Push for Reglobalized Supply Chains

Earlier last week, the European Union (EU) launched a deforestation regulation banning the imports of products grown on deforested lands worldwide. Experts believe this law will cost India US$ 1.3Bn annually, hampering the exports of items like coffee, leather, paper and paper products, wooden articles, etc., to the continent. On the other side of the world, noticing an overconcentration of manufacturing in certain sectors in specific countries, the World Trade Organization (WTO) Chief strongly advocated diversification in global supply chains. This, she says, will help re-spur growth in developing countries and make them a vital part of the global trade ecosystem.

WORLD ECONOMY

WTO chief pushes for reglobalized supply chains to cut down bottleneck risks

World Trade Organization Director-General Ngozi Okonjo-Iweala urged diversification in global supply chains amid ongoing efforts to progress the body’s reform.

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BILATERAL TRADE

EU deforestation rule could cost India up to $1.3 bn in exports every year: GTRI

India’s exports worth about $1.3 billion could be affected every year due to the European Union Deforestation Regulation (EUDR) adopted earlier this week, a report by the economic think tank Global Trade Research Initiative (GTRI) said on Thursday.

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ECONOMY

India’s gems and jewellery exports sluggish, industry hopeful for revival from July

India’s gems and jewellery exports are in for a tough year as the global economy witnesses a slowdown, but the industry body is hopeful for a revival from July onwards.

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POLICY

US-led trade talks with 14 countries, including India, close to reaching supply chains pact

Fourteen countries in US-led Indo-Pacific trade talks are nearing an agreement on supply chain coordination and may announce a deal as soon as next week, according to people familiar with the discussions.

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SHIPPING & LOGISTICS

U.S. West Coast ports regain lost volume as competitive pressure mounts

Some US importers who shifted cargo away from West Coast ports to rival gateways over fears that labor contract talks could disrupt shipments have begun bringing some of that volume back, even as those negotiations stretch into their 13th month, company supply chain executives said.

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