“US diplomats confirm to me that the 15% tariff reversal came into effect on November 13, 2025, following President Trump’s new Executive Order,” the foreign minister stated.

Ghana, with a population of about 34 million, is the second largest producer of cocoa globally, behind Côte d'Ivoire.

Its annual cocoa exports to the United States are estimated at 78,000 metric tons. With the current global price at $5,300 per metric ton, the country is expected to generate an additional US$60 million (approximately GHS667 million) in annual revenue following the tariff removal.

In addition to cocoa, the tariff removal also applies to several other Ghanaian agricultural exports, including cashew nut, avocado, banana, mango, orange, lime, plantain, pineapple, guava, coconut, ginger, and various types of pepper.

This development follows President John Dramani Mahama’s earlier disclosure on October 1 that Ghana was in active negotiations with the U.S. to address the tariff. The 15% duty had been introduced by President Trump on July 31 through an executive order, causing concern among Ghanaian exporters and policymakers.

President Mahama noted that the negotiations also covered the possible renewal of the African Growth and Opportunity Act (AGOA), which previously allowed duty-free access for certain African exports to the U.S.

“Negotiations are ongoing with regard to the trade tariffs of 15% and the renewal of AGOA, which was a zero per cent tariff on African nations, and so those negotiations are still ongoing,” President Mahama said.

AGOA expired on September 30, 2025, after providing 25 years of preferential access for eligible sub-Saharan African countries to the U.S. market.

The cancellation of the tariff comes at a time of changing diplomatic relations between Ghana and the United States. This period includes Ghana’s agreement to receive nationals deported from the U.S. under President Trump’s immigration enforcement policy.

Tariffs , immigration policies and lingering tensions with Washington are all expected to be brought to the table when Asian leaders engage with Trump on this trip. Here’s what you need to know about it. 

Malaysia 

Trump’s first stop will be at the ASEAN Summit in Kuala Lumpur from October 26 to 27. There, he will meet the 10 leaders from the regional bloc, which is set to expand this year with the accession of the fledgling democracy, Timor Leste. 

Topics expected to be brought up include trade and US tariffs, regional security and defence partnerships, and the Gaza War, which Trump recently helped bring to a ceasefire using a 20-point peace plan between Israel and Hamas agreed to.

Though he arrives at the summit with a fortified credibility as a peacemaker, he also hovers with the image of a stingy negotiator. Tariffs on ASEAN countries stand between 10% to 40%, and trade tensions around the region recently flared up when Washington slapped a 100% tariff on China, a major export market for Southeast Asian countries. 

As well, host country Malaysia’s decision to extend an invitation to Trump may be rooted in trade realities: the United States is now Malaysia’s largest export market, overtaking China. Bilateral trade has nearly doubled over the past decade, reaching $78.3 billion in 2022.

ASEAN had invited Xi to the summit, but he is expected to skip the event and attend the APEC Summit in South Korea instead.

Japan

Trump will stop in Tokyo early next week to meet Prime Minister Sanae Takaichi, Japan’s first female leader.

Talks will centre on trade and investment. Washington is demanding up to $550 billion in Japanese investments in the US, but Tokyo has so far pledged only a small share as direct capital. 

Trump is also expected to press Japan to cut imports of Russian liquefied natural gas, a sensitive issue for energy-dependent Tokyo.

Despite a July deal lowering tariffs on Japanese cars, manufacturers say the new 15% rate remains too high, while tariffs of 50% on steel still stand. The two leaders are also expected to discuss regional security and coordination on China ahead of the APEC summit.

South Korea

Trump’s final stop will be Gyeongju, South Korea, for the APEC Summit from October 31 to November 1 — where he is expected to meet Chinese leader Xi Jinping for the first time since returning to office.

Trade will dominate the agenda. Both leaders face pressure to cool tensions before new U.S. tariffs of up to 100% on Chinese exports take effect. Trump has said he hopes for a “deal on everything,” though Beijing has not yet confirmed the meeting.

South Korean President Lee Jae Myung will seek to finalise a $350 billion investment deal with Washington, delayed by disagreements over financing terms. The talks come amid lingering anger in Seoul over a US immigration raid last month that detained 300 South Korean nationals at a battery plant in Georgia.

North Korea’s latest missile test, launched days before Trump’s arrival, is expected to add urgency to discussions. While Trump has hinted at wanting to meet Kim Jong-un again, no such encounter is planned.

On Wednesday, Omar Rakash, director of the Algerian Investment Promotion Agency, met with investors who had signed agreements with African partners. The discussions focused on fast-tracking the transformation of contracts into on-the-ground projects across sectors such as energy, renewable fuels, food industries, and steel. Algeria alone accounted for more than $11 billion in signed deals, including $5 billion dedicated specifically to investment contracts.

Rakash stressed that Algeria’s objective goes beyond trade volumes. He said the government is determined to use these deals to deepen South-South cooperation and support balanced development across the continent. “These contracts must translate into real projects that contribute to Africa’s growth and integration,” he noted.

