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Polymarket bets tied to Iran war spur lawmakers’ call for investigation

Calls inside Congress for investigations into the prediction market platform Polymarket are increasing after the latest instance in which groups of anonymous traders made strategic, well-timed bets on a major geopolitical event hours before it occurred.

On Wednesday, the Associated Press reported that at least 50 new accounts on Polymarket placed substantial bets on a U.S.-Iran ceasefire in the hours, even minutes, before President Trump announced it late Tuesday. These were the sole bets made on Polymarket through these accounts.

In January, an anonymous Polymarket user made a $400,000 profit by betting that Venezuelan leader Nicolás Maduro would be out of office, hours before Maduro was captured. In the hours before the start of the Iran war, another account made roughly $550,000 in a series of trades effectively betting that the U.S. would strike Iran and that Ayatollah Ali Khamenei would be removed from office.

Such prescient wagers have raised eyebrows — and accusations that prediction markets are ripe for insider trading. And the issue goes beyond these three geopolitical events, according to at least one report.

Researchers at Harvard University released a paper last month in which, using public blockchain data, they estimated that $143 million in profits have been made on Polymarket by individuals who potentially had insider information about events ranging from Taylor Swift’s engagement to the awarding of the Nobel Peace Prize last year.

Rep. Ritchie Torres, D-N.Y who sits on the House Financial Services Committee as well as the subcommittee on digital assets and financial technology, sent a letter Thursday to the Commodity Futures Trading Commission demanding the regulator review and investigate these well-timed trades. The CFTC regulates the derivatives markets, which includes prediction markets.

“This pattern raises serious concerns that certain market participants may have had access to material nonpublic information regarding a market-moving geopolitical event,” Torres wrote. The letter was shared exclusively with AP.

“What is the statistical likelihood that of anyone other than an insider trader placing a winning bet 12 minutes before a market-moving presidential announcement?” Torres said in an interview with AP. “There are two answers: God, or an insider trader. And something tells me that God is not placing bets around Donald Trump’s posts on Truth Social. “

Prediction market platforms like Kalshi and Polymarket allow users to bet on everything from whether it will rain in Phoenix, Ariz., next week to whether the Federal Reserve will raise or lower interest rates.

Americans have limited access to Polymarket, which was banned from the U.S. in 2022. The company has moved to reenter the country by acquiring a CFTC-licensed exchange and clearinghouse, giving it a legal pathway to start offering contracts domestically. The company has begun a limited rollout in the U.S.

Polymarket also operates a separate, crypto-based platform offshore that remains outside U.S. jurisdiction. That platform accounts for most of its activity.

Sen. Richard Blumenthal, D-Conn., sent a letter to Polymarket on Thursday demanding the company explain why it continues to allow trades on war and violence as well as whether the company is making efforts to keep insiders from trading on the platform.

“Polymarket has become an illicit market to sell and exploit national security secrets unlike any in history, and by extension a potential honeypot for foreign intelligence services watching for those same suspicious bets and wagers,” Blumenthal wrote.

Republicans also have criticized these platforms and called for bans on these sorts of bets. There are at least two bills pending in Congress co-signed by both parties, one in the House and one in the Senate.

“We don’t want to imagine a world where America’s adversaries use prediction markets to anticipate our next move,” Rep. Blake Moore, R-Utah, said after the release of AP’s findings on the ceasefire wagers.

Polymarket did not immediately reply to a request for comment.

The stakes are high for both Polymarket and Kalshi as they seek approval to operate nationwide, particularly in the lucrative sports betting market.

Kalshi, which already is regulated in the U.S., and its executives have a goal of making the company the nation’s dominant prediction market. Kalshi has leaned heavily into sports, which critics have said effectively makes it a sports betting platform that dabbles in event-based contracts on the side. Both companies also announced partnerships with sports teams and even news organizations to broaden their reach as well. AP has an agreement to sell U.S. elections data to Kalshi.

The competition also carries political overtones. Donald Trump Jr. is an investor in Polymarket through his venture capital firm, 1789 Capital, and separately serves as a paid strategic adviser to Kalshi.

Sweet writes for the Associated Press.

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What’s Iran’s 10-point peace plan that Trump says is ‘not good enough’? | International Trade News

Iran has proposed a 10-point peace plan to end the war as the United States and Israel intensify their attacks on Tehran and a deadline looms that was set by US President Donald Trump for Iran to open the Strait of Hormuz, whose near-closure has triggered a global energy crisis.

At the White House on Monday, Trump called the 10-point plan a “significant step” but “not good enough”.

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Iran’s top university and a major petrochemical plant were hit on Monday after Trump threatened to target power plants and bridges until Tehran agreed to end the war and open the strait, through which 20 percent of the world’s oil and gas supplies pass.

Here is more about Iran’s 10-point plan and Trump’s response to it:

What is Iran’s 10-point plan?

On Monday, Pakistan, which has mediated talks in Islamabad aimed at ending the war, put forth a 45-day ceasefire proposal after separate meetings with US and Iranian officials. The Iranian and US negotiators have not met face to face about the 45‑day truce plan. In late March, Trump told reporters that his envoys were talking to a senior Iranian official, but this was not confirmed by Iran. Tehran has denied holding talks with US negotiators.

Iran’s state-run IRNA news agency said Tehran had conveyed its response via Islamabad. Iran reportedly rejected the proposed ceasefire, putting forward instead a call for a permanent end to the hostilities.

The Iranian proposal consisted of 10 clauses, including an end to conflicts in the region, a protocol for safe passage through the Strait of Hormuz, the lifting of sanctions and reconstruction, IRNA reported. The conflict has spread to the Gulf region and Lebanon, where 1.2 million Lebanese people have been displaced due to Israeli attacks.

Details about the 10 clauses have not been published.

How did the White House respond?

Speaking to reporters about Iran’s plan, Trump said: “They made a … significant proposal. Not good enough, but they have made a very significant step. We will see what happens.”

“If they don’t make a deal, they will have no bridges and no power plants,” he added.

In a profane Truth Social post on Sunday, Trump threatened to attack Iran’s civilian infrastructure, including bridges and power plants, if the Strait of Hormuz is not fully reopened. “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the F****** Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH! Praise be to Allah,” he wrote.

The deadline is set for 8pm Washington time on Tuesday (00:00 GMT). Tehran has rejected this ultimatum and threatened to retaliate.

Human rights organisations and members of the US Congress have criticised Trump for threatening to attack civilian targets, which is considered a war crime.

The Axios news website reported that an unnamed US official who saw the Iranian response called it “maximalist”.

What other proposals have been on the table?

The last time the word “maximalist” was used to describe a peace plan in this war was late last month when Iran called a US plan “maximalist”.

An unnamed, high-ranking diplomatic source told Al Jazeera on March 25 that Iran had received a 15-point plan drafted by the US. The plan was delivered to Iran through Pakistan.

The source said Tehran described the US proposal as “extremely maximalist and unreasonable”.

“It is not beautiful, even on paper,” the source said, calling the plan deceptive and misleading in its presentation.

The 15-point plan included a 30-day ceasefire, the dismantling of Iran’s nuclear facilities, limits on Iran’s missiles and the reopening of the Strait of Hormuz.

In return, the US would remove all sanctions imposed on Iran and provide support for electricity generation at Iran’s Bushehr Nuclear Power Plant.

Iran has rejected a temporary ceasefire, arguing it would give the US and Israel time to regroup and launch further attacks. Tehran has pointed to Israel’s 12-day war on Iran in June. The US joined that conflict for one day, hitting Iran’s three main nuclear sites with air strikes. Trump claimed at the time that the US had destroyed Iran’s nuclear facilities but months later justified the current war by saying Iran posed an imminent threat.

The UN nuclear watchdog, however, said Iran was not in a position to make a nuclear bomb.

The US and Israel launched the war on February 28 as Washington was holding negotiations with Iran. On the eve of the war, Oman, the mediator of the talks, had said a deal was “within reach”.

Tehran has said for years that its nuclear programme is for civilian purposes and it does not intend to create nuclear weapons. It even signed a deal with the US in 2015 to limit its nuclear programme in exchange for sanctions relief. But Trump withdrew from the landmark deal in 2018 and slapped sanctions back on Iran.

