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13 projects for Portugal’s recovery plan signed

According to Prime Minister Antonio Costa, Portugal will receive a total of 1.6 billion euros ($1.63 billion) from the EU for the program…reports Asian Lite News

The first batch of 13 projects for the Portuguese Recovery and Resilience Plan (PRR) were signed in Lisbon to receive funds from the European Union (EU) to overcome the post-pandemic economic crisis.

The projects were selected through the program “Mobilizing Agendas for Business Innovation” in the sectors of agri-food, biotechnology, and electric mobility, reports Xinhua news agency.

According to Prime Minister Antonio Costa, Portugal will receive a total of 1.6 billion euros ($1.63 billion) from the EU for the program.

Still, there is a “possibility of adding another 2.3 billion euros” if Portugal uses loans from the EU, he said.

Costa said that the funds will be used to “structurally change the profile of the Portuguese economy”, and create “high-technology exporting sectors”.

In addition to the 13 projects financed, there are still another 38 ones that have already been selected to receive European funds in the coming months.

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EU to tighten sanctions on Russia

The EU is also introducing a number of clarifications to existing measures, for instance in the field of public procurement, aviation and justice…reports Asian Lite News

In the wake of the Russia-Ukraine war, the Council has adopted new measures intended to tighten existing economic sanctions targeting Russia, perfect their implementation and strengthen their effectiveness.

“Today, we are taking another important step to curtail Russia’s capacity to continue and finance its war of aggression against Ukraine. We are effectively banning Russia’s most significant export after energy – Russian gold. We are also extending the exemption of transactions for agricultural products and transfer of oil to third countries,” Josep Borrell, High Representative for Foreign Affairs and Security Policy.

“Because the EU is doing its part to ensure we can overcome the looming global food crisis. It is up to Russia, to stop bombing Ukraine’s fields and silos, and stop blocking Black Sea ports,” he added.

According to the council of EU, today’s “maintenance and alignment” package introduces a new prohibition to purchase, import, or transfer, directly or indirectly, gold, if it originates in Russia and it has been exported from Russia into the EU or to any third country after. This prohibition also covers jewellery.

The package also extends the list of controlled items, which may contribute to Russia’s military and technological enhancement or the development of its defence and security sector, thereby reinforcing export controls on dual-use and advanced technology.

Furthermore, the new measures extend the existing port access ban to locks to avoid the circumvention of sanctions and expand the scope of the prohibition on accepting deposits to include those from legal persons, entities or bodies established in third countries and majority-owned by Russian nationals or natural persons residing in Russia. The acceptance of deposits for non-prohibited cross-border trade will be subject to a prior authorisation by the national competent authorities.

The EU is also introducing a number of clarifications to existing measures, for instance in the field of public procurement, aviation and justice.

“With a view to avoid any potential negative consequences for food and energy security around the world, the EU decided to extend the exemption from the prohibition to engage in transactions with certain state-owned entities as regards transactions for agricultural products and the transport of oil to third countries,” the EU council statement said.

“More broadly, the EU is committed to avoiding all measures which might lead to food insecurity around the globe. None of the measures adopted today or earlier in view of Russia’s actions destabilising the situation in Ukraine target in any way the trade in agricultural and food products, including wheat and fertilisers, between third countries and Russia,” it added.

Similarly, EU measures do not prevent third countries and their nationals operating outside of the EU from purchasing pharmaceutical or medical products from Russia.

In addition to economic sanctions, the Council decided to list additional individuals and entities and strengthen reporting requirements, putting the burden of declaring assets onto sanctioned people, in order to facilitate the freezing of their assets in the EU. (ANI)

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Spain rejects EU gas usage proposal

Ribera said consumption in Spain had been within reasonable limits. “We want to help, but we also want to be respected,” she said…reports Asian Lite News

The Spanish government rejects the plan announced by the European Commission to cut gas consumption by 15 per cent in the coming months in view of the possibility that Russia will cut gas supplies to Europe, Teresa Ribera, Minister for Ecological Transition, has said.

“Whatever happens, Spanish families will not suffer gas or electricity cuts in their homes and the government will defend the position of Spanish industry, which has paid a special price to guarantee the security of supply,” the minister was quoted as saying by Xinhua news agency.

Ribera said consumption in Spain had been within reasonable limits. “We want to help, but we also want to be respected,” she said. She added that “a disproportionate sacrifice cannot be imposed on us,” especially when “we have not been asked for an opinion”.

