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Former European Central Bank president Mario Draghi has warned that the European Union's plan to tax imported carbon emissions may be ineffective due to its complex design and reliance on global partners. The Carbon Border Adjustment Mechanism (CBAM) is intended to ensure a level playing field for European companies in the transition to net zero, but its success is uncertain. The idea of imposing a carbon levy has already faced opposition from trading partners such as Russia and China. Key risks associated with the measure include ensuring uniform implementation, circumvention, and the disadvantage faced by exporters. [Extracted from the article]

The World Trade Organization (WTO) has issued a warning to governments about the dangers of protectionism, stating that it could widen the gap between rich and poor nations. The report emphasizes the benefits of globalization and argues against tariffs and other barriers to international trade. While global per-capita income has risen by 65% since 1995, there are still 712 million people living in extreme poverty. The WTO suggests that a more inclusive approach to globalization, along with measures to address income disparities, is needed to ensure that everyone can benefit from open and rules-based international markets. [Extracted from the article]

A deal between Singapore and Malaysia to establish a special economic zone in Johor is expected to be signed in November, according to Chief Minister of Johor Onn Hafiz Ghazi. The signing of the agreement has been delayed due to leadership meetings, but officials are working to finalize the details. The economic zone aims to facilitate the free movement of goods and people between Johor and Singapore, and it is projected to create 100,000 new jobs in Johor and boost the Malaysian economy by $26 billion per year by 2030. [Extracted from the article]

Egyptian President Abdel-Fattah El-Sisi is set to visit Turkey next week in an effort to strengthen ties between the two countries. This visit comes after years of strained relations, particularly due to the 2013 military-backed overthrow of El-Sisi's predecessor, Mohamed Mursi, who had close ties with Turkey. Both nations are now working towards increasing bilateral trade and exploring cooperation in areas such as liquefied natural gas and nuclear energy. The visit signifies Turkey's efforts to improve relations with Arab states and attract investment from countries like the United Arab Emirates and Saudi Arabia. [Extracted from the article]

South Africa is working to remove itself from a global dirty-money watch list by June, but it needs strong political support to meet the deadline. The country has until February to address 22 key factors identified by the Financial Action Task Force (FATF), but has only completed eight of them. The inclusion on the list has damaged South Africa's reputation and could raise costs for the country. While there is optimism that South Africa will be able to exit the list, contingency plans are being considered in case it does not. [Extracted from the article]

Malaysia and Singapore are close to finalizing a deal to create Southeast Asia's first cross-border special economic zone. The zone aims to attract new investment and stimulate economic growth. The geographic makeup of the zone has almost been determined, and both countries hope to sign the deal and unveil the zone in September. The economic zone would allow for the free movement of goods and people between Malaysia's Johor state and Singapore. Malaysia is currently finalizing its proposals, and fiscal incentives for companies in the special economic zone will be announced in the budget speech. The zone is expected to cover a vast area and include various economic sectors. Johor has already been attracting investments, including in data centers, and Singapore's ChemOne is building an energy complex in the proposed zone. The state is also expected to benefit from a proposed high-speed rail between Kuala Lumpur and Singapore. [Extracted from the article]

China has launched an investigation into whether the European Union's recent actions against China's economy violate free trade regulations. The investigation will cover various sectors, including rail, solar and wind power, and security equipment. The EU has implemented measures to protect itself from what it sees as unfair practices by China. The strained relationship between China and the EU has been exacerbated by the EU's concerns about China's electric car exports and its use of subsidies in the market. The investigation is expected to be completed by January 10, 2025. [Extracted from the article]

China has launched an investigation into whether the European Union's recent tariffs and actions against China's economy constitute a barrier to free trade. The investigation was initiated by the Ministry of Commerce in response to a request from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products. The investigation will cover actions taken against Chinese industries such as trains, photovoltaic products, wind power, and security equipment. Trade tensions between the EU and China have been increasing, with the EU imposing provisional tariffs on electric cars from China and opening investigations into Chinese state-owned train manufacturers and their involvement in wind and solar parks. China has argued that the EU's probes violate the principle of free trade, while the EU claims that its tariffs on electric vehicles are a response to Chinese state subsidies. [Extracted from the article]