In response, Iran decided to enrich uranium from 3.6 percent, which was allowed under the 2015 deal, to almost 60 percent after its Natanz nuclear facility was bombed in 2021. Iran blamed Israel. A 90 percent level of purity is required to make an atomic bomb.

Why does this matter?

With Tuesday’s deadline fast approaching, chances for a ceasefire appear remote as the two sides remain far from agreement and the conflict is now in its second month.

On Tuesday, Reza Amiri Moghadam, Iran’s ambassador to Pakistan, posted on X: “Pakistan positive and productive endeavours in Good Will and Good Office to stop the war is approaching a critical, sensitive stage …”

“Stay Tuned for more”.

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Shaping New Trade Corridors | Global Finance Magazine

War in Iran and US tariffs are destabilizing global trade. But commerce hasn’t slowed; it’s simply rerouting.

As last fall’s G20 summit closed in Johannesburg, the United Arab Emirates announced plans to inject up to $1 billion in AI infrastructure funding across Africa. The pledge is the latest in a growing wave of investment from the Gulf Cooperation Council states that signals a broader shift.

Together, the Middle East and Africa represent roughly 2 billion consumers and a combined GDP of more than $5 trillion. Investment and trade spanning the regions are already accelerating. GCC countries have deployed over $100 billion in Africa and bilateral trade grew at an annual rate of about 8% between 2021 and 2022, reaching $154 billion.

Europe and China remain the continent’s largest capital providers, but the Gulf states are closing the gap. As war, supply-chain disruptions, and new US tariffs reshape global trade, countries across the MENA region see an opportunity to position themselves as the logistical and financial bridge linking Asia, Europe, and Africa.

Gateways And Corridors

The two natural points of entry are Egypt and Morocco. They have a foot in both regions and long experience navigating between the Arab world and the African continent.

Egypt acts as a gateway to East Africa, with commercial routes extending toward Sudan, Kenya, and Uganda. Morocco has established itself as a hub for west Africa, leveraging decades of political and economic ties with francophone markets. Businesses from both countries are expanding across the continent in sectors including food processing, manufacturing, pharmaceuticals, chemicals, telecoms, and technology.

Over the past decade, the Gulf states have also steadily expanded their presence, deploying capital through longterm strategic investments to reshape Africa’s trade routes while securing access to land, natural resources, and fast-growing markets.

Gulf investors are targeting corridors along the Red Sea and the Horn of Africa, including the Berbera–Ethiopia trade route and points of access to the Indian Ocean, the Atlantic, and the Mediterranean. Their aim is to anchor supply chains that direct African trade through Gulf logistics hubs before it reaches global markets.

Tarek el Nahas, Mashreq Bank
Tarek El Nahas, group head of International Banking at Mashreq Bank

“The GCC is becoming more and more of a trade hub for Africa,” says Tarek El Nahas, group head of International Banking at Dubai-headquartered Mashreq Bank. “We’ve got a lot of clients that have their regional operations here for both Middle East and Africa.”

Infrastructure is central to these developments. The UAE and Saudi Arabia are investing heavily in ports, logistics hubs, and industrial zones, laying the foundations for new Global South supply chains.

The UAE is by far Africa’s largest Gulf stakeholder. Dubai’s DP World and Abu Dhabi Ports have secured concessions to operate and develop ports in Algeria, Egypt, Somalia, Somaliland, Tanzania, South Africa, Guinea, Senegal, Sudan, the Democratic Republic of Congo, Mozambique, Congo-Brazzaville, Eritrea, Rwanda, and Niger.

Air connections are also an investment target, with Qatar Airways supporting several African airlines including South Africa’s Airlink while Doha in 2019 acquired 60% of Rwanda’s new international airport.

Telecom operators such as Qatar’s Ooredoo and the UAE’s e& (formerly Etisalat) support cable infrastructure and data centers and have signed partnerships with local providers like Maroc Telecom as part of a plan to reach several dozen countries across the continent by 2030.

In light of the recent Iranian attacks on GCC infrastructure, UAE and Saudi Arabia are also considering shifting some AI assets to secure locations in Africa. Abu Dhabi’s G42 is already building a $1 billion data center in Kenya.

Commodities, Food, And Energy

What, then, are these closely connected regions trading? Exchange often begins with natural resources.

Oil and gas dominate Gulf exports to Africa, while the continent supplies metals. Gold is a major African export to the UAE, already a hub for precious metals and stones; Gulf investors are also targeting rare metals and minerals critical to energy transition and AI supply chains.

Deal activity reflects this shift. Last year, Abu Dhabi-based International Resources Holding acquired 51% of Zambia’s Mopani Copper Mines for $1.1 billion. Saudi Arabia’s Maaden Holding, through Manara Minerals, is pursuing similar deals in Zambia and elsewhere.

These ventures sometimes feed Western markets. In November, the US and Saudi Arabia agreed to cooperate on mineral supplies to reduce reliance on China, and in March, US-based Cove Capital and Saudi Arabia’s AHQ announced a “multibillion dollar” fund to invest in African minerals including cobalt, copper, lithium, and rare earths.

Renewable energy is another focus. The UAE’s Masdar has committed $10 billion to African clean energy projects by 2030, backing solar projects in Angola, Uganda, Zambia, and Mozambique. Late last year, Saudi Arabia’s Acwa Power signed a deal with the African Development Bank to invest up to $5 billion in renewable energy and water systems in countries including South Africa, Egypt, and Morocco.

Food security is also a major driver for GCC countries, which buy over 80% of their comestibles from abroad. The UAE and Saudi Arabia import agricultural products and livestock from across Africa while investing in farmland and production projects to secure long-term supply. Qatar has made important commitments in North African countries, including a $3.5 billion dairy farm in Algeria.

North African manufacturers, meanwhile, are increasingly targeting African markets. Egyptian pharmaceutical companies, for example, have become major exporters across the continent.

Regulatory challenges and logistical bottlenecks persist, but African trade integration is supported by a growing web of multilateral agreements. Regional frameworks including the Common Market for Eastern and Southern Africa (COMESA), the Agadir Agreements, and the African Continental Free Trade Area (AfCFTA)— launched in 2021 and designed to unify a market of 1.5 billion people—facilitate investment and commercial exchange.

Several countries also benefit from US and European trade preference programs such as the African Growth and Opportunity Act (AGOA), which allows some 30 African economies to export certain goods to the US duty-free. These arrangements make parts of Africa and MENA increasingly attractive as manufacturing and re-export bases for companies seeking to access Western markets.

“We’re starting to see more companies from Asia, for example, setting up a presence in the MENA region to benefit from a lower tariff environment, and I think Egypt will become a big beneficiary in terms of manufacturing,” El Nahas says.

Financing The Corridors

Moroccan and Egyptian banks have taken the lead in cross-border expansion, financing trade and infrastructure projects across the continent. Most international lenders, by contrast, maintain a limited on-the-ground presence in Africa but operate through regional hubs that circle the continent, notably in Morocco, Egypt, Nigeria, Kenya, and South Africa.


“Egypt is pivoting its export strategy toward Europe and Africa.”

Hisham Ezz Al-Arab, CIB


Several pan-African banks, meanwhile, including United Bank for Africa, Standard Group, and Ecobank, have set up a presence in the GCC—mainly in Dubai or Abu Dhabi—to facilitate trade and investment flows between the two regions. Gulf banks tend to manage African operations from Dubai, Abu Dhabi, or Doha, increasingly partnering with local lenders on large infrastructure projects and exploring collaboration in areas such as AI applications in banking.

The long-term potential is vast. Africa accounts for roughly 20% of the global population but just 3% of GDP. For now, intra-African trade represents only about 15% of the continent’s total trade, compared to over 50% in Asia and almost 70% in the European Union. For investors and policymakers, the opportunity lies in unlocking that untapped connectivity.

There is a geostrategic factor as well.

The US-Israeli war with Iran and the accompanying disruptions in the Strait of Hormuz have heightened the need for additional trade corridors, notably through the Red Sea and the Suez Canal.

“Egypt is pivoting its export strategy toward Europe and Africa to leverage its geographical proximity, filling supply gaps caused by delays from Asian competitors,” says Hisham Ezz Al-Arab, CEO of Commercial International Bank (CIB), Egypt’s largest private sector bank, which has a presence in Kenya and Ethiopia. “This surge in demand is expected to offset revenue losses of exports to the Gulf.”

