• World food prices slump for first time in a year

      World food prices slump for first time in a year

      United Nations food agency (FAO) announced that world food prices posted in June their first fall in 12 months. The decline in prices was largely driven by cheaper vegetable oils in addition to cheaper cereals and dairy products, Reuters elaborated. FAO also said that worldwide harvests of cereals would result in almost nearly 2.817bn tonnes in 2021. That estimate is slightly weaker than previously forecast, but still on course to hit an annual record.

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    • UK aims to join Asia-Pacific free trade accord

      UK aims to join Asia-Pacific free trade accord

      The United Kingdom plans to launch negotiations to join the Asia-Pacific free trade pact, BBC reported. Those intentions are targeted to secure to businesses from Britain to "some of the biggest economies of the present and future", the government said. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) consists of 11 countries and includes Australia, Canada and Japan. Membership in the pact would result in reduction of tariffs on exports such as cars and whisky.

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    • Brexit, pandemic slashed by half UK exports to EU

      Brexit, pandemic slashed by half UK exports to EU

      The exports of food and drinks from Britain to the European Union have dropped nearly by half due to trade barriers linked to Brexit and Covid-19 lockdowns, BBC reported. The Food and Drink Federation (FDF) figures confirm that sales to EU dropped by a total of 47%in the first three months of the year, compared with the same period in 2020.

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    • UK, Australia agree large-scale trade deal

      UK, Australia agree large-scale trade deal

      UK Prime Minister Boris Johnson and Australian PM Scott Morrison announced they had reached agreement over a large trade deal between the two countries, BBC reported. UK has been pushing ahead with efforts to substitute EU as trade partner after the Brexit process was completed. This is the first trade deal to be negotiated from scratch since the UK left the EU. The agreement is seen as key step towards the Britain joining a wider Asia Pacific free-trade agreement.

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    • UN warns of record food prices surging

      UN warns of record food prices surging

      The United Nations Food and Agriculture Organisation warned of possible global food shortage amid soaring costs related to pandemic, Reuters reported. The costs of imports monitored by FAO are seen soaring by 12% this year. The spike in costs is driven by extremely high demand in lockdown periods. The world's food import costs, which include shipping charges, is projected to reach to a record $1.715 trillion this year, from $1.530 trillion in 2020, FAO elaborated in its twice-yearly Food Outlook report.

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    • UK seals deal with Norway, Iceland and Liechtenstein

      UK seals deal with Norway, Iceland and Liechtenstein

      UK announced it had achieved a post-Brexit agreement with three European countries, Reuters reported. Norway, Iceland and Liechtenstein which are part of the European Economic Area confirmed that the trade accords with Britain were sealed. The deals end a post-Brexit period which marked the separation of UK from EU.

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    • Global food prices soar in May

      Global food prices soar in May

      Global food prices surged in May at its fastest pace since October 2010, BBC reported. The foods rose by 39.7 % on monthly basis, a report by the UN Food and Agriculture Organisation (FAO) showed. The robust growth of prices was largely due to pandemic restrictions which disrupted deliveries in some parts of the world. The UN uses a broad index of global food costs, which have also climbed for 12 months in a row.

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    • UK in talks to join the Trans-Pacific trade accord

      UK in talks to join the Trans-Pacific trade accord

      UK announced it had stepped up efforts to join the Trans-Pacific Partnership, BBC reported. The new alliance is seen as a substitute to the EU. UK hopes to join the other 11 member countries shortly. The British government, which asked to become a member of the TPP in February, said membership was a huge opportunity in a post-Brexit world.

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