Malaysia and Singapore are close to finalizing a deal to create Southeast Asia's first cross-border special economic zone. The zone aims to attract new investment and stimulate economic growth. The geographic makeup of the zone has almost been determined, and both countries expect to sign the deal and unveil the zone in September. The economic zone would allow for the free movement of goods and people between Johor, Malaysia, and Singapore. Malaysia is currently finalizing its proposals, and fiscal incentives for companies in the special economic zone will be announced in the budget speech. The zone is expected to cover a vast area and include various economic sectors such as electronics, manufacturing, and healthcare. Johor has already been attracting investments, including data center investments from companies like Microsoft and Nvidia. The state is also set to benefit from a proposed high-speed rail between Kuala Lumpur and Singapore. [Extracted from the article]

Malaysia and Singapore are close to finalizing a deal to create Southeast Asia's first cross-border special economic zone. The zone aims to attract new investment and stimulate economic growth. The geographic details of the zone have almost been determined, and both countries expect to sign the deal and unveil the zone in September. Malaysia is currently finalizing its proposals, and fiscal incentives for companies in the special economic zone will be announced in the budget speech. The Singapore Business Federation is also hosting a forum for potential investors in the zone. [Extracted from the article]

Senegalese President Bassirou Diomaye Faye has been appointed as an envoy of the Economic Community of West African States (Ecowas) to convince the military leaders of Mali, Niger, and Burkina Faso not to withdraw from the regional economic bloc. The three nations had announced plans to withdraw from Ecowas, which would put them at risk of losing access to a $702 billion market and facing increased tariffs and restrictions. Their withdrawal would also impact security cooperation and the fight against Islamist insurgents in the region. Ecowas has urged member states to contribute troops to a proposed regional anti-terrorism force. [Extracted from the article]

Military leaders from Mali, Niger, and Burkina Faso have formed a confederation aimed at reinforcing political and economic integration in West Africa. This move comes after the juntas independently cut military ties with France and the US and strengthened cooperation with Russia, Iran, and Turkey. The confederation aims to facilitate the free movement of people and goods, enhance military cooperation, and establish a regional investment bank and stabilization fund. The countries also plan to collaborate on strategic mining, energy, and infrastructure projects. The junta leaders criticize the regional bloc, Economic Community of West African States (Ecowas), for not assisting them in their fight against an Islamist insurgency. [Extracted from the article]

Military leaders from Mali, Niger, and Burkina Faso have formed a confederation aimed at strengthening political and economic integration in West Africa. This move has effectively divided West Africa into opposing alliances of democracies and military rulers. The junta leaders have cut military ties with France and the US, and have strengthened cooperation with Russia, Iran, and Turkey. The confederation aims to facilitate the free movement of people, goods, and services, reinforce military cooperation, and potentially establish a regional central bank and currency. The junta leaders criticize the regional bloc, Economic Community of West African States (Ecowas), for not assisting them in their fight against an Islamist insurgency in the Sahel states. [Extracted from the article]

A federal judge in Louisiana has issued a preliminary injunction blocking President Joe Biden's temporary moratorium on new licenses for exports of US liquefied natural gas (LNG). The decision comes in response to a lawsuit filed by 16 states, which argued that Biden violated federal law by halting licenses to assess the impact of LNG shipments on climate change. While climate activists argue that LNG exports contribute to global warming, US gas producers and advocates claim that the halt in licensing threatens American energy supplies and billions of dollars in LNG export projects. The Department of Energy disagrees with the ruling and is reviewing its next steps. [Extracted from the article]