In an increasingly fragmented global economy, both regions see value in strengthening ties. The geopolitical landscape in the Middle East and Africa remains volatile, but investors argue that deeper south-south integration may offer one of the most resilient growth paths.

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The Future of Middle East-Africa Trade Alliances

Home Transaction Banking Bridging Continents: The Future of Middle East-Africa Trade Alliances

Islam Zekry, Group Chief Finance & Operation Officer and Executive Board Member at CIB, explores how GCC-Africa partnerships are driving economic growth, resilience and a transformative era of South-South cooperation, and how Egypt’s strategic location and financial expertise position it as a key player in emerging trade corridors.

Global Finance: How can new trade alliances and partnerships, particularly between the GCC and African nations, drive economic growth and resilience across both regions?

Islam Zekry: The partnership between the Gulf Cooperation Council (GCC) and Africa is gaining momentum. However, what is changing is the depth and strategic intent behind these partnerships. As global supply chains fragment and capital becomes more selective, structured trade alliances between GCC nations and African economies have the potential to create one of the most significant South–South growth corridors of the next decade.

Several structural complementarities underpin this opportunity. GCC economies possess deep capital pools, sovereign investment vehicles, advanced logistics capabilities and strong global trade linkages. In addition, many African economies are rich in natural resources, arable land, renewable energy potential and rapidly growing consumer markets with favorable demographics.

When strategically aligned, partnerships can yield positive growth outcomes. For example, food security partnerships, where African agricultural production meets Gulf demand, demonstrate this potential. Moreover, investments in energy and transition, particularly in renewables and green hydrogen, support the transition towards cleaner energy resources. Such partnerships can also drive the development of the infrastructure and logistics sector—strengthening ports, industrial zones and transport corridors. Ultimately, financial sector integration enhances capital flows and trade finance capacity.


“Egypt is not just a transit point for global trade—it is becoming a focal point in a more integrated Afro-Arab economic architecture.”

Islam Zekry, Group Chief Finance & Operation Officer and Executive Board Member at CIB


Beyond capital deployment, what differentiates the next phase of GCC–Africa engagement is the development of capacity for resilience. Global shocks—whether pandemic disruptions, geopolitical tensions or commodity volatility—have demonstrated the importance of diversified trade relationships. GCC–Africa alliances reduce overdependence on traditional West–East corridors, creating balanced, multipolar trade flows.

Therefore, for these partnerships to reach their full potential, financial architecture must evolve in tandem with physical infrastructure. Efficient cross-border payment systems, local currency settlement mechanisms, risk-sharing frameworks and strong banking partnerships determine how seamlessly goods, services,and capital move between the two regions. This is where banks with both regional understanding and international connectivity play a transformative role, not merely as financial intermediaries, but as enablers of structured trade ecosystems.

GF: What makes Egypt uniquely positioned to serve as a trade and investment hub between the Middle East and Africa, and how can this role evolve in the context of emerging trade corridors?

Zekry: Strategically positioned at the convergence of Africa, the Middle East and Europe, Egypt controls one of the world’s crucial maritime arteries through the Suez Canal. The country boasts one of Africa’s largest and most diversified economies and hosts one of the region’s leading banking sectors.

However, Egypt’s strategic relevance goes beyond geography. The country serves as a natural logistical bridge. It connects Mediterranean trade routes with Red Sea and Gulf shipping lanes while maintaining deep commercial ties across Sub-Saharan Africa. This dual orientation—northward to Europe and southward into Africa—positions Egypt as a balancing hub within emerging trade corridors.

The country has also built significant industrial and export capacity. Its robust manufacturing base, expanding energy sector,and growing role in Liquefied Natural Gas (LNG) and renewable energy markets position it as a credible anchor economy within regional value chains. Egypt’s financial institutions support cross-border expansion and structured trade finance. Egyptian banks have developed strong capital bases, regional expertise and global correspondent networks, enabling them to intermediate complex trade flows across Africa and the Middle East.

As new trade corridors emerge, from Red Sea logistics networks to Gulf-backed infrastructure investments in East Africa, alongside the African Continental Free Trade Area (AfCFTA) driven continental integration, Egypt’s role is set to evolve across three key areas. The country functions as a gateway for capital deployment into Africa, serving as a strategic hub for GCC and international investors seeking structured entry into African markets. It also has the potential to serve as a regional trade finance hub, facilitating corridor-based financing between North Africa, East Africa,and the Gulf. Finally, Egypt can act as a connector of payment ecosystems, enabling interoperability between African financial systems and Middle Eastern capital markets.

The next phase of Egypt’s development hinges on deepening this integration, aligning customs frameworks, digitizing trade documentation, strengthening regional payment systems and encouraging bilateral currency arrangements. If strategically executed, Egypt will not simply remain a transit point for global trade, but will become a focal point in a more integrated Afro-Arab economic architecture.

The future of Middle East–Africa trade alliances will not be defined solely by infrastructure announcements or headline investments. It will depend on how effectively capital, policy and financial systems converge to support real economic exchange. In this context, Egypt stands out as both a geographic and financial bridge. Therefore, strengthening GCC–Africa partnerships represents not just an opportunity, but a structural shift toward greater regional resilience and South–South cooperation.

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U.S. pressures Uruguay to break trade ties with China, minister says

Uruguay’s Minister of Economy and Finance Gabriel Oddone said the pressure by the United States to break trade ties with China is applied daily and channeled through different areas of the bilateral relationship. File Photo by Federico Gutierrez/EPA

March 27 (UPI) — Uruguayan Minister of Economy and Finance Gabriel Oddone said the United States is exerting “unimaginable” and “unsustainable” pressure on his South American country to break its trade relationship with China, according to remarks made at a private meeting.

The comments during a session with business leaders were reported by the local weekly Búsqueda.

With about 3.5 million inhabitants and a territory comparable to the state of Florida, Uruguay has had China as its main trading partner for more than 14 years, accounting for about 26% of its exports.

Oddone said the pressure is applied daily and channeled through different areas of the bilateral relationship.

According to attendees at the meeting with the Confederation of Business Chambers, the minister said that if Uruguay does not comply with Washington’s demands, its trade relationship with the administration of President Donald Trump “will not improve and could get worse.”

The remarks came Tuesday during a meeting at the Technological Laboratory of Uruguay, attended by more than 20 business representatives, along with the director of the Office of Planning and Budget, Rodrigo Arim.

The meeting lasted more than two hours and addressed economic and trade issues in a context described as “very complex.”

China is the main destination for key exports, such as beef, soybeans and cellulose. The pressure from the United States comes amid growing geopolitical rivalry between Washington and Beijing, which is affecting countries with trade ties to both powers.

According to attendees cited by Búsqueda, Oddone acknowledged that the government has “little room for maneuver” due to the fiscal situation inherited from the previous administration and internal differences within the ruling coalition over advancing economic reforms.

On the domestic front, the minister defended the country’s economic performance despite lower-than-expected growth.

Uruguay’s gross domestic product grew 1.8% in 2025, below the official projection of 2.6%, while analysts have already cut expectations for 2026 to around 1.6%.

Facing criticism from the private sector over the size and slow pace of the state, Oddone urged business leaders to also consider positive aspects.

“We should not only see the glass as half-empty,” he said, noting that the economy continues to grow despite an adverse international environment in which Uruguay is “swimming in dulce de leche,” a colloquial phrase interpreted as meaning it is difficult to move quickly.

The minister also ruled out improving competitiveness through a depreciation of the exchange rate.

“Uruguay is not going to become a cheap country,” he said, adding that improvements will come from microeconomic changes to reduce costs and streamline foreign trade.

Asked by Búsqueda, the minister declined to comment publicly on the meeting, as it was a private event. Some participants described it as useful, but with “mixed” feelings, while others said they valued explanations from the economic team.

At the close, Oddone adopted an optimistic tone.

“Believe me, we will do well,” he said, highlighting the country’s institutional and economic strengths to face an international scenario marked by trade tensions and regional slowdown.

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The EU’s recipe for trade deals : easy on beef, tough on wine

Three deals across three key regions : Mercosur, India and Australia.


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While the Commission hailed the Australia agreement as a new geostrategic win, EU farmers continue to express deep discontent stemming from the Mercosur deal.

