India and the US are in the final stages of concluding an interim free trade agreement, with US trade representative Jameson Greer set to visit India next week. This follows a meeting between PM Modi and US President Trump. India also expects a US-Iran peace agreement to bring regional stability.
Hainan's Free Trade Port has improved logistics efficiency through institutional reforms, reducing clearance time and increasing vessel registration
Chinese official Xie advocated for a significant expansion of the tariff-free trade list with the US, suggesting it be doubled to $60 billion or even raised to $300 billion, arguing the current exemption list is insufficient given the scale of bilateral trade.
The India-UK Free Trade Agreement, effective July 15, is welcomed by alcoholic beverage makers for boosting trade and premiumization. While imported spirits may see reduced concessions in some Indian states, the pact aims to make premium international brands more accessible to Indian consumers.
India and the UK will implement their free trade agreement on July 15, enabling tariff reductions and enhanced economic cooperation. The pact, signed last year, is expected to boost bilateral trade by £25.5 billion annually and includes significant tariff cuts on products like whisky, automobiles, and cosmetics.
Hainan Free Trade Port's "zero-tariff" imports surged 99.5% to 2.26 billion yuan ($315 million) by April end. The region also saw growth in foreign economic activity, duty-free sales, and company registrations, driven by new customs and preferential policies.
India and the European Union are poised to sign a significant free trade agreement by the end of the year, following discussions between Prime Minister Narendra Modi and EU leaders. The pact also includes enhanced security and defense cooperation and aims to advance the India-Middle East-Europe Corridor for improved connectivity.
Since Hainan Free Trade Port's full closure, 172,100 new business entities have emerged, a 61.07% increase year-on-year. This growth is driven by policy dividends, including expanded bonded repair services for medical devices, a new Siemens Energy assembly base, and a zero-tariff policy for island residents' consumption, all contributing to Hainan's accelerated development as a high-quality free trade port.
Chinese President Xi Jinping met with Myanmar's Min Aung Hlaing in Beijing, endorsing his leadership and pledging to deepen strategic cooperation. The meeting, China's staunchest international support for Myanmar's military government, also addressed issues like online gambling and drug trafficking.
海南自贸港启动首单A320飞机拆解业务，由大新华飞机维修服务有限公司承接。此举标志着自贸港打通飞机整机拆解业务链条，补齐航空器资产处置短板，推动航空维修产业向高端化、全链条、循环化升级，并吸引更多航空上下游企业集聚海南。
South Korean President Lee Jae Myung and Italian Prime Minister Giorgia Meloni met in Rome to discuss bilateral cooperation. President Lee expressed hope for joint efforts to promote global free trade and multilateralism, emphasizing the mutual benefits and potential synergy of enhanced cooperation between the two nations.
South Korean President Lee Jae-myung met with Italian Prime Minister Giorgia Meloni in Rome, emphasizing cooperation in free trade, multilateralism, defense, space, and advanced industries. Meloni congratulated South Korea on its World Cup victory, to which Lee expressed regret that the two nations did not face each other in the tournament.
India's Commerce Minister Piyush Goyal stated that while countries globally are increasingly protecting domestic industries, India is addressing trade challenges through dialogue and partnerships. He noted the WTO's current ineffectiveness but affirmed trade operates under its framework, with India pursuing FTAs and investment.
US President Donald Trump stated the US might not renew its free trade agreement with Canada and Mexico, citing trade deficits. The pact requires renewal by July 1 or a 10-year exit process.
A 13-member delegation from Malaysia, representing sectors like construction, law, e-commerce, automotive, and F&B, visited Hainan to explore business opportunities and cooperation with the Hainan Free Trade Port. They are particularly interested in the port's open policies, tax incentives, and potential collaboration in the aerospace and agricultural sectors.
The Eurasian Economic Union (EAEU) is exploring free trade agreements with Tunisia, Pakistan, and several African nations, with negotiations with India at an advanced stage.
The EU and UK car industries are urging the European Commission to adjust the Brexit trade deal, seeking a second suspension of tariffs on electric vehicle imports due to struggles in meeting 'made in Europe' battery production targets by 2027.
Tech companies like Meta, Google, and TikTok cite the US-Australia free trade agreement and threaten retaliation to oppose Australia's proposal forcing them to pay news outlets for content, arguing it's discriminatory and violates trade rules.
Meta has criticized Australia's proposed News Bargaining Incentive (NBI), calling it "poorly designed" and "grossly unfair." The tech giant argues the plan, which would levy digital platforms to fund media outlets, insulates publishers from necessary innovation and violates trade agreements.
Talks on implementing the UK-India free trade deal are progressing well, but its implementation may be delayed beyond initial expectations due to Indian concerns over upcoming British steel trade measures. Trade Minister Peter Kyle stated the deal itself will not be reopened.
Tianjin's Dongjiang Free Trade Zone signed 5 key projects during the 4th Tianjin International Shipping Industry Expo, focusing on shipping and ship leasing to bolster the industry's scale and competitiveness.
Canada is pushing the US and Mexico to extend their free trade agreement (USMCA) for 16 years, despite ongoing rhetoric from Donald Trump about potentially annexing Canada. Mexico also supports the extension, while the US position remains unclear ahead of a July review.
Canada and Mexico are pushing for a 16-year renewal of the North American free trade agreement (USMCA) with the United States. This move aims to secure the pact amid US President Donald Trump's skepticism. The agreement is crucial for both nations, with the US being their primary trading partner.
Russia anticipates the EAEU-UAE economic partnership agreement to take effect by the end of 2023, aiming to enhance trade quality and balance, following a 50% increase in trade turnover to $14 billion in 2022.