To facilitate this, the Investment Promotion Agency has launched a digital platform where investors can present projects, track progress, and access resources to meet regulatory requirements. Officials believe this will help bridge the gap between promises made at the trade fair and actual implementation on the ground.

North Korea has barred foreign tourists from entering its newly opened Wonsan-Kalma beach resort, just weeks after promoting it as a world-class destination. According to Korea JoongAng Daily, the state-run DPR Korea Tour website announced on July 18, 2025, that the resort would temporarily stop accepting foreign visitors, without giving reasons or a timeline. The ban comes shortly after Kim Jong-un hosted Russian Foreign Minister Sergey Lavrov there on July 12, calling him the first foreign guest and signalling efforts to promote the site internationally. Lavrov reportedly pledged support to boost tourism. The multi-million dollar project, delayed by sanctions and the pandemic, finally opened on June 24. Domestic tourism officially began July 1, with state media hailing the resort as a “national treasure-level tourist town.” Kim praised it as one of North Korea’s greatest achievements of the year.

Russia causes alarm with official North Korea visit

Russia and North Korea are deepening their relationship during a three-day visit by Russian Foreign Minister Sergey Lavrov, aimed at aligning views on the Ukraine war. Lavrov’s visit follows an earlier trip by Russian security chief Sergei Shoigu, who confirmed that North Korea sent thousands of military workers and reportedly around 12,000 troops to support Russia. In return, concerns are rising that Kim Jong Un may seek advanced Russian military technology, potentially escalating his nuclear capabilities. Meanwhile, U.S. Secretary of State Marco Rubio met Lavrov on July 10 to discuss peace talks, though he noted that President Trump remains frustrated with Russia’s lack of flexibility.

The strange disappearance of the US-North Korea conflict

If you had fallen into a coma in early 2018 and awakened in 2025, you might be surprised by the silence surrounding the once-volatile US–North Korea conflict . Just a few years ago, tensions were at a boiling point. North Korea, seen by many in the West as unpredictable and hostile, was rapidly advancing its nuclear weapons program—conducting test explosions and missile launches while openly threatening the U.S., Japan, and South Korea. At the time, President Obama had warned his successor, Donald Trump, that North Korea posed a major security threat. The Trump administration adopted a hardline stance, signalling it was prepared for military intervention if necessary. Top officials labelled a nuclear-capable North Korea “intolerable,” and Trump famously vowed, “It won’t happen,” warning that any threats would be met with “fire and fury.”

North Korea is becoming increasingly isolated from the world

For years, experts and U.S. officials have stressed that North Korea’s human rights abuses must be addressed alongside its nuclear ambitions. The regime funds its weapons programmes through repression, forced labour, and cyber theft. The U.S. Congress recognised this in 2004 with the North Korean Human Rights Act, which prioritised human rights in diplomatic talks and authorised funding for independent media broadcasts and intelligence gathering. Though Congress renewed the law in 2008, 2012, and 2017, it lapsed in 2022. Despite this, funding has continued through the State Department’s human rights bureau. Ending this support would deprive the U.S. of vital insights as North Korea expands its global military presence and tightens control at home.

South Korea revives nuclear sub plans after North Korea’s progress

Facing increased threats from North Korea and Pacific tensions, South Korea is revisiting plans for nuclear-powered submarines to boost defence autonomy. On July 18, 2025, Foreign Minister nominee Cho Hyun announced plans to renegotiate the 123 Agreement with the U.S. to enable such development. Cho aims to revise the treaty to allow for nuclear sub capabilities, enhancing South Korea's deterrence and reducing reliance on the U.S. Navy. He noted that following internal review and U.S. coordination, the submarines may be introduced as part of a broader strategic upgrade.

Signed by Botswana’s Minister for International Relations, Dr. Phenyo Butale, and Lesotho’s Foreign Affairs Minister, Lejone Mpotjoane, the BNC seeks to drive strategic collaboration in areas such as trade, tourism, water management, mining, agriculture, education, and diplomatic consultations.

Dr. Butale emphasised the need for practical implementation of agreements, cautioning against signing multiple MoUs without measurable outcomes. “We are in a hurry as Botswana to industrialise and create jobs and hurried implementation is crucial,” he said, proposing annual review meetings to ensure accountability.

Mpotjoane added that “the newly signed instrument would further enable the two nations to expand more on areas that were unexplored.”

The signing was witnessed by Botswana’s President Duma Boko and Lesotho’s Prime Minister Samuel Matekane.

"There's a lot of untouched potential in our trade relationship, and therefore, this agreement comes at the right time because the new agreement will open new markets," she said during the joint press conference with Indonesian President Prabowo Subianto.

The EU president asserted that after 10 long years of talking with Indonesia, this is the best deal for both Europeans and Indonesians.

“After 10 years of negotiations, we have made a breakthrough. This new trade agreement will open up great opportunities for both our people ,” she added.

