South Korea will ‘swiftly’ begin discussions with the Association of Southeast Asian Nations (ASEAN) to update the free trade agreement (FTA) signed nearly two decades ago, to boost bilateral trade, the industry ministry stated on Monday. The Ministry of Trade, Industry, and Energy revealed the plan as President Lee Jae Myung concluded his two-day visit to Malaysia for the annual Korea-ASEAN summit, where he suggested initiating talks to enhance the FTA, targeting an annual bilateral trade volume of $300 billion by 2029. Korea and ASEAN finalized an FTA on goods in 2006, followed by deals covering services in 2007 and…

U.S. President Trump on Sunday signed a series of trade agreements and deals focused on cooperation in critical minerals with major Asian partners during his official visit to Asia. Trump arrived in Malaysia to attend the Association of Southeast Asian Nations (ASEAN) Summit and witnessed the signing of a peace agreement between Cambodia and Thailand. Afterward, he signed trade agreements with Cambodia, Thailand, and Malaysia. Under the terms of the agreements, the United States will maintain a 19% tariff on imports from Cambodia, Thailand, and Malaysia. In response, Cambodia agreed to remove tariffs on all U.S. goods, while a memorandum…

Malaysia and Brazil signed a series of memoranda of understanding (MoUs) on Saturday, representing a major step in enhancing bilateral cooperation across key sectors such as semiconductor technology, science, innovation, and agriculture. Malaysian Prime Minister Datuk Seri Anwar Ibrahim and Brazilian President Luiz Inácio Lula da Silva attended the ceremony at Kompleks Seri Perdana, held as part of the Brazilian leader’s official visit to Malaysia. The first MoU was signed by Malaysia’s Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and Brazil’s Vice Minister of Development, Industry, Trade, and Services Marcio Fernando Elias Rosa to strengthen collaboration…

China’s commerce minister, Wang Wentao, said on Friday that the country should aim for ‘balanced development’ between imports and exports, following the conclusion of future policy planning meetings in Beijing. The four-day talks commenced on Monday, bringing together top officials to map out long-term plans for China’s upcoming 15th Five-Year Plan, set to begin next year. The discussions come at a challenging moment for China as it grapples with weak consumer spending, a prolonged property market crisis, and ongoing trade tensions with the U.S. China’s substantial trade surpluses with the U.S. and EU have faced criticism from their leaders, who…

Pakistan’s Federal Minister for National Health Services, Regulations, and Coordination, Syed Mustafa Kamal, declared on Thursday that the country plans to boost exports of pharmaceuticals and medicines to $30 billion over the coming years. Addressing the 22nd Health Asia-2025 exhibition at the Expo Center in Karachi, he stated that the goal is to raise Pakistan’s exports of pharmaceuticals, pharmaceutical equipment, and medicines from the current $1 billion to $30 billion. The three-day Health Asia-2025 exhibition is being held at the Expo Center Karachi, with participants, delegates, and companies from more than 50 countries. Kamal stated that Pakistan is on track…

Africa Finance Corporation (AFC) has revealed a strategic collaboration with Lagos Fashion Week 2025, reinforcing its dedication to uplifting Africa’s youth and creative sectors as essential contributors to inclusive economic development. The partnership aims to elevate Africa’s fashion and textile industry as a major catalyst for industrialization and export diversification, with the continent’s apparel and textile exports expected to hit $15 billion by 2030. AFC stated that its partnership with Lagos Fashion Week will back efforts focused on sustainable production, boosting local manufacturing, and enhancing value addition across the fashion and textiles sector. Lagos Fashion Week, in its 15th year,…

U.S. President Donald Trump on Thursday declared that all trade talks with Canada have been halted immediately in response to an advertisement criticizing the tariffs he imposed on the country. The president wrote on Truth Social that he was terminating all trade talks with Canada due to a video advertisement funded by Ontario that showed former President Ronald Reagan criticizing tariffs. “Based on their egregious behavior, all trade negotiations with Canada are hereby terminated,” Trump added. The Trump administration has implemented a 35% duty on numerous Canadian imports, along with specific tariffs aimed at industries such as automotive and steel…

The U.S. is considering restrictions on software-related exports to China in retaliation for Beijing’s broad rare-earth export controls as both nations gear up for the next round of talks. According to Reuters, U.S. Treasury Secretary Scott Bessent affirmed the possibility, stating that ‘everything is on the table.’ “If these export controls, whether it’s software, engines, or other things happen, it will likely be in coordination with our G-7 allies,” Bessent added. Earlier this month, President Donald Trump announced that starting next month, the U.S. would enforce export controls on all critical software to China, prohibiting global shipments of goods containing…

Indonesia’s Coordinating Minister for Food Affairs, Zulkifli Hasan, voiced confidence that the country could end its reliance on salt imports by late 2027. “Hopefully, by the end of 2027, we will have all types of salt. No more imports,” Hasan said on Tuesday. Maritime Affairs and Fisheries Minister Sakti Wahyu Trenggono also expressed confidence that Indonesia will become self-sufficient in salt by the end of 2027. He noted that the government will begin gradually cutting back on salt imports between 2025 and 2026. “Currently, salt for consumption, industry, food processing, and pharmaceuticals is still imported. Under the coordination of Minister…

Timber imported by companies in the European Union is linked to logging activities on Indonesia’s Borneo island, according to a new report released on Tuesday. In response, NGOs are urging the EU to end its delay in implementing a ban on products associated with deforestation. Last month, the EU revealed its plans to request a further one-year delay of the comprehensive European Union Deforestation Regulation (EUDR). While environmental organizations welcomed the move, it faced criticism from key trading partners such as the United States and Indonesia. The report, released by Earthsight and Auriga Nusantara, identified the largest Indonesian purchasers of…