Day: February 5, 2023

Feb 05

U.S. takes aim at global shark fin trade

The National Oceanic and Atmospheric Administration, or NOAA, is currently reviewing the funding and implementation of a long-awaited ban on the trafficking of shark fins through U.S. ports, a move that could disrupt their broader global trade. NOAA’s review comes after President Joe Biden signed the Shark Fin Sales Elimination Act into law in December. It’s a move that some scientists and researchers have fought for years, pointing to a deep debate about just how the U.S. should use its Read Full Details…

Feb 05

Rising Alabama exports put 2022 on course for a record year

Alabama exports are bouncing back from global trade frictions and disruptions caused by the COVID-19 pandemic that interrupted years of upward momentum for overseas shipments of Alabama-made goods. While full-year results are not yet available for 2022, trade data shows that Alabama exports approached $23.4 billion in value through November — a figure that already eclipses the annual record of $21.7 billion, set in 2017. That’s good news for Alabama businesses that export their products to an international customer base Read Full Details…

Feb 05

Global Trade Management Update: Simplifying complexity

As international trade volumes continue to hit records every year, shippers of all sizes are turning to applications to gain visibility and control of their global trade processes and GTM vendors are there to answer the call. Global trade hit a record $32 trillion for 2022, up from its previous record-high of $28.5 trillion in 2021. According to UNCTAD’s latest , even the war in Ukraine and the lingering impacts of the pandemic couldn’t throttle strong growth in the trade Read Full Details…

Feb 05

Europe open for international trade, says German Chancellor Scholz

Asserting that Europe remains open for international trade, German Chancellor Olaf Scholz has said he is doing his utmost to ensure that the free trade agreements with India and some other countries gets sealed. The European Union, within which Germany is among India’s biggest trade partners, relaunched negotiations last year with India for a Free Trade Agreement, and launched separate negotiations for an Investment Protection Agreement and an Agreement on Geographical Indications (GIs). In a special address at the World Read Full Details…

Feb 05

‘Rice diplomacy’ between India, Bangladesh and Myanmar

Bangladesh has offered over $40 a tonne more to Indian co-operatives to import 2.5 lakh tonnes of parboiled rice in a government-to-government deal compared with prices quoted by the private trade in a global import tender. The import deal will be through NCCF (National Cooperative Consumers Federation) and Kendriya Bhandar in two tranches with Dhaka getting rice at $443 and $443.5 a tonne each, according to media report. Two Indian co-operatives will export 2 lakh tonnes of rice under government-to-government Read Full Details…

Feb 05

Gold and silver jewellery to get a lot more expensive

Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars.Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on Read Full Details…