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Trade surges as India-UAE celebrate 2 years of CEPA

The UAE envoy further emphasized the enduring significance of gold in bilateral trade between India and the UAE….reports Asian Lite News

UAE Ambassador to India, Abdulnasser Jamal Alshaali appreciated the rise in India-UAE trade by 16 per cent and emphasised that gold has played a significant part in the bilateral trade between the two nations.

He made the remarks as the two nations are celebrating two years of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).

While speaking to ANI, the UAE envoy said, “Trade has increased by 16 per cent. This includes oil to USD 85 billion. Interest has grown in UAE companies wanting to invest in India and Indian companies wanting to expand into the UAE, in terms of people-to-people connection and an increase in the numbers of people travelling between the two countries.”

“The ebb and flow based on the product and based on what’s the area of focus in that year. Gold has increased by 62 per cent. There’s machinery, other manufacturing-related products, chemicals among others between the two countries,” he added.

The UAE envoy further emphasized the enduring significance of gold in bilateral trade between India and the UAE.

“It will continue to grow. Gold is important and cherished here in India. It’s also important for us in the UAE. Gold would continue to be a significant component of bilateral trade between the two countries…Apart from gold and petroleum, food is something, food substance is something which is very important also,” the UAE Ambassador said.

Additionally, the UAE Ambassador, Alshaali emphasised that the relationship between India and the UAE extends beyond the trade of oil and petroleum products. He also highlighted the cooperation between the two nations during the COVID-19 pandemic.

“The way we see it is not oil and petroleum products versus food commodities, but we see it as energy security and food security. The UAE has been a very important partner of India when it comes to India’s energy security and India has been an important partner for the UAE when it comes to our food security one clear example was what happened during COVID-19,” the UAE envoy said.

“This will continue to be the case and this is why you would that have been announced focusing on energy security and food security for each country,” he added

The UAE Ambassador said that the UAE envoy said CEPA has been increasing trade and this will continue to be the case over the coming years.

He also underscored the pivotal role of aviation in unlocking the full potential of economic exchange and people-to-people connectivity between the two nations.

“But if we truly want to see what could be achieved in this relationship in terms of economic exchange between the two countries, people-to-people connectivity, an increase in a number of medical tourists, students, travelling between the two countries and their families, and so on and so forth, aviation is key, and aviation is going to be important,” Alshaali said. (ANI)

ALSO READ: Khamenei Condemns US Police Violence

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UAE backs GCC efforts to enhance intra-regional trade

Dr Thani Al Zeyoudi confirmed that the UAE is committed to supporting the GCC’s efforts in boosting regional integration and prosperity…reports Asian Lite News

UAE Minister for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi has led a high-level UAE delegation at the 66th GCC Trade Cooperation Committee meeting in Doha yesterday.

The meeting sought to enhance the GCC economic landscape by promoting regional trade opportunities, supporting entrepreneurs and SMEs, establishing new frameworks for investment and advancing progress on the GCC Commercial Arbitration Center. The session also explored potential amendments to commercial laws on consumer protection, competition regulations, e-commerce, and digital trade.

The UAE delegation included Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy; Abdullah Sultan Al Fan Al Shamsi, Assistant Undersecretary of the Ministry of Economy for the Control and Commercial Governance Sector; and Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs.

Dr Thani Al Zeyoudi confirmed that the UAE is committed to supporting the GCC’s efforts in boosting regional integration and prosperity, stating that it serves the interests of all member states, enhances the competitiveness of local businesses, and fosters partnerships in key economic sectors.

He said: “We very much welcome the Trade Cooperation Committee’s ongoing efforts to boost the regional business environment, particularly in regards to attracting foreign investment, prioritizing support for SMEs, expediting business startup programs, easing export procedures, amending the rules and regulations governing trade, and promoting investment flows among member nations under the GCC Free Trade Agreement. It’s clear the committee’s work will help generate investment prospects for local entrepreneurs and project owners and enhance the sustainability, growth, and global competitiveness of GCC economies.”

During comprehensive discussions on ways to invigorate the GCC business landscape and foster collaboration frameworks among member states, the committee highlighted the need to streamline import and export processes and prioritize GCC SMEs in government tenders.

