Labour won a historic majority in the election last week, securing 411 seats while the Conservatives tumbled to their worst ever election result of 121 seats…reports Asian Lite News
India is optimistic about striking a long-awaited trade deal with the UK’s new Labour government, though warned Britain not to place “a gun [to] our head” by imposing a deadline on the renewed talks, the country’s commerce minister said.
Piyush Goyal told the Financial Times that past discussions showed the two sides were “pretty much on board on most of the issues we have discussed”, and that a deal may “close very quickly”.
But he urged the UK not to repeat a mistake made by Boris Johnson when the then-prime minister promised in early 2022 that a trade agreement could be finalised within six months.
“India does not believe any [free trade agreement] should have a deadline for negotiations,” he said. “We never discuss any FTA with any country or group of countries with a gun [to] our head.”
Talks between the countries have been under way since January 2022.
In a call with Narendra Modi following the Labour party’s election win last week, Sir Keir Starmer told India’s prime minister — who was himself re-elected last month — that he “stood ready to conclude a deal that worked for both sides”.
Speaking on the day of the UK’s election, Goyal said he had secured commitments from Labour before the election that if they won they would continue negotiations, but warned that talks would not be rushed and any deal had to be “equitable, fair and balanced”.
Goyal said the deal was “something which is ready to be closed very quickly, but that it could take very long also”.
Labour won a historic majority in the election last week, securing 411 seats while the Conservatives tumbled to their worst ever election result of 121 seats.
Jonathan Reynolds, Labour’s newly appointed business and trade secretary, visited India earlier this year in his shadow role, and the party pledged in its manifesto to seek “a new strategic partnership with India, including a free trade agreement”.
The next round of formal negotiations is set to begin this month, according to local media reports.
The UK has sought lower Indian tariffs on British exports such as whisky and cars, as well as a relaxation of rules restricting its financial and professional services firms from operating in India.
New Delhi wants market access for goods such as textiles, as well as better terms for citizens to work and study in the UK.
It has also insisted that any agreement giving greater access for UK businesses must reflect the enormous growth opportunities in the world’s most populous country, whose economy is expected to expand more than 7 per cent this year.
Goyal said: “Personally, if you ask me, in the FTA I don’t find any big issue left, except that we have opened up very significantly on the services side, contingent to certain commitments that we expect from the UK.”
Any deal needs “a fair balance, given our different size of population, given our different aspiration levels, given our different growth projections”, he added.
Goyal called the Indian result a “big victory” for the BJP and said the government had “come back with a renewed vision and passion to do much more”. India is also pursuing trade agreement talks with the EU.
“India is looking for far greater openness, India is looking to improve and strengthen our regulatory practices and ease of doing business to bring in more stability in policy, more predictability and continuity,” he said.
“We’re very committed to greater investments and greater trade with the world as long as it is on fair terms on both sides.”
Sources aware of the planning said that the dinner at the Dacha on Monday is a special gesture by the Russian President, extended only to a few global leaders…reports Asian Lite News
Prime Minister Narendra Modi will arrive Moscow on July 8 to a particularly warm and special welcome at a private dinner hosted by Russian President Vladimir Putin at his Dacha or estate in the Moscow suburb of Novo-Ogaryovo.
The meeting of the two leaders, their first since 2022, is also Modi’s first visit to Russia since the war in Ukraine began and his own first visit abroad for bilateral talks since he was re-elected to office in June. The two leaders will be together for most of the events during the two-day, approximately 26-hour visit by Modi.
Modi will land on Monday afternoon and receive a ceremonial welcome at the Vanukovo airport and travel to his hotel across from the iconic Red Square that houses the Kremlin, where school children and members of the Indian community will greet him.
The one-on-one dinner with Putin will reciprocate the dinner Modi had hosted for the Russian President during his visit to Delhi the last time an India-Russia Summit was held, in December 2021. It is expected to set the tone for formal talks the next day.
On Tuesday, Modi will address members of the Indian community at a reception for about 500 people at his hotel. He will then pay respects at the Tomb of the Unknown Soldier, a memorial for Russian soldiers who have died in war. Modi will be joined by Putin for a visit to an exhibition venue for Rosatom on nuclear power-related technology developments, a key segment of bilateral ties, after which they will go into formal meetings and delegation level-talks at the Kremlin.
