Latest news with #MinistryofTrade
Iraqi News
9 hours ago
- Business
- Iraqi News
Iraq adopts new measures to increase exports
Baghdad ( – The Iraqi Ministry of Trade revealed on Monday that it is adopting a comprehensive strategy to boost Iraqi exports, protect domestic industry, and expand the number of Iraqi items sent abroad. The spokesperson for the Trade Ministry, Mohammed Hanoun, informed the state-run news agency (INA) that the ministry is collaborating with a committee to promote Iraqi products that are available for export. Hanoun illustrated that the purpose of this structure is to develop rules that would assist Iraqi investors and producers in promoting items for export. The Iraqi official also confirmed that the criteria meant to encourage exports are clear and allow exporters to broaden the range of products available for sale. He added that the ministry is making major efforts in this area and intends to export more than 200 Iraqi products. The approaching term will see tremendous progress, both through recognized export methods and financial and logistical support offered by Iraq's Export Subsidy Fund to Iraqi exporters. According to Hanoun, there is a strong government interest in executing the current rules set by the Iraqi cabinet to help Iraqi industry and exports as part of a comprehensive plan to encourage Iraqi exports while protecting local industry.
Iraq Business
2 days ago
- Business
- Iraq Business
Cabinet Approves Plan for Global Gold City in Baghdad
By John Lee. The Ministerial Council for the Economy has approved a proposal by the Ministry of Trade to establish a "Global Gold City" in Baghdad - a strategic initiative aimed at localising the gold and jewellery industry in Iraq and strengthening domestic production. Trade Minister Dr. Athir Daoud Al-Ghurairi described the project as a significant step in advancing national industries, noting that the new city will feature an integrated system including specialised industrial units, world-class training centres for gold craftsmanship, and advanced gold and jewellery markets and exchanges. Riyadh Fakher Al-Hashemi, Director General of the Foreign Economic Relations Department, added that the project will support the private sector and expand its role in Iraq's national economy. He confirmed that the city will be developed within Baghdad's integrated economic zone, positioning the capital as a regional hub for gold manufacturing and trade. The Ministry has already started coordinating with the National Investment Commission (NIC) to finalise land allocation and issue investment licences ahead of project implementation. (Source: Ministry of Trade)
Bloomberg
5 days ago
- Business
- Bloomberg
US, Korea Reaffirm Pledge to Reach Trade Deal Before Deadline
South Korea and the US reaffirmed their commitment to pursue a mutually beneficial trade agreement ahead of the Aug. 1 deadline when duties are set to rise, the Asian nation's industry ministry said. US Commerce Secretary Howard Lutnick and South Korea's Industry Minister Kim Jung-kwan discussed sectoral and reciprocal tariffs on Thursday, with Kim emphasizing the need to ease trade barriers, according to a statement from South Korea's Ministry of Trade, Industry and Energy. Both sides agreed to strengthen manufacturing cooperation and continue discussions, the statement showed on Friday.
