North Korea has fired ballistic missiles toward the east, Seoul says
Seoul (AP): North Korea performed its first ballistic missile tests in five months on Wednesday, days before US President Donald Trump and other leaders are expected to meet in South Korea.
South Korea's military detected multiple suspected short-range ballistic missiles launched from an area south of Pyongyang, the North Korean capital, South Korea's Joint Chiefs of Staff said. It said the weapons flew about 350 kilometres (217 miles) each in a northeastern direction but did not say where they landed.
South Korea's military said it maintains a readiness to repel any provocations by North Korea based on the solid military alliance with the United States.
Japan's new Prime Minister Sanae Takaichi told reporters that none of the North Korean missiles reached Japan's territorial waters or exclusive economic zone and that there had been no reports of damage caused by the launches. She said that Tokyo was closely communicating with Washington and Seoul, including by sharing real-time missile warning data.
South Korea next week hosts the Asia-Pacific Economic Cooperation, an annual summit meant to promote economic integration and trade. It has no military component. Trump was expected to come to Gyeongju ahead of the summit for bilateral meetings with leaders including Chinese President Xi Jinping and South Korean President Lee Jae Myung, but South Korean officials say Trump won't likely attend APEC's main conference set for October 30-November 1.
Experts earlier said North Korea could conduct provocative missile tests before or during the APEC summit to underscore its commitment to gain recognition as a nuclear weapons state. Experts say North Korean leader Kim Jong Un would need that status to call for the UN to lift the economic sanctions punishing it for its weapons programme.
Wednesday's ballistic missile launches by North Korea were the first of their kind since the country on May 8 tested short-range systems that simulated nuclear counter strikes against US and South Korean forces. They were also the first ballistic missile testing activities by North Korea since Lee took office in June with a promise to push to restore peace on the Korean Peninsula.
Kim has been sharply accelerating the pace of weapons tests since his high-stakes nuclear diplomacy with Trump fell apart in 2019 due to wrangling over the US-led economic sanctions. But last month, Kim suggested he could return to talks if the US drops its demand for North Korea's denuclearisation, after Trump repeatedly expressed his hopes for new diplomacy.
Earlier this month, Kim displayed a new intercontinental ballistic missile at a military parade attended by Chinese, Russian and other top officials. The parade highlighted Kim's growing diplomatic footing and his relentless drive to build a reliable arsenal of nuclear missiles targeting the US and its allies.
North Korea's state media said the October 10 parade featured the Hwasong-20 intercontinental ballistic missile, which it described as the country's “most powerful nuclear strategic weapon system.” Observers said the ICBM is designed to carry multiple nuclear warheads to defeat US missile defences and that North Korea could test-launch it in coming months.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