President Subianto, who represents over 280 million Indonesians, also shared that “For Indonesia, CEPA is not only about trade; it is about fairness, respect, and building a strong future together. The agreement must support our efforts to grow our industries, create jobs, and strengthen our sustainable development goals." 

The trade agreement comes just a day after US President Donald Trump announced 30% tariffs on EU exports, which will start on August 1. 

In Sarawak, Chung Hua Primary School Boards Association president Datuk Jonathan Chai urged all schools to install Automated External Defibrillators (AEDs) to better respond to emergencies. At a safety seminar attended by over 180 teachers, Chai emphasised that educators must also be protectors, highlighting the importance of CPR and AED training. The event, organised with the Malaysian Red Cross, aimed to equip teachers with vital life-saving skills, The Borneo Post reported.

Southeast Asia seeks joint tariff talks with Trump

Southeast Asian nations will present a united front to address U.S. tariffs and other challenges, Malaysian Prime Minister Anwar Ibrahim said at the ASEAN summit. Anwar, this year’s ASEAN chair, is pushing for a joint meeting with President Trump to discuss tariff impacts, which range from 10% to 49% across member states. ASEAN has formed a task force to coordinate responses, while some members pursue bilateral talks. Anwar also highlighted Tuesday’s historic meeting with Chinese Premier Li Qiang and the Gulf Cooperation Council, aimed at boosting regional cooperation. Leaders will unveil a 20-year plan for deeper integration. However, tensions remain with China over the South China Sea, with Philippine President Marcos Jr. urging a binding code of conduct. Anwar warned that the rules-based international order is under threat from arbitrary actions.

China's premier urges stronger trade ties with Malaysia

Chinese Premier Li Qiang urged deeper trade and investment ties with Malaysia during a meeting with Prime Minister Anwar Ibrahim, according to Xinhua. Visiting Kuala Lumpur for the ASEAN-GCC-China summit, Li emphasised defending multilateral trade and cooperation amid rising protectionism. Li’s call follows recent regional visits by Chinese leaders as Beijing looks to strengthen ties beyond the U.S. amid ongoing tariff tensions. He pledged closer economic collaboration with Malaysia and ASEAN-GCC nations to tackle global challenges.

Vietnam to export renewable energy to Malaysia, Singapore

At the 46th ASEAN Summit in Kuala Lumpur, Vietnam signed a tripartite agreement with Malaysia and Singapore to export clean electricity, marking the first step toward cross-border renewable energy trade. Witnessed by Prime Ministers Pham Minh Chinh, Anwar Ibrahim, and Lawrence Wong, the deal supports ASEAN’s vision of a regional power grid. Malaysia’s MY Energy Consortium (TNB and Petronas) will partner with Vietnam’s PTSC and Singapore’s Sembcorp to harness Vietnam’s offshore wind energy for export. The deal aligns with Vietnam’s Power Development Plan 8, which targets up to 10 GW of renewable energy exports by 2035. Vietnam has over 470 GW of offshore wind potential within 200 km of its coast.

Malaysia PM hails key progress on Myanmar at ASEAN Summit

Malaysian Prime Minister Anwar Ibrahim on Monday praised "significant" steps to engage Myanmar’s warring sides, as ASEAN leaders gathered in Kuala Lumpur to address the ongoing conflict and U.S. trade threats. Myanmar has faced turmoil since a 2021 military coup sparked a nationwide rebellion, displacing over 3.5 million people. As ASEAN chair, Anwar has led renewed peace efforts, including recent meetings with junta chief Min Aung Hlaing and Myanmar’s shadow government. He emphasised that while progress remains fragile, “even a fragile bridge is better than a widening gulf.”

Brazilian President Luiz Inácio Lula da Silva signed more than 30 bilateral agreements with Chinese President Xi Jinping on Tuesday, May 13, in Beijing. The deals include Chinese investment in Brazil’s mining sector, transport infrastructure, ports, and the purchase of Embraer jets. Both countries also agreed to cooperate on artificial intelligence, climate action, and initiated a $157 billion currency swap between their central banks to ensure market liquidity over five years. The agreements reflect Brazil’s growing economic alignment with China amid ongoing U.S.-China trade tensions.

U.S. urged to support Latin American industry as Brazil plans data centre policy

Brazil's Finance Minister Fernando Haddad stated on Monday, May 12, that the United States should adopt a more supportive stance toward industrial development in Latin America and South America, emphasizing that the U.S. has "much to gain" from deeper regional engagement. In an interview with UOL, Haddad clarified that President Luiz Inacio Lula da Silva will pursue a multilateral foreign policy and will not align exclusively with either the United States or China. He noted that China remains Brazil’s top trading partner, while the United States leads in technological innovation—both relationships considered essential to Brazil’s strategic interests.