The European Commission’s proposal aims at a voluntary 15 percent reduction in average consumption over the last five years. In the case of Spain, this would be 55 terawatt hours (TWh) out of an average of 367.28 TWh

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‘Russian gas shutdown would send some EU countries into recession’

Russia’s invasion of Ukraine has already led the fund to cut its growth forecast for the global economy to 3.6 per cent this year…reports Asian Lite News

A total shutdown of Russian gas supply would reduce GDP in the most vulnerable EU countries by as much as 6 per cent and send them plunging into recession, the International Monetary Fund has warned, media reports said.

Amid speculation that Russian President Vladimir Putin will keep the Nord Stream 1 pipeline closed when routine annual maintenance ends later this week, the IMF said Europe lacked a comprehensive plan to cope with shortages, further increases in energy prices and the impact on growth, The Guardian reported.

The Washington-based fund identified Hungary, Slovakia and the Czech Republic as the three EU countries likely to suffer most, but said that Italy, Germany and Austria would also suffer significant effects, the report said.

“The prospect of an unprecedented total shutoff is fuelling concern about gas shortages, still higher prices, and economic impacts. While policymakers are moving swiftly, they lack a blueprint to manage and minimise impact,” IMF officials said.

“Our work shows that in some of the most-affected countries in central and eastern Europe, there is a risk of shortages of as much as 40 per cent of gas consumption and of gross domestic product shrinking by up to 6 per cent.

“The impacts, however, could be mitigated by securing alternative supplies and energy sources, easing infrastructure bottlenecks, encouraging energy savings while protecting vulnerable households, and expanding solidarity agreements to share gas across countries.”

The IMF said Europe’s energy infrastructure and global supply had coped so far with a 60 per cent drop in Russian gas deliveries since June last year, but underlined the potential costs should the Kremlin respond to Western sanctions by “weaponising” energy supplies, The Guardian reported.

Russia’s invasion of Ukraine has already led the fund to cut its growth forecast for the global economy to 3.6 per cent this year, and it will announce a further downgrade later this month.

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UAE, France discuss future of cultural ties

The two sides also reviewed a number of areas of cooperation, especially the cultural and innovative industries that support the economy and local production….reports Asian Lite News

UAE Minister of Culture and Youth Noura bint Mohammed Al Kaabi on Tuesday met with her French counterpart Rima Abdul Malak, on the sidelines of the visit of President  Sheikh Mohamed bin Zayed Al Nahyan to France.

During the meeting, held at the ministry’s headquarters in Paris, Al Kaabi and Abdul Malak discussed cultural cooperation between the UAE and France, ways to unify visions in this regard, and coordinate action through relevant international organisations.

They also tackled the future of cultural ties and the significance of creative and cultural cooperation between the two countries.

The two sides also reviewed a number of areas of cooperation, especially the cultural and innovative industries that support the economy and local production.

Al Kaabi unveiled the existing cooperation between the Ministry of Culture and Youth and the Department of Culture and Tourism – Abu Dhabi regarding the UAE’s participation in the Lyon Biennale, which will be held next September with the participation of artists from the UAE for the first time.

In her remarks to the Emirates News Agency (WAM), the UAE Minister of Culture and Youth, said, “The UAE and the France have strong relations supported by historical ties, and joint hopes and aspirations in various fields, especially cooperation in the cultural field, which constitutes the centerpiece of these ties as both countries are keen on consolidating partnership and collaboration frameworks and open new horizons to support and develop various cultural sectors and other fields that positively reflect their relations.”

She added, “The cultural relations between the UAE and France have become a remarkable role model for optimal cultural exchange among countries and an example of effective civilised interaction among them. Bilateral ties in the cultural domain has witnessed notable development in recent years, which have been supported by launching several qualitative initiatives and projects, and joint cultural projects are still continuing at an accelerating pace under the directives of the leadership in both countries.”

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EU agrees additional 500mn euros in military aid for Ukraine

The decision came after a video debriefing on the latest developments by Ukraine’s Foreign Minister Dmytro Kuleba…reports Asian Lite News

The Foreign Ministers of the European Union (EU) member states have agreed to grant Ukraine an additional 500 million euros ($507.7 million) in EU military aid.

Josep Borrell, High Representative of the EU for Foreign Affairs and Security Policy, told a news conference in Brussels on Monday following the Foreign Affairs Council meeting that the Ministers agreed on tightening the sanctions on Russia and closing the loopholes in the current measures.

The decision came after a video debriefing on the latest developments by Ukraine’s Foreign Minister Dmytro Kuleba.

