Background

Importers face massive hike in ocean contract costs

“‘Most contract rates took a nosedive back in 2016 when the market crashed,’ Jensen recalled. ‘The carriers have tried but failed to increase contract rates ever since. It seems highly likely that 2021 will be the year when they actually succeed in doing that. And if they do bring contract rates to normal pre-2016-market-crash levels, in very round numbers, what you’re looking at is a 70% increase on the trans-Pacific and a 50% increase in Asia-Europe,’ said Jensen.”

[FreightWaves]

How China joined the sanctions game

“During 2020, it enacted an export control law that constitutes the country’s first framework for restricting exports of military, dual-use, and technology goods for national security reasons. It also unveiled an “unreliable entities” list to target foreign firms that cut off supplies to Chinese companies for non-commercial reasons. The list looks to be directly inspired by Commerce’s Entity List, and inclusion on it can cripple a company’s operations in China.”

[The Diplomat]

India, EU discuss re-initiating talks on bilateral free trade pact 

“Negotiations for India-EU BTIA, launched in 2007, were suspended in 2014 following differences over market access for key items such as automobiles, wines & spirits, dairy and also the movement of professionals.”

[Business Line]

Nigerian Ngozi Okonjo-Iweala set to become first African to lead WTO

“The US has given its formal backing … removing the final obstacle to her bid to be the first woman and the first African to run the Geneva-based trade body.”

[BusinessDay]

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