Türkiye and Iraq have reinforced their economic cooperation by signing the second-term protocol of the Joint Economic and Trade Committee (JETCO) on Thursday. Türkiye’s Trade Minister Omer Bolat stated that the two countries aim to increase bilateral trade to $20 billion in the near term and $30 billion in the medium term. Bolat headed a delegation of over 100 Turkish business leaders representing 19 sectors to Baghdad, where they conducted extensive talks with Iraqi officials and enterprises. In addition to the main trade mission, a separate group representing Türkiye’s industry sector also held discussions with the Iraqi counterparts. During his…

The UK and Nigeria launched the UK-Nigeria Economic Diversification Working Group Dialogue on Thursday to strengthen bilateral trade ties and promote inclusive economic growth in both countries. The initiative builds upon the progress made during the recently concluded Developing Countries Trading Scheme (DCTS) Roadshow, which took place in Kano and Lagos states. Held as part of the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), the event gathered senior government officials, trade specialists, and private sector leaders from both countries. The discussions centered on developing Nigeria’s non-oil sectors, agriculture, and manufacturing, while the UK pledged support through trade facilitation, investment promotion,…

Nigerian President Bola Tinubu has authorized a 15% ad-valorem import duty on petrol and diesel. The measure seeks to support domestic refineries and stabilize the downstream market, though it may lead to higher fuel prices at the pump. In a directive issued on October 21 and released on Wednesday, Tinubu instructed the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to start implementing the tariff immediately. The government stated that the move is part of a broader ‘market-responsive import tariff framework.’ The proposal suggests imposing a 15% duty on the cost, insurance, and…

U.S. President Donald Trump and Chinese President Xi Jinping held high-level talks in South Korea on Thursday, aimed at easing months of rising trade tensions between the world’s two largest economies. Both leaders described the discussions as constructive, covering topics such as tariffs, agricultural trade, and joint efforts on reducing fentanyl exports—issues that have strained relations since the start of the year. Trump declared that he had reached an agreement to reduce tariffs on Chinese goods from 57% to 47% in return for Beijing resuming U.S. soybean purchases, maintaining exports of rare earths, and cracking down on the illegal trade…

Japan’s new Prime Minister, Sanae Takaichi, informed U.S. President Donald Trump that halting imports of Russian LNG (liquefied natural gas) would be ‘difficult’ due to Japan’s energy security requirements, according to a report by Reuters, citing two Japanese government officials. The matter emerged during their bilateral meeting in Tokyo on Tuesday, where Takaichi, recently elected Japan’s first female prime minister, requested President Trump to consider Japan’s reliance on Russian gas. Russian LNG accounts for roughly 9% of Japan’s total imports, with major trading firms Mitsui and Mitsubishi owning shares in Russia’s Sakhalin-2 project located in Russia’s Far East, as reported…

India and the European Union have agreed to maintain discussions on sensitive areas such as steel, automobiles, and carbon tax under the proposed free trade agreement, India’s commerce ministry said on Wednesday. The ministry added that India has also advocated for addressing both tariff and non-tariff barriers in the agreement, as well as establishing transparent and predictable regulatory frameworks to strengthen bilateral trade. The matters were discussed during Commerce and Industry Minister Piyush Goyal’s three-day visit to Brussels, where he met EU Commissioner for Trade and Economic Security Maros Sefcovic to advance the ongoing negotiations. The minister’s official visit ended…

Nigeria’s Minister of Power, Adebayo Adelabu, revealed that Nigeria has begun exporting domestically produced solar panels to Ghana, calling it a milestone that demonstrates the nation’s expanding capabilities in renewable energy production. Adelabu shared the development during the 2025 Nigeria Energy Exhibition and Conference in Lagos, emphasizing the Government’s dedication to broadening access to sustainable energy by promoting private sector investment and advancing industrial growth. The minister emphasized that due to limited government funding, active involvement from the private sector is crucial for advancing large-scale energy initiatives, bridging infrastructure deficits, and tapping into the country’s renewable energy potential. “With this…

New Zealand has pledged to boost exports of high-quality, reliable halal meat products to Malaysia after the two nations updated their halal implementation arrangement. Prime Minister Christopher Luxon reaffirmed that New Zealand will continue to be a dependable partner for Malaysia by ensuring open and stable supply chains. Luxon also promised clear regulations and swift resolution of trade-related issues. To support this, New Zealand will implement data-driven logistics and expedite customs clearance for trusted traders under the newly established Customs Mutual Recognition Arrangement. “Streamlined settings, strong communication, and effective regulatory oversight are practical examples of how we will build certainty…

Bangladesh and Pakistan have reinstated their Joint Economic Commission (JEC) after two decades, signaling a warming of relations that had long been strained by historical conflicts. The two nations convened the 9th Joint Economic Commission (JEC) meeting in Dhaka, reaching an agreement to strengthen cooperation in trade, investment, and regional connectivity. The session was led jointly by Pakistan’s Federal Petroleum Minister Ali Pervaiz Malik and Bangladesh’s Finance Adviser Dr. Salehuddin Ahmed. During the meeting, both nations signed the JEC’s Agreed Minutes, outlining collaborative efforts across sectors including energy, agriculture, education, healthcare, tourism, IT, and climate change. A key outcome of…

India’s initiative to ramp up local production of rare earth minerals and magnets—critical components for electric vehicles and advanced technologies—may face a significant setback. According to a report by The Economic Times, Beijing’s recent move to impose stricter export controls on rare earth processing equipment has raised alarms among Indian government officials and industry leaders involved in the ₹7,300 crore incentive program. Earlier this month, China’s Ministry of Commerce broadened its export restrictions to include equipment and materials used in the production and processing of rare earth elements. The new restrictions apply to items such as centrifugal extraction machines and…