A federal judge has blocked President Joe Biden's temporary moratorium on new licenses for exports of US liquefied natural gas (LNG). The decision came in response to a lawsuit filed by 16 states, which argued that Biden violated federal law by halting licenses to assess the impact of LNG shipments on climate change. While climate activists argue that LNG exports contribute to global warming, US gas producers and advocates claim that the halt in licensing could harm American energy supplies and billions of dollars in LNG export projects. The practical effects of the court order are expected to be minimal, as the Department of Energy can continue scrutinizing proposals for new export authorizations. [Extracted from the article]

Canada is taking steps to restrict imports of Chinese-made electric vehicles (EVs) in an effort to align with the Biden administration's trade policies. Finance Minister Chrystia Freeland announced a 30-day public consultation period to consider imposing tariffs on Chinese EVs. The government is also exploring changes to the list of eligible EVs for federal consumer incentives and broader investment restrictions in the EV industry. The move comes as Canada faces pressure to coordinate with G7 allies on China trade policy and protect its domestic auto industry. However, some environmentalists and the Conservative Party have expressed concerns about the potential impact on consumer adoption and Canadian manufacturing jobs. [Extracted from the article]

Canada is implementing measures to restrict the import of Chinese-made electric vehicles (EVs) in alignment with the Biden administration's trade policies. Finance Minister Chrystia Freeland has announced a 30-day public consultation period before imposing tariffs on Chinese EVs. This move comes as the US and the European Union plan to increase tariffs on Chinese-manufactured EVs. The Canadian auto industry supports the tariffs to protect domestic jobs and wages, while some environmentalists express concerns about higher prices and hindered consumer adoption of cleaner technology. The majority of Canada's EV imports from China are Tesla vehicles produced in Shanghai. [Extracted from the article]

German Chancellor Olaf Scholz and Argentine President Javier Milei have called for a swift conclusion to a major trade deal between the European Union (EU) and four South American economies, despite opposition from French President Emmanuel Macron. The EU-Mercosur pact, which would create an integrated market of 780 million consumers, has faced objections from Macron who argues that European farmers should not be disadvantaged. The deal may require the approval of the 27 national parliaments and some regional ones, including France. Scholz and Milei also discussed Argentina's bid to join the OECD and the importance of social compatibility and protection of social cohesion. [Extracted from the article]

The world's three dominant economies, the US, China, and Europe, are entering a combative phase that threatens to deepen fractures and challenge decades of free-market orthodoxy. The US is using trade weapons borrowed from China's playbook, employing tariffs and subsidies to defend its interests. This has put Europe in a difficult position, as it must decide between preserving its role as defender of multilateral rules or protecting its jobs and investments. The trade tensions between these economies have been simmering for years, and there is little hope for a return to consensus and fairness. [Extracted from the article]

The world's three dominant economies, the US, China, and Europe, are entering a combative phase that threatens to deepen fractures and challenge decades of free-market orthodoxy. The US is using trade weapons borrowed from China's playbook, with tariffs and subsidies at the core of its policy. Europe is caught between preserving its role as defender of multilateral rules and fearing the loss of jobs and investment. The resulting trade fragmentation will be more damaging for nations like China, South Korea, and Japan, whose economies depend more on international trade. The EU is rolling out its own economic-security strategy and calls for a radical rethink are getting louder across the bloc. [Extracted from the article]

Australia's Treasurer, Jim Chalmers, has announced that the country will be reducing its growth forecasts for major economies, including China, in its upcoming budget. Chalmers cited concerns about inflation, weaker growth, and events in the Middle East as factors contributing to the decision. The budget will include GDP forecasts for China, India, Japan, the UK, and the US. China's growth is expected to be around 4% this year and in the following years, marking the weakest period of growth since the late 1970s. Japan's growth forecast for 2024 has also been lowered due to weaker-than-expected consumption figures. Chalmers stated that Australia is on track for a second consecutive surplus when the budget is released in less than four weeks. [Extracted from the article]