Sources aware of the planning said that the dinner at the Dacha on Monday is a special gesture by the Russian President, extended only to a few global leaders.
Recovering ground lost over three years will therefore be at the top of the agenda of the 22nd Annual Summit, although Foreign and Defence Ministers, the National Security Advisors and Deputy NSAs have met regularly for strategic, trade, military and technical talks, including a major five-day visit by External Affairs Minister S. Jaishankar to Moscow and St. Petersburg in December 2023.
Officials said that official talks and delegation-level talks on Tuesday will focus on addressing trade and banking challenges due to western sanctions, the possibility of more predictable pricing and long-term contracts for Indian energy imports in oil and LNG, opportunities for investment, as well as connectivity projects like the International North South Transport Corridor (INSTC), the Chennai-Vladivostok maritime route, and the North Sea corridor. Here too, sanctions against Russia as well as Iran are a factor and require discussion, and the two sides are expected to sign a separate agreement on cooperation in the Russian “Far East” region.
While no new defence procurement deals are on the anvil, Modi is expected to request expediting delayed deliveries for India, including the remainder S-400 missile defence systems, as well as spares and requirements for India-Russia joint ventures in defence production. The issue of Indians in the Russian Army will feature, as Modi will press for early discharge or even a full waiver of the processes for those wishing to return, as soon as possible.
‘West jealously watching visit’
Meanwhile, Kremlin spokesperson Dmitry Peskov said on Sunday that The West is closely and jealously watching Prime Minister Narendra Modi’s upcoming visit to Russia.
“They are jealous – that means they are closely monitoring it. Their close monitoring means they attach great importance to it. And they are not mistaken, there is something to attach great importance to,” said Peskov.
As Modi leaves, a vibrant community event is set to highlight cultural ties between India and Russia, featuring performances by Russian artists trained in Kathak dance.
Expressing her excitement, Natalia, one of the Russian artists, said, “I have been learning Kathak dance for the past 7 years, and I am thrilled to finally perform my favourite art form in front of PM Narendra Modi. His visit to Moscow signifies the strong relationship between our two beloved countries.”
Earlier, India’s Ambassador to Russia, Vinay Kumar, called Prime Minister Narendra Modi’s visit to Russia “very significant” and noted that it is taking place after a gap of three years.
‘Visit will bring India, Russia close’
Meanwhile, Indian students in Moscow expressed excitement about the PM’s visit and said that the visit would bring India and Russia close.
Surekha, an Indian national, who is currently on vacation to Russia with her family, said that Modi’s visit will help in strengthening the India-Russia relationship.
“We got to know about Modi’s visit to Russia tomorrow and we are very excited about it. It will be a great thing for strengthening the India-Russia relationship. Modi last visited Russia before Covid,” she said.
Surekha further stressed the hope that something positive might happen in regard to Russia Ukraine war as Modi is visiting Russia.
“I think something positive might happen in the case of the ongoing Russia-Ukraine war,” she said, adding, “However, we would not be able to meet him as we are also leaving in two days.”
Notably, this will be the 22nd India-Russia Annual Bilateral Summit. The 21st bilateral Summit was held in December 2021 when Russian President Vladimir Putin visited New Delhi. (ANI)
Washington, D.C., June 23 (ANI): United States President Joe Biden and Prime Minister Narendra Modi exchange greetings during a meeting with American and Indian Business leaders, at the White House, in Washington, D.C. on Friday. (ANI Photo)
“India has become an even more critical partner for the US,” according to a senior US trade official.
India has emerged as a “critical partner” for the US which is “doubling down” on it for trade and working on further boosting economic ties, according to a senior US trade official.
Assistant Commerce Secretary Arun Venkataraman said, “I genuinely believe that this is very much a heyday of this bilateral economic relationship” between India and the US.
“We are doubling down on India and finding more ways to collaborate and grow that economic integration,” he told reporters on Thursday ahead of the World Trade Week in New York.
India “has become an even more critical partner for the US,” he said.
“We are amazed by the incredible deepening of the collaboration that’s happened in the last few years with India.”
According to the US International Trade Administration, total trade in goods and services between India and the US topped $191 billion in 2022, almost doubling from 2014.