Beijing-based Meituan to invest $1 billion in Brazil to launch food delivery app 

Chinese tech giant Meituan announced plans to invest $1 billion over five years to introduce its food delivery service in Brazil. The initiative is part of the company’s broader global expansion strategy following its recent entry into the Middle East. The Beijing-based firm will launch its Keeta food delivery app in Brazil within the coming months. The announcement followed the signing of an investment agreement on Monday during a forum involving Brazilian and Chinese businesses. The signing was overseen by Brazilian President Luiz Inacio Lula da Silva and Meituan CEO Wang Xing.

Lula seeks to balance Brazil-Russia trade, expand cooperation in energy and critical minerals

During an official visit to Russia on May 10, President Luiz Inácio Lula da Silva stated that a key objective of his bilateral talks with President Vladimir Putin was to address Brazil’s trade deficit with Russia and explore opportunities in energy transition and critical minerals. President Lula noted that Brazil faces a trade deficit of approximately $11 billion within an annual trade flow of nearly $12 billion with Russia. He emphasised the importance of balanced trade, describing it as a two-way relationship based on mutual benefit. He also highlighted Russia’s role as a strategic partner in oil, gas, and small nuclear reactors, describing the latter as a promising technology for ensuring a long-term energy supply. 

Brazil, China to sign $27.69 billion currency swap deal 

Brazil’s central bank announced on Monday it will sign a currency swap agreement with the People’s Bank of China, valued at up to 157 billion reais ($27.69 billion) over a five-year term. The agreement will be formalised on Tuesday in Beijing during central bank governor Gabriel Galipolo’s visit. Its purpose is to provide liquidity and stabilise financial markets during periods of stress. The move further strengthens economic ties between Brazil and China and follows the announcement of over $4.5 billion in planned Chinese investments across key Brazilian industries.

Algeria's state energy company Sonatrach has entered into two memoranda of understanding (MOUs) with U.S. shale company Occidental Petroleum to enhance cooperation in hydrocarbon exploration and production. Club of Mozambique reports that these agreements were formalised during the US-Algeria Energy Forum 2025.

Release of Moroccan migrants by Algeria after detention period

Algerian authorities have released 23 young Moroccan men detained for over six weeks due to irregular migration attempts. This release occurred at the Zouj Beghal border centre, facilitated by the Moroccan Association for Assisting Migrants in Difficult Situations. According to Yabiladi , many young Moroccans remain under administrative detention, awaiting deportation.

Algeria-Russia military cooperation discussions

High-level officials from Algeria and Russia recently convened to discuss military cooperation, specifically within the Joint Committee on Military-Technical Cooperation framework. As reported by MEMO , the meeting, hosted by the Algerian Ministry of Defence, aimed to strengthen parliamentary relations between the two countries and mark their historical partnership.

Surge in Chinese investments in Algeria

Chinese investments in Algeria have surged, now estimated at nearly $4.5 billion across 42 projects primarily in the industrial sector. Zawya says this includes significant energy and vehicle production investments, such as Great Wall Motors' recent announcement to establish a car assembly plant in Algeria.

France and Algeria diplomatic tensions escalate

Following Algeria's decision to expel 12 French consular staff members, France responded by expelling 12 agents from the Algerian diplomatic network in France and recalling its ambassador to Algiers for consultations. This situation stems from allegations surrounding the arrest of an Algerian consular agent connected to the kidnapping of an opposition activist, WION reports.

The decision, part of Trump’s broader push to reset global trade on strictly bilateral terms, effectively guts the African Growth and Opportunity Act (AGOA)—a 25-year-old program designed to boost U.S.- Africa trade by waiving tariffs for qualifying African countries. With AGOA set to expire this September, the new tariffs may mark its premature and unilateral end.

South Africa

South Africa, Africa’s most industrialised economy, was hit with a 31% tariff on U.S. imports. Despite the blow, President Cyril Ramaphosa has ruled out retaliation, stating his government “will not act out of spite.” Instead, the country is seeking negotiations for exemptions or quota-based trade terms. “This move essentially nullifies the benefits we enjoyed under AGOA,” Ramaphosa said, adding that South Africa will “forge global alliances” to diversify its export partners. "To say we will impose reciprocal tariffs without first understanding how the U.S. arrived at 31% ... would be counterproductive," trade minister Parks Tau told a press conference , adding that South Africa’s average tariff on imports was 7.6%. According to local reports, South African citrus exporters—who rely heavily on the U.S. market—warn that up to  35,000 jobs  could be at risk due to the new tariffs.

Nigeria

In Nigeria, the continent’s largest economy, the Central Bank moved quickly to stabilise financial markets. On Sunday, it sold nearly $200 million to shore up the naira after global markets were rattled by the U.S. tariff announcement. A drop in global crude oil prices—sparked by fears of an impending slowdown in global trade—added pressure on the oil-dependent nation. “These tariffs have introduced new dynamics for oil-exporting countries such as Nigeria,” the Central Bank of Nigeria (CBN) said in a statement .

Smaller nations

While the tariffs are disruptive for larger economies, they could be devastating for smaller African nations like Lesotho, Mauritius, and Madagascar— low-income countries heavily reliant on textile and apparel exports to the U.S.