Borrell said the Ministers “unanimously agreed” on the need to continue to stand firmly with Ukraine. The bloc’s total contribution in military aid now stands at 2.5 billion euros.

He confirmed that the Ministers also discussed the European Commission’s latest proposal on banning Russian gold imports and amending the extension of sanctions. He said that the member states’ ambassadors will discuss the measures this week.

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India-EU FTA talks to focus on digital trade, data security

Speaking at the time, EU commissioner for trade Valdis Dombrovskis said the bloc will step up enforcement and even “resort to sanctions” if key labour and climate commitments are not met…reports Asian Lite News

Following the resumption of discussions after a break of nearly a decade, Indian and European Union (EU) negotiators working on a free trade agreement (FTA) are seeking to forge convergence on complex issues such as digital trade, data protection and sustainable development.

The two sides recently began negotiations on three parallel tracks – trade, investment protection, and geographical indications – after earlier talks spanning six years on a bilateral trade and investment agreement were suspended in 2013. They have set an ambitious timeline of concluding the negotiations by 2023, especially since the 27-nation bloc’s other FTAs have usually taken several years to conclude.

At the negotiations held in New Delhi from June 27-July 1, the focus was primarily on finding convergence and better understanding of each other’s sensitivities in order to achieve the ambitious goal of liberalising 94% of trade in goods, the people said. In a first for India, the proposed FTA will include a chapter linking trade and sustainable development, they said.

The investment protection agreement was separated from the FTA because of requirements of the regulatory framework within the EU. While an FTA can be approved by the European Parliament, investment protection pacts require ratification by the European Parliament and parliaments of member states.

The link between trade and sustainable development, already part of a FTA finalised by the EU and New Zealand last month, was unveiled by the European Commission in June as part of measures to make the bloc’s trade greener and more sustainable. This is also part of a plan to enhance the contribution of EU trade pacts in protecting climate, environment and labour rights.

Speaking at the time, EU commissioner for trade Valdis Dombrovskis said the bloc will step up enforcement and even “resort to sanctions” if key labour and climate commitments are not met.

Other complex issues between the two sides include agricultural subsidies, which are always a sensitive matter for India, and a fair system of arbitration. During the first round, most of the 52 technical sessions centred around 18 text proposals from the EU side, including on matters such as intellectual property, competition, transparency, rules of origin, and sanitary and phytosanitary measures. There were also seven sessions on investment protection and geographical indications.

The Indian side announced it will table its own text proposals, including possible alternative chapters, before the second round of negotiations in Brussels from October 3-7.

The commerce ministry didn’t respond to an emailed query on the negotiations.

The resumption of negotiations is significant as India-EU trade talks were halted in 2013 because of differences on key issues such as the movement of Indian professionals and high tariffs on European farm produce.

The Indian side, at the first round of negotiations, was led by chief negotiator Nidhi Mani Tripathi, who is the joint secretary in the department of commerce. The EU side was led by its chief negotiator Christophe Kiener.

The EU is India’s second largest trading partner after the US. India-EU merchandise trade registered an all-time high value of $116.36 billion during 2021-22, with a year-on-year growth of 43.5%. India’s exports to the EU, with a trade surplus, jumped 57% in 2021-22 to $65 billion.

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EU’s largest economy, Germany is likely to slip into recession

Germany’s industrial production in April grew by a mere 0.7 per cent after suffering a decline of 3.7 per cent in March. In May it grew by 0.2 per cent as per Trading Economics data…reports Asian Lite News

For many in Germany, a warm water bath could soon become a luxury. One of the country’s main port cities, Hamburg, has already warned its citizens that it may have to resort to rationing hot water as the energy crisis intensified. The going for Germany, Europe’s largest economy will get tougher as sanction-hit Russia has decided to weaponise energy. Not only will the citizens have to brace for a cold and dark winter after Moscow choked supplies, its industry-driven by manufacturing — is also staring at uncertainty. Though just a month ago Germany’s central bank Deutsche Bundesbank in its report drastically slashed GDP growth projections for this year to 1.9 per cent from the earlier estimated 4.2 per cent, many observers opine that actually the country could slip into a recession.

“The problem is deeper than what is being anticipated or projected. The country is likely to actually slip into recession with this acute energy shortage. This would also impact growth in the European Union,” an analyst said.

Investment bank and financial services major, UBS in its report, said that Germany’s economy is already suffering as its manufacturing industry grapples with supply chains disrupted by the pandemic and the war in Ukraine. “If its struggling economy is pulled down further by a full-blown energy shortage crisis, it could shake other eurozone countries too, including Italy, France, Poland, and Spain,” it read.

