Author: News Desk

Nigerian President Bola Tinubu has banned the import of foreign goods, particularly those that can be produced locally in Nigeria. To enhance Nigeria’s domestic economy and encourage local production, President Bola Tinubu has implemented a policy preventing Ministries, Departments, and Agencies (MDAs) from purchasing foreign goods or services that are readily available within the country unless granted a written waiver by the Bureau of Public Procurement (BPP). He also imposed restrictions on expatriates entering Nigeria to perform jobs that local contractors and artisans are capable of handling, except when a strong justification is provided. Tinubu described the policy as a…

Bangladesh has decided to halt cattle imports before Eid-ul-Azha, citing a surplus of sacrificial animals beyond the country’s demand, according to Fisheries and Livestock Adviser Farida Akhter. On Sunday, Farida Akhter declared that the government will not import sacrificial animals from neighboring countries for Eid-ul-Azha, as the country already has more animals than required. She stated that starting Sunday, cattle would be prohibited from entering the country through illegal routes, and all forms of cattle imports from foreign nations would be entirely banned. During a press conference at the Bangladesh Secretariat, the adviser outlined steps to evaluate the demand for…

Malaysia anticipates a potential decrease in U.S. tariffs on its exports as ongoing negotiations with Washington progress. On Monday, Prime Minister Anwar Ibrahim cautioned that lingering trade disputes could negatively impact the nation’s economic outlook. Anwar informed Parliament during a special session that, while negotiations are still in the early stages, the U.S. government has agreed to continue discussions with Malaysia. If successful, these talks could lead to a reduction in reciprocal tariffs. He pointed out that the temporary suspension of most tariffs until July had provided short-term relief and stressed that Malaysia is unlikely to meet its projected economic…

The Indonesian Chamber of Commerce and Industry (Kadin) enhanced its economic partnership with the United States Chamber of Commerce by formalizing a memorandum of understanding to bolster bilateral cooperation. The Kadin and the U.S. Chamber of Commerce officially signed the latest MoU on Friday at the U.S. Chamber of Commerce headquarters in Washington, D.C. The agreement, valid for two years, seeks to intensify bilateral trade and investment ties between the nations. Kadin Chairman Anindya Novyan Bakrie described the agreement as a positive development for Indonesia’s business sector and workforce. Bakrie acknowledged the contributions of the U.S. Chamber of Commerce and…

India has imposed a total ban on imports from Pakistan following the recent terror attack in Jammu and Kashmir, according to a notification issued by the Ministry of Commerce on Friday. The government stated that the decision, effective immediately, was made in the interest of national security and public policy and will remain in effect until further notice. The restriction extends to goods already in transit and further strengthens India’s continued diplomatic measures against cross-border terrorism. The Government of India has officially incorporated a new provision titled “Prohibition on Import from Pakistan” into the Foreign Trade Policy (FTP), which immediately…

The governments of the United Kingdom and Kenya, in collaboration with Lamu County and private sector partners, have unveiled a new cotton processing facility in Lamu County. The initiative, a £43 million (KSh 7.4 billion) Sustainable Urban Economic Development (SUED) program between the UK and Kenya, aims to strengthen the country’s textiles and garments sector by reducing dependence on imports, aligning with national development priorities. During the agreement signing on Wednesday, Kenya’s Trade Cabinet Secretary Lee Kinyanjui emphasized that the facility will expand the cotton market by adding value and creating job opportunities for thousands of Kenyans. The construction of…

China stated that it is assessing recent U.S. efforts to begin trade discussions, potentially opening the door for negotiations between the two economies. China’s Commerce Ministry reported on Friday that Beijing is reviewing several proposals from the Trump administration regarding trade negotiations. However, officials emphasized that the removal of Washington’s steep tariffs remains a key condition for progress. The ministry’s statement reaffirmed China’s openness to negotiations while underscoring its readiness to defend its interests if necessary. It also noted that unilateral tariffs of up to 145% continue to be a significant barrier, eroding mutual trust. Chinese imports to the U.S.…

The Finance Ministry of India has imposed a 20% export duty on parboiled rice and specific varieties of milled rice starting May 1. As reported by Financial Express, the decision has been made to control the export of rice and prioritize domestic food security to balance international trade and ensure sufficient food supply within the country. As outlined in the ministry’s circular, the export duty covers parboiled rice, including GI-recognized varieties and other types, as well as ‘Other Rice’ under designated customs classifications. This category encompasses semi-milled and fully milled rice, regardless of whether it is polished or glazed. The decision…

Argentina’s Economy Minister, Luis Caputo, declared on Wednesday that the government will abolish export duties on more than 4,000 industrial products to boost the sector’s global competitiveness. In a post on X, Caputo emphasized that the initiative is to enhance the competitiveness of local industries while boosting exports. “The National Government will remove export duties on 88% of industrial products. From now on, 4,411 products will no longer have to pay export taxes ranging from 3% to 4.5% of the merchandise value,” he detailed. Caputo noted that removing export duties of around 3 to 4.5 % on 4,411 products will…

South Africa’s Agricultural Business Chamber (Agbiz) has voiced optimism regarding China’s plans to boost its imports of agricultural products from South Africa. The development stems from remarks by Wu Peng, the current Chinese Ambassador to South Africa, who affirmed that the Chinese government supports greater access for South African agricultural and industrial products to enter China’s market. “South Africa must also be part of this conversation. China’s interest in South African agricultural products — is a starting point for a deeper trade conversation.” Ambassador Wu Peng wrote on social media. China is a key leader in global agricultural imports. In…