In a twist, the U.S. had originally helped build these countries’ industries by allowing them to import third-country fabrics duty-free under AGOA . That exemption has now been effectively erased.

“These new tariffs will cripple the apparel sectors in these countries,” noted trade analysts at the Center for Global Development. “The U.S. created the enabling environment for this growth, and is now abruptly pulling the rug out.”

"While the barrage of tariffs is sweeping across the world in fast and furious fashion, we are witnessing the fraying of the global order," Anwar tells a gathering of ASEAN finance ministers and central bank governors in Kuala Lumpur.

Africa policy experts on Capitol Hill told Semafor the program is now teetering on the edge of collapse.

Trump has doubled down on his push for bilateral trade agreements, signaling a sharp turn away from multilateral frameworks like AGOA. “He sees trade through a transactional lens. Multilateral deals don’t fit that vision,” said one Congressional aide.

Though AGOA technically remains alive, insiders say the window to extend the policy is rapidly closing. “AGOA’s chances of renewal are now ‘narrow,’” one Capitol Hill staffer told Semafor. Another added, “While it’s not dead, there are few options to move it forward. Any business planning on its continuation now must assume that the authority will lapse.”

Hannah Ryder, founder of the China-Africa consultancy Development Reimagined, emphasised the need for a unified African response. “There is only one way forward: coordinate and strategize together first,” she said.

Policy experts say the implications could be devastating for African economies, many of which have built export industries around AGOA preferences. Without it, tariffs on key goods — from textiles to agricultural products — could return overnight.

Japanese Prime Minister Ishiba Shigeru and Peruvian President Dina Boluarte affirmed their commitment to strengthening cooperation on minerals during the APEC Leaders' Meeting. They established a 10-year roadmap for enhanced bilateral relations, recognising Peru's crucial role as a mineral resource provider for Japan. The leaders also emphasised collaboration with the Japanese community in Peru, which is noted for having the second-largest population of Japanese descendants in Latin America. This meeting wrapped up Ishiba's diplomatic visit the day before the G20 Summit in Brazil.

Asia-Pacific region

Chinese President Xi Jinping underscored China’s dedication to fostering a more inclusive and balanced Asia-Pacific during his visit to Peru for the APEC meetings. Advocating for themes of empowerment and growth, Xi highlighted global challenges, including unilateralism and protectionism. He pushed for economic governance reform and continued globalization, focusing on initiatives to enhance regional cooperation, bolster cross-border trade, and support small and medium-sized enterprises.

Defence agreement with South Korea

During the Asia-Pacific Economic Summit in Lima, South Korea and Peru signed crucial defence agreements aimed at enhancing Peru's military capabilities. This includes memorandums for the collaborative development of military vehicles, subsurface vessels, and components for fighter jets. Key elements of the agreements encompass the acquisition and technical transfer of K2 Black Panther tanks and wheeled armoured vehicles to bolster the Peruvian Army. Additionally, a significant project is underway to co-develop four submarines for the Peruvian Navy. Furthermore, Korea Aerospace Industries has partnered with Peru’s aviation sector to produce components for the KF-21 Boramae jets.

Free trade agreement

Peru recently signed a free trade agreement (FTA) with Hong Kong to open new export avenues, notably for commodities like avocados, blueberries, and grapes. The FTA aims to streamline trade processes by addressing non-tariff barriers and technical challenges that may hinder bilateral trade. Hong Kong's Chief Executive, John Lee, reinforced the region's favourable business environment, which is expected to be advantageous for Peruvian exporters. The agreement , executed on November 15 during the Asia-Pacific Economic Cooperation Leaders’ Meeting in Lima, represents a significant milestone, making Peru the second Latin American country to secure an FTA with Hong Kong, trailing only Chile.

The Sun of Peru

Vietnamese State President Luong Cuong received the Grand Cross of the Order of ‘The Sun of Peru’ from Peruvian President Dina Boluarte during an official visit on November 13. This honour acknowledged Cuong's impactful role in strengthening the bilateral ties between Peru and Vietnam, coinciding with the 30th anniversary of diplomatic relations between the two nations. Cuong expressed his gratitude, noting that the award epitomises the affection shared between the two countries. He also remarked on their robust partnership and trade connections, with Peru recognised as Vietnam’s sixth-largest trading partner in Latin America.

The conflict centres on tariffs and accusations of unfair subsidies, with both sides imposing penalties on each other's imports.

Chinese foreign ministry spokesperson Mao Ning warned that additional tariffs would hurt not only the EU but also Chinese investment in Europe and global supply chains. She urged the EU to pursue solutions through dialogue rather than escalating the conflict.

"The EU should clearly recognise that imposing additional tariffs will not solve any problems," she stated, emphasising the need for cooperation to avoid further disruption to trade relations.

“We urge the EU to take concrete actions and work together with China to seek solutions through discussions, in order to avoid further escalation of trade friction," she added.

