Author: News Desk

South Korea is set to finalize a deal to export K2 black panther tanks to Poland by next month to strengthen the defense cooperation between the two countries, as declared by government officials on Sunday. The second contract for exporting K2 tanks, valued at around 9 trillion won ($6.2 billion), includes 180 units, similar to the first agreement signed in August 2022. In July 2022, South Korea and Poland entered into an agreement whereby Korea agreed to sell K2 tanks, K9 self-propelled howitzers, FA-50 light attack aircraft, and Chunmoo multiple rocket launchers to Poland. In August 2022, Korea secured its…

Kenya has officially revised the customs valuation of Pakistan rice by 25%, slashing the official rate from $615 to $460 per metric ton. The move is anticipated to amplify Pakistan’s rice exports to Kenya. The revision enables Pakistani exporters to sell rice to Kenya at the updated price of $460 per metric ton, marking a significant reduction of $155 from the previous rate of $615 per metric ton. Recent shifts in global supply and demand dynamics have led to a decline in international rice prices. Consequently, the market price for Pakistani non-basmati rice has dropped to $400 per metric ton…

Ontario Premier of Canada Doug Ford is heading with his plan to impose a 25% tariff on electricity exports to the United States, despite Trump’s decision to suspend most tariffs on Mexico and Canada on Thursday. The proposed tariffs will take effect on Monday. “We’re going to put a 25% tariff on electricity coming from Ontario to Michigan, New York, and Minnesota,” Ford said to Fox Business Network. Authorities in the impacted states warn that this decision could increase expenses and jeopardize grid reliability for the 1.5 million consumers in Minnesota, Michigan, and New York who rely on electricity supplied…

U.S. Secretary of Energy Chris Wright has granted an extension for the liquefied natural gas (LNG) export permit for the Golden Pass LNG Terminal, located along the Gulf of Mexico off the Texas coast. According to the Department of Energy(DOE), the approval aligns with President Trump’s dedication to increasing oil and gas production throughout the United States while maintaining the nation’s status as a top global exporter of liquefied natural gas. The terminal, owned by QatarEnergy and ExxonMobil, is currently under construction and is expected to be commissioned later in 2025. Once operational, it will become the ninth large-scale export terminal…

The Philippines Department of Trade and Industry (DTI) has declared it will strengthen trade relations and investments with Paraguay after an official visit from Paraguay’s Vice Minister for Investments and Exports, Javier Vivero. The high-level talks focused on encouraging foreign investment and augmenting bilateral trade ties between the nations. According to the government agency, the discussions included participation from entities such as the Board of Investments (BOI), the Center for International Trade Expositions and Missions (CITEM), and the Department of Foreign Affairs (DFA). Representatives from the private sector, the Philippine Chamber of Commerce and Industry (PCCI), and the San Miguel…

Indonesia’s textile industry is nearing a crisis with a dozen major manufacturers planning to move operations from Vietnam to Indonesia, raising fears of factory closures and mass layoffs. The entry of textile manufacturers from Vietnam will likely increase competition in Indonesia’s market. This influx of foreign rivals could further unsettle the market, making it difficult for local manufacturers to compete. Subandi, chairman of the National Association of Importers (Ginsi), cautioned that a large-scale relocation could severely impact local factories, resulting in significant layoffs. The warning follows the financial difficulties experienced by PT Sritex, Indonesia’s former largest textile company, which defaulted…

Taiwan’s Food and Drug Administration (TFDA), under the Ministry of Health and Welfare, has proposed a draft revision to regulations governing Japanese beef imports. If implemented, the new regulations would permit beef imports of cattle of any age. Under existing regulations, beef imports from Japan must fulfill several criterias. These include being sourced from cattle under 30 months old, inspected by a veterinary officer, and processed in a factory that has official recognition. TFDA Deputy Director-General Lin Chin-fu on Wednesday told CNA that the ministry plans to revise the ‘Import regulations for Japanese beef and its products’ by eliminating the…

British International Investment (BII) collaborates with Ghana International Bank (GHIB) on a $50M initiative to elevate trade and expand access to finance for local businesses in seven African countries. The BII and GHIB alliance seeks to bridge the trade financing gap and address the lack of credit for frontier markets in Africa. The $50 million trade deal, led by British International Investment, seeks to strengthen access to finance for local businesses in seven African countries comprising Sierra Leone, Liberia, The Gambia, Benin, DR Congo, Rwanda, and Tanzania. BII declared that the $50 million facility, assisted under the Master Risk Participation…

Egypt is bolstering its roll-on and roll-off (Ro-Ro) shipping capabilities to improve the efficiency of exports, primarily for perishable agricultural products to European markets. The Ro-Ro line commenced in November last year, links Egypt with Italy through a green corridor, positioning Egypt as a key regional center for transportation, logistics, and transit trade. Vice Prime Minister for Industrial Development, Minister of Industry and Transport Kamel Al-Wazir convened with Minister of Agriculture Alaa Farouk to maximize the benefits of the Ro-Ro shipping line between Damietta and Italy’s Trieste. The discussion centered on optimizing the transport of refrigerated and dry cargo to…

The Federal Government and the United Kingdom have reinforced their commitment to bolster trade relations and economic growth through Nigeria’s National Quality Policy (NNQP) under Phase II of the Standards Partnership Programme (SPP). The British Standards Institution (BSI) and Nigeria’s National Quality Council (NQC) have partnered under the office of the Secretary to the Government of the Federation to implement the program. The initiative aims to establish a quality infrastructure by elevating standardization, accreditation, conformity assessment, inspection, testing, and metrology services to boost the export capacity of the UK and Nigeria, attract investment, and improve trade efficiency in line with…