In practice, the backlash around the agreement with Argentina, Brazil, Paraguay and Uruguay has done little to shift the Commission’s dual approach in its negotiating line. On the one hand, the commission kept making concessions on entry-level or mid-range farm goods such as beef, while on the other hand, it pushed for market access for high value-added exports —like wine, Geographical Indications (GI) and cars— with mixed results.

“The EU has all the assets to be an agri-food power,” Luc Vernet, from the export-focused brussels think tank Farm Europe, told Euronews, adding: “We should develop a broader strategy beyond high value-added products, covering all sectors and all levels of quality, because the European model delivers exceptional quality not just in luxury products.”

Yet the opposition to the Latin America deal — which triggered a legal challenge suspending its ratification — crystallised among EU farmers over fears of unfair competition from meat imports.

The Mercosur agreement granted quotas of 99,000 tonnes of beef per year, 25,000 tonnes of pork and 188,000 tonnes of poultry. Despite conditions added to new quotas in the Australia deal, EU farmers complain of imports piling up across successive agreements.

Concessions made on beef

Over eight years of talks with Canberra—the world’s second-largest beef exporter—Australia pushed hard for greater access for beef and sheep meat. Tensions intensified in 2023, when negotiations broke down after the EU rejected Australia’s demand for 40,000 tonnes of beef per year, offering no more than 30,000 tonnes instead.

The final deal agreed Tuesday allows 30,600 tonnes of beef annually into the EU. For sheep and goat meat, Brussels accepted a 25,000-tonne duty-free quota, while sugar was limited to 35,000 tonnes of raw cane for refining and rice to 8,500 tonnes a year.

However, perhaps drawing lessons from Mercosur, Brussels imposed multiple conditions on the quotas. Beef imports, which will have to be from grass-fed cattle, will be phased in over 10 years, sheep meat over 7 years, and rice over 5 years. Sugar will also be subject to certification under a private sustainability scheme.

Safeguard clauses, allowing both sides to react to market disruption, will apply for seven years – but are extended for sensitive farm goods : 15 years for beef, 12 for sheep and 10 for rice.

But a farmers’ representative told Euronews there were serious doubts about the effectiveness of the safeguard mechanisms: “Our experience in general with safeguards is that they are extremely difficult to activate because the burden of the proof is on us, farmers.”

The offensive agenda of the Commission

By contrast, agriculture was far less contentious in the India negotiations, where New Delhi itself resisted opening its market due to domestic farm sensitivities, particularly in dairy. EU sensitive products were largely excluded.

But wine featured prominently on Brussels’ offensive agenda, with Indian tariffs cut from 150% to 20% for premium wines and 30% for mid-range products over seven years. Tariffs for cars will also fall from 110% to 10% but under a quota of 250,000 vehicles a year after a decade – by which point Chinese manufacturers have great chances to have strengthened their position.

In negotiations with Australia, the EU again sought greater access for its wine but encountered strong opposition from domestic producers. In the end, the deal protects more than 1,600 EU wine GIs, plus over 50 new ones from 12 member states.

On Prosecco, Australian producers will still be allowed to use the term domestically to designate a grey grape variety, provided it is linked to Australian GI, with Canberra agreeing to stop exporting such wines after 10 years.

The EU also secured protection for 165 agri-food GIs and 231 spirit drink GIs. But it failed to remove Australia’s luxury car tax, securing instead preferential treatment for EU electric vehicles. But Brussels won improved access to critical raw materials – a key EU demand, that may have lead to more concessions on meat.

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EU approves customs reform to handle rising trade and global uncertainties

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The EU approved a sweeping customs reform to handle growing trade volumes and streamline the application of its standards.


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The agreement, which was reached on Thursday evening, introduces new tools to improve the collection of customs duties and increase controls on non-compliant or unsafe goods, without imposing excessive burdens for authorities and traders.

“Today’s agreement marks the greatest reform since the creation of the Customs Union in 1968”, Cypriot Finance Minister Makis Keravnos said in a statement following the adoption of the reform. “This modern toolbox will facilitate trade and ensure the proper collection of duties, in a simplified manner, and with the required legal certainty”, the minister added.

Customs management and trade have gained renewed urgency after trade volumes have sharply increased in the last years. Some €4.6 billion low-value items under €150 were imported to the EU in 2024, representing an average of 12 million parcels per day, according to European Commission data. That is a major increase from the €2.3 billion that entered in 2023 and €1.4 billion in 2022.

In addition, uncertainties over US tariffs, combined with new EU trade deals such as those with MERCOSUR and Australia, make this reform particularly timely.

EU customs data hub

The new rules foresee the creation of an EU customs data hub, which will be an online platform to facilitate the monitoring of trade flows without disrupting their smooth operation.

Businesses importing and exporting from the EU will only need to submit customs information on that single portal.

The hub, which will be operational for e-commerce from July 2028, will be managed by a new European Custom Authority, headquartered in Lille, France.

The Authority will oversee the EU customs by coordinating national offices and supporting them in the risk management. In particular, the Authority will analyse the import and export data to flag cargos that poses the highest risk for inspection.

The reform will also introduce simplified procedures for “trust and check traders” for transparent businesses that will not be subjected to active customs interventions.

For e-commerce operators that fail to comply with EU standards, it will be applied a new system of financial penalties.

The reform foresees a new EU handling fee for small parcels entering the EU starting November 2026, with the exact amount to be decided by the European Commission. From July to November, a temporary €3 tax will apply to all parcels under €150.

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EU lawmakers approve trade deal with U.S., but add safeguards

The European Parliament voted Thursday to approve a trade deal between Washington and Brussels but with amendments added to protect European interests should the United States fail to hold up its end of the bargain.

The deal was negotiated last July in Turnberry, Scotland, by President Trump and European Commission President Ursula von der Leyen. It set a 15% tariff on most goods in an effort to stave off far higher import duties on both sides that might have sent shock waves through economies around the globe.

New language now says that the deal can be suspended if Washington “undermined the objectives of the deal, discriminated against EU economic operators, threatened member states’ territorial integrity, foreign and defence policies, or engaged in economic coercion.”

That clause was forged because of the tensions over Greenland, said Bernd Lange, a German lawmaker and head of the EU’s parliamentary trade committee.

Trump drew widespread condemnation across the 27-nation bloc by threatening to take control of Greenland, a semiautonomous territory of Denmark. He has backed away from the threat, at least for now.

“If this would happen again, then immediately the tariffs would be installed,” he said at a news conference after lawmakers voted. He said the protective modifications were “weatherproofing” the Turnberry deal.

The deal will now be further negotiated by EU trade representatives Maroš Šefčovič and his U.S. counterpart Jamieson Greer, who are meeting Friday on the sidelines of the World Trade Organization meeting in Yaoundé, Cameroon.

“We need the EU-U.S. deal in force on both sides — delivering real certainty for EU businesses and showing that genuine partnership gets results,” Šefčovič said after the vote in Brussels.

There were formally two votes to introduce clauses to the deal. One passed 417-154 and the other 437-144 with dozens of abstentions each.

The U.S. Ambassador to the EU Andrew Pudzer said the vote would provide “stability and predictability” for U.S. and EU businesses and drive economic growth. “We encourage all parties to think to the future and the importance of unleashing opportunities for businesses on both sides of the Atlantic,” he said.

Malte Lohan, CEO of American Chamber of Commerce to the European Union, said the vote is “the right signal for businesses that have been stuck in limbo over the past year” and “a necessary step towards a more predictable transatlantic marketplace.”

Croatian lawmaker Željana Zovko said that despite the trade spat between Brussels and Washington, trade across the Atlantic had grown over the past year. “This resilience proves the trans-Atlantic trade works, and if it works, we should strengthen it, not hold it back.”

McNeil writes for the Associated Press.

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EU lawmakers support EU–US trade deal, with conditions attached

EU lawmakers on Thursday approved the EU-US trade deal struck in Turnberry, Scotland, in 2025, while attaching a set of conditions to the agreement.


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A broad majority of political groups backed the deal, which cuts EU tariffs on most US industrial goods to zero, with 417 votes in favour, 154 against, and 71 abstentions.

The European Commission and Washington had pushed for the deal’s implementation, but MEPs delayed backing it until last week amid tensions over Greenland and fresh US trade investigations that raised fears Washington could undermine the deal with new tariffs.

