China and ASEAN officially launched an upgraded version of their free trade agreement—Version 3.0 China-ASEAN Free Trade Area (CAFTA)—on Wednesday in Nanning, southern China. This upgraded, institutional, and rule-based framework aims to strengthen regional collaboration in key sectors such as the digital economy, green development, and supply chain integration. Unlike previous versions that focused mainly on lowering tariffs and boosting service investments, Version 3.0 extends the framework to include the digital economy, green development, supply chain integration, and alignment of standards and conformity assessments—signaling a strategic shift toward future-focused collaboration. “The Version 3.0 CAFTA creates a number of opportunities. Firstly,…

The National Board of Revenue (NBR) of Bangladesh has introduced a 20% regulatory duty on rice bran oil exports in an effort to stabilize the local market. The NBR issued an official directive on Wednesday, signed by Chairman Md Abdur Rahman Khan, to implement the newly imposed duty. Over the past few months, the Bangladesh Rice Bran Oil Mills Association had urged the government to reinstate the duty to maintain an adequate domestic supply. As stated in the NBR’s notification, the duty is enforced under the Customs Act 2023 and applies to both refined and crude forms of rice bran…

Türkiye and Kyrgyzstan signed the 12th Term Joint Economic Commission (JEC) Protocol on Thursday, outlining initiatives to deepen collaboration across sectors such as trade, industry, energy, transportation, agriculture, education, healthcare, and culture. Türkiye’s Vice President Cevdet Yilmaz and Adylbek Kasymaliev, Chairman of Kyrgyzstan’s Cabinet of Ministers, signed the agreement in Bishkek. The protocol features a 77-article action plan that serves as a joint roadmap for enhancing bilateral relations. Yilmaz emphasized that both nations are committed to achieving the trade targets set by Türkiye President Recep Tayyip Erdogan and Kyrgyz President Sadyr Japarov, $2 billion in the short term and $5…

Malaysia’s Federal Land Development Authority (FELDA) has called on the government to eliminate the Approved Permits (AP) and Import Permits (IP) for refined sugar, following a recent surge in supply. FELDA chairman Datuk Seri Ahmad Shabery Cheek highlighted that Malaysia’s domestic sugar production is adequate and does not require supplementary imports, which he argued create unfair competition for local producers. He noted that imported sugar, ranging between 60,000 and 70,000 metric tons annually, is sold at the same regulated price as locally produced sugar, despite incurring higher production costs. “In countries like Vietnam, the Philippines, Thailand, and Indonesia, sugar prices…

A proposed agreement to remove tariffs on UK steel exports to the United States has been postponed ahead of U.S. President Donald Trump’s second visit to Britain, according to the BBC. The possibility of zero tariffs, once a primary objective of Prime Minister Keir Starmer’s administration, has diminished, leaving the UK steel producers subject to a persistent 25% duty at the U.S. border. This outcome has sparked widespread outrage among industry leaders and political figures. The decision signals a substantial setback to the industry, which has already been grappling with serious financial challenges over the past few years. For several…

Thailand is initiating a pilot project with seaplane routes in Trang to promote tourism by connecting remote islands to popular travel destinations. The Civil Aviation Authority of Thailand (CAAT), in collaboration with private operators Siam Seaplane and Thai Seaplane, is launching the pilot program to help travelers access Thailand’s lesser-known islands. The initiative also seeks to improve links between these remote islands and the country’s major tourist hotspots. The initiative will begin with Koh Kradan, a small island serving as the starting point for initial trials. Test flights are scheduled to commence later this year in Thailand’s southern province of…

Pakistan and Iran have reached an understanding to finalize a Free Trade Agreement (FTA) and establish border markets to enhance bilateral trade, Pakistan’s Commerce Minister Jam Kamal Khan stated during his official visit to Iran. Both countries are in the process of finalizing the list of products to be included in the FTA, with the goal of increasing trade volume and deepening economic relations. Khan arrived in Tehran on Sunday for a three-day visit to participate in the 22nd session of the Pakistan-Iran Joint Economic Commission (JEC). Pakistan and Iran aim to boost the bilateral trade volume to $10 billion,…

The U.S. State Department on Monday declared that the Trump administration has relaxed U.S. drone export rules to strengthen global competitiveness and accelerate the approval process for international sales. According to the State Department, unmanned aerial systems will now be reviewed for export under the same guidelines as manned fighter jets such as the F-16, instead of facing the more stringent regulations typically applied to missile systems. This shift signals a notable change from the restrictions set by the 1987 Missile Technology Control Regime (MTCR). Secretary of State Marco Rubio approved the policy reinterpretation as part of wider arms sales…

The Federal Government of Nigeria has put a hold on the enforcement of the recently introduced 4% Free on Board levy (FOB) by the Nigeria Customs Service on all imported goods. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has ordered the Nigeria Customs Service to halt the implementation of the 4% FOB charge. The directive was outlined in a circular titled ‘Suspension of the Implementation of Four Percent FOB Charge by the Nigeria Customs Service,’ dated September 15 and signed by Raymond Omachi, the Ministry’s Permanent Secretary for Special Duties. “Pursuant to the powers vested…

The Tariff Policy Board (TPB), headed by Commerce Minister Jam Kamal Khan, has approved the commercial import of used vehicles up to five years old, with an additional 40% duty, according to a report by Business Recorder citing ministry sources. The proposal is now set to be forwarded to the Economic Coordination Committee (ECC) for its final endorsement. The decision was made despite opposition from Pakistan’s auto industry, which cautioned that allowing commercial imports could negatively impact domestic production, threaten employment, and trigger scrutiny under FATF regulations related to money laundering and counter-terrorism financing. The TPB, which includes members from…