Latest news with #InternationalChamberof
Shafaq News
21-07-2025
- Business
- Shafaq News
Turkiye to end 52-year-old oil pipeline deal with Iraq in 2026
Shafaq News – Ankara Turkish President Recep Tayyip Erdogan has signed a decree to terminate the decades-old crude oil pipeline agreement with Iraq, ending a cornerstone of energy cooperation between the two countries after 52 years. The decision was published Monday in Turkiye's Official Gazette under issue number 10113. According to the decree, the 1973 agreement between Ankara and Baghdad will be formally annulled on July 27, 2026. All associated protocols and annexes will also be invalidated as of that date. The agreement, signed in 1973, established the framework for exporting Iraqi crude oil to the Turkish port of Ceyhan. It was amended multiple times, most recently in 2010, when it was extended for 15 years—a period now set to expire next year. The pipeline has played a central role in Iraq's oil export capacity, including crude from the Kurdistan Region. In recent years, however, operations have been repeatedly disrupted by legal disputes and arbitration rulings, most notably a March 2023 decision by the International Chamber of Commerce in Paris that led to the pipeline's suspension.
Al-Ahram Weekly
18-07-2025
- Business
- Al-Ahram Weekly
Baghdad and Arbil agree to resume Kurdish oil exports: Government - Energy
The Iraqi government announced Thursday an agreement to resume crude exports from the autonomous Kurdistan region after a more than two-year halt and amid drone attacks on oil fields. Lucrative oil exports have been a major point of tension between Baghdad and Arbil, with a key pipeline through Turkey shut since 2023 over legal disputes and technical issues. The Kurdistan regional government shall "immediately begin delivering all oil produced" in the region's field to Baghdad's State Oil Marketing Organisation (SOMO) "for export", the Iraqi government said in a statement. The quantity should be no less than 230,000 barrels per day, and Baghdad will pay an advance of $16 a barrel. The Kurdistan regional government said in a statement it "welcomes" the deal, and hoped all agreements would be respected. Oil exports were previously independently sold by the Kurdistan region, without the approval or oversight of the central administration in Baghdad, through the port of Ceyhan in Turkey. But the region's official oil exports have been frozen since March 2023 when the arbitration tribunal of the International Chamber of Commerce in Paris ruled oil exports by the regional government illegal and said that Baghdad had the exclusive right to market all Iraqi oil. The decision halted the region's independent exports by pipeline via Turkey. Ever since, the federal and regional governments have been haggling over the production and transport costs payable to the region and its commercial partners among other financial issues. The latest agreement should also solve the long-standing issue of unpaid salaries for civil servants in Kurdistan, which has been tied to the tension over oil. The federal finance ministry will pay salaries for May once SOMO confirms it has received the oil at the Ceyhan port. The regional government said it hoped that the issue of salaries would be treated separately from any disputes. The deal comes after a tense few weeks in Kurdistan, which has seen a spate of unclaimed drone attacks mostly against oil fields, with the latest strike hitting a site operated by a Norwegian firm on Thursday morning -- the second attack in two days on the same site. There has been no claim of responsibility for any of the past week's attacks, and Baghdad has promised an investigation to identify the culprits. Follow us on: Facebook Instagram Whatsapp Short link:
Korea Herald
16-07-2025
- Business
- Korea Herald
Third China International Supply Chain Expo Opens in Beijing
BEIJING, July 16, 2025 /PRNewswire/ -- The opening ceremony of the Third China International Supply Chain Expo (CISCE) took place in Beijing on July 16. During the event, the China Council for the Promotion of International Trade (CCPIT), together with representatives from the global business community, jointly launched the Beijing Initiative of the 3 rd China International Supply Chain Expo. Speakers at the ceremony included South African Deputy President Paul Mashatile; Thailand's Deputy Permanent Secretary of Commerce, Ekachat Seetavorarat; Jensen Huang, founder and CEO of NVIDIA; John W.H. Denton, Secretary General of the International Chamber of Commerce; Sherard Cowper-Coles, Chair of the China-Britain Business Council; and Liao Lin, Chairman of the Industrial and Commercial Bank of China (ICBC). More than 1,100 participants representing governments, the private sectors, academia, and civil society from over 100 countries, regions, and international organizations attended the event. Ren Hongbin, Chairman of CCPIT, presided over the ceremony. He stated that this year's Expo features broader international participation, a more defined supply chain structure, and a stronger emphasis on innovation. Ren encouraged members of the global business community to work together to uphold the multilateral trade system anchored in the World Trade Organization through constructive engagement and proactive collaboration. He added that CCPIT will continue to serve both domestic and international companies, maintain the global public good nature of industrial and supply chains, and contribute to the development of an open global economy and a shared future for humanity. Hosted by CCPIT, the 3 rd CISCE is being held from July 16 to 20 under the theme Connecting the World for a Shared Future. Five international organizations are supporting the event as partners, including the UN Trade and Development (UNCTAD), the UN Commission on International Trade Law (UNCITRAL), the World Intellectual Property Organization (WIPO), the International Trade Centre (ITC), and the International Chamber of Commerce (ICC). Thailand serves as the Guest Country of Honor, while Shandong and Guangdong provinces are featured as Guest Provinces of Honor. This year's Expo includes six key industrial chains and one exhibition area: Advanced Manufacturing Chain, Smart Vehicle Chain, Green Agriculture Chain, Clean Energy Chain, Digital Technology Chain, Healthy Life Chain, and Supply Chain Service Area. 651 companies and organizations from 75 countries and regions are participating in the Expo, showcasing cutting-edge technologies, products, and services across the entire supply chain. Notably, international exhibitors account for 35 percent of the total.
