DP World Cochin launches new weekly service to further strengthen trade between

India and the Middle East

The new service operated by Unifeeder, a DP World Group company, aims to boost South India’s connectivity and facilitate trade with the Middle East

KO CH I/ MU MB AI : DP W or ld , a leading global provider of smart end-to-end supply chain, welcomed their newly launched weekly service ‘PIC2’, at its state-of-the-art International Container Transshipment Terminal (ICTT) in Cochin. With a 2407 TEUs vessel capacity, the new service by Unifeeder Group, will enhance the connectivity of the East Coast to Cochin and ultimately to the Middle East.

Vizhinjam Port to be fully commissioned by May next year: Karan Adani

AHMEDABAD: The much-delayed international container transhipment port at Vizhinjam near ThiruvananthapuraminKeralawillbefullycommissioned by May 2024, Karan Adani, Chief Executive Officer, Adani Ports and Special Economic Zone Ltd (APSEZ), whichisbuildingthenewport,hassaid. Cont’d. Pg. 6

WTO : Goods barometer Stabilizes; Possible Turning point for Global Trade

Global goods trade remained depressed in the first quarter of 2023, but forward-looking indicators point to a possible turnaround in the second quarteraccordingtothelatestWTOGoodsTradeBarometerissuedon31May.

LONDON: The value of the barometer index rose to 95.6 in the latest reading — up from 92.2 in March — but remained well below the baseline value of 100, suggesting a below-trend stabilization and the beginnings ofanupturninmerchandisetradevolumes. Cont’d. Pg. 4

WTO : Goods barometer Stabilizes; Possible Turning point for Global Trade

Cont’d. from Pg. 3

Mixed signals in the barometer's component indices nevertheless suggest that the roadtotraderecoverymaybebumpy.

The Goods Trade Barometer is a composite leading indicator for world trade, providing real-time information on the trajectory of merchandise trade relative to recent trends. Barometer values greater than 100 are associated with above-trend trade volumes while barometer values less than 100 suggest that goods trade has either fallen below trend or will do sointhenearfuture

The volume of merchandise trade in the fourth quarter of 2022 was down 2.4% compared to the previous quarter and 0.8% compared to the same periodinthepreviousyear.TheQ4slumpwasdrivenby several related factors, including the ongoing war in Ukraine, stubbornly high inflation in advanced economies,andtightermonetarypolicyglobally.

TheeasingofpandemiccontrolsinChinastartingin December 2022 appears to have boosted port traffic in the country, but this was outweighed by reduced vessel traffic in Europe. Preliminary data suggest that trade remaineddepressedinQ1of2023,buttherecentpickup in export orders points to an increase in demand for traded goods in the second quarter. These results are broadly consistent with the WTO's most recent trade forecast issued on 5 April, which projects 1.7% growth in worldmerchandisetradein2023.

The barometer's component indices are currently mixed. The automotive products index (110.8) has risen firmlyabovetrendonthebackofstrongsalesintheUnited States and Europe. The highly predictive export orders index (102.7) has also returned above trend after a dip following the outbreak of war in Ukraine. In contrast, the indices representing container shipping (89.4), air freight (93.5) and electronic components trade (85.2) all continue to signal weakness. The index of raw materials trade (99.0), meanwhile, finished just below trend. The combination of strong positive and negative indicators makes the shorttermoutlooklesscertainthanusual.

Proposed supply chain agreement under IPEF to help India mitigate risks of economic disruptions

NEW DELHI: The proposed supply chainagreementamongthe14-member IPEF grouping would provide various benefits to India, including a potential shift of production centres in critical sectors and mitigating risks of economicdisruptionsfromsupplychain shocks, an official said recently. Members of the bloc concluded the negotiations on the proposed agreement, one of the four pillars of the Indo-Pacific Economic Framework for Prosperity(IPEF),onMay27inDetroit.

The other benefits include supply chain diversification, mobilisation of investments, deeper integration of India in global value chains, support to MSMEs and creation of a seamless regional trade ecosystem, which would facilitate the flow of Indianproducts,theofficialsaid.

The agreement would help India to reduce its dependence on China. The pact also assumes significance as the COVID outbreak had severely disrupted the global supply chain as most of the countries were dependent on China for various products, like pharmarawmaterials.

IPEF was launched jointly by the US and other partner countries of the IndoPacificregiononMay23lastyearinTokyo. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy (issues like tax and anti-corruption). India has joined all the pillars except the trade one. Australia,BruneiDarussalam, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US andVietnamaremembersofthebloc.