Australia's Treasurer, Jim Chalmers, has announced that the country will be reducing its growth forecasts for major economies, including China, in its upcoming budget. Chalmers cited concerns about inflation, weaker growth, and events in the Middle East as factors contributing to the decision. The treasury department's budget updates will include GDP forecasts for China, India, Japan, the UK, and the US. Chalmers also mentioned that Australia is on track for a second consecutive surplus. [Extracted from the article]

The European Union's Commissioner for Energy, Kadri Simson, stated that a free-trade agreement (FTA) between Australia and the EU would strengthen cooperation on critical minerals, such as lithium, copper, and nickel, which are important for the energy transition. Talks on a trade pact between the two sides broke down last year due to disagreements over market access for Australian farm goods. Simson emphasized that an FTA would facilitate joint efforts on the supply of key raw materials and increase pressure on Australia to resume negotiations. Australia, as the largest global lithium producer, currently exports the majority of its lithium to China. Simson expressed optimism about reaching an agreement on critical minerals with Australia and also expressed the EU's desire to resume discussions on a free trade agreement. However, negotiations for a free trade pact are not expected to resume until after the European Union elections in 2024. [Extracted from the article]

Norway has decided to delay its plans to enter the offshore floating wind park industry due to concerns over state support for potential projects. The government wants to establish a model for state aid before allocating areas for wind parks in Utsira Nord, in order to ensure greater predictability. The Energy Minister, Terje Aasland, hopes that the necessary approval can be obtained by the end of the year, with the goal of allocating project areas in Utsira Nord by 2025. This decision comes after Norway recently completed its first fixed-based offshore wind auction, as part of its goal to reach 30 gigawatts of installed capacity by 2040. [Extracted from the article]

The European Union (EU) has reached a provisional agreement to extend trade support for Ukraine for another year, suspending import duties and quotas on Ukrainian exports until June 2025. This move aims to support Ukraine's economy, particularly its farm sector, which has been affected by Russia's invasion and blocked ports. However, the EU has also increased protection for sensitive agricultural products, such as sugar, corn, eggs, and poultry, by allowing tariffs to be imposed if imports exceed the average of the past two years. This decision comes amidst farmer protests across Europe, with growers expressing concerns about rising costs, administrative burdens, and the potential negative impact on the single market. The proposal still needs approval from the European Parliament and member states before it can be implemented. [Extracted from the article]

German Economy Minister Robert Habeck has discussed the possibility of a "mini free-trade" agreement with US Commerce Secretary Gina Raimondo. Habeck believes that a limited trade pact focused on the mutual recognition of technical products is necessary. While progress has been made between the European Union and the US within the Trade and Technology Council, Habeck believes that more needs to be done to harmonize subsidies and promote reciprocal recognition for manufactured goods. However, some officials in Europe are concerned about the future of transatlantic cooperation if Donald Trump is re-elected as he advocates for protectionist trade policies. [Extracted from the article]

German Economy Minister Robert Habeck has discussed the possibility of a "mini free-trade" agreement with US Commerce Secretary Gina Raimondo. Habeck believes that a limited trade pact focused on the mutual recognition of technical products is necessary. While progress has been made between the European Union and the US within the Trade and Technology Council, Habeck emphasizes the need for further harmonization of subsidies and reciprocal recognition for manufactured goods. Concerns have been raised in Europe about the future of transatlantic cooperation if former President Donald Trump is reelected, as he advocates for protectionist trade policies. [Extracted from the article]

India and four European countries, Switzerland, Norway, Iceland, and Liechtenstein, have signed a free trade pact that will create one million jobs in India over the next 15 years. This agreement, which has been 16 years in the making, is the first of its kind for India and includes a binding commitment from the European Free Trade Association (EFTA) countries to invest $100 billion in India. The pact will provide easier access for processed food, beverages, and electrical machinery for the European nations, while India will gain access to technology and liberalized access for its rice and other products. The services sector will also benefit, with Indian professionals being able to move more smoothly under the arrangement. This agreement is part of India's efforts to boost local manufacturing and create jobs by accelerating talks with major trading partners. [Extracted from the article]

