Author: News Desk

The Democratic Republic of Congo, the world’s leading cobalt producer, has temporarily banned cobalt exports starting February 22 for a minimum of four months. According to ARECOMS (Authority for the Regulation and Control of Strategic Mineral Substances Markets), the decision stems from officials’ concerns about market oversupply. The DRC is the leading producer of cobalt, accounting for about 77% of global production, estimated at 300,000 tons by Fastmarkets. A surplus of 27,000 tons in the refined market has resulted in persistent oversupply. This imbalance has caused standard-grade cobalt metal prices to plummet to their lowest levels in eight years. The…

Vietnam’s Ministry of Industry and Trade (MoIT) has enforced provisional anti-dumping duties on Chinese hot rolled coil (HRC) imports. The temporary duties range from 19.38% to 27.83%, aimed at what the ministry considers unfairly priced steel products from China. The U.S. has decided to impose temporary anti-dumping duties on hot-rolled carbon steel imports from China, while exempting similar imports from India due to their minimal market share. Chinese steel products under investigation will face the newly imposed tariffs beginning 15 days after the formal declaration. These provisional anti-dumping duties will remain in effect for a 120-day period during the investigation.…

Kurdistan and Iraq Authorities have come to an agreement with Iraq’s federal oil ministry to resume oil exports, signifying a crucial move towards settling a prolonged oil dispute. Iraq has recommenced receiving oil exports from Kurdistan through Turkey’s Ceyhan port, beginning with a daily volume of 185,000 barrels, as confirmed today by Undersecretary of the Oil Ministry for Extraction Affairs, Basem Mohammed Khudair. The ministry aims to gradually increase the export volume to 400,000 barrels per day, in line with the requirements set forth in the Federal Budget Law. Following a visit by an Iraqi Oil Ministry delegation to Erbil,…

Maldives and China have formalized a new Free Trade Agreement (FTA) to enable the export of Maldives fish products to China. According to Trade Minister Mohamed Saeed, the commencement of fish exports to China under the Free Trade Agreement marks a successful outcome of President Dr. Mohamed Muizzu’s strategy to expand Maldivian products globally. The minister emphasized that this development demonstrates the administration’s effective efforts to elevate the country’s global market presence. A partnership agreement has been established between Ensis Pvt Ltd and Beijing’s Xinguang Show Commercial Management Company for the export of fish products. Maldives Ambassador to China, Dr.…

The federal government declared on Friday that it would eliminate half of its exceptions in the Canadian Free Trade Agreement (CFTA) to raise interprovincial trade. Transport and Internal Trade Minister Anita Anand revealed that Ottawa will strike out 20 federal exceptions from the Canadian Free Trade Agreement, cutting the total number of federal exceptions nearly in half from 39 to 19. The reforms primarily focus on government procurement restrictions, opening more opportunities for Canadian companies to bid on contracts across provincial borders. Federal exemptions in the agreement encompass areas such as national security, international trade commitments, and the duty to…

The Nigerian government seeks the removal of Chinese trade tariffs, similar to those removed for 33 other African nations. The request aims to strengthen economic collaboration and promote commerce in sectors vital to Nigeria’s development objectives. During a courtesy visit by the Chinese Ambassador Yu Dunhai to Nigeria, Ambassador Bianca Odumegwu-Ojukwu, the Minister of State for Foreign Affairs, made the appeal at her office in Abuja. The statement, signed and released by the minister’s media aide, Magnus Eze, on Thursday, conveyed Odumegwu-Ojukwu’s remarks. She highlighted Nigeria’s over five-decade-long relationship with China and emphasized that the current administration under President Bola…

Vietnam Industry and Trade Minister, Nguyen Hong Dien met with representatives from the People’s Committee of Binh Dinh province and Swedish textile group Syre to discuss a proposed high-tech fabric production complex. During the discussion, Syre Group outlined their proposal to establish a polyester fiber recycling complex in Binh Dinh province, with investment ranging from $700 million to potentially $1 billion. Syre Group, a Swedish company specializing in large-scale textile-to-textile recycling, will employ advanced technology for the polyester fiber recycling project, ensuring highest environmental protection standards that complies with Vietnam regulations. According to the proposal, the facility would annually transform…

Turkey has begun exporting around 15,000 tons of eggs to the United States due to the outbreak of bird flu.  This egg export addresses shortages caused by Highly Pathogenic Avian Influenza (HPAI), which disrupted supply chains and increased prices. Ibrahim Afyon, Chairman of the Egg Producers Central Union (YUM-BIR) in Turkey, told Reuters that the shipments started this month and will continue until July. “The export will take place through our member companies with the required authorizations, while two firms will coordinate the process,” Afyon said. “A total of 15,000 tons of eggs – equivalent to 700 containers – will…

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…