German industry, which was reeling under pressure with choking of supply chain network driven by the lockdowns imposed in several parts of China in April, is now battling acute energy shortage.

Germany’s industrial production in April grew by a mere 0.7 per cent after suffering a decline of 3.7 per cent in March. In May it grew by 0.2 per cent as per Trading Economics data.

According to the German Zentrum fer Europeische Wirtschaftsforschung (ZEW) Economic Sentiment Index that assesses a six-month economic outlook, sentiments in July fell to a steep -53.8 in July from -20.8 in June.

Any reading above zero is an indication of optimism and below reflects pessimism. The survey is based on about 350 German institutional investors and analysts.

The country’s central bank also noted that the uncertainty about future economic developments is exceptionally high due to the Russia-Ukraine war.

Nord Stream 1, Europe’s key gas pipeline has been shut down for 10 days for maintenance at a time when the continent is already reeling under shortage. Nord Stream 1 and 2 are natural gas pipelines, running through the Baltic Sea that are critical for securing energy security in Europe.

“From 11 to 21 July 2022, Nord Stream AG will temporarily shut down both lines of its gas pipeline system for routine maintenance works inclusive testing of mechanical elements and automation systems for ensuring reliable, safe, and efficient pipeline operations,” a statement issued said.

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Anti-speeding tech for new cars in EU

The driver can override the latter two functions, the EU said, by pushing slightly harder on the gas pedal, the report said…reports Asian Lite News

New cars in the European Union (EU) are now required to come fitted with anti-speeding technology called intelligent speed assistance, or ISA, as part of an EU regulation that went into effect last week.

Under the regulation, auto manufacturers must implement one of several ISA tech options that will kick into gear when a driver goes over the speed limit, reports CNET.

The car can alert the driver with a visual warning followed by an acoustic or vibrating warning; the gas pedal can gently push back on the driver’s foot, or the car can automatically reduce speed.

The driver can override the latter two functions, the EU said, by pushing slightly harder on the gas pedal, the report said.

“The objective is to protect Europeans against traffic accidents, poor air quality and climate change, empower them with new mobility solutions that match their changing needs, and defend the competitiveness of European industry,” the European Commission was quoted as saying.

Some vehicles already include warnings for speeding, but the driver must manually set them up. The EU regulation requires the tech to work automatically.

The nonprofit European Transport Safety Council (ETSC), which advocates for road safety measures in the EU, said it welcomes the new regulation but that the minimum standard of a beeping sound is annoying to drivers and inadequate for safety.

Also, ETSC said, cars could gather inaccurate speed information if they are equipped with systems that determine speed limits only by using cameras to analyse signage and lack a digital map of speed limits.

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India, EU conclude 1st round of negotiations for FTA

The negotiations were launched in Brussels by Minister for Commerce & Industry Piyush Goyal and European Commission’s Executive Vice President Valdis Dombrovskis at Brussels…reports Asian Lite News

India and the European Union concluded the first round of talks for the proposed Free Trade Agreement (FTA) in New Delhi on Friday.

The next round of talks for the India-EU Trade and Investment Agreements, including the Geographical Indicators (GI), is scheduled at Brussels in September, the Union Ministry of Commerce and Industry said on Saturday.

Fifty-two technical sessions spanning 18 FTA policy areas, as well as 7 sessions on investment protection and GIs, were held during this round, the ministry said.

Chief Negotiator Nidhi Mani Tripathi, Joint Secretary, Department of Commerce, headed the FTA discussions for India, while, on the other hand, Chief Negotiator Christophe Kiener represented the European Union.

Some of the teams met in Delhi for the week-long discussions, which were conducted in a hybrid mode with the majority of the officials engaging virtually.

On June 17, India and the 27-nation EU had resumed negotiations after a gap of over eight years on the proposed agreements on trade, investments and Geographical Indications (GI).

The negotiations were launched in Brussels by Minister for Commerce & Industry Piyush Goyal and European Commission’s Executive Vice President Valdis Dombrovskis at Brussels.

India and the EU conducted bilateral commerce of 116.36 billion USD in 2021–22. Despite the global disruptions, bilateral commerce grew at a remarkable rate of 43.5% in 2021–22. At the moment, the EU is India’s second-largest commercial partner after the United States, as well as the second-largest market for Indian exports.

In addition to safeguarding value chains, the trade deal with the EU would assist India in further growing and diversifying its exports of products and services. Both parties desire broad-based, balanced, all-encompassing trade talks built on the values of reciprocity and fairness.

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