European Union member countries have reached a consensus to end imports of Russian oil and gas by 2028, aiming to cut off an energy tie they believe supports Moscow’s war in Ukraine. At a meeting held in Luxembourg on Monday, nearly all EU energy ministers supported the proposed regulation, which covers both pipeline-delivered oil and liquefied natural gas (LNG). Under the proposed regulation, EU countries need to end new Russian gas import agreements starting in January 2026, end existing short-term contracts by June 2026, and terminate long-term deals by January 2028. The measure still requires approval from the European Parliament,…

China has suspended imports of U.S. soybeans for the first time in seven years, effectively severing American farmers from their biggest international buyer. In September, China recorded zero soybean imports from the U.S.—a first since November 2018—while purchases from South America rose sharply compared to last year, as Chinese buyers avoided American shipments due to the continuous trade tensions between the two global economic powers. According to data released Monday by China’s General Administration of Customs, soybean imports from the U.S. dropped to zero last month, down from 1.7 million metric tons during the same period last year. The decline…

Pakistan has introduced an updated B2B barter trade system with Iran, Russia, and Afghanistan, following key amendments aimed at making bilateral trade more practical and business-friendly. According to a notification from the Ministry of Commerce, Pakistan has relaxed several rules related to barter trade. Exporters are no longer required to complete exports before starting imports, enabling simultaneous import and export activities. Additionally, private firms can now form consortia to streamline operations, and the deadline for completing barter transactions has been extended from 90 to 120 days. The ministry has also removed the previously restrictive list of specific tradable goods and…

EU industry chief Stephane Sejourne is set to hold emergency talks on Monday with European industries affected by China’s restrictions on rare earth exports. China, the top global producer of minerals essential for manufacturing magnets used in the automotive, electronics, and defense sectors, introduced new restrictions this month on the export of rare-earth technologies. In October 2025, China declared plans to extend its rare earth export restrictions beginning in December. This expansion goes beyond the initial seven rare earth elements limited in April, now including a broader range of rare earth metals and related products, raising further concerns about global…

Nigeria and China are set to deepen their economic ties with the upcoming 2025 edition of the China Commodities Expo-Nigeria (CCE). The expo is organized by the Trade Development Bureau of China’s Ministry of Commerce and Brightway International Exhibition, with support from multiple Chinese provincial governments and the Chinese Embassy in Nigeria. The annual trade fair is scheduled to take place from November 5 to 7 in Victoria Island, Lagos. The expo will bring together importers, exporters, entrepreneurs, investors, and policymakers to forge new business connections, attract foreign direct investment, and spur job creation. The expo has emerged as a…

Egyptian Foreign Minister Badr Abdelatty on Friday encouraged Indian businesses to explore investment opportunities across various sectors, including pharmaceuticals, chemicals, and emerging fields such as renewable energy, artificial intelligence, and digitalization. He also expressed Egypt’s strong interest in establishing an Indian industrial zone within the Suez Canal Economic Zone (SCEZ), where countries like China and Russia already have a presence. The minister stated that Egypt and India are aiming to double the bilateral trade by 2028. He noted that the Egyptian government is actively working to enhance the ease of doing business for Indian firms. Abdelatty also mentioned that Egypt…

The Federal Government of Nigeria has denied allegations that it imported grains to lower food prices, explaining that the recent drop in food costs is due to increased domestic production. During a press briefing in Abuja held in honor of the 2025 World Food Day, Minister of State for Agriculture and Food Security, Sabi Abdullahi, made the clarification. He highlighted that the government has intensified agricultural productivity through various ongoing initiatives aimed at enhancing food availability, accessibility, and affordability. Abdullahi added that since the current administration took office, its primary focus has been on reducing food prices by increasing the…

Nigeria is working on a new framework to facilitate the use of national currencies for settling bilateral trade, according to Central Bank Governor Olayemi Cardoso. During a press briefing at the IMF/World Bank Annual Meetings in Washington, D.C., Cardoso noted that although Nigeria had previously attempted local currency trade agreements, the efforts fell short of expectations. He stated that the Central Bank is now adopting a more deliberate and systematic strategy to ensure that future local currency trade deals provide mutual advantages and help lessen reliance on foreign exchange for cross-border transactions. Bilateral currency trade deals—also referred to as local…

South Africa has entered into a new trade agreement with China that, for the first time, permits local growers to export five varieties of stone fruit—apricots, peaches, nectarines, plums, and prunes—to Chinese consumers. The deal was formalized in Shanghai by South African Agriculture Minister John Steenhuisen and Sun Meijun from China’s General Administration of Customs (GACC). This marks the first instance where China granted access to several types of stone fruit from one country under a single trade protocol. Minister Steenhuisen hailed the protocol as a significant milestone for South African fruit growers and exporters, especially as the nation seeks…

President Donald Trump on Tuesday revealed that his administration is considering ending trade ties with China over its refusal to purchase U.S. soybeans and warned of potential restrictions on cooking oil and other imports from the country as a retaliatory measure. In a Truth Social post, Trump accused China of committing an ‘economically hostile act’ by “purposefully not buying soybeans and causing difficulty for soybean farmers.” “We are considering terminating business with China, having to do with cooking oil and other elements of trade as retribution,” he added. Trump said he has been considering ending trade with China involving cooking…