International trade
In a significant move aimed at pressuring Russia into a peace deal with Ukraine, the US has imposed sanctions on top Russian oil exporters, Rosneft and Lukoil. The strict enforcement of these sanctions is set to upend global oil markets, potentially removing 3.1 million barrels per day of Russian
International trade
India's largest refiner, Reliance Industries, could face a loss of up to Rs 3500 crore in earnings before interest, taxes, depreciation, and amortization (Ebitda) after the US imposed sanctions on Russian oil exporters Rosneft and Lukoil. The sanctions, announced by the US Department of the Treasury's
International trade
The United States' imposition of "reciprocal tariffs" has severely damaged the global trading system and disproportionately affected developing countries, according to Carlos M. Correa, executive director of the South Centre. The tariffs are discriminatory and exclusionary, forcing members of the World Trade Organization (WTO) to engage in
International trade
In a significant move aimed at pressuring Russia into a peace deal with Ukraine, the US has imposed sanctions on top Russian oil exporters, Rosneft and Lukoil. The strict enforcement of these sanctions is set to upend global oil markets, potentially removing 3.1 million barrels per day of Russian
International trade
US President Donald Trump is scheduled to meet with Chinese President Xi Jinping in South Korea on October 30, ahead of the Asia-Pacific Economic Cooperation (APEC) summit, which will be held in Gyeongju from October 31 to November 1. The meeting will take place amidst escalating trade tensions between the
Drugs
The Trump administration is reportedly preparing an "imminent" probe to explore whether trade partners are not paying enough for medicines, which could result in additional import taxes. The investigation, under Section 301 of the Trade Act of 1974, would examine whether countries are charging too little for pharmaceuticals.
International trade
India's flagship electric vehicle (EV) and renewable energy (RE) expansion schemes are facing a challenge from China at the World Trade Organisation (WTO). China has alleged that these schemes are discriminatory against Chinese products and violate various multilateral agreements. However, experts believe that the consequences of this challenge
International trade
A recent study by researchers at the Massachusetts Institute of Technology has shed light on the complex relationship between international trade and economic development. The research, published in the Review of Economic Studies, suggests that while international trade can increase economic growth in some countries, it can also lead to
International trade
The World Trade Organisation (WTO) has been approached by China with a complaint against India's production-linked incentive (PLI) schemes for electric vehicles (EVs), advanced chemistry cell (ACC) batteries, and the auto sector. China alleges that these schemes discriminate against foreign manufacturers, including Chinese firms, by favoring domestic production
International trade
China's commitment to green shipping initiatives has reached new heights as the country aims to navigate the unpredictable global trade landscape. The 2025 North Bund Forum in Shanghai showcased China's determination to advance the development of the shipping industry through collaborative efforts and technological innovation. By
International trade
In a significant development, Iraq's accession to the World Trade Organization (WTO) is gaining momentum, with key stakeholders expressing optimism about the country's prospects of membership. The Minister of Trade, Atheer Dawood Al-Ghurairi, met with the WTO's Director-General, Ngozi Okonjo-Iweala, in Geneva to discuss
International trade
Despite the challenges posed by rising tariffs, record debt repayments, and growing mistrust, the world has so far avoided a devastating tariff war, a top UN trade official said. Rebeca Grynspan, the UNCTAD Secretary-General, emphasized that 72% of global trade still moves under WTO rules, and that efforts to negotiate,