Foreign direct investment (FDI) from the US reached $103 billion during the 2022-23 fiscal year, while Indian FDI flows to the US reached $14.4 billion in 2021 providing for more than 72,000 US jobs.
Union Minister of Commerce and Industry Piyush Goyal exchanges greetings with the United States (US) Secretary of Commerce Gina Raimondo at a joint press conference, in New Delhi. (ANI Photo)
Asked by a reporter if the US would consider a free trade agreement with India, Venkataraman did not directly address the possibility, instead pointing to India’s participation with the US and 12 other countries in the Indo-Pacific Economic Framework for Prosperity (IPEF) launched in 2022.
“Free trade agreements are a fantastic tool and can be very effective, but I think we should also remember the free trade agreements are only one tool in the toolkit,” he said.
Right now, he said that the IPEF “is addressing key elements that you don’t find in free trade agreements, addressing the urgencies of the day”.
“We’re focused on getting that (IPEF) implemented” and making sure “that we avoid some of the vulnerabilities that we all learned during the pandemic,” he added.
While most of the attention to keeping the Indo-Pacific region free and open has been focused on strategic issues, Venkataraman emphasised the critical role of the IPEF.
“We are proud of the fact that in short order we have managed collectively, with Japan’s help and all of our Indo-Pacific partners, to be in a position to move aggressively towards implementing the Indo-Pacific Economic Framework,” he said.
The IPEF has made headway in one key aspect, making the supply chain resilient, he added.
The IPEF Supply Chain Resilience Agreement came into force in February and “we will soon be setting up the institutions to operationalise” it, he said.
It “is really going to be critical to mitigating supply chain disruptions going forward and helping make our economies collectively more resilient to the threats that could occur from supply chain disruptions,” Venkataraman added.
He said that substantial progress has been made in negotiations on two other elements of the IPEF, ensuring a clean and fair economy.
These are aimed at “ensuring a transparent environment free of corruption” and efficient tax administration, he added.
At the first IPEF ministerial meeting in Singapore in June, there will also be a “clean investor forum” bringing together entrepreneurs, venture capitalists, government agencies, and others to strategise on increasing investment in sustainable infrastructure, he said.
The Tamil Nadu-born Venkataraman holds the Global Markets portfolio in the Commerce Department in addition to being the Director-General of the US and Foreign Commercial Service.
“China remains a really important economic partner,” Scholz told journalists on Friday, adding that he would try to level the playing field for German companies in China…reports Asian Lite News
German Chancellor Olaf Scholz arrived in China on Sunday, kicking off a trip in which he faces a tough balancing act as he aims to shore up economic ties with Berlin’s biggest trading partner.
Scholz touched down in the southwestern megacity of Chongqing on Sunday morning, Chinese state broadcaster CCTV said, accompanied by a large delegation of ministers and business executives.
As Western allies are cranking up pressure on Beijing, Scholz is expected to underline that Germany remains committed to doing business with the world’s second-largest economy and rejects US-led calls for “decoupling.”
His friendly overtures toward China risk sparking ire among Washington and EU partners, which have been pushing back against Beijing’s heavy subsidies for industries.
“China remains a really important economic partner,” Scholz told journalists on Friday, adding that he would try to level the playing field for German companies in China.
On the geopolitical front, Scholz will also use his visit to persuade Chinese President Xi Jinping to exert his influence to rein in his Russian counterpart Vladimir Putin and help bring an end to the war in Ukraine.
“Given the close relations between China and Russia, Beijing has the possibility to exert its influence on Russia,” said a German government source in Berlin.
The three-day tour through Chongqing, Shanghai and Beijing is Scholz’s second trip to China since he took office.
His first in November 2022 took place under intense scrutiny, as it came swiftly after Xi strengthened his grip on power, and marked the first post-pandemic visit by a G7 leader to China.
Stung then by painful supply chain disruptions during the health crisis as well as by China’s refusal to distance itself from Russia despite Moscow’s invasion of Ukraine, Western allies had been scrambling to reduce their reliance on Beijing.
Scholz’s visit comes as many of Germany’s Western allies confront China on a range of trade issues.
A slew of probes into state aid for Chinese solar panels, electric cars and wind turbines are ongoing in Brussels.
