HANOI: Vietnam said on Thursday “positive progress” has been made in trade talks with Washington, as it tries to slash President Donald Trump’s threatened 46 percent levy imposed on the country in his global tariff blitz.
The ministry of industry and trade however said both sides have “groups of issues for further discussion” in the coming rounds of talks, with the next scheduled for early June.
The southeast Asian nation has the third-biggest trade surplus with the United States of any country after China and Mexico and is anxious to address the imbalance to head off the tariff threat.
At the end of three days of talks in Washington, both sides had identified matters of common concern “in the spirit of goodwill, frankness... and balance of interests,” the ministry said in a statement on its website.
The Vietnamese team sought help during its time in the United States from US tech and industry giants, including Lockheed Martin, SpaceX and Google.
It also signed an agreement with US company Westinghouse Electric on nuclear power development.
President Trump’s real estate group on Wednesday broke ground in Vietnam on a $1.5-billion luxury resort and golf course 40 kilometers (25 miles) southeast of the capital Hanoi.
His son, Eric Trump, an executive vice president of The Trump Organization, and his wife Lara attended the event, as well as local partner the Kinhbac City Development Corporation (KBC).
He is also due to scout locations this week for a potential tower project in Ho Chi Minh City, Vietnam’s southern business hub.
Trump visited the Vietnamese capital in 2019 for his abortive second summit with North Korean leader Kim Jong Un.
He described Hanoi at the time as an “incredible city,” praising Vietnam for “the job they’ve done — economic development.”
Vietnam says ‘positive progress’ in trade talks with US
Vietnam says ‘positive progress’ in trade talks with US
- The southeast Asian nation has the third-biggest trade surplus with the United States of any country after China and Mexico
- Trump visited the Vietnamese capital in 2019 for his abortive second summit with North Korean leader Kim Jong Un
EU and Indonesia announce ‘political agreement’ on trade deal
- European bloc and Southeast Asia’s largest economy have been negotiating since 2016 to agree a deal that is expected to increase trade and investment
BRUSSELS: EU chief Ursula von der Leyen and Indonesian President Prabowo Subianto on Sunday announced a “political agreement” to conclude a long-awaited free trade deal, as US leader Donald Trump upends global commerce.
“We’re living in turbulent times and when economic uncertainty meets geopolitical volatility, partners like us must come closer together. So today we’re taking a big step forward in this partnership,” von der Leyen told journalists in Brussels.
“I am very pleased to report that we have just reached a political agreement on an ambitious Free Trade Agreement.”
The 27-nation European bloc and Southeast Asia’s largest economy have been negotiating since 2016 to agree a deal that is expected to increase trade and investment.
A European Commission statement called Sunday’s agreement a “decisive milestone” toward striking the deal — which is to be concluded in September by EU trade chief Maros Sefcovic and Indonesia’s chief economic minister Airlangga Hartarto.
“There’s a lot of untapped potential in our trade relationship. And therefore this agreement comes at the right time, because the new agreement will open new markets,” von der Leyen said.
“It will create more opportunities in key industries, in business activity and agriculture, in automotive and in services.”
Brussels has stepped up efforts to improve ties with key potential partners around the world as Trump threatens a trade war with sweeping tariffs.
“This big and important political agreement on the free trade agreement with Indonesia is today a huge milestone forward, and shows that we’re looking for new markets, open markets,” von der Leyen said.
Prabowo called the announcement in Brussels a “breakthrough.”
“After 10 years of negotiations, we have concluded the agreement to have a Comprehensive Economic Partnership Agreement, which basically is a free trade agreement,” he said.
The president said “we consider Europe still a very important factor, and we would like to see a very strong Europe.”
But he insisted that “the United States will be always a very important leader in the world.”
The European Union is Indonesia’s fifth-largest trading partner with bilateral trade between them reaching $30.1 billion last year.
Ties had been frayed by a proposed EU import ban on products linked to deforestation that has angered Indonesia because it is a major palm oil exporter.
That legislation has been delayed to the end of this year.
Pakistan minister to attend tomorrow tri-nation conference in Tehran on pilgrim, border issues
- The Pakistan-Iran-Iraq conference is being convened on Islamabad’s request
- Thousands of Pakistanis travel to the two countries annually to visit holy sites
KARACHI: Pakistan’s Interior Minister Mohsin Naqvi is undertaking an official visit to Tehran to attend a tri-nation conference on pilgrim and border issues, the Pakistani interior ministry said on Sunday.
The conference of interior ministers from Pakistan, Iran and Iraq is being convened on a request from Islamabad, according to the Pakistani interior ministry.
Thousands of Pakistani Shiite Muslims, who travel annually to Iran and Iraq to visit holy sites, have often complained of issues at the border.
“Interior Minister Mohsin Naqvi will attend the trilateral conference on pilgrims and border issues in Tehran tomorrow,” the Pakistani interior ministry said on Sunday. “Naqvi will also meet with Iranian President Masoud Pezeshkian.”
