Bangladesh secured exemptions for some clothing and textiles from US tariffs, while Somalia signed a military cooperation agreement with Saudi Arabia, according to reports on Monday. Meanwhile, Russia warned of a critical fuel situation in Cuba, and authorities in Mexico confirmed the deaths of five employees from a Canadian-run mine. A major report also warned businesses of potential extinction if they fail to protect nature.
Bangladesh reached an agreement with the United States that would exempt some clothing and textiles made with US-produced materials from tariffs, according to BBC Business. As part of the deal, Washington would also cut its tariffs on Bangladesh from 20 to 19 percent, in exchange for Dhaka opening its markets to a wider range of American goods. The apparel industry is a major part of Bangladesh's economy, as it is the world's second-largest exporter of clothes after China. The South Asian country had been in talks with the White House after President Donald Trump imposed tariffs on global trading partners.
Somalia signed a military cooperation agreement with Saudi Arabia on Monday, Al Jazeera reported. The memorandum of understanding was signed between Somali Minister of Defence Ahmed Moallim Fiqi and his Saudi counterpart, Prince Khalid bin Salman bin Abdulaziz, in Riyadh. This agreement followed a similar deal with Qatar, as Mogadishu sought regional support.
Russia warned that Cuba's energy crisis was becoming critical, accusing the United States of using "suffocating measures" against the island nation, according to Al Jazeera. Kremlin spokesman Dmitry Peskov said Moscow was discussing possible solutions to provide Havana with assistance.
In Mexico, authorities confirmed the deaths of five employees abducted from a Canadian-run mine last month, Al Jazeera reported. The Attorney General's Office identified five bodies found at a property in El Verde, Sinaloa, and was working to identify the remains of five other people.
A major report by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (Ipbes) warned businesses that they risk extinction if they do not protect and restore the natural world, according to BBC Business. The report, based on contributions from leading scientists and approved by 150 governments, set out how companies can shift from harmful approaches to ones that help restore nature. Experts are calling for urgent action to restore the natural systems that keep the economy running.
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