16th August 2025 – 22nd August 2025
LOCAL NEWS
No news reported.
INTERNATIONAL NEWS
1. Joint Statement on a United States-European Union framework on an agreement on reciprocal, fair and balanced trade
On Tuesday, 19th August 2025, a European Commission spokesman stated during a daily press conference, that the European Commission, which last week received a text from the U.S. administration with suggestions about finalising a joint statement on trade and tariffs, has sent back the draft to the US.
On Thursday, 21st August 2025, the United States and the European Union issued a Joint Statement announcing that they have agreed on a Framework on an Agreement on Reciprocal, Fair and Balanced Trade (“Framework Agreement”).
According to the European Commission, this Framework Agreement represents a concrete demonstration of the commitment to fair, balanced and mutually beneficial trade and investment. This Framework Agreement will put the EU - US trade and investment relationship on a solid footing and will reinvigorate our economies’ reindustrialisation. It reflects acknowledgement by the European Union of the concerns of the United States and the joint determination to resolve trade imbalances and unleash the potential of the EU - US combined economic power. The United States and the European Union intend this Framework Agreement to be a first step in a process that can be further expanded over time to cover additional areas and continue to improve market access and increase their trade and investment relationship.
The key terms include:
- The European Union intends to eliminate tariffs on all US industrial goods and to provide preferential market access for a wide range of US seafood and agricultural goods, including tree nuts, dairy products, fresh and processed fruits and vegetables, processed foods, planting seeds, soybean oil, and pork and bison meat.
- The United States commits to apply the higher of either the US Most Favored Nation (MFN) tariff rate or a tariff rate of 15%, comprised of the MFN tariff and a reciprocal tariff, on originating goods of the European Union. Additionally, effective as of 1 September 2025, the United States commits to apply only the MFN tariff to the following products of the European Union: unavailable natural resources (including cork), all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors. The United States and the European Union agree to consider other sectors and products that are important for their economies and value chains for inclusion in the list of products for which only the MFN tariffs would apply.
- The United States intends to promptly ensure that the tariff rate, comprised of the MFN tariff and the tariff imposed pursuant to Section 232 of the Trade Expansion Act of 1962, applied to originating goods of the European Union subject to Section 232 actions on pharmaceuticals, semiconductors, and lumber does not exceed 15%. When the European Union formally introduces the necessary legislative proposal to enact the tariff reductions set forth in Section 1 of thE Framework Agreement, the United States will reduce tariffs on automobiles and automobile parts originating from the European Union subject to Section 232 tariffs as follows: No Section 232 automobile or automobile parts tariffs will apply to covered European Union goods with an MFN tariff of 15% or higher; and for covered goods with an MFN rate lower than 15%, a combined rate of 15%, comprised of the MFN tariff and Section 232 automobile tariffs, will be applied. These tariff reductions are expected to be effective from the first day of the same month in which the European Union’s legislative proposal is introduced. With respect to steel, aluminium, and their derivative products, the European Union and the United States intend to consider the possibility to cooperate on ring-fencing their respective domestic markets from overcapacity, while ensuring secure supply chains between each other, including through tariff-rate quota solutions.
- The United States and the European Union will negotiate rules of origin that ensure that the benefits of the Agreement on Reciprocal Trade accrue predominately to the United States and the European Union.
- The United States and the European Union commit to cooperate on ensuring secure, reliable, and diversified energy supplies, including by addressing non-tariff barriers that might restrict bilateral energy trade.
- The European Union plans to substantially increase procurement of military and defence equipment from the United States, with the support and facilitation of the US government.
- The United States and the European Union commit to work together to reduce or eliminate non-tariff barriers. With respect to automobiles, the United States and the European Union intend to accept and provide mutual recognition to each other’s standards.
- The European Union and the United States commit to work together to address non-tariff barriers affecting trade in food and agricultural products, including streamlining requirements for sanitary certificates for pork and dairy products.
- The European Union commits to work to address the concerns of US producers and exporters regarding the EU Deforestation Regulation, with a view to avoiding undue impact on US-EU trade.
- The European Union commits to undertake efforts to ensure that the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD) do not pose undue restrictions on transatlantic trade.
- The European Union reaffirms that US conformity assessment bodies can be designated as Notified Bodies in accordance with the Sectoral Annex for Telecommunications Equipment to the Agreement on Mutual Recognition Between the European Community and the United States (1998) to carry out the tasks in relation to all essential requirements, including cybersecurity, in the Radio Equipment Directive 2014/53/EU. In addition, the United States and the European Union will commit to negotiate a mutual recognition agreement on cybersecurity.
- The European Union and the United States commit to strengthen cooperation and action related to the imposition of export restrictions on critical mineral and other similar resources by third countries.
- The European Union intends to consult with the United States and US traders on digitalisation of trade procedures and implementation of the legislation currently proposed on EU Customs Reform.
The United States and the European Union, in line with their relevant internal procedures, will promptly document the Agreement on Reciprocal, Fair and Balanced Trade to implement this Framework Agreement.
Related Articles:
Attachment 1: ECSA C-14404 SPC- EU & US Joint Statement on Trade Deal- US caps 15% tariffs on EU exports
European Commission 21/08 - EU and US publish Joint Statement on transatlantic trade and investment
Reuters 19/08 - EU says draft joint statement on trade and tariffs sent back to US
Politico 21/08 - What’s in the EU’s framework trade deal with the US - and what isn’t
2. The use of biofuel blends is increasing up to 30%
Global marine fuel quality remained strong in the first half of 2025, despite the increasing variety of fuels and more stringent environmental regulations. A significant development during this period was the growing use of biofuel blends containing up to 30% biofuels. Recent regulations and standards now classify these blends as conventional fuels, which helps vessels meet emission limits more easily. Testing has indicated that biofuel blends do not present major operational challenges, although some issues related to their conventional fuel components remain.
Starting in May 2025, the Mediterranean Sea was designated as a Sulfur Emission Control Area (SECA), introducing stricter sulfur limits and necessitating adjustments to fuel strategies. To maintain fuel quality and ensure compliance with regulations in this evolving landscape, it is essential to continue proactive fuel testing, make decisions based on reliable data, and foster close cooperation between fuel suppliers and ship operators.
Related Article:
NewMoney 18/08 - The use of biofuel blends is increasing up to 30%
3. Turkey: The Coast Guard Requests Ships to Declare They Are Not Affiliated with Israel
Turkish port authorities have unofficially started requiring shipping agents to submit letters affirming that their vessels have no affiliations with Israel and are not transporting military or hazardous cargo intended for that country. Furthermore, it has been reported that this requirement will soon be implemented across all ports in Turkey. The sources said vessels arriving directly from Israel or departing to Israeli ports would no longer be permitted to dock at Turkish ports, according to information provided by the port authority of the northwestern province of Kocaeli. Turkish-flagged ships will also be prohibited from calling at Israeli ports, according to the source.
The transport ministry did not immediately respond to a request for comment.
Related Articles:
Reuters 21/08 - Turkish ports raise new barriers to Israel-linked ships, sources say
4. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 2: US Treasury Report for week 16/08/2025 – 22/08/2025
5. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 3: Worldwide Threat to Shipping (WTS) Report, for the period between 23/07/2025 – 20/08/2025
Nothing important to report from the IMO, ILO and the House of Representatives.