The United States is meanwhile investigating national security risks posed by Chinese technology in cars.
With tensions rumbling over Taiwan, US President Joe Biden this week made defense pledges to Japan and the Philippines, while describing behavior by Beijing in the South China Sea as “dangerous and aggressive.”
Two days before his visit, Scholz held talks with France’s President Emmanuel Macron, whose office said the leaders “coordinated to defend a rebalancing of European-Chinese trade relations.”
But China is a vital market for Germany, where many jobs depend directly on demand from the Asian giant.
Both economies also badly need a boost.
The German economy shrank by 0.3 percent last year, battered by inflation, high interest rates and cooling exports, and for this year, the economy ministry expects just an anaemic growth of 0.2 percent.
Beijing has set an annual GDP growth target of around five percent for this year, but exports plunged more than expected last month.
German MPs and analysts urged Scholz to take a firm line.
The Green party’s Deborah Duering warned Scholz against viewing China just as an economic opportunity.
“Those who ignore long-term risks for short-term profits risk repeating the mistakes of the past, misguided Russia policy,” said Duering, in reference to past dependency on Moscow for cheap energy supplies.
Max Zenglein of the Mercator Institute for China Studies said Germany should not hesitate to be more assertive.
“As countries such as the USA and Japan are positioning themselves much more sharply against China, Germany has an important role to play,” he said, adding that Germany was “in a position of strength.”
Janet Yellen, who is on a five-day visit to China, has raised concern with Chinese officials regarding state subsidies that fuel manufacturing overcapacity in industries like electric vehicles, solar panels and semiconductors, reports Asian Lite News
US Treasury Secretary Janet Yellen, who is on five-day visit to China, has urged Chinese officials to address its industrial overcapacity, reform its trade practices and create a “healthy economic relationship” with the United States, VOA News reported.
Yellen, who is on a five-day visit to China, has raised concern with Chinese officials regarding state subsidies that fuel manufacturing overcapacity in industries like electric vehicles, solar panels and semiconductors.
In her remarks in China’s Guangzhou, Yellen said, “The United States seeks a healthy economic relationship with China that benefits both sides.” She added, “But a healthy relationship must provide a level playing field for firms and workers in both countries.”
She also held a meeting with Chinese Vice Premier He Lifeng and other high-level central bank officials on Friday. During the meeting, Yellen told Chinese officials that their industrial overcapacity, especially in green energy sectors, threatens American production of electric vehicles and solar panel parts, VOA News reported.
Secretary Yellen during a meeting with Vice Premier He Lifeng
China has backed its solar panel and EV makers through subsidies, building production capacity far beyond the domestic market’s demand and exporting its products across the world. The production has cheapened prices for these green products. The US and European governments have expressed worry that Chinese products will flood the market and put their own domestic production at risk.
During a meeting with Guangdong province Governor Wang Weizhong, Yellen said the US and China must hold talks on areas of disagreement, including green industrial policy. She said, “This includes the issue of China’s industrial overcapacity, which the United States and other countries are concerned can cause global spillovers.”
China has tried to downplay these concerns, with Chinese Foreign Ministry spokesperson Wang Wenbin earlier this week saying that China’s green production is a positive in global efforts to reduce carbon emissions. Wang said US reluctance to export technology to China meddles with global supply and demand.
Wang Wenbin said, “As for who is doing nonmarket manipulation, the fact is for everyone to see.” He said, “The US has not stopped taking measures to contain China’s trade and technology. This is not ‘de-risking,’ rather, it is creating risks,” VOA News reported.
During her visit to China, Yellen also expressed concerns about Chinese trade practices. She said that China has been using “unfair economic practices, including imposing barriers to access for foreign firms and taking coercive actions against American companies.” She called on Chinese officials to reform these policies.
Yellen during a meeting with Guangdong Governor Wang Weizhong
In her address at an event hosted by the American Chamber of Commerce in Guangzhou, Yellen said, “I strongly believe that this doesn’t only hurt these American firms.” She further said, “Ending these unfair practices would benefit China by improving the business climate here.”
Yellen’s visit to China marks the first visit by a senior US official to China since November meetings between US President Joe Biden and Chinese counterpart Xi Jinping.