The tensions come amid concerns over the impact of protectionist policies on industries and economic ties between China and the EU.

Both sides have imposed penalties on each other's imports in response to issues surrounding subsidies and protectionism.

Michel hopes a deal could be reached in the coming days or weeks but warned it would be "tough." He stressed the importance of transparency and compliance with World Trade Organisation (WTO) rules in any potential agreement, asserting that the EU must defend its interests while maintaining an open economy.

European Council President, Charles Michel told the AFP that, "We have very strong and legitimate interests and it is the responsibility of the European Union to defend our people, to defend our citizens. We believe in an open economy , we believe in international trade, we believe in investments. But we also believe that it is not possible any more to be naive and that’s why we appreciate the fact that it was possible today to have a very frank and candid conversation about what is at stake."

China’s new tariffs on French brandy, up to 38.1%, took effect on Friday as part of an anti-dumping measure to protect domestic producers. The EU plans to challenge these tariffs, which have been met with concerns from French cognac makers.

The Maldives is mending its ties with India following a diplomatic strain caused by mockery from two Maldivian ministers on social media, which reflected anti-India sentiment. Their actions led to their suspension amidst escalating tensions and a decline in Indian tourist numbers, crucial for the Maldives' economy. In August, India's external affairs minister visited the Maldives, initiating a diplomatic thaw that resulted in the resignation of the ministers. This shift signifies President Muizzu's recognition of the necessity for strong relations with India, highlighting the historical and economic ties essential for stability in the Indian Ocean, BTTV reported .

Timber's significance in resorts

Shigeru Ban Architects has unveiled plans for the "Infinite Maldives" resort on a 5-hectare site at Male’ Atoll, featuring 44 overwater and beachfront villas connected by a vast timber bridge. The project will emphasize local materials and sustainable practices, using engineered mass timber products to minimize transportation and energy use. Developed by Crystal Property Group, it aims to blend seamlessly with the natural landscape and is the first resort residence in the Maldives to invite overseas investors. According to Wood Central , the initiative follows recent eco-friendly developments in the region, such as the Fari Islands, which have set benchmarks for sustainability and timber-sourcing practices. Ban is also involved in constructing a mass timber hospital in Ukraine for war-affected individuals.

Mpox updates

The Health Protection Agency (HPA) of the Maldives reports no cases of mPox (formerly monkeypox) in the country, dismissing social media rumours of a positive case in Hulhumale' as false. Despite a global threat from an outbreak in Africa noted by the World Health Organisation (WHO), with cases reported in nearby Asian countries like India, the Maldives received mPox test kits from the WHO reports The Edition . The virus, first identified in humans in 1970, spreads through contact with infected animals and between humans, primarily requiring close physical contact. The WHO has recorded over 14,000 infections and 524 deaths globally in 2024.

Financial agreement with China

The Maldives' hopes of avoiding a debt crisis received a boost on Friday when China agreed to enhance trade and investment, showcasing its support and influence in the Indian Ocean nation. Recently, there have been growing concerns that the financially strained Maldives might become the first country to default on Islamic sovereign debt. However, this week has brought a sudden improvement in sentiment. Reuters adds that the sharp rebound in its only international market bond—a sharia-compliant sukuk issue—was further bolstered on Friday when China's central bank, the People's Bank of China (PBOC), and the Maldivian Ministry of Economic Development and Trade announced a "memorandum of understanding."

Economic connectivity with Vietnam

A seminar focused on enhancing economic connectivity between Vietnam and the Maldives was held in Male on September 10, coinciding with Vietnamese Ambassador Trịnh Thị Tâm's credentials presentation to Maldivian President Mohamed Muizzu. The event aimed to improve understanding of investment opportunities in Vietnam, where current trade is about $15 million, with limited Maldivian investment. Ambassador Tâm emphasized facilitating business connections and proposed delegations for further cooperation as the countries near their 50th diplomatic anniversary. Maldivian Minister Hussain Zamir highlighted potential collaboration in tourism, trade, and construction, while local businesses expressed interest in Vietnamese products and skilled labour. As reported by the Viet Nam News , the Vietnamese embassy showcased handicrafts and discussed prospects with Maldivian ministries on tourism and fisheries cooperation.

The Agreement

In 2010, Zhongshan, through its parent company Zhuhai Zhongfu Industrial Group Co Ltd, obtained rights to develop sections of the Ogun Guangdong Free Trade Zone (OGFTZ) in Ogun State, Nigeria. To manage the project, the company established Zhongfu International Investment, a Nigerian entity, with the full approval of the Ogun State government in 2011. 

In July 2016, the relationship between Zhongshan and the Ogun State government soured. The Chinese company accused the state government of abruptly attempting to terminate its appointment and replace it with a new management team for the free trade zone. The unexpected move led to a legal battle, with Zhongshan initiating investment treaty arbitration under the Bilateral Investment Treaty (BIT) between China and Nigeria in 2018. David Neuberger, a former president of the United Kingdom Supreme Court, chaired the arbitration.