India and four European countries, including Switzerland, Norway, Iceland, and Liechtenstein, have signed a free trade pact that will create one million jobs in India over the next 15 years. This agreement marks the first time that India has secured investment commitments under a trade agreement, with the European Free Trade Association (EFTA) countries committing to invest $100 billion in India. In return, the European nations will gain easier access to India's market of 1.4 billion people and will benefit from liberalized access for their processed food and beverages, electrical machinery, pharmaceuticals, and medical devices. This trade pact is part of India's efforts to boost local manufacturing, create jobs, and strengthen its trade relationships with major partners. [Extracted from the article]

The latest round of trade talks between the UK and India is expected to end without a breakthrough on major issues, according to sources familiar with the negotiations. The two sides still face hurdles in areas such as goods, services, and investment. With India's general election approaching in April, there is not enough time for further discussions before the election. Both countries hope to resume negotiations after the election, but a deal may not be reached until later in the year. A trade agreement with India is seen as a significant achievement for the UK post-Brexit, but negotiations have been delayed by disputes over various issues. [Extracted from the article]

Poland is considering temporarily closing its border with Ukraine to trade in order to limit the import of food products from Ukraine. The Polish government is in talks with Ukraine about this potential halt, which would also impact Polish exports. The announcement comes after protests by Polish farmers demanding restrictions on food imports from Ukraine. The aim of these interim measures is to ease tensions within Poland until a trade agreement between Ukraine and the European Union is reached. [Extracted from the article]

The article reports that the UK's Labour Party, led by Keir Starmer, would aim to make the country more competitive outside of the European Union (EU) by implementing managed divergence from EU rules, according to Jonathan Reynolds, the party's Shadow Business Secretary. Reynolds stated that Labour would not seek to rejoin the EU's customs union or single market, despite the majority of delegates at a manufacturers' trade body conference expressing support for rejoining the customs union. Reynolds emphasized the need to focus on practical trade improvements, such as veterinary agreements and mutual recognition of professional qualifications, while also prioritizing trade talks with Canada and considering a competition probe into Chinese electric vehicles. [Extracted from the article]

India and Oman are nearing the completion of a trade deal that will facilitate easier access to each other's markets. The agreement will strengthen India's presence in the Gulf region and is expected to be finalized in March. India is seeking lower tariffs on exports such as rice, pharmaceuticals, petroleum, and steel products, as well as improved access for Indian professionals. Oman, on the other hand, wants better access for goods like downstream petroleum products, fertilizer, and iron and steel products. The trade pact reflects Prime Minister Narendra Modi's efforts to build stronger ties with the Middle East, and Oman is India's third-largest trade partner among the Gulf Cooperation Council nations. [Extracted from the article]

First Quantum Minerals Ltd. is seeking $20 billion from Panama in a free trade arbitration case after the country closed the company's copper mine. The amount represents the minimum value sought by the Vancouver-based company under a Canada-Panama free trade agreement. The closure of the mine has put First Quantum's finances at risk, with billions of dollars of debt maturing in the coming years. The company is also in talks with lenders to amend and extend its loan facilities. [Extracted from the article]

India is in the final stages of negotiating a trade deal with the European Free Trade Association (EFTA), which includes Switzerland, Norway, Iceland, and Liechtenstein. The deal could result in these European nations investing up to $100 billion in India over 15 years in exchange for easier trade access. While the contours of the deal have been agreed upon, the final investment amount is still being deliberated. If finalized, this would be the first time India secures an investment commitment of this nature as part of a free trade agreement. The deal would also facilitate the movement of Indian professionals to the EFTA bloc and provide market access for certain agricultural products. [Extracted from the article]