Jenet Yellen said, “It also remains crucial for the two largest economies to seek progress on global challenges like climate change and debt distress in emerging markets in developing countries and to closely communicate on issues of concern such as overcapacity and national security-related economic actions.”
She further said that efforts to push Chinese policies are geared towards reducing global risk. Yellen noted, “This is not anti-China policy” and called it an effort by the US “to mitigate the risks from the inevitable global economic dislocation that will result if China doesn’t adjust its policies.”
On Friday, Yellen stated in a post on X, “Many American business executives have expressed the challenges of operating in China. I’ll also discuss with my Chinese counterparts the risks associated with overcapacity. These exchanges will help lead to building a healthy bilateral economic relationship.”
US officials and economists have warned that China’s overcapacity will further reduce prices and cost jobs, particularly if Beijing wants to offload excess production through exports rather than domestic consumption.
During the telephonic conversation with Chinese President Xi Jinping on Tuesday, US President Joe Biden said China’s “unfair” trade policies and “non-market” practices harm the interests of US workers and families, VOA News reported.
While addressing a regular briefing on Wednesday, China’s Foreign Ministry spokesperson Wang Wenbin said that Biden and Xi Jinping spoke on trade. He said, “the US has adopted a string of measures to suppress China’s trade and technology development and is adding more and more Chinese entities to its sanctions lists. This is not ‘de-risking,’ but creating risks.”
Gary Clyde Hufbauer, a senior fellow at the Peterson Institute for International Economics, said that for capital-intensive industries like steel, oil refining and semiconductors, when capacity utilisation is below 75 per cent for an extended period of time, the majority of observers would call it excess capacity.
Speaking to VOA News, Hufbauer said that China’s government-stimulated and bank-financed investment has led to almost all of China’s capital-intensive manufacturing industries having overcapacity.
He said, “If China does pursue a massive export ‘solution,’ that will hurt manufacturing firms in Japan, the EU, Korea and other industrial countries. But low prices will be welcome in many developing countries in Latin America, Africa and Asia.”
Last week the VOA cited a report by New York-based Rhodium Group, which researches the Chinese market, stating that the utilisation rate of China’s silicon wafer capacity witnessed a drop from 78 per cent in 2019 to 57 per cent in 2022.
In 2022, China’s lithium-ion battery production reached 1.9 times the domestic installation volume, which demonstrates that overcapacity in clean energy fields is emerging.
China’s exports of electric vehicles, solar cells and lithium batteries have witnessed a rise even more significantly. According to 2023 data, China’s electric vehicle export volume was seven times that of 2019, while its solar cell export volume in 2023 was five times that of 2018, which shows a rise of 40 per cent from 2022.
According to the report, temporary overcapacity might be harmless and a normal part of the market cycle. However, it becomes a problem when it is perpetuated by the involvement of the government.
The report released by the Rhodium Group said that China’s National People’s Congress in March focused on industrial policies that provide benefits to high-tech industries, while there is little financial support for household consumption.
The report said, “This policy mix will compound the growing imbalance between domestic supply and demand.” It said, “Systemic bias toward supporting producers rather than households or consumers allows Chinese firms to ramp up production despite low margins, without the fear of bankruptcy that constrains firms in market economies.” (ANI)
Maldivian minister Moosa Zameer stated that the decision by India demonstrates the longstanding friendship between two countries and the strong commitment to further expand bilateral trade and commerce.
Responding to Maldivian minister Moosa Zameer remarks thanking India for the decision to export essential commodities to the island nation for the fiscal year 2024-2025, Union minister S Jaishankar has reiterated New Delhi’s commitment to its policies of neighbourhood first and SAGAR.
Zameer stated that the decision by India demonstrates the longstanding friendship between two countries and the strong commitment to further expand bilateral trade and commerce.
In a post on X, Zameer said “I sincerely thank EAM @DrSJaishankar and the Government of #India for the renewal of the quota to enable #Maldives to import essential commodities from India during the years 2024 and 2025. This is truly a gesture which signifies the longstanding friendship, and the strong commitment to further expand bilateral trade and commerce between our two countries.”