Initially criticized by MEPs as unbalanced and defended by the Commission as the best possible outcome, the deal sets US tariffs on EU goods at 15%, while the EU eliminates duties on most US industrial products.

MEPs introduced safeguards to rebalance the pact in the event of future threats from US President Donald Trump or violations by the United States.

“Of course, that’s imbalanced, but if we could improve it, maybe we can live with it,” Socialist German MEP Bernd Lange said ahead of the vote.

The European Parliament will now work with EU member states to find a common position and enable the tariff cuts, with the attached safeguards expected to be the main point of contention.

These include a “sunset clause” under which the deal expires in March 2028 unless both sides agree to extend it. It also includes a “sunrise clause” which would make tariff preferences conditional to the US respecting its Turnberry commitments.

Lawmakers moved to shield the deal from fresh US tariffs after the Supreme Court struck down 2025 US tariffs in February, prompting the White House to impose new duties on EU goods and launch an investigation into alleged unfair trade practices that could lead to further tariffs.

MEPs also linked the tariff cuts on steel and aluminium to equivalent actions by the US.

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Lille clinches bid to host EU Customs Authority

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Lille will host the European Custom Authority, a new decentralised agency tasked with supporting and coordinating national customs administrations across the bloc.


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The decision was made on Wednesday in Brussels, after EU lawmakers from the European Parliament and the Council of the EU voted on the matter in three rounds.

“France is one of Europe’s leading customs nations, [considering] one in three parcels entering the EU passes through French territory,” Dutch MEP Dirk Gotink, rapporteur on the customs reform, said in a press statement.

“Lille’s strategic location at the crossroads of Europe makes it the natural hub for this authority,” the EU lawmaker continued.

Italy, with Rome as its candidate, was the runner-up in the voting rounds.

Other contenders included Belgium with Liège, Croatia with Zagreb, the Netherlands with The Hague, Poland with Warsaw, Portugal with Porto, Romania with Bucharest, and Spain with Málaga.

Customs management and trade have taken on renewed urgency after former US President Donald Trump imposed sweeping tariffs shortly after taking office.

Amid growing global trade uncertainty, the EU has stepped up engagement with international partners. This week, it signed a new agreement with Australia, while the EU–Mercosur deal is set to apply provisionally from 1 April.

The establishment of the new authority is part of the overall reform of the EU customs framework, with key negotiations expected to take place on Thursday.

The reform also aims to tackle the rising pressure from increased trade flows, fragmented national systems and the rapid rise of e-commerce.

The agency is expected to be set up in 2026 and could become operational in 2028 according to a draft schedule which is still be subject to significant changes.

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Von der Leyen clinches Australia trade deal

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European Commission President Ursula von der Leyen on Tuesday sealed a free-trade agreement with Australian Prime Minister Anthony Albanese, slashing tariffs on most EU goods and farm exports.


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The deal marks another win for Brussels as it races to diversify trade ties and lock in strategic partners amid rising global tensions.

The pact will save the EU €1 billion a year in duties, the Commission said, with exports projected to climb as much as 33% over the next decade.

Agriculture proved a flashpoint, with EU farmers already pushing back against the Mercosur trade agreement and a legal challenge from MEPs threatening ratification.

Tariffs will eventually fall to zero on products including cheese (over three years), wine, some fruit and vegetables, chocolate and processed foods.

On the toughest issues — beef and sheep, which sank talks in 2023 — Australia agreed to quotas of 30,600 and 25,000 tonnes a year, respectively.

A safeguard mechanism will allow the EU to shield sensitive sectors if a surge in Australian imports harms the bloc’s market.

Beyond agriculture, the agreement opens access to Australia’s critical raw materials, including aluminium, lithium and manganese.

Brussels also failed to scrap Australia’s luxury car tax. Instead, 75% of EU electric vehicles will be exempt.

The deal is a geostrategic push

The Commission expects strong export gains in key sectors, including dairy (up to 48%), motor vehicles (52%) and chemicals (20%).

Brussels has prioritized the deal as it builds partnerships in the Indo-Pacific, where China’s influence has become central. A security and defence partnership with Canberra was also announced Tuesday.

“The EU and Australia may be geographically far apart but we couldn’t be closer in terms of how we see the world,” von der Leyen said, adding: “With these dynamic new partnerships on security and defence, as well as trade, we are moving even closer together.”

Since Donald Trump returned to power in 2025, trade agreements have taken on sharper geostrategic weight for the EU as it seeks new markets.

In 2025, Brussels struck deals with Mexico, Switzerland and Indonesia. The Mercosur pact was also signed earlier this year and will be provisionally applied from 1 May despite a European Parliament legal challenge.

More could follow. Talks are ongoing with the Philippines, Thailand, Malaysia, the United Arab Emirates, and countries in Eastern and Southern Africa, von der Leyen told EU ambassadors on 9 March.

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US says it has crippled Iranian threat in Strait of Hormuz | International Trade

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The head of US Central Command says forces have struck Iranian coastal missile sites and infrastructure, degrading Tehran’s ability to threaten shipping in the Strait of Hormuz, as Washington vows to continue targeting its regional military capabilities.

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Senegal and Morocco tied by religion and trade but divided by AFCON fallout | Africa Cup of Nations News

When governing body offficials the Africa Cup of Nations title to Morocco, overturning Senegal’s victory two months after the chaotic final, football fans were stunned.

The impact of the decision could spread beyond sport and weaken the bond between the nations.

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While Moroccan fans took to the streets to celebrate their team’s belated success, the decision by the Confederation of African Football (CAF) was met with disbelief in Senegal, with fans and authorities calling the decision “unjust”.

Senegal’s government on Wednesday said it will pursue “all appropriate legal avenues” to overturn the decision and called for an international investigation into “suspected corruption” within African football’s governing body.

The Senegal Football Federation (FSF) then announced on Thursday that it had instructed lawyers, apparently carrying through its threat to take the matter to the Court of Arbitration for Sport (CAS). Such a move could lead to a yearlong legal battle before a ruling.

CAF’s appeals board on Tuesday ruled that Senegal forfeited the final by leaving the field of play without the referee’s authorisation, and it awarded Morocco a default 3-0 win.

The game was delayed for 14 minutes as most of the Senegalese players and staff returned to their dressing room, while Senegal fans battled stewards behind one of the goals in protest against a controversial penalty call for Morocco after Senegal had a goal ruled out.

The players returned, Morocco missed the penalty, and Senegal won the match 1-0 in extra time.

What are the bonds that tie Morocco and Senegal?

Morocco and Senegal have long shared close ties built on religion, trade and culture. Tijaniyyah, a Sufi Muslim order, is widely followed in both countries. Moroccan banks and companies heavily invest in Senegal’s finance and agriculture sectors. Cultural exchanges include student programs, migration and joint festivals.

But the tensions surrounding the final and CAF’s appeals court decision to overturn Senegal’s victory have put a strain on the relationship between the two countries.

Last month, 18 Senegal fans who were arrested on charges of hooliganism at the final were given prison terms of up to a year by a Moroccan court. The Senegalese government has expressed solidarity with the Senegalese supporters.

Seydina Issa Laye Diop, president of the Senegalese national team’s fan group called “12th Gainde”, told The Associated Press on Thursday that the incidents should not damage the relationship between Senegal and Morocco.

“However, there are limits: if this continues, it could somewhat affect the pride of the Senegalese people,” Diop said. “If the goal is to preserve friendship, then it must be nurtured. Small gestures can have a big impact. These are things we can move past, especially since, during the trial, no solid argument has justified the continued detention of these supporters.”

Mariama Ndeye, a student in Senegal’s capital Dakar, said the decision has negatively affected her view of Moroccans.

“When everything goes well, they call us their brothers. But when things don’t go their way, they start being nasty,” Ndeye said.

People read newspapers reporting on the Confederation of African Football decision stripping the Senegal national football team of their Africa Cup of Nations title and awarding it to Morocco national football team in Dakar, Senegal
The newspapers reporting the fallout from CAF’s AFCON decision are seen on display in Dakar, Senegal [Misper Apawu/AP]

Politics and sport are rarely separated as Senegal and Morocco find out

On Wednesday, Morocco’s embassy in Dakar called on Moroccans in Senegal to “demonstrate restraint, vigilance, and a sense of responsibility.”