India is in the final stages of negotiating a trade deal with the European Free Trade Association (EFTA), which includes Switzerland, Norway, Iceland, and Liechtenstein. The deal could result in these European nations investing up to $100 billion in India over 15 years in exchange for easier trade access. While the contours of the deal have been agreed upon, the final investment amount is still being deliberated. If finalized, this would be the first time India secures an investment commitment of this nature as part of a free trade agreement. The deal is expected to benefit various industries, including manufacturing, pharmaceuticals, and medical devices, and could create over 1 million jobs in India. The agreement would also facilitate the movement of Indian professionals to the EFTA bloc and provide market access for certain agricultural products. [Extracted from the article]

Military-ruled Mali, Niger, and Burkina Faso's plans to leave the Economic Community of West African States (ECOWAS) could have negative consequences for their economies and worsen food insecurity. These landlocked and impoverished nations risk losing access to a $702 billion market and facing increased tariffs and restrictions on trade. The three countries' ability to access credit will also be impacted, as they rely on the regional market for financing. Exiting ECOWAS could make it difficult for commercial banks to operate, and credit ratings may be downgraded. [Extracted from the article]

The UK has halted free trade talks with Canada due to a lack of progress. The British government stated that it will only engage in negotiations that benefit its people and has the right to pause talks that are not moving forward. The Canadian government expressed disappointment, suggesting that the lack of progress was due to the UK's market access barriers and unwillingness to reach a mutual agreement. Both countries remain open to restoring talks in the future to build a stronger trading relationship. [Extracted from the article]

China is planning to implement visa-free travel with Singapore and Thailand in an effort to promote cross-border exchanges. Starting on February 9th, citizens from China and Singapore will be able to visit each other's countries for up to 30 days without a visa. This agreement comes after Singapore's government announced last month that they were working towards a reciprocal arrangement. Additionally, Thailand is set to sign an agreement with China to waive visa requirements for travelers between the two countries starting on March 1st. China has been actively promoting tourism and business links, and has already scrapped visa requirements for 11 countries since last year. [Extracted from the article]

Starting from February 9th, citizens of China and Singapore will be able to visit each other's countries without needing a visa. This mutual visa-free entry agreement, reached in a bilateral agreement, allows for a stay of up to 30 days without a travel permit. The proposal has been in progress for several weeks, with China restoring visa-free entry for Singapore passport holders in July 2023. This move is part of China's efforts to promote tourism and business links, as well as to address domestic economic challenges. [Extracted from the article]

Switzerland and India have finally reached an agreement on a free-trade deal after 16 years of negotiations. Swiss Economy Minister Guy Parmelin announced the breakthrough after meeting with his Indian counterpart, Piyush Goyal. The details of the agreement are still being finalized, but Parmelin believes it will benefit both countries by creating jobs in India and ensuring employment in Switzerland. [Extracted from the article]

Argentina's government has lifted import restrictions in an effort to advance President Javier Milei's free trade agenda. The tax authority has replaced a cumbersome import system with a more streamlined, data-based version. This move aims to address import shortages that have negatively impacted the economy, including shortages of essential equipment in hospitals and auto parts for major international companies. Additionally, the central bank plans to sell dollar bonds to help companies trade again and ease inflation pressures. However, Milei has also implemented austerity measures, cutting thousands of government jobs. [Extracted from the article]

The UK and Switzerland have signed an agreement to recognize each other's laws and regulations in financial services, making it easier for firms such as banks, insurers, and asset managers to access each other's markets post-Brexit. This is the first significant post-Brexit deal between Western Europe's two major non-EU economies, and a free trade agreement is still being negotiated. The agreement covers industries including asset management, banking, investment services, and insurance for corporate clients, benefiting the City of London. Both countries hope to boost their financial sectors with this deal. [Extracted from the article]