The Committee also deliberated on various mechanisms to assist to the region’s entrepreneurs. These strategies include implementing training programs, facilitating the exchange of expertise and experiences, promoting investment and partnerships, initiating business accelerator and establishment programs, as well as facilitating the registration of patents across all member states. The objective is to harness the growth enablers of the private sector.

The meeting emphasized the significance of establishing an investment committee that will focus on the advancement of local and intra-regional investments, attracting FDI and fostering partnerships with regional economic blocs and organizations. In addition to benefiting member states and their economies, an investment committee will also create opportunities for cooperation with GCC partners and investment ecosystem stakeholders.

The Committee members reviewed the most recent advancements in the Commercial Arbitration Center, and assessed amendments to the commercial laws and regulations in GCC member states that are seeking to keep pace with technological advancements and economic shifts, particularly in areas such as the regulation of competition and consumer protection. The Committee also highlighted the importance of establishing a unified GCC legislation for commercial franchising, which would effectively regulate the legal relationship between franchisors and franchisees. Ultimately, this initiative aims to promote trademark and franchise expansion among member states.

Another area of focus was the establishment of a legislative framework for electronic and digital commerce among the GCC countries, ensuring adherence to the procedural regulations of each country. The objective is to promote and strengthen electronic and digital commerce within the member states’ markets. Additionally, there is an emphasis on leveraging their collective expertise in this field.

The Committee also evaluated the arrangements for the second China-GCC Economic and Trade ministerial meeting. It discussed preparations for the accompanying forum, as well as planning for the first session of the China-GCC Forum on Industrial and Investment cooperation, which will be hosted by China this month. The goal of these meetings is to enhance economic and trade collaboration, particularly in areas such as investment, industry, and technology. Additionally, these efforts aim to establish a free trade agreement between China and the GCC, which would benefit both parties.

ALSO READ: Khamenei Condemns US Police Violence

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Khamenei Condemns US Police Violence

Khamenei said the US behaviour was indicative of its “partnership and complicity” with Israel in the latter’s “horrific crimes and unforgivable sin”….reports Asian Lite News

Iran’s Supreme Leader Ali Khamenei has reaffirmed the condemnation of US support for Israel’s “crimes” in the Gaza Strip while commenting on the US Police’s violent behaviour against pro-Palestinian protesters on college campuses.

He made the remarks in a meeting with a group of teachers and academics in the capital Tehran on the occasion of National Teachers’ Day, according to a statement published on Wednesday on his website.

Khamenei said the US behaviour was indicative of its “partnership and complicity” with Israel in the latter’s “horrific crimes and unforgivable sin”.

He highlighted the Gaza conflict as “the world’s first issue,” urging for more global pressure on Israel to stop its offensive in the Palestinian enclave, Xinhua news agency reported.

US media reported on Tuesday that over 1,000 pro-Palestinian protesters had been arrested in recent days as the anti-war demonstrations continued at more than 20 American universities.

The pro-Palestinian rallies have spread to other academic centres across the world, including Europe, demanding an end to Israel’s attacks on Gaza.

Israel has launched a large-scale offensive against Hamas in Gaza since October 7, 2023, after Hamas carried out a surprise attack on southern Israel that killed about 1,200 people.

The current Palestinian-Israeli conflict has so far led to 34,568 deaths and 77,765 injuries, according to Gaza health authorities on Wednesday.

ALSO READ: Iran Slams New Sanctions by US, UK, Canada

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No More Tempers, Only Permanent Peace: Hamas

The Israeli officials said that they came down from their demands based on the request from the mediating nations including Qatar and Egypt…reports Asian Lite News

As the indirect mediatory talks between Hamas and Israel are progressing in Cairo, Hamas has expressed concern at temporary ceasefire and have informed the mediators that it wants a permanent end to the war.

According to Egyptian sources, Hamas have informed them that they want a total end to the war and rehabilitation of Palestinians who are displaced from north Gaza to southern Gaza region after the war broke out.

Sources in Israel’s Prime Minister’s Office told IANS that they have received information that Hamas is not inclined for a temporary ceasefire.