“It is important to recall that, in all circumstances, it is only a match, the outcome of which should never justify any form of escalation or excessive remarks between brotherly peoples,” the embassy said.

While the dispute has remained centred around the football match, bad feelings have spread more generally.

In Casablanca, home appliances business owner Ismail Fnani said he felt like other African countries were rooting against Morocco during the final.

“Honestly, my views toward Senegalese and sub-Saharan Africans changed after this,” he said. “We used to feel sympathy and help them because they were migrants who had struggled to get here. Where there was once sympathy and compassion, now I will treat them as they have treated us.”

Mohamed el-Arabi, who works in a grocery shop in Casablanca, said he did not celebrate the decision awarding Morocco the title.

“We would have preferred it to stay with Senegal because it doesn’t feel right otherwise,” El Arabi said.

“People here have started hating Senegalese. They no longer provide them with help. We used to be like brothers, especially since they are Muslims like us, but that is no longer the case,” he added.

The Senegalese government’s allegation of “suspected corruption” at CAF followed anger at perceived favouritism towards Morocco, which is a 2030 World Cup co-host and has invested heavily to become a football superpower.

On Wednesday, CAF President Patrice Motsepe defended the body against perceptions of favouritism towards Morocco.

“Not a single country in Africa will be treated in a manner that is more preferential, or more advantageous, or more favourable than any other country on the African continent,” Motsepe said in a video published on the CAF website.

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Iran’s strike on Qatar gas facility will reduce supply for 3 to 5 years | International Trade

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Iran’s strike on Qatar’s Ras Laffan gas facility will cut an estimated 17% of the country’s Liquefied Natural Gas export capacity for up to five years, officials say. The damage is a major blow to the global energy market, which could disrupt supplies to Europe, Asia and beyond.

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MEPs clear path for full adoption of EU–US trade deal

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The European Parliament’s trade committee agreed Thursday to cut EU tariffs on US goods to zero, as set out under the EU–US agreement struck in July 2025 after multiple delays over tensions with the Trump administration.


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EU Lawmakers had resisted for weeks implementing the deal signed by EU Commission’s President Ursula von der Leyen and US President Donald Trump last summer, following threats over Greenland and fresh tariffs imposed by Washington on EU goods after a pivotal February ruling by the US Supreme Court ruled illegal the 2025 US tariffs.

On Thursday, the committee adopted a legislation by 29 votes in favour, paving the way to eliminate EU duties on most US industrial goods as agreed in the Turnberry deal.

The lopsided agreement, clinched after weeks of trade tensions triggered by the White House’s nationalist trade agenda, imposes 15% US tariffs on EU goods while the bloc agreed to scrap its own duties and ramp up investment in the US.

Negotiation with capitals

Thursday’s vote opens the door to full approval by the European Parliament. However, adoption may slip to April or May as EU lawmakers still need to negotiate implementing legislation with EU member states.

Amendments introduced by MEPs could complicate talks with capitals, including a “sunset” clause that would reinstate EU tariffs after 18 months if the agreement is not renewed, and a so-called “sunrise clause” making tariff cuts conditional on Washington meeting its commitments.

Lawmakers unfroze the deal on Tuesday following US pressure and calls from the European Commission to move ahead.

They had sought clarity after the White House imposed fresh duties following the ruling of US top judges. New investigations into EU goods launched last week by Washington also raised concerns among MEPs, who called for predictability for European businesses.

US officials, meanwhile, have grown increasingly impatient after repeatedly assuring EU counterparts they would stick to the deal, which also spares sectors such as EU aerospace, if the bloc does the same.

“EU tariffs on US goods haven’t changed,” U.S. ambassador to the EU Andrew Puzder said on X on Tuesday, adding: “We understand that the EU must follow its process. But we’re hopeful that, after 6 and a half months, the time has come – and we’ve respectfully requested that – the EU finalize the deal so we can mutually unlock the potential for positive collaboration – for the betterment of our economies and our joint security.”

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Venezuela and Colombia Advance Bilateral Agenda on Trade, Energy, and Security

Acting President Delcy Rodríguez announced progress on the new bilateral agenda. (Prensa Presidencial)

Mérida, March 16, 2026 (venezuelanalysis.com) – Venezuelan and Colombian high-level delegations met at the Miraflores Palace in Caracas on Friday, March 13, to advance a strategic roadmap for binational integration. 

The summit, which focused on bilateral trade, energy, and security, culminated in the announcement of Venezuela’s first-ever export of liquefied petroleum gas (LPG) to its western neighbor.

Acting President Delcy Rodríguez led the Venezuelan delegation in the talks, overseeing a satellite broadcast of the first trucks from state oil company PDVSA carrying butane gas across the Simón Bolívar International Bridge from Táchira to Norte de Santander.

“This is the first step… the first LPG export from Venezuela to Colombia,” Rodríguez stated to reporters, characterizing the shipment as a symbol of the “Bolivarian spirit” of integration.

Beyond the immediate truck shipments, officials announced plans to revitalize the Antonio Ricaurte transnational gas pipeline. The project aims to facilitate the direct export of Venezuelan natural gas to Colombian markets, a move described by both governments as essential for regional energy security. 

However, Colombian President Gustavo Petro noted via social media that full interconnection remains contingent on the lifting of US sanctions given the need for infrastructure repair works. For her part, Rodríguez reiterated calls for the Trump administration to remove unilateral coercive measures against the Caribbean nation.

“Unilateral coercive measures against the Venezuelan people affect the peoples of Latin America,” she said.

The 225-kilometer Ricaurte pipeline was completed in 2007 and was initially used for Colombian gas shipments to Venezuela. Plans to reverse the flow beginning in 2016 were hampered by US sanctions.

The Caracas summit also saw delegations review the recovery of commercial ties since the reopening of the border in 2022. According to figures shared during the meeting, binational trade has grown from US $220 million in 2020 to over $1.135 billion at the close of 2024.

To sustain this momentum, officials announced that the Administrative Commission of the Trade Agreement will be formally installed on March 18. The agency’s agenda will focus on achieving “zero tariffs” for specific goods and promoting binational tourism. 

The Colombian delegation also emphasized the importance of the Monómeros petrochemical company, noting that its operation at full capacity is vital for Colombia’s food security. The agrochemical producer was placed under the control of the US-backed Venezuelan opposition by former Colombian President Iván Duque. The company was plagued by corruption scandals before being returned to the Venezuelan government’s control in 2022.

Monómeros, a major supplier of fertilizer for Colombian potato, coffee and palm oil producers, remains restricted by US sanctions, with Venezuelan plans to sell the company to the Colombian state contingent on US Treasury approval.

The two countries’ delegations likewise addressed joint security concerns during the Friday talks, activating an immediate coordination mechanism for sharing military and police intelligence. 

The stated objective is to dismantle drug trafficking networks and counter irregular armed groups operating along the 2,200-kilometer border region. Petro described the goal as a the creation of a “Binational Zone of Peace,” emphasizing the importance of integrated military efforts to protect the territory.

The Caracas summit took place following the suspension of a planned meeting between Rodríguez and Petro at the Atanasio Girardot Bridge on Friday due to “force majeure.” Colombian outlets reported security concerns but offered no specifics.

Despite the setback, the Venezuelan government reaffirmed that the presidential invitation remains open and that the working groups at Miraflores had secured the “roadmap” for the coming months. 

Colombian Foreign Minister Rosa Villavicencio, who led the Petro government’s delegation, praised the Caracas summit as a “great success” and vowed that “no one can split the Colombian and Venezuelan peoples” due to their shared history.

In the wake of the meeting with Colombian counterparts, Rodríguez announced the appointment of Admiral Orlando Maniglia as the new Venezuelan Ambassador to Colombia. Maniglia, who previously served as Minister of Defense and Ambassador to Germany, will replace Carlos Eduardo Martínez.

The two countries’ integration agenda will continue with the meeting of a bilateral commission on April 23 and 24 in Maracaibo, Zulia state. The upcoming summit will focus on migration, citizen rights, and the facilitation of free circulation across the border.

Edited by Ricardo Vaz in Caracas.

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Israel, Iran trade strikes as world seeks to reopen Hormuz Strait

1 of 2 | Iranians stand inside their damaged residential building in southern Tehran, Iran, on Sunday. Photo by Abedin Taherkenareh/EPA

March 15 (UPI) — Israel said it launched a wave of airstrikes on Iran on Sunday as Iran carried out its own attacks on U.S. military sites and against U.S. allies in the Gulf region at large.

