Global Trade Research Initiative (GTRI) predicts a 1.2% decline in the value of global merchandise trade due to geopolitical uncertainties. The US dollar value of world merchandise trade fell 5% in 2023 to USD 24.01 trillion, but this was mostly offset by a strong increase in commercial services trade, which rose 9% to USD 7.54 trillion. This allowed world goods and commercial services exports on a balance of payments basis to slip 2% in 2023 to USD 30.8 trillion.
The Global Trade Research Initiative (GTRI) said companies relying on just-in-time manufacturing processes can be particularly vulnerable as they maintain low inventory levels and depend on the timely arrival of components and finished products
The Global Trade Research Initiative (GTRI) has advised that the Central Board of Indirect Taxes and Customs (CBIC) must use the services of communication experts for help in drafting easy-to-understand notifications, , global trade research initiative (GTRI), Central Board of Indirect Taxes and Customs (CBIC)
'Fossil fuels contribute to 90 per cent of Greenhouse and 75 per cent of carbon emissions and if decarbonization is the goal, the EU should heavily tax fossil-fuel imports,' GTRI said
The overall gains for India will be limited as most of the goods from here are already entering the UK at low or zero tariffs (import or customs duties), the Global Trade Research Initiative said
The think tank said while the conflict's immediate consequences are confined to Israel and Gaza, its ripple effects throughout the Middle East cannot be underestimated
Think tank Global Trade Research Initiative (GTRI) said the emission data is to be reported quarterly and the deadline for submission for the first quarter (October-December 2023) by the EU-based importer (called declarant) is January 31, 2024.
The retaliation measures, a report by thinktank GTRI said, offer several advantages, including rapid implementation. 'Use a calibrated retaliation mechanism to retaliate in equal measure. We have done it before,' GTRI co-founder Ajay Srivastava said
Indian industry sectors, particularly steel, have expressed concerns over the burdensome data reporting requirements imposed by the European Union s carbon tax decision. The industry has urged the Indian government to address the issue with the EU. The EU is seeking extensive information, including commercially sensitive data, which the industry believes is excessive.