central Commission for Foreign Affairs, underscored China’s commitment towards amicable resolution of mutual concerns via dialogues and consultations with the…

The global Trade Finance Market is projected to ride a wave of remarkable growth, advancing steadily through the decade ending 2030, according to a recent report published on ‘Research Reports World’. With a pivotal role in greasing the wheels of global trade, trade finance facilitates transactions and funding for traders, ensuring smooth procurement and distribution of goods across international boundaries. The report highlights a confluence of factors like technological advancements and a growing demand for supply chain transparency as primary drivers fueling this upward trajectory. In recent years, the march towards digitalization has markedly transitioned traditional trade finance practices towards…

This unique instance of diplomatic friction with a Western nation arises at a time when India enjoys rich, multi-faceted ties with Canada, spanning trade, education, and personal exchanges. Any strain in this association could potentially have spill-over effects that may reverberate across the international community. Canada’s financial engagement in India is noteworthy. As per the data from the Indian Department for Promotion of Industry and Internal Trade (DPIIT), between April 2000 to June 2023, Canada contributed 0.5644 percent ($3,642.5243 million) of the total Foreign Direct Investment (FDI) equity inflow of $645,386.0884 million in India. Despite constituting a small slice of…