The Israeli military said its airstrike hit the Hamedan area of western Iran, hitting multiple military headquarters, The Times of Israel reported. The Israeli military said it plans to expand its attacks on western and central Iran “with the aim of broadly and systematically damaging the regime’s command and control capabilities.”

Israeli officials, meanwhile, said at least five people in the country were injured Sunday by Iranian missiles. Iran’s state-run Mehr news agency reported that the Iranian military has pledged to “pursue and kill” Israeli Prime Minister Benjamin Netanyahu “with force.”

The United Arab Emirates said it has seen a drop in Iranian attacks within its borders. The defense ministry said it intercepted four ballistic missiles and six drones Sunday.

Since the start of the war, it has faced more than 1,900 attacks by Iran.

Bloomberg reported that a key oil port on the UAE’s east coast — Fujairah — was back in operation Sunday after it was targeted by an Iranian drone Saturday. The port is about 70 nautical miles away from the Strait of Hormuz, which Iran closed earlier in the month to put pressure on its enemies’ abilities to transport oil. About one-fifth of the world’s oil passes through the strait.

Fujairah is situated at one end of a pipeline that allows the UAE to bypass use of the Strait of Hormuz entirely. The site exported an average of more than 1.7 million barrels of crude and refined fuels per day in 2025, about 1.7% of the world’s demand, The Guardian reported.

Officials said they intercepted a drone attack near the site, causing a fire there briefly.

British Energy Secretary Ed Miliband said his country was examining ways to reopen the Strait of Hormuz and keep oil flowing. In an appearance on Sky News’ Sunday Morning with Trevor Phillips, Miliband said Britain was in talks with allies.

“There’s different ways in which we can make maritime shipping possible. We are intensively looking with our allies at what can be done, because it’s so important that we get the strait reopened.”

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Venezuelan Trade Unions Stage Protests, Spark Renewed Minimum Wage Debate

Thursday’s protest ended at the National Assembly in Caracas. (Archive)

Caracas, March 14, 2026 (venezuelanalysis.com) – Venezuelan workers, activists, and trade union organizers held marches in several cities on Thursday to demand wage increases and respect for labor rights.

A coalition of labor organizations staged protests in Caracas and over 25 other cities across the country. In the Venezuelan capital, around 1,000 demonstrators marched from Plaza Morelos and broke through a police cordon to reach the National Assembly in the city center.

“Mobilizations like the one we had today will continue and grow until the government changes its salary policies,” José Gregorio Afonso, president of the Central University of Venezuela (UCV) professors’ association, stated. “We believe the economic conditions allow for the establishment of a minimum wage as determined by the Constitution and the Labor Law.”

Afonso added that the Constitution mandates the government adjust the minimum wage at least once a year to keep up with inflation, but the last increase was in 2022. He likewise pointed to recent official figures of economic growth and prospects of increased oil revenues.

Thursday’s rally consisted largely of education sector trade unions, as well as public sector retirees. A commission met with a group of legislators at the end of the march to deliver a list of 17 demands signed by over 200 trade unions. 

A similar document was delivered to the Labor Ministry following prior nationwide rallies on February 26. The labor organizations’ demands include raising the minimum wage in accordance with the Constitution and labor legislation, the release of workers and trade unionists allegedly arrested for defending labor rights, and the repeal of statutes such as the 2792 Memorandum that suspended several collective bargaining rights.

Activists have also voiced opposition to plans to implement a pro-business reform of the country’s Organic Law of Labor and Workers (LOTTT) that would cut benefits, social security contributions, and other employer responsibilities. 

The historic 2012 law, approved by former President Hugo Chávez, prohibits unfair dismissal and outsourcing, enshrines the world’s third-longest maternity leave, guarantees the right to work for both women and people with disabilities, and extends retirement pensions to all workers, including full-time mothers and the self-employed.

Later on Thursday, the ruling Socialist Party (PSUV) held its own march in Caracas along the same route, with spokespeople urging the defense of the country’s peace and sovereignty, as well as calling for the release of kidnapped President Nicolás Maduro and First Lady Cilia Flores.

Labor Minister Eduardo Piñate told reporters that the rally was in “firm backing” of the Maduro and Rodríguez government’s labor policies.

Gov’t increases bonus amid salary debates

On Friday, unofficial channels reported that the acting Rodríguez administration had raised the monthly “economic war bonus” by 25 percent, from US $120 to $150. Coupled with a $40 food bonus, the move brings the monthly income floor for public sector workers to $190. The amount is paid in bolívars at the official exchange rate.

Venezuelan government officials have not commented on the increase. It is not presently known whether public sector retirees and pensioners, who receive $70 and $50 economic war bonuses, respectively, will benefit from similar hikes.

Venezuela’s monthly minimum wage was set at 130 bolívars (BsD) in March 2022 and has not been adjusted since. At the time, 130 BsD amounted to around US $30, but with the Venezuelan currency’s devaluation, it is now equivalent to $0.29. With the Venezuelan economy heavily battered by US sanctions, the Nicolás Maduro government prioritized non-wage bonuses as the main income source for workers and pensioners.

Trade unions and leftist organizations have criticized the policy for violating the country’s labor laws and favoring business sector interests by reducing labor costs and making dismissals more flexible.

In recent weeks, trade union coalitions have put forward proposals for a minimum wage adjustment. Center-right and right-wing alliances such as the Independent Union Alliance (ASI) and the Confederation of Venezuelan Workers (CTV) have urged authorities to set the monthly minimum salary at $200 before pegging it to a cost-of-living index.

For its part, the government-aligned Bolivarian Socialist Union of Workers (CBST) proposed that the minimum wage be raised by $50 each quarter, though it did not specify a time frame. The CBST added that, should the government deem the salary increase unfeasible, it should implement a similar increase in non-wage bonuses.

Liberal economists, including Asdrúbal Oliveros and José Guerra, have argued that minimum wage increases beyond $100 and $150 a month, respectively, might place too high a burden on the state’s budget. At the same time, business sector representatives have called for a flexibilization of labor protections and benefits.

Leftist economists, including former PSUV congressman Tony Boza, Pasqualina Curcio, and Juan Carlos Valdez, have proposed raising wages and pegging them to inflation as is currently done by private banks with interest rates.

Edited by Lucas Koerner in Fusagasugá, Colombia.



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South Korea PM, U.S. vice president discuss investment, trade

South Korea Prime Minister Kim Min-seok (L) with US Vice President JD Vance ahead of their talks at the White House in Washington DC, USA, 12 March 2026. Courtesy of the Embassy of the Republic of Korea in the United States

March 13 (Asia Today) — South Korean Prime Minister Kim Min-seok met U.S. Vice President J.D. Vance at the White House in Washington on Wednesday to discuss bilateral investment, trade issues and developments on the Korean Peninsula.

The meeting came about 50 days after the two leaders first met during Kim’s visit to Washington in January.

Kim highlighted the passage of a special law supporting South Korean investment in the United States, which cleared the National Assembly earlier this week.

He said the legislation demonstrates Seoul’s commitment to implementing bilateral investment agreements and could contribute to revitalizing U.S. manufacturing and job creation.

Kim added that the measure could also accelerate implementation of agreements outlined in a joint fact sheet between the two countries, including cooperation in areas such as nuclear-powered submarines, nuclear energy and shipbuilding.

Vance welcomed the legislation, saying it provides a legal foundation for implementing investment agreements between the two countries, according to South Korea’s Prime Minister’s Office.

The two sides also discussed cooperation in critical minerals and issues related to non-tariff trade barriers.

Kim explained Seoul’s recent decision to allow U.S. companies to export mapping data from South Korea, describing it as a forward-looking step aimed at strengthening cooperation.

Vance praised the move and said the two countries should continue consultations on non-tariff trade barriers.

Kim also said issues previously raised by Vance during their January meeting – including concerns related to the e-commerce company Coupang and certain religious matters – are now being handled in a stable manner.

Vance said the United States respects South Korea’s domestic legal framework and thanked Seoul for continuing to communicate with Washington on issues of interest to the United States.

The leaders also exchanged views on the Korean Peninsula and reaffirmed that the door remains open for dialogue with North Korea.