The UK and Switzerland have signed an agreement to recognize each other's laws and regulations in financial services, making it easier for firms such as banks, insurers, and asset managers to access each other's markets after Brexit. This is the first significant post-Brexit deal between Western Europe's two major non-EU economies, and negotiations for a free trade agreement between them are still ongoing. The agreement covers industries including asset management, banking, investment services, and insurance for corporate clients, and both countries hope to boost their financial sectors with this deal. Switzerland is the UK's third largest trading partner for financial services. [Extracted from the article]

In a critical take on globalization, Quinn Slobodian, a history professor at Wellesley College, argues that borders are not eroding but rather new kinds of borders are emerging within nations. These borders are seen in special economic zones, where companies operate with little regulation or government interference. These zones attract trade, manufacturing activity, and international flows of capital, but they also reinforce inequalities and prioritize profit over government oversight. Slobodian's analysis challenges the optimistic narrative of globalization and raises questions about the need for economic zones if globalization truly removed barriers to trade and migration. [Extracted from the article]

European Central Bank President Christine Lagarde has urged the European Union to move forward with new fiscal rules and accelerate progress on structural reforms to enhance competitiveness within the bloc. Lagarde emphasized the need for swift agreement on the reform of the EU's economic governance framework, as well as the completion of capital markets union and banking union. EU finance ministers are currently in the final stages of negotiating a reform of the debt and deficit framework, with the aim of reaching an agreement before the end of the year. Lagarde expressed concern over procrastination and the weakening competitiveness of the euro area, highlighting the importance of progress in areas such as capital markets union and free movement of goods and services. [Extracted from the article]

The European Union (EU) and South America's largest economies are close to finalizing a major trade agreement that has been in the works for over two decades. The deal between the EU and Mercosur, a customs union consisting of Argentina, Brazil, Uruguay, and Paraguay, would create a market of 780 million consumers, making it the largest agreement in the EU's history and one of the world's biggest free trade pacts. The agreement would benefit European exporters by saving them €4 billion in import tariffs and provide access to critical materials for green and digital technologies. It would also boost South American industries and agriculture by expanding access to European markets. The negotiations have faced environmental hurdles, particularly concerns about deforestation in the Amazon rainforest, but both sides are optimistic about reaching a conclusion. [Extracted from the article]

The European Union (EU) and South America's largest economies are close to finalizing a major trade agreement after more than 20 years of negotiations. The deal between the EU and Mercosur, a customs union consisting of Argentina, Brazil, Uruguay, and Paraguay, would create a market of 780 million consumers, making it the largest agreement in the EU's history and one of the world's biggest free trade pacts. The agreement would benefit European exporters by saving them €4 billion in import tariffs and provide access to critical materials for green and digital technologies. It would also strengthen ties between the two regions amid global competition for influence. Environmental concerns, particularly deforestation in the Amazon rainforest, have been a challenge in the negotiations, but efforts are being made to address these issues. Both sides are eager to reach a conclusion, and negotiations are at an advanced stage. However, caution remains as there are still important outstanding issues to resolve. The new administration in Argentina supports the agreement and hopes for a conclusion before December 7. Germany is also confident that a breakthrough can be reached soon. [Extracted from the article]

The UK is set to restart discussions with South Korea regarding the construction of an atomic power station, which could provide a much-needed boost to the struggling nuclear industry in the UK. The two countries have agreed to work together on the development of atomic reactors through technical meetings and have signed memorandums of understanding to strengthen cooperation. South Korea is particularly interested in the Wylfa nuclear project in Wales. The resumption of talks coincides with South Korean President Yoon Suk Yeol's visit to the UK to launch negotiations on a new Free Trade Agreement. The UK aims to build 24 gigawatts of new nuclear capacity by 2050, and South Korean funding could help achieve this goal. However, the UK is cautious about allowing certain countries into its nuclear infrastructure due to national security concerns. Other planned South Korean investments in the UK include a wind turbine manufacturing facility and investments in renewable energy and infrastructure projects. [Extracted from the article]