Mediators had pushed for a six-week ceasefire and releasing a minimum of 33 Israeli hostages in exchange of around 600 Palestinian prisoners in Israel’s jails.

The Israeli officials said that they came down from their demands based on the request from the mediating nations including Qatar and Egypt.

Prime Minister of Israel, Benjamin Netanyahu, has clearly told visiting American Secretary of State Antony Blinken on Wednesday that Israel would attack Rafah and that they have already deployed the IDF unit in the region.

According to Israel’s Defense Ministry sources, Hamas will have to provide a response to the mediators on Thursday, on its position regarding the hostages.

ALSO READ: Police officer charged with showing support for Hamas

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UN Emergency Session on Middle East to Resume

The US on April 18 vetoed a Security Council draft resolution that would have recommended to the General Assembly Palestine’s full UN membership….reports Asian Lite News

The UN General Assembly will resume its 10th emergency special session (ESS) on May 10, after Palestine’s UN membership bid was blocked by the US at the Security Council in April.

UN General Assembly President Dennis Francis has informed member states that he will convene a plenary meeting of the ESS on May 10, said Monica Grayley, his spokeswoman, on Wednesday.

In a letter dated April 26, Francis told member states that the resumption of the ESS was requested by Saudi Arabia, Mauritania, and Uganda, in their respective capacities as chair of the Arab Group, chair of the Organisation of Islamic Cooperation Group, and chair of the Coordinating Bureau of the Non-Aligned Movement, Xinhua news agency reported.

The US on April 18 vetoed a Security Council draft resolution that would have recommended to the General Assembly Palestine’s full UN membership.

Riyad Mansour, the permanent observer of Palestine to the United Nations, expressed the hope that the General Assembly would ask the Security Council to reconsider the issue at the ESS.

“We will now bring the matter for consideration by the General Assembly on May 10 in a resumed 10th emergency special session and trust that this body representing the international community will unequivocally support the admission of Palestine to the UN and call on the Security Council to reconsider our application for admission favourably,” he told a General Assembly meeting on Wednesday on the use of the veto by the US.

Under UN rules, the admission of new members has to be recommended by the Security Council before a vote in the General Assembly.

If the Security Council does not recommend the application or postpones its consideration of the application, the Council then must submit a special report to the General Assembly, which in turn could ask the Council to reconsider.

The 10th ESS on the Israeli occupation of Palestinian territory was convened for the first time in April 1997.

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Turkey to join South Africa’s genocide case against Israel

Israel, which is not a member of the ICJ, also argued that the court has no jurisdiction and asked the court to reject the case outright…reports Asian Lite News

Turkey announced it is joining South Africa’s genocide lawsuit against Israel in the International Court of Justice on Wednesday.

“Our legal experts have been studying how to participate in the legal case against Israel at the ICJ,” said Turkish Foreign Minister Hakan Fidan as he announced the move.

Fidan said an application will soon be filed with the ICJ.

During the mid-January hearings, South Africa argued to the judges in the Hague that Israel’s military campaign was intended to cause “the destruction of the population” of the Gaza Strip.

Israeli representatives, led by former Supreme Court president Aharon Barak, rejected the claims, arguing that Israel has a right to defend itself, respects international law, and that Palestinian casualties were the result of Hamas embedding its tunnels and military infrastructure in civilian areas.

Israel, which is not a member of the ICJ, also argued that the court has no jurisdiction and asked the court to reject the case outright.

In a provisional ruling issued on January 26, the ICJ ordered Israel by a vote of 15-2 to “take all measures” to prevent “genocide” in Gaza, but did not order the implementation of a ceasefire.

Legal experts said it could take years for a final ruling on whether Israel is committing genocide against the Palestinians. However, a ruling on the genocide claim, while legally binding, would be difficult to enforce.

Meanwhile, Israeli leaders are bracing for the possibility that the International Criminal Court’s chief prosecutor, Karim Khan, may soon issue warrants for the arrest of senior Israeli officials for war crimes, including Prime Minister Benjamin Netanyahu, Defense Minister Yoav Gallant, and Chief of the Israel Defense Forces Lt.-Gen. Herzi Halevi. It is also speculated that Khan will ask for warrants to be issued against Hamas leaders.

