India has urged fellow BRICS nations to take practical steps to reduce mounting trade deficits, citing its booming imbalance with China as a prime example. Beijing, noting its $77.7 billion trade surplus with India, calls on the bloc to foster greater unity and economic coordination.

China and Australia have signed a memorandum of understanding to implement and review their existing Free Trade Agreement, as announced by China’s commerce ministry. This development marks a significant step in the ongoing trade relations between the two nations.

North Korea has announced the construction of a new bridge linking it to Russia, a move hailed by state media as a “significant” development in bilateral relations. Both countries anticipate that this infrastructure project will boost economic cooperation and strengthen their ties.