The EU and Mercosur reached a free-trade agreement after 25 years of talks, pending European Parliament approval, in what’s billed as the bloc’s largest FTA. It aims to boost trade and climate goals with safeguards for farmers, anti-deforestation commitments, and a phased tariff liberalization over 15 years, saving EU exporters about €4 billion a year in duties. While praised as a win for multilateralism, critics warn cheaper imports could hit European farmers; ratification and environmental enforcement will be key hurdles.
India and New Zealand finalized a comprehensive free trade agreement aimed at reducing tariffs on 95% of New Zealand exports to India and providing India tariff-free access to New Zealand markets, alongside a pledge for New Zealand to invest €17 billion in India over 15 years. The deal, expected to be signed in 2026, covers various sectors but faces political hurdles in New Zealand due to concerns over immigration and dairy protections.
Indonesia and the Eurasian Economic Union have signed a free trade agreement to boost bilateral trade, granting Indonesia preferential rates on most tariffs and aiming to increase exports of key products like palm oil, textiles, and electronics. The deal, signed in St. Petersburg and witnessed by Russian President Vladimir Putin, could potentially double trade between the two economies, which currently totaled $4.4 billion in the first ten months of 2025.
India and New Zealand have reached a free trade agreement aimed at reducing tariffs, easing regulations, and expanding cooperation, with the goal of boosting bilateral trade and economic growth amid global uncertainties. The deal includes zero-duty exports for India to New Zealand and duty concessions for New Zealand, covering key sectors like textiles, horticulture, and marine products, and involves a $20 billion investment commitment from New Zealand over 15 years.
The EU aims to finalize a free-trade agreement with India by late January, ideally before India's Republic Day on January 26, with negotiations ongoing and key hurdles related to carbon border taxes and steel safeguards still to be resolved.
China and ASEAN signed an expanded free trade agreement, enhancing economic ties and covering new areas like digital trade and sustainability, amidst regional tensions and U.S.-China rivalry, with leaders emphasizing cooperation and mutual reliance despite ongoing disputes in the South China Sea.
South America's Mercosur and Europe's EFTA have signed a decade-long negotiated trade deal to establish a free trade area covering nearly 300 million people and over $4.3 trillion in GDP, aiming to boost trade by removing customs duties and improving market access across various sectors, pending approval from respective parliaments.
India has signed a "watershed" free trade deal with European Free Trade Association nations, including Switzerland, Iceland, Norway, and Liechtenstein, which is expected to bring in $100 billion worth of investment over 15 years and create one billion jobs. The agreement, seen as a significant development in India's bilateral relationships, is anticipated to boost exports in IT services, business services, and audio-visual services, and also includes provisions for mutual recognition in professional services.
India has signed a $100bn free trade agreement with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland, and Liechtenstein, which will lead to the lifting of import tariffs on industrial products from these countries in return for a 15-year investment. The deal aims to boost exports, promote investment, and create employment, with provisions for liberalized trade rules for Indian agricultural exporters and opportunities for professionals to work in the EFTA zone. The agreement also includes elements such as intellectual rights and gender equity, and all five countries must ratify the deal before it can take effect.
Former Canadian Prime Minister Brian Mulroney, known for forging close ties with US presidents and pushing the US-Canada Free Trade Agreement, has died at 84. Despite initial popularity, his approval ratings dropped, and his party suffered a defeat after his tenure. Mulroney's legacy includes shaping US-Canada relations and facing criticism for the trade agreement's impact on Canadian sovereignty and unemployment.
Brian Mulroney, the former Canadian Prime Minister known for forging closer ties with the US through a free trade agreement, has died at 84. He served almost a decade as prime minister, leaving with the lowest approval rating in Canadian history. Despite his controversial tenure, he was praised for his role in shaping US-Canada relations and the economy. His amiable relationship with US presidents Reagan and Bush helped develop the free-trade treaty, which led to significant increases in north-south trade. However, his administration was marred by scandals, and he left office after a devastating election defeat in 1993.
Sri Lanka signs a Free Trade Agreement with Thailand in an effort to revive its economy after facing a severe financial crisis, with the agreement covering aspects such as Trade in Goods, Investment, Customs Procedure, and Intellectual Property Rights. The move aims to enhance market opportunities and foster economic growth, with bilateral trade between the two countries worth about $460m in 2021.
UK Prime Minister Rishi Sunak and his wife Akshata Murty hosted a special Diwali event at Downing Street, welcoming guests from the Hindu community. The celebration, symbolizing the triumph of light over darkness, was attended by a large number of people. Sunak also discussed progress on the Free Trade Agreement with Indian Prime Minister Narendra Modi and congratulated Team India on their strong performance in the ongoing Cricket World Cup.
Talks on the EU-Australia free trade deal have collapsed after last-minute demands from Australia's trade minister to expand market access for Australian farmers were seen as a reversal of progress. The EU had offered to lower tariffs on agricultural products, such as beef and sheep meat, but the new demands were incompatible with the proposed deal. Geographical indications, which protect unique culinary products, also proved contentious. The collapse of negotiations leaves the future of the free trade agreement uncertain, as both the EU and Australia face upcoming elections.
The European Union is prepared to enhance cooperation with the Philippines on maritime security in the Indo-Pacific region, according to European Commission President Ursula von der Leyen. During a meeting with Philippine President Ferdinand Marcos Jr., they discussed various topics including security, trade, and climate change. The EU expressed support for the 2016 international arbitration ruling that invalidated China's expansive claims in the South China Sea, and emphasized the importance of a free and open Indo-Pacific. The leaders also discussed the relaunch of negotiations for a free trade agreement and the EU's support for the Philippines' fight against climate change.
