EU ambassadors convened on Wednesday and agreed the 16th set of sanctions against Russia, as revealed by EU diplomats. The new measures include banning Russian primary aluminum imports, prohibiting the sale of gaming consoles to Russia, and blacklisting 73 vessels connected to the ‘shadow fleet.’ The EU further seeks to limit Russia’s oil export capabilities and revenue streams by targeting these 73 vessels. The ban on primary aluminum imports impacts key Russian export sectors, while the prohibition on gaming console sales affects Russian consumers. The latest sanctions from the EU are part of ongoing efforts to restrain Russia’s actions over…

Thailand’s Ambassador to Pakistan, Rongvudhi Virabutr, has urged the swift finalization of the Free Trade Agreement (FTA) between Thailand and Pakistan. He called on the Karachi Chamber of Commerce & Industry (KCCI) to press the government to conclude the agreement promptly to improve trade relations between the two countries. As per the KCCI statement, the ambassador expressed his goal to elevate the Thailand-Pakistan trade volume from its present $1.1 billion to $2 billion. He highlighted that trade between the two countries had previously peaked at $1.8 billion before the Covid-19 pandemic, indicating that reaching the $2 billion target is feasible…

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Ukraine President Volodymyr Zelenskyy of Ukraine attended the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ukraine. This newly established partnership is designed to create fresh opportunities for commercial exchange, capital flows, and economic collaboration between the two countries. Sheikh Mohamed bin Zayed Al Nahyan emphasized how CEPA serves to reinforce the strategic relationship between the UAE and Ukraine, while promoting trade growth and economic ties that align with both nations’ development goals. Sheikh Mohamed conveyed his strong belief that this partnership would serve as a key…

The business sectors of Cambodia and Australia solidified their partnership by signing three memorandums of understanding (MoU) yesterday, to promote and facilitate the export of Cambodian products to the Australian market. The collaboration agreement was signed in Sydney, Australia, with Cham Nimul, the Minister of Commerce. Officials from Australia’s Department of Foreign Affairs and Trade, as well as representatives from Cambodian and Australian companies, were also present at the event. In a statement released after the signing ceremony, the ministry announced that these memorandums of understanding are designed to promote and ease the export of Cambodian products, including rice and…

On Friday, U.S. President Donald Trump declared plans to implement tariffs on imported automobiles around April 2. These auto import tariffs could potentially affect automakers from Japan, Germany, and South Korea. It remains unclear whether the auto tariffs are part of administration’s wider strategy for import tax increases in reaction to foreign tariffs on U.S. goods. “I would have done them on April 1. I’m a little superstitious,” Trump Stated. “That costs a lot of money, just that one day, but we’re going to do it on April 2, I think.” The Commerce Secretary nominee Howard Lutnick indicated potential tariffs…

Vietnam and Thailand strengthen industrial trade ties at the Industrial Exchange Event in Ho Chi Minh City on February 13. Organized by the Thai Trade Office, the event is part of the Department of International Trade Promotion’s (DITP) efforts under the Ministry of Commerce to broaden the export of industrial products to Southeast Asian nations. The meet facilitated the participation of 20 Thai companies specializing in medical supplies, electronics, automotive parts, and machining equipment with more than 100 Vietnamese firms. Key industry voices, including members from the Saigon Construction & Building Material Association (SACA), the Ho Chi Minh City Association…

The Turkish Ministry has said that the Nation seeks to pursue a $10 billion trade agreement with Indonesia. Turkish President Recep Tayyip Erdogan conveyed his intention to Indonesian President Prabowo Subianto for increased bilateral trade, emphasizing the need for fairness and equity for both countries. On Wednesday, Turkish Trade Minister Omer Bolat announced that Türkiye and Indonesia have signed a memorandum of understanding to strengthen their bilateral trade cooperation. Erdogan returned to Indonesia after his 2022 visit, meeting with President Prabowo at Bogor Palace to discuss trade. During his visit, a memorandum of understanding was signed to strengthen bilateral trade…

Indonesia-Uzbekistan set to commence negotiations on Preferential Trade Agreement (IU-PTA) to expand market reach and strengthen bilateral economic cooperation. With trade between the two countries growing, this initiative marks a step forward in their long-standing diplomatic relations. “This is one of the concrete steps of the Ministry of Trade’s priority program to expand the export market,” said Indonesia Trade Minister Budi Santoso, following a meeting with Uzbek Foreign Minister Bakhtiyor Saidov in Jakarta on Monday. Minister Santoso affirms that the IU-PTA presents a key opportunity for Indonesia to broaden its market. Uzbekistan being the largest population in Central Asia, boasting…