Indian Prime Minister Narendra Modi's visited to Argentina to gain strategic and economic significance. Gustavo Idigoras, Executive Director of the India-Argentina Business Council (IABC), revealed that India and Argentina aim to boost bilateral trade from $5 billion to $8 billion, with a target of $14 billion by 2040. He also emphasized Argentina’s keen interest in signing a Free Trade Agreement with India.

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Vietnamese Prime Minister Pham Minh Chinh shaked hands with Brazilian President Lula da Silva as they mark an important step in bilateral trade, celebrating the first export of Brazilian beef to Viet Nam and Vietnamese tilapia to Brazil. The meeting, held ahead of the BRICS summit, also included the signing of a Memorandum of Understanding to boost cooperation in science, technology, innovation, and digital transformation.

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The world's major oil producing group OPEC Plus said it will further increase crude oil production in August. Eight OPEC Plus members, including Saudi Arabia and Russia, agreed during an online meeting on Saturday to raise output by 548,000 barrels per day next month.

In April, the eight countries began scaling back their voluntary output reductions of 2.2 million barrels per day. Since then, they have been gradually expanding crude oil production. The further increase in August is a jump from monthly increases of 411,000 barrels per day that OPEC Plus had approved for May, June and July. In June, the benchmark WTI futures index rose to the mid-78 dollars per barrel range following US attacks on Iran.

The index fell after a ceasefire agreement between Israel and Iran was announced.Recently, the WTI has stabilized at around 67 dollars per barrel. Analysts say the output increase planned by OPEC Plus could drive down crude oil prices.

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Fuel oil prices dwindled to K3,015 per litre of Octane 92, K3,075 for Octane 95, K2,635 for diesel and K3,265 for premium diesel this week ending 10 July.
The set fuel prices were K3,140 per litre of Octane 92, K3,210 for Octane 95, K2,730 for diesel and K3,385 for premium diesel during the week ending 3 July.
Figures showed a small decrease of K95-K135 per litre compared to those of the previous week.
The price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in Southeast Asia, influences the domestic fuel prices, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil.
Under the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil, the Petroleum Products Regulatory Department has been issuing daily reference wholesale prices to ensure price stability for energy consumers.
The committee is inspecting the fuel stations to see whether they are overcharging. Authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if they are found overcharging rather than the set reference rate.
As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. Domestic fuel prices are highly correlated with international prices. The State is steering the market to mitigate the loss experienced by the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to that of regional countries.
Some countries levied higher tax rates and hiked oil prices than Myanmar’s. However, Malaysia’s oil sector receives government subsidies, and the prices are about 60 per cent lower than those of Myanmar. Every country lays down different policy patterns to fix oil prices, the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil stated. — NN/KK

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Brazil's President Luiz Inacio Lula da Silva said that ongoing discussions about creating a new regional currency are 'extremely important', during his speech at the New Development Bank's annual meeting in Rio de Janeiro.

Lula highlighted that a regional trading currency among BRICS or broader South American nations could decrease dependency on the USD, reducing vulnerabilities and lowering transaction costs. He stressed that establishing such a currency demands “seriousness, caution, and technical solidity”—acknowledging complexity, yet insisting the conversation cannot be delayed.

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France on Friday praised China's steps to settle a trade dispute over European brandy imports. The signs of a thaw in the row over the alcohol came as China's Foreign Minister Wang Yi met French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot in Paris.

In recent months China and the European Union have butted heads over Beijing's generous subsidies for its domestic industries. In the latest salvo, China will from Saturday require European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent. Beijing said 34 European brandy makers, including several French cognac producers, had signed an accord to avoid tariffs as long as they stick to an agreed minimum price.

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Viet Nam Party General Secretary To Lam and US President Donald Trump discussed bilateral relations and reciprocal tariff negotiations during their phone talks on July 2. The two leaders voiced satisfaction with the strong and positive progress in Viet Nam–US ties. They welcomed the negotiating delegations of both sides reaching consensus on a joint statement that outlines a fair and balanced framework for a reciprocal trade agreement.

President Trump praised Viet Nam’s commitment to offering preferential market access for US goods, including large-engine automobiles. He affirmed that his nation would significantly reduce reciprocal tariffs on a range of Vietnamese exports and pledged to continue working with Viet Nam to resolve outstanding trade issues, particularly in areas of mutual priority.

The Vietnamese Party chief called on the US to soon recognize Viet Nam as a market economy and lift export controls on certain high-tech products.

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France's President Emmanuel Macron said on Thursday that he wanted an EU-US trade deal "as soon as possible, with the lowest tariffs possible", with a Washington-set deadline looming to reach an accord.

The EU commission, which leads trade policy for the 27-nation bloc, has until Wednesday next week to strike an agreement. European Commission president Ursula von der Leyen said earlier on Thursday that the European Union was "ready for a deal" with the United States.

Macron said he had hoped for a deal to include "zero for zero" percent tariffs, but what seemed more realistic was "to obtain what is today the minimum for the Americans" which was "10 percent for 10 percent" in custom fees. The French president said he hoped EU "defence efforts" encouraged by Washington, as well as plans to buy US "liquefied gas" to help reduce dependency on Russia, would weigh in the bloc's favour in talks.

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China is willing to work with the United States to jointly promote the sound, stable and sustainable development of bilateral economic and trade relations, said Commerce Ministry spokesperson He Yongqian at a press briefing in Beijing on Thursday. She made the remarks in response to a media query about a recent report claiming that U.S. President Donald Trump is considering a trip to China with a delegation of dozens of CEOs.

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Salient points from the address delivered by the Senior General at the National Economic Development Coordination Meeting:

• Enhancing agricultural and livestock production will lead to the development of the national economy.

• Successfully implementing agricultural and livestock enterprises will greatly contribute to rural development and poverty reduction.

• Cotton and bamboo have been prioritized and promoted as key industries to help drive national economic growth.

• In supporting MSMEs, priority should be given to using locally sourced raw materials to enhance product quality and increase export capacity.

Read more: https://www.gnlm.com.mm/msme-support-aims-to-boost-national-economy-and-exports/#article-title