Korea Herald
5 days ago
- Business
- Korea Herald
Seoul's top trade officials press US for tariff relief in last-ditch talks
South Korea's top trade officials, including Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo, are holding relay talks with their counterparts in the US to reach a deal on tariff reductions. Industry Minister Kim Jung-kwan urged the US administration to ease tariffs on Korean goods in a meeting with US Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry and Energy on Friday. The high-level talks lasted for roughly 80 minutes. During the meeting, Kim outlined measures to deepen bilateral cooperation between Korea and the US in key strategic manufacturing sectors including, shipbuilding, semiconductor and battery, strongly urging the need to ease tariffs. Kim and Lutnick reaffirmed their commitment to reach a "mutually beneficial resolution" before Aug. 1, the deadline for the tariff negotiations, agreeing to hold further negotiations in the near future, the ministry said. "We will make every effort to ensure that Korean companies are not disadvantaged compared to their peers,' Kim said. 'Based on the recent talks, we will mobilize all available resources to secure the best possible result in the national interest before Aug. 1.' The meeting came a day after high-level trade meeting between Korea and the US was abruptly called off Thursday. With US Treasury Secretary Scott Bessent citing "urgent schedule,' Deputy Prime Minister and Finance Minister Koo Yoon-cheol canceled the trip to Washington while waiting at Incheon International Airport. The postponement has raised concerns as the tariff deadline looms. Despite the hiccup, Korea's top trade officials, including Kim, are continuing high-level talks to reach an agreement. Kim is to hold another one-on-one talk with Doug Burgum, chair of the US National Energy Council. Prior to meeting with Lutnick, Kim also met with US Secretary of Energy Chris Wright to discuss ways to strengthen bilateral cooperation in clean energy and energy security. Kim further requested Wright's attendance at an event set to take place in Busan next month. Kim is to hold a one-on-one meeting with US National Energy Council Doug Burgum as well. On Wednesday, Trade Minister Yeo held a virtual meeting with Alabama Gov. Kay Ivey, stressing Korean companies' investments in the US. Yeo is to further hold separate talks with US Trade Representative Jamieson Greer and Texas Gov. Greg Abbott, discussing tariff negotiations and cooperation in the energy sector.
Yahoo
5 days ago
- Business
- Yahoo
Türkiye moves to shield packaging sector with import tariffs
Türkiye's introduction of anti‑dumping duties on imported packaging film marks a significant shift in the packaging sector, aimed at protecting domestic manufacturers from unfair pricing. The measures apply to Biaxially Oriented Polypropylene (BOPP) and similar packaging films, widely used in food, consumer goods, and label production. Duties vary by origin and firm New tariffs range from 12.85% to 62.94% on packaging film imports from China and Egypt, depending on the company's pricing practices. Russian imports face a uniform 47.14% duty. These steps follow an investigation by Türkiye's Ministry of Trade, which found evidence of undervalued imports harming local producers. Understanding bopp packaging film BOPP film is a versatile, cost‑effective plastic used extensively in packaging due to its clarity, strength and printability. Applications include snack wrappers, adhesive tapes and decorative packaging. By wartime stretching of polypropylene in two directions, BOPP offers lightweight moisture resistance—key features for food safety and shelf appeal. Industry context and trade implication Türkiye's move mirrors broader trends in trade protection: governments imposing antidumping duties to support local production. According to international trade guides, these remedies are common in sectors like steel, textiles and packaging when foreign competitors undercut domestic prices. For downstream users—such as packagers of food, cosmetics and pharmaceuticals—heightened costs for imported packaging film may lead to seeking alternatives from Turkish suppliers or adjusting material use. Major global manufacturers may revise sourcing strategies in response to region‑specific duties and push for long‑term contracts to offset price volatility. Packaging market outlook Analysts expect Türkiye's anti‑dumping tariffs to reshuffle global packaging supply chains. Exporters from China, Egypt and Russia may now consider targeting alternative markets or renegotiating prices. Domestic Turkish producers stand to increase output, possibly investing in capacity expansion or downstream processing. Observers note the European Union and United States also maintain anti‑dumping regimes for similar film products—Turkey's latest action aligns with a global shift towards trade measures aimed at preserving national packaging industries. As interest in sustainable and high‑barrier packaging grows, the imposition of duties may drive innovation in domestic film production. Turkish companies could leverage enhanced margins to invest in biodegradable or recycled film technologies. Meanwhile, brands and converters will weigh cost increases against regulatory stability and supply security. The packaging sector will monitor follow‑up actions from Türkiye, including potential appeals to the World Trade Organization or adjustments in EU‑Turkey trade relations. With similar duties expiring on other products later this year, scrutiny will remain on Ankara's trade policy stance in the wider packaging materials market. "Türkiye moves to shield packaging sector with import tariffs" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