Last month, Pakistan evacuated over 260 nationals from Iraq and another 450 Pakistanis who had been stranded in Iran during the Tehran-Israeli conflict.
The 12-day war between Iran and Israel, which began on June 13 Israeli airstrikes on Iranian nuclear facilities and military leadership, raised alarms in a region that was already on edge since the start of Israel’s war on Gaza in October 2023.
Pakistan remained engaged in talks with regional partners like Saudi Arabia, Iran, China and Qatar to de-escalate tensions in the Middle East after Iran conducted retaliatory strikes on Israel and a US base in Qatar, raising fears the conflict could draw in other regional states.
Kuwaiti emir to attend Bastille Day, meet Macron during first official visit to France
- Kuwaiti-French relations commited to improving cooperation and supporting regional and global stability
- France was one of the first countries to support Kuwait’s independence in 1961
LONDON: Kuwaiti Emir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah made his first official visit to France on Sunday since assuming power in December 2023.
The visit reflects the historical partnership between Paris and Kuwait, the Presidential Palace, the Elysee, said in a statement.
Sheikh Meshal will attend the official military parade to celebrate France’s national Bastille Day on July 14, alongside a meeting with French President Emmanuel Macron.
The two parties aim to strengthen ties by enhancing partnerships in sectors such as diplomacy, defense, economy, education, health, culture, and scientific research, the Kuwait Agency reported.
France was one of the first countries to support Kuwait’s independence in 1961 and played a significant role in 1991 in its liberation from Iraqi forces led by Saddam Hussein, the Elysee said.
Trade between Kuwait and France was worth €2.8 billion ($3.27 billion) in 2023, with French infrastructure, energy, and construction companies leading projects in Kuwait. More than 1,000 students benefited from the educational programs offered by the French Institute, while French healthcare institutions, such as the Gustave Roussy Institute, contributed to supporting the Kuwaiti healthcare sector through consultations and projects.
Kuwaiti-French relations display a strong partnership, with a commitment to improving cooperation and supporting regional and global stability, the Elysee added.
Minister of Defense Sheikh Abdullah Ali Al-Sabah, Foreign Minister Abdullah Al-Yahya, the chief of the Kuwait Direct Investment Promotion Authority and other high officials are accompanying the emir of Kuwait.
Most Gulf stocks subdued as Trump steps up tariff threats
- Saudi Arabia’s benchmark index fell 0.2%
- Qatar’s benchmark index finished flat in a calm session
DUBAI: Gulf equities ended mixed on Sunday, with stocks drifting in a tight range during a quiet trading session as investors sought clarity after US President Donald Trump escalated his global trade war.
Trump threatened on Saturday to impose a 30 percent tariff on imports from Mexico and the European Union, following the announcement of a 35 percent duty on Canadian imports, both starting Aug. 1.
He also proposed a blanket tariff rate of 15 percent-20 percent on other countries, an increase from the current 10 percent baseline rate.
Saudi Arabia’s benchmark index fell 0.2 percent, as mixed sector performance kept the market subdued ahead of key earnings.
Utilities heavyweight ACWA Power declined 2.4 percent as its rights issue offering ended.
Qatar’s benchmark index finished flat in a calm session, with telecom giant Vodafone Qatar gaining 1.2 percent.
Investors remained cautious as the US Federal Reserve is widely expected to keep interest rates unchanged as it waits to see the impact of tariffs on price pressures.
With Gulf currencies pegged to the US dollar, the Fed’s decisions on interest rates impact the region’s monetary policy.
Outside the Gulf, Egypt’s blue-chip index dropped 0.8 percent, hit by a 1 percent fall in Commercial International Bank.
Egypt’s central bank kept key interest rates unchanged on Thursday, pausing a trend of rate reductions despite inflation rates easing.
Syria signs $800m agreement with DP World to bolster ports infrastructure
- Deal focuses on developing multi-purpose terminal at Tartous
DUBAI: Syria’s General Authority for Land and Sea Ports on Sunday signed a $800 million agreement with UAE’s DP World to bolster Syrian ports infrastructure and logistical services, Syrian state news agency SANA reported.
The agreement follows on from a memorandum of understanding signed between the two sides in May.
The deal with DP World, a subsidiary of UAE investment company Dubai World, focuses on developing a multi-purpose terminal at Tartous on Syria’s Mediterranean coast and cooperation in setting up industrial and free trade zones.
The signing ceremony was attended by Syrian President Ahmed Al-Sharaa.
Last month, US President Donald Trump signed an executive order terminating a US sanctions program on Syria, paving the way for an end to the country’s isolation from the international financial system and for the rebuilding of its economy shattered by the civil war.
The removal of US sanctions will also clear the way for greater engagement by humanitarian organizations working in Syria, easing foreign investment and trade as the country rebuilds.
