India lowers import tariffs on electric vehicles to attract global car companies
March 19, 2024
In a major policy adjustment, the Indian government decided to cut import tariffs on multinational electric car companies as long as these companies pledged to build a local factory to produce electric vehicles in India. This strategy aims to attract global automakers such as Tesla and VinFast to turn India into a global manufacturing center for electric vehicles while promoting employment and reducing the country’s oil imports and...
South Koreas cross-border e-commerce imports from China surge 70%
18 March 2024
According to recent data released by the South Korean Customs Administration (Customs), the number of cross-border e-commerce goods imported by South Korea from China increased by 70.3 percent in 2023, reaching 8881.5 million units, a growth rate far higher than the overall import growth rate. This data highlights the growing importation of Chinese markets in cross-border e-commerce in South Korea. Last year, the total volume of cross-border e-commerce imports in South Korea...
Argentina fully liberalizes imports of necessities of life to cope with high inflation
18 March 2024
The Argentine government announced full liberalization of imports for household essentials like food and medicine - a major decision addressing persistent inflation and promoting more competitive market prices. This represents Argentinas latest effort to control prices and increase commodity supply. On March 12 local time, Argentine presidential spokesperson Adorni announced...
China cancels U.S. wheat orders on a large scale
March 15, 2024
China recently canceled large-scale wheat import orders from the US consecutively, including a 264,000-ton order - reaching the highest cancellation volume since 1999. These cancellations significantly impact US wheat exports, with 2023/24 exports projected to drop to 1971 levels. Such large-scale...
South Korea accelerates the diversification of its mineral supply chain to reduce its dependence on China
March 15, 2024
South Korea is accelerating diversification of key mineral supply chains to reduce its dependence on China. This policy shift is driven mainly by the South Korean government’s newly launched Strategy for Securing Key Minerals Supply, aimed at reducing its dependence on China’s mineral resources.
China becomes the main importer of Russian oats, promoting bilateral trade
March 14, 2024
According to Russias Agroexport Center data, China surpassed all countries to become Russias largest oat importer in early 2024. This trend strengthens agricultural cooperation and reflects Chinas growing demand for Russian grains. Per Sputnik News, 202...
Brazil to become world’s third largest cotton producer
March 13, 2024
Brazil, the agricultural powerhouse of South America, is poised to make history in 2023-2024, with cotton production expected to reach 14.6 million bales, a 23.7% increase over last year. According to the latest USDA report, this surge will not only solidify Brazils key role in the global textile industry but also elevate it past the U.S. to become the worlds second-largest producer after China and India...
India and four EFTA countries sign $100 billion free trade agreement
March 12, 2024
India and the European Free Trade Association (EFTA) nations—Switzerland, Norway, Iceland, and Liechtenstein—concluded over 15 years of negotiations to sign a historic $100 billion free trade agreement. This deal marks a significant milestone for India in global trade and will profoundly impact both sides economic futures.
Turkey adjusts its import and export tariff policies towards China and around the world
March 11, 2024
Turkey has made a series of important adjustments to its import and export tariff policy aimed at addressing domestic and foreign economic changes, as well as further regulating international trade activities. These adjustments involve a number of industries ranging from agricultural products to synthetic fibers, to car tyres, which significantly affect the operations and market strategies of domestic and foreign companies.
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