Cision Canada
16-07-2025
- Business
- Cision Canada
Third China International Supply Chain Expo Opens in Beijing
BEIJING, July 16, 2025 /CNW/ -- The opening ceremony of the Third China International Supply Chain Expo (CISCE) took place in Beijing on July 16. During the event, the China Council for the Promotion of International Trade (CCPIT), together with representatives from the global business community, jointly launched the Beijing Initiative of the 3 rd China International Supply Chain Expo. Speakers at the ceremony included South African Deputy President Paul Mashatile; Thailand's Deputy Permanent Secretary of Commerce, Ekachat Seetavorarat; Jensen Huang, founder and CEO of NVIDIA; John W.H. Denton, Secretary General of the International Chamber of Commerce; Sherard Cowper-Coles, Chair of the China-Britain Business Council; and Liao Lin, Chairman of the Industrial and Commercial Bank of China (ICBC). More than 1,100 participants representing governments, the private sectors, academia, and civil society from over 100 countries, regions, and international organizations attended the event. Ren Hongbin, Chairman of CCPIT, presided over the ceremony. He stated that this year's Expo features broader international participation, a more defined supply chain structure, and a stronger emphasis on innovation. Ren encouraged members of the global business community to work together to uphold the multilateral trade system anchored in the World Trade Organization through constructive engagement and proactive collaboration. He added that CCPIT will continue to serve both domestic and international companies, maintain the global public good nature of industrial and supply chains, and contribute to the development of an open global economy and a shared future for humanity. Hosted by CCPIT, the 3 rd CISCE is being held from July 16 to 20 under the theme Connecting the World for a Shared Future. Five international organizations are supporting the event as partners, including the UN Trade and Development (UNCTAD), the UN Commission on International Trade Law (UNCITRAL), the World Intellectual Property Organization (WIPO), the International Trade Centre (ITC), and the International Chamber of Commerce (ICC). Thailand serves as the Guest Country of Honor, while Shandong and Guangdong provinces are featured as Guest Provinces of Honor. This year's Expo includes six key industrial chains and one exhibition area: Advanced Manufacturing Chain, Smart Vehicle Chain, Green Agriculture Chain, Clean Energy Chain, Digital Technology Chain, Healthy Life Chain, and Supply Chain Service Area. 651 companies and organizations from 75 countries and regions are participating in the Expo, showcasing cutting-edge technologies, products, and services across the entire supply chain. Notably, international exhibitors account for 35 percent of the total.
Canada News.Net
14-07-2025
- Business
- Canada News.Net
ICC: US tariffs may reach historic highs without market panic
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according to the International Chamber of Commerce (ICC), following President Donald Trump's latest round of import levies. The ICC now estimates the effective U.S. tariff rate may exceed 20 percent, surpassing levels not seen since the early 1900s. Current rates are already near 16 percent—their highest since the 1930s. The ICC, which represents 45 million companies across more than 170 countries, views the new measures as a deliberate stress test for financial market tolerance. "Our view right now, based on what we've seen over the past few days, is the Administration is very much set on achieving the highest possible effective tariff rate for the U.S.," said Wilson of the ICC. Despite the escalating trade tensions, financial markets have remained relatively calm. "What's particularly interesting this week is the disconnect between the reaction of the financial markets (...) and the reaction of companies, who I think remain acutely concerned about the direction of tariffs, U.S. trade policy, the inherent risks of that," Wilson told Reuters. This stands in contrast to the selloff seen in April, when an earlier wave of tariff announcements led to sharp declines in equities and U.S. Treasury prices. Trump initially paused implementation for 90 days but has now extended the deadline to August 1. Investors appear to be pricing in a 10 percent baseline tariff. However, Trump suggested this week that the rate could climb as high as 20 percent for some countries. Wilson said the administration is trying to "see how high they can get the number without freaking out the financial markets." He also noted that officials have touted tariffs as a significant source of revenue. Treasury Secretary Scott Bessent said the U.S. had collected about US$100 billion from tariffs so far this year, with a projection of $300 billion by year-end.