They agreed to maintain close coordination on developments related to the peninsula.

South Korea’s Prime Minister’s Office said the meeting helped deepen personal trust between Kim and Vance and is expected to strengthen communication on key bilateral issues.

The office’s statement did not mention whether the two discussed the Section 301 trade investigation launched this week by the Office of the United States Trade Representative targeting several major trading partners, including South Korea.

However, the issue of non-tariff barriers raised during the meeting could be related to that investigation.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260313010003892

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Venezuela: Rodríguez Welcomes US Recognition, Trade Agreements

The US Justice Department reiterated its non-recognition of Maduro since 2019 ahead of a March 26 hearing. (AFP)

Caracas, March 13, 2026 (venezuelanalysis.com) – Venezuelan Acting President Delcy Rodríguez welcomed on Wednesday the formal recognition granted by the United States government to her administration as the South American country’s “sole” and legitimate authority.

Rodríguez argued that Washington’s decision goes beyond any individual figure or government. 

“It is not recognition of a person or a government; it is recognition of a country so that it is able to recover its life,” she said during a televised broadcast, referring to the impact of wide-reaching US unilateral coercive measures imposed since 2015.

The Venezuelan leader affirmed that the diplomatic move could help advance “national unity” and contribute to the “normalization” of the country’s political, economic, and social life. “What matters to me is that this can bring a process of reordering and normalization,” she added.

The recognition was communicated by Manhattan US Attorney Jay Clayton in a “statement of interest” addressed to federal Judge Sarah Netburn. Clayton is likewise heading the prosecution in the US Justice Department’s case against Venezuelan President Nicolás Maduro.

Maduro was kidnapped by US special forces alongside First Lady Cilia Flores on January 3 during a military operation. The pair has pleaded not guilty to charges including drug trafficking conspiracy and will face a hearing on March 26. US officials have not provided evidence tying Venezuelan high-ranking officials to narcotics activities, while specialized reports have consistently found Venezuela to play a marginal role in global drug trafficking.

Clayton’s missive referenced a letter from State Department official Michael Kozak which identified Rodríguez as Venezuela’s “sole Head of State.” Kozak’s letter expressed the Trump administration’s argument that the recognition will help advance US interests in the Caribbean nation.

Trump publicly acknowledged Washington’s recognition of the Venezuelan government for the first time during the Shield of the Americas Summit on March 7. The White House argued that its stance would contribute to Venezuelan stability and economic recovery, as well as create the conditions for “a peaceful transition toward a democratically elected government.”

Caracas and Washington reestablished diplomatic ties on March 5 and have taken steps to reopen their respective embassies and consulates. The Maduro government severed ties with the first Trump administration in 2019 when the latter recognized then–National Assembly president Juan Guaidó as Venezuela’s “interim president.”

Kozak reiterated in his letter that since January 23, 2019, the US has not recognized Maduro as Venezuela’s head of state and that this position had not changed. 

“Maduro is an accused narco-terrorist awaiting trial in a US federal court for his crimes,” the document read. The Venezuelan president’s defense team is expected to argue that Maduro should be entitled to immunity from prosecution as a sitting head of state.

Washington’s formal recognition of the acting government in Caracas could also have implications for Venezuelan assets abroad. Since 2019, several bank accounts and US-based Venezuelan refiner CITGO have been frozen or under the control of the US-backed opposition.

The White House’s move will also pave the way for renegotiations surrounding Venezuela’s sizable sovereign debt, with creditors eager for a potential windfall after buying defaulted bonds at very depressed prices.

While Clayton’s address identified Rodríguez as the only person “able to take action on behalf of Venezuela,” US authorities have not clarified whether the Venezuelan government will retake control of its US-based assets.

In addition, the Justice Department attorney declined to take a position regarding “which counsel is authorized to represent certain Venezuelan state-owned entities.” On Thursday, Judge Netburn requested further clarification from the administration regarding the representation of Venezuelan interests before US courts before March 26.

In her Wednesday address, Rodríguez went on to acknowledge “daily exchanges” with US counterparts and expressed “gratefulness” for the reestablishment of trade relations. The acting president stated that Venezuela has imported medical equipment and medicines from US companies in recent weeks.

Since early 2026, the Trump administration taken direct control of revenues generated by Venezuelan oil exports, depositing funds into accounts held by the US Treasury. Around a quarter of an initial US $2 billion crude sale agreement has reportedly been returned to Caracas.

Recently issued US licenses allowing transactions in the Venezuelan oil and mining sectors likewise mandate that proceeds be deposited in Treasury-run accounts.

US officials have claimed that Venezuelan authorities need to submit a “budget request” to access the country’s funds and will only be allowed to import goods and services from US manufacturers.

Edited and with additional reporting by Ricardo Vaz in Caracas.

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‘On tariffs, we are caught in US domestic politics,’ lead Brussels trade lawmaker says

EU lawmakers in Brussels are worried that the bloc is drifting into the crosshairs of US domestic politics, as the White House launched new trade investigations into EU goods accusing the European Union is “implementing close to zero” of trade commitments.


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Next week could prove decisive for the EU–US trade deal struck last summer.

Washington has stepped up pressure on the EU in recent days to implement the agreement cut last summer cut between the head of the European Commission Ursula von der Leyen and President Donald Trump, tripling tariffs on the EU.

Still, MEPs have kept the implementation process, which also includes investment pledges from the Europeans in the US, frozen, seeking clarity after the Supreme Court of the United States ruled in February that US tariffs imposed in 2025 were illegal.

The fate of the deal remains uncertain after the White House launched new investigations into EU products this week that could lead to tariffs exceeding the 15% ceiling agreed under the pact.

“It is domestic politics and the worst-case scenario has happened: we got involved,” Croatian MEP Željana Zovko, lead negotiator for the European People’s Party, told Euronews.

She added: “We were waiting for the Supreme Court’s decision but now of course this administration will do its utmost to do it its own way.”

In the days following the court’s ruling, the US administration has looked for new legal grounds for tariffs and invoked Section 122 to impose fresh duties of 10% on EU goods, on top of the 4.8% tariffs already in place under most-favored nation regime.

The provision allows temporary duties for a maximum of 150 days, after which the US Congress would need to agree an extension. The Supreme Court suggested in its initial ruling that the President had exceeded his powers under emergency grounds.

As Washington looks for a way to make the tariff salvo permanent, it is also increasing the pressure on allies by opening new investigations into trading partners including the EU over alleged unfair trade practices. China and India were also targeted.

The probes could pave the way for tariffs above the 15% ceiling agreed in the deal struck in July 2025 by Ursula von der Leyen and Donald Trump in Turnberry, Scotland.

Next week will be pivotal for the EU-US deal

“Now uncertainty is increasing even more for our businesses,” Zovko said.

Since the court ruling, the EU has sought clarity from Washington on whether the Turnberry agreement signed last year still stands or has been broken.

US officials assured EU trade chief Maroš Šefčovič they would stick to the deal, though they have not detailed how the 10% tariffs after the court ruling will be replaced in the long-term. In return, the US expects the EU to implement the agreement fully and quickly.

US Trade Representative Jamieson Greer raised the temperature on Wednesday, lashing at the Europeans on the basis that “the EU has done approximately zero percent of what they were supposed to do for their trade deal with us.”

This week’s investigations should be taken seriously, German MEP Bernd Lange (S&D) told Euronews, despite the erratic moves by the US administration since the court ruling.

“Section 301 will allow the US to differentiate between countries and therefore add pressure to each of them,” he said.

Next week could be pivotal for the EU–US trade deal.

Italian MEP Brando Benifei (S&D) will travel to Washington hoping to meet Greer. He may be joined by Lange, the chair of the EU trade committee, on Monday although a decision has not been made yet.

The trip comes as negotiators in the European Parliament must decide whether to resume work on the agreement or postpone the vote once more. A vote is required to cut EU duties on US goods to zero, as foreseen in the Turnberry deal.

But political groups remain divided.

“When I read what the socialists are saying, I’m losing hope that we will have a vote, despite reassurance given by Iratxe García Pérez [Spanish MEP, chair of the S&D] and Bernd Lange,” a source at the EPP told Euronews.

Benifei said the EU needs a clear political signal from Washington that it will stick to the deal, otherwise “there is no way we can vote on the file.”

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