In response to the Maldives Minister of Foreign Affairs’ post on X, External Affairs Minister (EAM) Jaishankar wrote, “You are welcome, FM @MoosaZameer. India stands firmly committed to its Neighbourhood First and SAGAR policies.”
India’s ‘Neighbourhood First policy’ guides its approach towards the management of ties with countries in its immediate neighbourhood – Afghanistan, Bangladesh, Bhutan,
Maldives, Myanmar, Nepal, Pakistan and Sri Lanka. The policy is aimed at enhancing physical, digital and people-to-people connectivity across the region and augmenting trade and commerce.
In a post on X, the Indian High Commission in the Maldives on Thursday stated that the quotas for each of these items have been revised upwards.
“Upon the request of the Government of Maldives, the Government of India has allowed for export of certain quantities of essential commodities for the year 2024-25 under a unique bilateral mechanism, wherein, the quotas for each of these items have been revised upwards,” the Indian High Commission in Maldives posted on X.
Notably, the approved quantities are the highest since this arrangement came into effect in 1981.The quota for river sand and stone aggregates, crucial items for the booming construction industry in the Maldives, has been increased by 25 per cent to 1,000,000 metric tonnes.
There has also been an increase of 5 per cent in the quotas for eggs, potatoes, onions, sugar, rice, wheat flour and dal (pulses). Moreover, last year as well, India continued to export rice, sugar and onions to the Maldives despite a worldwide ban on the export of these items from India.
“India remains strongly committed to supporting human-centric development in the Maldives, as part of its ‘Neighbourhood First’ policy,” the statement by the Indian High Commission in Maldives stated.
Notably, ties between India and the Maldives had become strained since Maldives President Mohamed Muizzu assumed office. He criticised India during and after the presidential polls and his government also formally requested India to withdraw its troops from Male.
However, in March, Muizzu requested New Delhi for debt relief measures, while stating that India would continue to remain the Maldives’ “closest ally,” local media reported. He further claimed that he has “not taken any action nor made any statements” that may strain the relationship between the two countries.
In an interview with local media ‘Mihaaru’, Muizzu said that he hopes India will accommodate debt relief measures for the Maldives’ in the repayment of the hefty loans taken from the country over consecutive governments, Adhadhu reported.
“The conditions we have inherited are such that there are very large loans taken from India. Hence, we are holding discussions to explore leniencies in the repayment structure of these loans. Instead of halting any ongoing projects, proceed with them at speed. So I see no reason for any adverse effects [on Maldives-India relations],” he said. (ANI)
The IBPC-SCCI meeting highlighted facilitative measures and investment opportunities for Indian firms in Sharjah, emphasising the crucial role of periodic gatherings for communication between stakeholders.
The Indian Business and Professional Council, affiliated with the Sharjah Chamber of Commerce and Industry (SCCI), has conducted an extensive business meeting to discuss ways to strengthen cooperation and boost bilateral trade volume and mutual investments between the business communities of Sharjah and India.
Discussions delved into prospects for enhancing coordination between the two business communities and exploring investment opportunities across diverse strategic economic sectors.
The meeting also focused on bolstering the exchange of information regarding investment prospects and building sustainable partnerships to fuel growth in trade exchanges and joint investments, leveraging the comprehensive economic partnership between the UAE and India.
Held during the Ramadan suhoor banquet at Sharjah’s Jazerat-al-alam, the meeting was attended by Dr. Khaled Omar Al Midfa, Chairman of Sharjah Media City (Shams), and Ahmed Obaid Al Qaseer, CEO of the Sharjah Investment and Development Authority (Shurooq), as well as Adel Al Ali, Group Chief Executive Officer of Air Arabia, and Abdul Aziz Al Shamsi, Assistant Director-General for Communication and Business Sector at SCCI.
Also present were Satish Kumar Sivan, Consul General of India in Dubai and the Northern Emirates; Jamal Saeed Buzangal, Director of the Media Department at SCCI; Lalu Samuel, Chairman of the Indian Business and Professional Council, along with members of the Indian Business Council, business community representatives, and heads of major Indian companies operating in Sharjah.
The meeting underscored the facilitative measures and investment prospects extended to Indian companies within the emirate, emphasizing the pivotal role of periodic gatherings in bridging communication between investors, corporate heads, and business leaders from both Sharjah and India.