Although both the ICC and ICJ are based in the Hague, they are separate courts.

Foreign Minister Israel Katz instructed Israel’s embassies to “immediately prepare for the outbreak of a severe anti-Jewish and anti-Israeli anti-Semitic wave in the world.”

Due to what the Foreign Ministry said is the “seriousness of the threat,” Katz also instructed Israeli representatives to impress on local Jewish communities the need to boost security for their institutions.

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Police officer charged with showing support for Hamas

Adil, a police constable, has been suspended from his job with West Yorkshire Police and is due to appear before London Westminster Magistrates’ Court on Thursday…reports Asian Lite News

A British police officer has been charged with a terrorism offense for allegedly publishing an image in support of Hamas, a group banned in Britain as a terrorist organization, police said on Wednesday.

Mohammed Adil, 26, from Bradford in northern England, was arrested last November and charged following an investigation by British counter-terrorism officers, Counter Terrorism Policing North East said in a statement.

The police watchdog, the Independent Office for Police Conduct (IOPC), said the inquiries had focused on messages shared on WhatsApp which had concluded the case should be referred to prosecutors.

“On Monday, PC Mohammed Adil, 26, was charged with two counts of publishing an image in support of a proscribed organization, specifically Hamas, contrary to section 13 of the Terrorism Act,” the IOPC statement said. “The offenses are alleged to have taken place in October and November 2023.”

Adil, a police constable, has been suspended from his job with West Yorkshire Police and is due to appear before London Westminster Magistrates’ Court on Thursday.

Since the Oct. 7 attacks by Hamas on Israel, police have arrested and charged a number of people at pro-Palestinian protests in London for showing support for the group, while counter-terrorism commanders say they have also had a large amount of online content referred to them.

ALSO READ-‘Hamas must be removed from Gaza leadership’

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 UAE banks’ investments reach historic high

According to the Central Bank, bank investments increased by 2 percent on a monthly basis compared to AED640.1 billion in January 2024…reports Asian Lite News

UAE banks’ investments exceeded the AED650 billion mark by the end of February 2024, reaching its highest level in history, according to the latest statistics from the Central Bank of the UAE (CBUAE).

Statistics from the Central Bank, released in today’s Banking Indicators Report, showed a 20.6 percent year-on-year increase in investments of banks operating in the country, reaching AED652.7 billion by the end of February 2024, compared to about AED541.4 billion in February 2023, an increase equivalent to AED111.3 billion over 12 months.

According to the Central Bank, bank investments increased by 2 percent on a monthly basis compared to AED640.1 billion in January 2024, an increase equivalent to AED12.6 billion in one month. Additionally, they increased by about 2.9 percent since the beginning of the current year, or the equivalent of AED18.3 billion, compared to about AED634.4 billion at the end of the previous year.

As of the maturity date, held-to-maturity bonds accounted for the largest share of bank investments, reaching approximately 49.1 percent with a value of AED320.6 billion by the end of February 2024. This represented a monthly increase of 3.02 percent and a yearly increase of about 39.2 percent.

Banks’ investments in securities representing debts to others, specifically “debt bonds,” constituted around 40.9 percent of total investments, reaching AED267 billion by the end of February 2024. This marked a monthly increase of about 1.3 percent and a yearly increase of 7.3 percent.

Bank investments in stocks reached AED15.8 billion in February 2024, indicating a yearly increase of approximately 31.7 percent compared to AED12 billion in February 2023. However, there was a monthly decrease of 1.25 percent compared to around AED16 billion in January 2024.

Other investments for banks amounted to approximately AED49.3 billion at the end of February 2024, which is the same figure recorded in the previous month of January.

ALSO READ: UAE pushes for swift de-escalation in Middle East

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With 286 medals, UAE leads Gulf Youth Games

Saudi Arabia secured second place with 136 medals…reports Asian Lite News

 The UAE extended its lead of the first Gulf Youth Games 2024, tallying 286 medals, including 93 gold, 100 silver, and 93 bronze.

Held across Abu Dhabi, Dubai, Sharjah, Ajman, and Fujairah, under the theme “Our Gulf is One… Our Youth is Promising”, the event saw delegations from GCC countries compete and depart on Wednesday.

