live U.S.-Iran standoff continues as Hormuz shipping and diplomacy remain uncertain
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to res...
The European Union plans closer cooperation with Pacific Rim nations under the CPTPP to advance global trade rules, but insists it is not seeking to replace the World Trade Organization.
The European Union is exploring a plan to work closely with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) countries to strengthen global trade governance, EU officials confirmed on Friday.
European Commission President Ursula von der Leyen suggested the initiative could mark the "beginning of redesigning the WTO" during comments to reporters on Thursday. The World Trade Organization has been struggling for relevance amid rising geopolitical tensions and unilateral tariffs imposed by the United States, undermining its commitments and credibility.
However, despite some calls for a more radical shift, including from German Chancellor Friedrich Merz who said the new grouping could eventually replace the WTO, EU officials clarified that the proposal does not aim to set up a rival organisation.
Instead, the European Commission said that cooperation with the CPTPP was intended to promote a modern and rules-based trading system at a time when the WTO urgently requires reform.
"We are working closely with like-minded partners, including CPTPP countries, to advance meaningful, rules-based reform that upholds fair and open global trade," the Commission said in a statement.
One focus could be developing a dispute settlement system to address the paralysis of the WTO’s Appellate Body, after the United States blocked new appointments, leaving the body unable to function.
Officials said the cooperation would also send a political signal that a significant number of countries remain committed to open, rules-based trade at a time when protectionist measures are increasing globally.
The CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and, since late last year, Britain.
"We are strong supporters of the WTO, which plays a vital role," a spokesperson for Britain’s trade ministry said. The ministry highlighted a new trade strategy launched on Thursday, noting that CPTPP could be used "to encourage deeper trading relationships between countries and groupings committed to liberal rules-based trade."
"We are working with other CPTPP members to help set up discussions with other major trading blocs, including the EU, on ways to further promote free and fair global trade," the spokesperson added.
While formal plans are still in early stages, EU officials emphasise that structured cooperation with the Pacific Rim partners could revitalise global trade governance without undermining the WTO’s central role in setting and enforcing global trade rules.
The collective-defence agreement between Türkiye, Saudi Arabia and Pakistan signals that regional powers no longer want to rely solely on external security guarantees. Whether it becomes a stabilising deterrent or another axis of rivalry remains unresolved.
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
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.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 19th of August, covering the latest developments.
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
Australia on Thursday condemned Israel’s decision to close its criminal investigation into the deaths of Australian aid worker Zomi Frankcom and six World Central Kitchen colleagues killed in Gaza in April 2024.
North Korea has fired more than 10 short-range ballistic missiles after U.S. President Donald Trump reduced American participation in joint military exercises with South Korea in an effort to revive dialogue with Pyongyang.
Georgia’s foreign trade data for January-July 2026 shows Kyrgyzstan, China and Russia as its top three export markets, highlighting its Middle Corridor ambitions and complex economic ties with Moscow.
Kazakhstan will vote on 23 August in its first parliamentary election under the new Constitution, choosing 145 members of the new Kurultai under a fundamentally changed electoral system based entirely on party lists.
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