Moreover, the discussions highlighted the level of investment cooperation and the diverse opportunities available for Indian companies operating in Sharjah, particularly within strategic sectors such as energy, maritime industries, shipping services, and ship agencies. The meeting also delineated opportunities available for Indian companies specializing in commerce, food industries, tourism, real estate, and contracting.
Abdul Aziz Al Shamsi emphasised that the Indian Business Council’s meeting, which brought together all those concerned with consolidating ties between Sharjah and Indian business communities, stands as an essential component of the endeavours made by the Sharjah Chamber and its associated business councils to boost business relations between the two communities.
Stressing its pivotal role in catering to the needs of member companies affiliated with the Indian Business and Professional Council, Al Shamsi added that the meeting aligns with broader efforts to enhance economic and commercial cooperation with India.
He pointed out that such gatherings provide fruitful opportunities for fostering new business partnerships between Indian and Emirati companies, which in turn serve as a fundamental pillar for fortifying bilateral trade and mutual investment.
For his part, Lalu Samuel noted that the Indian Business Council’s meeting aimed at bringing together leaders of Indian companies investing in Sharjah with their counterparts in the emirate, along with relevant entities, to develop cooperative relations and explore further opportunities to achieve the council’s objectives.
Underscoring the importance of fostering communication bridges between Indian companies and economic prospects in Sharjah, Samuel clarified that this initiative seeks to cement sustainable collaborative ties and create avenues for acquainting with efforts supporting investors, and thereby elevating economic activities in the emirate.
An estimated 17,500 Indian companies are currently operating in the Emirate of Sharjah, according to SCCI’s members. The Sharjah Chamber inaugurated the Indian Business and Professional Council in February 2023.
The idea for Pisces was announced in 2022 as part of Hunt’s reforms to make the City of London more attractive to investors as it battles New York for listings…reports Asian Lite News
Finance minister Jeremy Hunt is drawing up plans to allow UK private companies to offer shares on exchanges, the Financial Times reported on Saturday.
The Private Intermittent Securities and Capital Exchange System (Pisces) would act as a crossover between public and private markets allowing for some liquidity in the shares of private companies without the regulatory burden of a public listing, the FT said.
Investors would be able to sell stakes on a limited number of days under proposal to be included in next week’s budget
“This is a ground-breaking proposal for a new market that will help private companies to scale up and will boost the pipeline of future IPOs in the UK,” a Treasury source told Reuters.
The system would require approval by the Financial Conduct Authority and could start later this year, the FT said.
The idea for Pisces was announced in 2022 as part of Hunt’s reforms to make the City of London more attractive to investors as it battles New York for listings.
Companies would not be allowed to raise new capital through Pisces and retail investors were not expected to be permitted to buy shares using the system, the FT said, citing an unidentified official.
Separately, Hunt on Saturday unveiled the next leg of the compact aimed at partly reversing the decades-old trend of pension funds opting for safe government bonds that typically have lower returns than more risky start-ups.
Pension schemes in Britain will have to disclose by 2027 how much they invest in UK assets, the finance ministry said.
Indian delegation is currently in the UK, further emphasizing the commitment to resolving any lingering issues in this crucial bilateral agreement…reports Asian Lite News
India has made significant strides in fortifying trade relations with the United Kingdom, the Czech Republic, and Oman, reflecting the country’s commitment to fostering global economic partnerships. The India-UK Free Trade Agreement (FTA) negotiations, inaugurated on January 13, 2022, as a follow-up to Prime Minister Narendra Modi’s announcement in May 2021, are now in the 13th round since September 18.
This sustained engagement showcases substantial progress, with the majority of the chapters either closed or at an advanced stage of negotiations. The recent visit of a high-level UK delegation to India, coupled with detailed discussions at both higher and team levels, underscores the determination to iron out differences and propel the FTA forward.
Hon’ble PM Shri Narendra Modi, inaugurated the Surat Diamond Bourse today in Surat, Gujarat. (17.12). This will be the World’s largest and most modern center for international diamond and jewellery business. @MEAIndiapic.twitter.com/xYSvZO9tIS
Notably, the Indian delegation is currently in the UK, further emphasizing the commitment to resolving any lingering issues in this crucial bilateral agreement.