The Games not only strengthened bonds among GCC nations but also highlighted the importance of making such events regular, bolstering sports and nurturing athletes in the region.

Saudi Arabia secured second place with 136 medals, followed by Kuwait with 116 medals, Qatar with 72, Bahrain with 71, and Oman with 58.

ALSO READ: UAE pushes for swift de-escalation in Middle East

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‘Riyadh Statement’ calls for urgent truce

The ‘Riyadh Statement’ comes as Israeli Prime Minister Benjamin Netanyahu pledged to launch a ground attack on Rafah “with or without” a deal with Hamas….reports Asian Lite News

Arab and European ministers have highlighted critical priorities in addressing the ongoing conflict in Gaza, following a meeting in Riyadh, on Tuesday.

This came in the ‘Riyadh Statement’, issued following the meeting of the ministerial committee tasked by the Joint Arab-Islamic Extraordinary Summit on the developments in the Gaza Strip where foreign ministers and representatives of European countries participated to discuss the urgent need to end the war in Gaza and take the necessary steps to implement the two-state solution.

The Statement affirmed support for all efforts aimed at ensuring an immediate ceasefire, the release of prisoners and hostages, and ending the war in Gaza while putting an end to all unilateral illegal measures and violations in the occupied Palestinian territories, including East Jerusalem, as well as addressing the catastrophic humanitarian crisis.

It also stressed the importance of transitioning to a political track to reach a political solution to the Israeli-Palestinian conflict.

The statement emphasised the importance of taking concrete steps towards establishing the Palestinian state within the context of the two-state solution were discussed, and the urgent need to take such steps and the importance of coordinating positions.

The meeting also discussed the issue of recognising the Palestinian State by the countries that have not yet done so, and the timing and context of this recognition.

The meeting stressed, according to the statement, the importance and necessity of adopting a comprehensive approach towards a credible and irreversible path to implementing the two-state solution in accordance with international law and agreed-upon standards, including UN Security Council resolutions, the Arab Peace Initiative, and other relevant initiatives.

This is in order to achieve a just and lasting peace that meets the rights of the Palestinian people, the security of Israel and the region in a way that will pave the way for normal relations between states in a region where stability, security, peace and cooperation prevail.

The meeting also stressed, according to the statement, the need to intensify support for state-building efforts and support for the new Palestinian government, and the importance of having a single Palestinian government in the West Bank, including East Jerusalem and Gaza.

Rafah attack looms

Israeli Prime Minister Benjamin Netanyahu has pledged to launch a ground attack on Rafah “with or without” a deal with Hamas.

Speaking in a meeting with families of hostages, Netanyahu said on Tuesday that Israel has begun the evacuation of Palestinian civilians from Rafah, according to his office as quoted by Xinhua news agency report.

“We will enter Rafah and eliminate Hamas battalions there, with or without a deal, to achieve the total victory,” he added.

Israel considers Rafah as Hamas’s last major stronghold in the Palestinian enclave.

Rafah is Gaza’s southernmost city, where about 1.2 million Palestinians have been seeking shelter.

The remarks were made as Israeli and Hamas negotiators were in Egyptian-brokered talks on a deal for a ceasefire for the nearly seven-month-long Gaza conflict, that will secure the release of hostages.

Cairo talks

During the ongoing negotiations in Cairo on a ceasefire in the Gaza war, details have emerged about a proposal for an agreement submitted by Hamas.

The Wall Street Journal reported on Tuesday, citing Egyptian officials, that the proposal – which Israel was involved in drafting but has yet to approve – envisages two stages.

The first stage would involve the release of at least 20 hostages within three weeks in exchange for an unspecified number of Palestinian prisoners. The duration could be extended by one day for each additional hostage, it said.

A second stage would include a 10-week ceasefire in which Hamas and Israel would agree to a more extensive release of hostages and a longer pause in fighting that could last up to a year.

“Israel has gone above and beyond in showing flexibility to reach a deal,” the Times of Israel newspaper quoted an Israeli official as saying on Tuesday. For example, the number of hostages to be released by Hamas in the first step has been reduced.

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