Author: News Desk

Canada and the Philippines have agreed to finalize negotiations on a bilateral free trade agreement (FTA) by the end of 2026, alongside the announcement of a broad partnership covering trade, defense, energy, labor mobility, and tourism. The agreement underscores Ottawa’s effort to reduce reliance on the U.S. market and strengthen its engagement in the Indo-Pacific region. Canadian Prime Minister Mark Carney declared the partnership following talks with Philippine President Ferdinand Marcos in Vancouver, during the latter’s first official visit to Canada in more than a decade. The agreement comes as Canada seeks to diversify its trade relationship beyond the United…

The European Free Trade Association (EFTA) and Vietnam on Thursday declared the successful conclusion of negotiations for a free trade agreement (FTA), marking a significant step toward strengthening bilateral trade and investment opportunities between the two sides. The European Free Trade Association, comprising Iceland, Liechtenstein, Norway, and Switzerland, stated in a joint communiqué that negotiations with Vietnam had been successfully concluded, resulting in a comprehensive free trade agreement. The announcement followed the European Free Trade Association Ministerial Meeting held in Reykjavík, Iceland, on 22 June, which marked the formal conclusion of the negotiations. According to the statement, negotiation teams from…

The United States has revealed that it will not renew the trilateral trade agreement—USMCA—covering approximately $1.6 trillion in trade between the U.S., Mexico, and Canada, just one day before its scheduled joint mandatory review. In a statement issued on Wednesday, U.S. Trade Representative Ambassador Jamieson Greer said that the United States would not agree to extend the agreement in its current form. “The United States will continue to engage with Mexico and Canada to address the Agreement’s shortcomings and our trade deficits with these countries. However, the Agreement remains in force pending resolution of these issues or until the Agreement’s…

India and Japan are expected to move forward with plans for a local-currency settlement framework that would enable direct yen-rupee transactions for bilateral trade, reducing dependence on the U.S. dollar, according to Nikkei Asia. The report also noted that the proposal could be included in the joint statement to be released following the meeting between Indian Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi during the 16th India‑Japan Annual Summit. This would mark the first time that currency cooperation is to be formally incorporated into a joint statement between the two nations’ leaders. Takaichi is on an official…

China on Monday introduced new export controls targeting 40 Japanese entities, which it accused of contributing to Japan’s ‘remilitarization,’ amid escalating tensions with Tokyo. The Ministry of Commerce declared that 20 organizations were added to its blacklist, prohibiting them from receiving dual-use goods with potential military applications, citing national security and nonproliferation concerns. The blacklisted entities include state-affiliated institutions such as the National Institute for Defense Studies, the Naval Systems Research Center, and the Ground Systems Research Center, along with companies including Mitsubishi Precision, MHI Logisnext, and Kawajyu Gifu Manufacturing. These entities are now prohibited from receiving dual-use items of…

The European Commission will introduce a customs levy on low-value parcels in an effort to curb the influx of low-cost imports from China. Under the current ‘de minimis’ exemption, consumers have been able to purchase goods worth up to €150 (£129)—including fast fashion, cosmetics, and toys—without incurring customs duties, due to a threshold that exempts very small-value shipments. Starting Wednesday, parcels below the threshold will be subject to a new €3 customs fee, with officials aiming to phase out the de minimis rule in order to slow the sharp increase in imports from China. On Monday, the European Commission stated…

The U.S. Federal Communications Commission declared on Friday that it is broadening its restrictions on equipment imports from several Chinese manufacturers. The extended measure is intended to mitigate national security risks associated with telecommunications and surveillance devices produced in China. The new regulations broaden the FCC’s 2022 restrictions. Earlier, the agency declined to certify new equipment models from five Chinese firms—Huawei, ZTE, Hytera, Hikvision, and Dahua. However, devices that had already been licensed prior to the ban were still permitted for import and sale within the U.S. market. Under the newly adopted regulations, the existing loophole will be eliminated. Equipment…

U.S. President Donald Trump on Thursday pointed to food shortages in Iran and suggested the country could become a new market for U.S. agricultural exports. He stated that frozen Iranian assets would be used to purchase American farm products for Iran. “We have a new market coming up, Iran. They’re having a hard time with food, and we’re going to be taking some of their money, and we’ll spend it, and we’re going to be buying wheat, soybeans, and corn, a lot of it, and that process is going to be starting soon. It’s going to be big,” Trump stated.…

The UK government has decided to reduce tariff-free steel import quotas by half to address the surplus of low-cost Chinese steel imports and support the domestic industry. The new safeguard measures are scheduled to take effect on July 1, aligning with similar restrictions being introduced by the European Union. The government stated that the UK and EU have agreed on a coordinated approach reflecting their closely integrated supply chains, following extended discussions on maintaining tariff-free trade between the two markets. In addition, tariffs on steel imports exceeding the duty‑free quotas will be doubled, rising to 50% of the product’s value,…

Russia’s government is reportedly weighing a complete ban on diesel exports in an effort to stabilize its domestic fuel market, as shortages and rising prices intensify following Ukrainian drone strikes on oil refineries and supply infrastructure. Deputy Prime Minister Alexander Novak stated on Tuesday that conditions in the domestic fuel market remain challenging, adding that a comprehensive ban on diesel exports is now under consideration alongside existing restrictions on gasoline and jet fuel. “We have maxed out capacity across all oil refineries, shortened repair timelines, and postponed scheduled maintenance to later dates,” Novak said. Novak’s latest remarks signal a shift…