Uzbekistan faces $1.5 billion hit if Middle East tensions disrupt Iran trade route
Uzbekistan could lose up to $1.5 billion if escalating Middle East tensions disrupt vital trade and logistics routes through Iran, putting pressure...
Hundreds of farmers staged a protest in Paris on Tuesday against the proposed trade agreement between the European Union and the South American bloc Mercosur.
The demonstration, organized by the agricultural union Confederation Paysanne, began at the Esplanade des Invalides and ended at the foot of the Eiffel Tower.
Protesters carried banners, chanted slogans, and drove tractors in a show of opposition to the EU-Mercosur agreement which.
First negotiated in 2019, the agreement has faced growing opposition from European farmers and environmental groups, who argue it could harm domestic producers and accelerate deforestation in the Amazon.
The EU-Mercosur deal is hailed by the EU as "a win win-win for both the EU and Mercosur countries by creating opportunities for growth, jobs and sustainable development on both sides."
The Mercosur countries include Argentina, Brazil, Paraguay, and Uruguay, while the deal is expected to create the world's largest free trade zone for over 700 million consumers.
The EU is Mercosur's second-largest trading partner in goods, with exports of €57 billion in 2024. The EU accounts for a quarter of total Mercosur trade in services, with EU exports to the region amounting to €29 billion in 2023.
The EU is also the biggest foreign investor in Mercosur, with a stock of €390 billion in 2023. While the relationship is substantial, both exporters and potential investors face barriers in Mercosur markets.
According to the EU, the goals of the new trade deal include increasing bilateral trade and investment, and lowering tariff and non-tariff trade barriers - notably for small and medium-sized enterprises.
In a statement released on its trade and policy website, it also said the deal would crate more stable and predictable rules for trade and investment through better and stronger rules in the area of
It also said it would promote shared values and sustainable development, including by strengthening worker’s rights, fighting climate change, ensuring environmental protection, and encouraging responsible business conduct.
The deal also includes protections for 344 EU geographical indications, limits on sensitive agricultural imports such as beef and poultry, and robust safeguards against import surges, supplemented by a proposed legal act to address farmers' concerns.
At least 11 people were killed in Israeli strikes on southern Lebanon on Saturday, among the deadliest since a June ceasefire. Meanwhile, Qatar denied holding Iranian pilots. It said it had found the remains of one pilot after an airspace violation and had contacted Iran to coordinate a handover.
U.S. President Donald Trump says Washington is not seeking an extension of its memorandum of understanding with Iran, claiming the U.S. already controls the Strait of Hormuz through its naval blockade.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
South Korea's presidential Blue House said on Monday it was reviewing U.S. President Donald Trump's comments on scaling back joint military drills. It added that it hoped a favourable relationship between Washington and Pyongyang could lead to meaningful talks.
Ukraine has targeted at least 20 Wildberries warehouses across Russia since 18 July, disrupting a major logistics network. Kyiv says the strikes aim to disrupt alleged military-linked supplies, while the attacks have caused billions of dollars in losses and wider economic pressure.
Britain will continue to support Ukraine “100 per cent” against Russia’s invasion, Prime Minister Andy Burnham said on Tuesday, after Moscow warned London of consequences over reports that British-made drones had been used in strikes on Russian territory.
Russia has summoned Japan’s ambassador to Moscow and delivered a strong protest over what it called “anti-Russian” remarks by Japanese Prime Minister Sanae Takaichi and Foreign Minister Toshimitsu Motegi concerning four disputed islands.
Pakistan is turning to more U.S. crude as disruption around the Strait of Hormuz exposes the risks of its heavy reliance on Gulf energy supplies.
U.S. Forces Korea (USFK) Commander Xavier Brunson visited South Korea's Defence Ministry on Tuesday to discuss plans to scale back the joint Ulchi Freedom Shield military exercise, according to media reports.
European countries are stepping up investment in drones and counter-drone technology as unmanned systems reshape modern warfare, driving demand for new production and capabilities across the continent.
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