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EU told to ‘brace’ for multibillion tariffs

European Commissioner for Trade Cecilia Malmström warned the EU’s trade ministers that they need to steel themselves for U.S. President Donald Trump to hit billions of euros worth of European goods with tariffs, ramping up a decades long dispute over unwarranted subsidies for Airbus.

Washington said it wants to levy retaliatory tariffs on up to $21 billion of European products, a decision that still needs to be confirmed by a WTO arbitrator. The verdict is expected to come in July.


Business lobby group CBI warns Tories over no-deal Brexit

The CBI sent an open letter to Conservative leadership candidates. In its letter the CBI says: “Firms large and small are clear that leaving the EU with a deal is the best way forward.”

“Short-term disruption and long-term damage to British competitiveness will be severe if we leave without one. The vast majority of firms can never be prepared for no-deal, particularly our small and medium-sized members who cannot afford complex and costly contingency plans.”



Middle East

 New system to decrease truck lines at borders in Turkey

A new system will be installed at Turkey`s border gates to prevent lines of trucks which sometimes stretch a few kilometers, Trade Minister Ruhsar Pekcan has said.

There are 30 land border gates, and 28 percent of Turkey`s total imports in 2018 were sent via highways.

The Minister said it is of great importance for the customs administrations to be equipped with technological facilities in order for international trade to operate uninterruptedly and quickly.

[Hurriyet Daily News]

Oman’s Ministry of Defense issues regulations on use of arms and explosives

The Ministry of Defense has issued regulations with regard to obtaining license to use arms, ammunition and explosives for non-military or security purposes.

According to the regulations, the applicant for a license should not have been convicted of a crime, he/she should not be affiliate with any country or institution that are banned from import and export in accordance with local or international decisions.

The license may be issued for any of the purposes of entry, export, re-export, temporary pass and exit of the aforementioned items.




A Pan-African free trade deal came into force

The Africa Continental Free Trade Agreement (AfCFTA) came into force on May 30 after clearing a key procedural hurdle and being ratified by the parliaments of 24 countries.

The commissioner of Trade and Industry for the African Union, Albert Muchanga, confirmed that the agreement is now in force and that a unified market would be launched July 7.

When fully implemented, the trade deal will create a single market for goods and services by removing existing trade barriers across Africa. The agreement is expected to boost regional trade by reducing tariffs and allowing companies to expand and enter new markets.