Arbitral and judicial rulings

In March 2021, the arbitral tribunal ruled in favour of Zhongshan, determining that Nigeria had breached its obligations under the China-Nigeria BIT. The tribunal awarded Zhongshan approximately $70 million in compensation. Despite the ruling, Nigeria failed to make the payment, prompting Zhongshan to pursue enforcement through the UK courts. 

In December 2021, the UK High Court issued an enforcement order against Nigeria, rejecting the country's argument of state immunity due to an exception under the State Immunity Act (SIA) 1978. This ruling paved the way for Zhongshan to take further legal action to recover the owed amount.

Seizure of Nigerian Assets

As Nigeria continued to resist payment, Zhongshan escalated its enforcement efforts. By June 2024, a London commercial court had granted the Chinese firm a charging order over two residential properties owned by Nigeria in Liverpool. The situation intensified as Zhongshan began seizing more valuable assets, including a Dassault Falcon 7X in Paris, a Boeing 737, and an Airbus A330, with a combined value exceeding $100 million . 

The most recent seizure occurred on March 21, 2024, when Judge David Collier of the Superior Court of Quebec authorized the confiscation of a Bombardier 6000 jet in Canada. The aircraft, acquired for $57 million by Dan Etete, a fugitive involved in the controversial OPL 245 oil field sale, was taken under court order. The ruling allowed Zhongshan to seize not only the aircraft but also any proceeds from its sale, marking a significant step in the ongoing effort to enforce the arbitration award.

During a press conference in Santiago, Chilean President Boric emphasised the historical friendship between the two nations, stating, “We have a historical friendship that is now concretely expressed in 19 agreements that have been signed. The task of those present here, ministers and state secretaries, is to implement these agreements to benefit the people we serve. We are not working for ourselves here; we work for our people. And that must always be in the mind of every instance we advance,” he is quoted by the AFP.

The proposed trade route is planned to start in southern Brazil, go through Paraguay’s Chaco region, and pass through Argentina’s provinces of Salta and Jujuy, before reaching northern Chile and its important ports at Antofagasta, Mejillones, and Iquique.

In a post on X, Brazilian President Lula highlighted the mutual benefits of this initiative, describing Chile as a gateway to Asian markets and Brazil to African markets. He stated, “Chilean businesspeople will have excellent opportunities to participate in major infrastructure and sustainability projects in the New PAC and the New Industry Brazil Programme. The New PAC includes two integration routes with Chile: the Capricorn Route, which will connect the state of Mato Grosso do Sul to Paraguay, Argentina and Chile, and the Porto Alegre-Coquimbo Corridor, which will connect the state of Rio Grande do Sul to Uruguay, Argentina and Chile. Chile could be the gateway for Brazilian products to the Pacific, and Brazil could fulfil the same role in providing Chilean exports to the African continent.”

Department of Tourism of the Royal Government of Bhutan has reduced sustainable development fees for Bangladeshi tourists from $100 to $15 per day, equivalent to the fees charged to Indian tourists. The new policy allows 15,000 Bangladeshi tourists to visit Bhutan per year with the reduced fees, starting from 2 June 2024. The decision reflects the special relationship between Bangladesh and Bhutan, The Business Standard reports.

Weather predictions

The Bangladesh Meteorological Department has predicted light to moderate rainfall and gusty winds over various parts of the country in the next 24 hours. Mild heat wave is affecting several divisions, but may abate in some areas. According to Bangladesh Sangbad Sangstha , the maximum temperature on Sunday was 37.0 degrees Celsius and the minimum temperature today was 23.5 degrees Celsius in Sylhet. Rainfall for the last 24 hours was 227 mm in Sylhet.

Inflation hikes

Inflation in Bangladesh increased to 9.89% in May from 9.74% in April. Food inflation rose to 10.76%, while non-food inflation decreased to 9.19%, The Business Standard reports.

Eid arrangements

Government offices will now operate from 9 am to 5 pm after Eid-ul-Adha holidays, with a break from 1 pm to 1:30 pm for prayers and lunch. This decision was made at a Cabinet meeting held at the Prime Minister's Office in Dhaka. JagoNews24 reports that the current office hours of 9 am to 4 pm were implemented in 2022 to save electricity.

China-Bangladesh Free Trade Agreement

The Chinese Ambassador to Bangladesh has predicted that a free trade agreement (FTA) between the two countries will decrease inflation in Bangladesh by lowering import prices. He believes that the FTA will lead to a new era of economic cooperation and benefit both countries. Bangladesh sees signing FTAs with other countries as crucial for achieving stable economic development, Bangladesh Sangbad Sangstha reports.

The mobile application was funded by the Netherlands through the non-profit trade organisation TradeMark Africa (TMA).

“The EAC NTBs App, seamlessly blending SMS, email, and phone reporting methods, offers economic operators a one-stop solution for effectively reporting Non-Tariff Barriers to trade. By streamlining the NTB reporting process, the App will aid traders and producers in tackling obstacles that impede their trade efficiency and competitiveness,” the EAC said in a statement .