Importantly, there is no specified deadline for the India-UK FTA, underscoring the dedication to achieving a comprehensive and mutually beneficial trade deal. Simultaneously, India has been actively engaged with the Czech Republic, as evidenced by the 12th Session of the India-Czech Republic Joint Commission on Economic Cooperation (JCEC) held on December 5 in New Delhi.
Co-chaired by the Commerce Secretary and the Director-General of the Ministry of Industry and Trade of the Czech Republic, the JCEC addressed various sectors such as Engineering, Industrial Machinery, Energy (including Renewable Energy), Mineral Resources, Mining Industry, Defence, Airspace, ICT, Pharmaceuticals, Medical Equipment, Chemicals, Infrastructure Development, Environmental, and Agriculture Technologies.
A preceding Business-to-Business (B2B) meeting organized by CII and the Confederation of Industry of the Czech Republic on December 4 in New Delhi, laid the groundwork for enhanced economic collaboration. In the Gulf region, India’s strategic partnership with Oman has reached a significant juncture with negotiations on the Comprehensive Economic Partnership Agreement (CEPA). Oman, India’s third-largest export destination within the Gulf Cooperation Council (GCC) countries, has seen bilateral trade skyrocket from USD 5.01 billion in 2018-19 to USD 12.39 billion in 2022-23.
India’s exports to Oman have surged from USD 2.25 billion in 2018-19 to USD 4.48 billion in 2022-23, marking an impressive growth of approximately 100 per cent.
The formal commencement meeting for India-Oman CEPA took place on November 20, 2023, followed by the first round of negotiations in New Delhi from November 27 to 29. The negotiations continued with the second round in Muscat from December 9 to 11. Notably, negotiations on the text of most chapters have been concluded by both sides, showcasing a positive trajectory in bilateral economic engagements.
These simultaneous advancements in multiple trade agreements underscore India’s diplomatic finesse and commitment to fostering robust economic ties on the global stage. As the negotiations progress, these agreements have the potential to usher in new opportunities, strengthen economic partnerships, and contribute to the global trade landscape. (ANI)
Piyush Goyal concluded a “highly successful” meeting with a delegation from the EFTA, led by the Swiss State Secretary for Economic Affairs, Helene Budliger Artieda…reports Asian Lite News
Union Commerce and Industry Minister Piyush Goyal held a meeting with the European Free Trade Association (EFTA) delegation led by Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, and Norwegian Minister of Trade and Industry, Jan Christian Vestre, on Wednesday.
“Held a meeting with the European Free Trade Association (EFTA) delegation, led by Ms. Helene Budliger Artieda, Swiss State Secretary for Economic Affairs and Mr. Jan Christian Vestre, Norwegian Minister of Trade and Industry,” the union minister said in a post on ‘X’.
During the meeting, Goyal discussed the progress of Free Trade Agreement (FTA) negotiations with EFTA nations and explored avenues to further strengthen partnerships across key sectors.
Recently, Piyush Goyal concluded a “highly successful” meeting with a delegation from the EFTA, led by the Swiss State Secretary for Economic Affairs, Helene Budliger Artieda.
The meeting took place in London from July 11 to July 12. Helene Budliger Artieda was also accompanied by industry stakeholders from the pharmaceutical, machinery and electronics industries of the EFTA states.
The deliberations between Minister Piyush Goyal and State Secretary Helene Budliger Artieda “were fruitful and detailed discussions on crucial issues, with the shared goal of swiftly concluding” the Trade and Economic Partnership Agreement (TEPA) negotiations, the commerce ministry said in a release.
The primary objective of these negotiations is to establish a “fair, mutually beneficial, and comprehensive” trade deal between India and EFTA.
Over the past few months, India and EFTA have significantly intensified their engagement, highlighting the commitment of both parties to achieving an early conclusion to the TEPA negotiations.
The commerce ministry’s release added that the meeting in London further bolstered this commitment, with both sides demonstrating a strong willingness to progress towards a final agreement.
Minister Piyush Goyal expressed his satisfaction with the progress made during the meeting, highlighting the constructive and collaborative nature of the discussions. He emphasised the importance of a comprehensive trade deal that addresses the needs and aspirations of both India and EFTA. (ANI)
