WTO says Europe ‘acting as a drag’ on global trade recovery (10.10.2024)
The World Trade Organisation (WTO) said Europe is holding back the recovery of global trade due to factors such as low growth and high energy costs. Key sectors, such as the automotive and chemical industries, are in decline, affecting competitiveness and reducing exports. The WTO notes that Asia will lead global growth in 2024, while Europe could experience a contraction. Weak domestic demand and trade tensions also contribute to this negative impact.
Venezuela exported more than 1.5 tonnes of fishery products to Aruba (14.10.2024)
Venezuela exported 1.5 tonnes of fishery products, including species such as snapper and bocachico, to Aruba from ports in Falcón state. This export is part of Venezuela’s efforts to expand its presence in the international market for fishery products. In addition, the Ministry of Fisheries and Aquaculture noted that it maintains similar trade relations with other countries and is projecting growth in the sector, in part thanks to agreements with China.
WTO: global trade growth projection for 2024 rises to 2.7% (14.10.2024)
The World Trade Organization (WTO) adjusted its projection for global trade growth in 2024 to 2.7%, slightly higher than the previous forecast. This increase reflects an expected moderation in global inflation and possible stability in interest rates, which could stimulate international consumption and investment. However, the WTO points to risks, such as geopolitical conflicts and the impact of supply chain problems, especially in highly volatile regions such as the Middle East, which could dampen this growth.
Record highs for Commonwealth Trade and Investment: 2024 Commonwealth Trade Review launched (15.10.2024)
The Commonwealth Trade Review 2024 shows record highs for trade and investment within the Commonwealth, reaching $854 billion in intra-Commonwealth trade in 2022 and projected to exceed $1 trillion by 2026. The review highlights the group’s resilience and trade advantages, focusing efforts on food security through sustainable trade and supply chains. Proposed policies include investments in food systems and waste reduction to improve food self-sufficiency.
Recent Modifications to Foreign Trade Rules that will Impact IMMEX Companies in Mexico (17.10.2024)
New modifications to Mexico’s foreign trade rules require IMMEX companies with business certification to maintain inventory control through an automated system, which must be updated within 48 hours with corporate data and made available online to customs authorities. Companies have until 15 November 2024 to comply; failure to do so may result in suspension or cancellation of their certification, and in some cases, payment of VAT on temporary imports.
Asia: shipping capacity remains strong despite global crises (22.10.2024)
Asia’s shipping capacity remains strong despite global disruptions, including geopolitical tensions and the effects of climate change. China, South Korea and Singapore lead in connectivity, with a high percentage of new ships built in Asia. Key trade routes between Asia and the rest of the world drive global trade, with a significant increase in technology and green energy exports. Inland terminals in Asia complement port connectivity and foster regional cooperation.
Brazil-US agreement to boost global poultry trade (23.10.2024)
Brazil and the United States have signed an agreement to boost global poultry trade. Signed between the Brazilian Animal Protein Association (ABPA) and the US Poultry and Egg Export Council (USAPEEC), the pact promotes sustainability, biosecurity and the development of the poultry industry through collaboration on animal health, food safety and trade dispute resolution. The two countries aim to strengthen their competitiveness in the international market and reduce trade barriers.
BRICS plan ‘multi-currency system’ to challenge US dollar dominance: understanding Russia’s proposal (24.10.2024)
Russia’s proposal for a multi-currency financial system for the BRICS aims to reduce dependence on the dollar in international trade by promoting transactions in local currencies between member countries. This system includes the development of alternatives to the SWIFT system, dedicated markets for trading essential commodities such as grains, and a cross-border payments structure backed by digital currencies and central banks. This strategy aims to strengthen the BRICS economies and foster a more balanced and decentralised global economy.
Alibaba launches Trade Assurance in Spain for secure and efficient trade (29.10.2024)
Alibaba has launchedTrade Assurance in Spain to boost confidence in international trade for local businesses, from small and medium-sized enterprises to large corporations. This service offers payment guarantees, real-time tracking of shipments and dispute resolution support, which minimises risks associated with internationalisation. In addition, it facilitates commercial relations abroad, offering a centralised and transparent management platform that ensures both compliance with deadlines and the quality of the product purchased.
Beijing complains to the WTO about new EU taxes on Chinese electric vehicles (30.10.2024)
China has filed a complaint with the World Trade Organisation (WTO) following the European Union’s decision to impose tariffs of up to 35% on Chinese-made electric vehicles, alleging state subsidies affecting European industry. The move, pushed by France but criticised by Germany and other European nations, could intensify trade tensions. The dispute could be resolved if both sides agree to minimum prices instead of tariffs.
Indian trade union mobilises against the US blockade of Cuba. Asia-Pacific supports Cuba against US blockade (30.10.2024)
The Central India Trade Union Union Union (CITU) has organised mobilisations against the US blockade of Cuba in cities including Kerala, Andhra Pradesh and Telangana, and plans a demonstration in New Delhi. These actions precede a UN vote on the blockade, highlighting the negative impact on the Cuban economy and health, including shortages of medical supplies and food. CITU denounces that the blockade seeks to destabilise the Cuban population.
At the 10th Asia-Pacific Regional Solidarity Meeting, some 70 delegates from 16 countries declared their support for Cuba and demanded an end to the US blockade, as well as the removal of Cuba from the list of sponsors of terrorism. This event precedes the UN vote on the blockade and emphasises collaboration in areas such as health, education and food production.
Brazil, Hong Kong and Thailand explore tokenisation in international trade (30.10.2024)
Brazil and Hong Kong are promoting a tokenisation project in international trade, using central bank digital currencies (CBDCs) to improve the efficiency of cross-border settlements. The Hong Kong Monetary Authority and the Central Bank of Brazil are collaborating to implement advanced mechanisms, such as Payment versus Payment (PvP) and Delivery versus Payment (DvP). These technologies aim to optimise trade transactions and carbon credits, as well as foster global interoperability by testing with other countries, such as Thailand, to establish a digitised and decentralised trading model.
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In Madrid, 31 October 2024
International Trade and Sanctions Department
Lupicinio International Law Firm