The EAC deputy secretary Annette Ssemuwemba also said “We are dedicated to eradicating the barriers that impede economic growth, and integration. This innovative solution serves as a powerful tool to empower traders, producers and economic operators offering them with a unified platform to promptly address and resolve NTBs.”

The App allows users to report complaints in English, French and Swahili and is available on mobile App stores like Apple Store and Google Play Store.

The introduction of the EAC App comes in the wake of the African Continental Free Trade Area (AfCFTA) agreement and the growing calls by various African leaders to improve intra-continental trade within the region.

The AfCFTA was established by the African Union to improve cross-border trade within the region by reducing tariffs among member states.

Russia's TASS news agency reported that the entry of Iran into a free trade agreement with the Eurasian Economic Union was a focal point of discussion during the meeting.

The Eurasian Economic Union, comprising Belarus, Kazakhstan, Russia, Kyrgyzstan, and Armenia, could offer lucrative opportunities for Iran, particularly in terms of trade exemptions and tariff benefits.

Raisi mentioned the possibility of signing this free trade agreement at the union's upcoming meeting at the end of the month.

Last year, Iran's trade with the Eurasian Economic Union amounted to $1.35 billion in exports, and $1.8 billion in imports. Nearly a quarter of Iran's total trade with the union is dedicated to trade with Russia.

During the meeting, President Raisi extended an invitation to his Russian counterpart to visit Tehran, a gesture that President Putin welcomed.

This diplomatic engagement follows President Putin's recent visits to Saudi Arabia and the UAE.

The meeting comes at a time when Iran faces criticism for providing drones to Russia to assist in the Ukraine war, leading to the imposition of several sanctions by Western countries.

Conflicting reports have also surfaced about Russia potentially delivering "Sukhoi 35" fighters to Iran in exchange for more drones and missiles.

Additionally, Russia's Gazprom has signed several oil and gas memorandums with Iran since it attacked Ukraine in February last year, though the conversion of these memorandums into contracts remains uncertain.

The value of these memorandums, as stated by Iranian authorities, is approximately $40 billion. Gazprom, facing challenges from Western sanctions, is exploring new markets, with Iran potentially becoming a significant partner in the energy sector.

The AGOA, initiated in 2000, provides duty-free access to the United States for qualifying African countries and is set to expire in September 2025.

Benefits from AGOA are available for about 5,240 tariff products. Goods must be sufficiently manufactured in an AGOA nation or entirely obtained (grown, fished, mined, etc.) to qualify for benefits under the agreement.

AfCFTA: No free access to the US

US exports to African markets are still subject to national tariffs. Some US lawmakers have previously proposed making the programme more reciprocal. Commissioner Muchanga said that US exports will not be granted duty-free access to Africa's new free trade area AfCFTA. Goods exported from the United States into Africa will be subject to national tariffs, ensuring a level playing field.

He also said that the United States would not be granted tariff-free access to AfCFTA. The AfCFTA is an AU initiative which seeks to expand Africa’s economy by $29 trillion by 2050 through the elimination of tariffs on intra-Africa trade.

AGOA renewal: Why the duration matters

The duration of AGOA's renewal holds critical importance to the investment community. Muchanga stressed that an extension of 10 to 20 years is essential to provide the stability needed for attracting investments.

"An extension of 10 to 20 years is very critical to the investment community. Anything lower than that would generate uncertainty," he is quoted by Reuters.

Debates and discussions in Washington

While there is significant support from U.S. lawmakers and the Biden administration for renewing AGOA, there is an ongoing debate in Washington regarding the necessity of updating the program to enhance its impact. Constance Hamilton, the Biden administration's top trade official for Africa, has said that the US Congress should consider changes to make the programme more impactful.

In the discussion draft of the AGOA renewal ACT 2023 released on Monday, US Senator Chris Coon, proposes that the eligibility of South Africa be reviewed and the extension of AGOA by 16 years, “pushing back the programme’s expiration from 2025 to 2041.”

Modifications after extension

African governments and some U.S. industry groups are concerned that making modifications to AGOA as part of the renewal process could lead to delays in its reauthorisation. Commissioner Muchanga said that any enhancements to the programme should be considered after the extension is secured.

In a discussion document between African trade ministers and the US, the ministers pushed for the extension to include Northern African states and AU member states that have signed and consented to the AfCFTA, South African news website Business Day reported.

What they said

US Trade Representative, Ambassador Katherine Tai said in a statement: “Recognizing progress made by Mauritania in recent years, we know that there is more hard work to be done.” She further explained the US government’s position on the 4 countries rendered ineligible. “The United States urges these governments to take necessary actions to meet those criteria so that we can resume our valued trading partnerships. I will provide each of these countries with clear benchmarks for a pathway toward reinstatement, and our Administration will work with them to achieve that objective.”