Iran nears approval of new law to tighten control over Strait of Hormuz: official

Iran has prepared a new law that will further tighten control over the Strait of Hormuz, including bans on Israeli-linked vessels, the Fars news agency reported on Sunday.

Mohammad Rezaei-Kouchi, chairman of the Iranian Parliament's Civil Engineering Committee, announced on Sunday that the draft law is nearing finalization.

According to details of the draft law, ships and cargoes connected to Israel would be completely prohibited from passing through the strait. Vessels from countries Iran considers hostile would require approval from the country's Supreme National Security Council.

Countries that have previously caused damage to Iran would be barred until they pay compensation.

The proposed rules would also require all vessels to pay transit fees exclusively in Iranian rials. Of the revenue collected, 30 percent would be allocated to strengthening Iran's armed forces, while 70 percent would be used to improve people's livelihood.

The moves come amid tensions between the United States and Iran escalated over the Strait of Hormuz.

Iran's Islamic Revolutionary Guard Corps Navy reimposed a blockade on the strait on Saturday, citing the U.S. failure to lift its naval blockade on Iranian ports in violation of a ceasefire commitment.

Bloomberg reported, based on shipping tracking data, at least 13 oil tankers turned back that day, and no vessels were observed transiting the strait on Sunday.

Iran has tightened control over the Strait of Horumuz since Feb 28, when it barred passage to vessels belonging to or affiliated with Israel and the United States after the two countries' joint strikes on Iranian territory.

The United States later imposed its own blockade on the waterway after peace negotiations with Iran in Pakistan's Islamabad collapsed.

Iran nears approval of new law to tighten control over Strait of Hormuz: official

The first phase of the 139th China Import and Export Fair, also known as the Canton Fair, closed on Sunday with a record number of overseas buyers, the organizer said.

As of 5 p.m. on Sunday, about 167,000 overseas buyers from 216 countries and regions had attended the offline exhibition, up 5.9 percent from the same period of the previous edition, according to the China Foreign Trade Center.

The turnout, the highest for any first phase of the fair, underscored the resilience and vitality of China's foreign trade, it said.

The first phase of the fair, themed "advancing manufacturing," featured more than 25,000 booths, 740,000 products and over 12,000 exhibitors.

AI smart appliances, drones, new energy vehicles, and precision CNC machine tools were all on display. Spanning intelligent manufacturing, new energy, and high-end equipment, the showcase highlights the innovation capacity and vitality of China's advanced industrial system.

A total of 324 new product launch events were held, providing companies with an effective platform for networking and collaboration.

"We want to expand our relationship, and also bring innovation from here to Germany much faster, or to do European market much faster," said Kevin Klingler, a German purchaser.

This year's fair is being held in three offline phases in Guangzhou, south China's Guangdong Province, and will run through May 5. The second phase, scheduled from April 23 to 27, will focus on "quality home life," including building materials, furniture, household products, gifts and decorations.

Established in 1957, the Canton Fair takes place twice a year in Guangzhou. It is the longest-running of several comprehensive international trade events in China, and it has been hailed as the barometer of China's foreign trade.

Int'l buyers hit record for 1st phase of China's Canton Fair