Tag: TRADE

Categories
-Top News UK News

LTW marks new Indo Pacific trade breakthrough for UK

The new UK-Singapore Digital Economy Agreement comes into force today, deepening ties between Asia and the UK on tech and digital trade…reports Asian Lite News

The UK is marking a major digital trade milestone today as high-tech companies from around the world gather at London Tech Week.

The new UK-Singapore Digital Economy Agreement comes into force today, deepening ties between Asia and the UK on tech and digital trade.

This means that businesses across the whole of the UK can start taking advantage of the trade agreement, which was signed by the International Trade Secretary in Singapore in February.

The deal will grant UK businesses greater access to Singapore’s digital markets and cut red tape for UK goods exporters, streamlining cumbersome border processes and replacing time-consuming and costly paperwork with e-signatures and e-contracts, the Department of International Trade said in a statement.

It will also lock-in trusted cross-border data flows, the foundation for today’s modern global digital economy, enabling businesses to trade more easily, cheaply, and quickly, it added.

This week also marks the arrival of the largest ever delegation from the fast-growing Asia Pacific region to London Tech Week. Over 350 business and industry figures are joining to explore the benefits of expanding into the UK, thanks to our business-friendly environment and expertise, as well as to seek out investment and partnership opportunities across the nation.

The UK tech sector was valued this year at $1trillion (£764bn). According to new research from Tech Nation, the UK is fourth in the world for tech investment at £32.6bn, having achieved a record year in 2021. Tech plays a significant role as a driver for jobs and economic growth up and down the country. Last year, tech vacancies made up 12% of all available jobs in the UK , with just over 50% of these jobs available outside of London and the South East.

“The UK is one of the leading destinations for foreign investment in Europe, and the third highest investment destination in the world,” said Minister for Investment Lord Grimstone.

“As we continue to strike trade deals with countries and blocs alike across the world, we are poised to unlock the full potential of the tech businesses who choose to base themselves here, providing a platform for global growth.”

Her Majesty’s Trade Commissioner for Asia Pacific Natalie Black CBE said: “Our Asia Pacific Digital Trade Network is the first of its type in the world. Working with Tech Nation, it helps UK tech companies realise their potential in this increasingly important region.

“In the past two years,  we have worked with over 300 businesses on their expansion into the growing Asia Pacific market and I am excited to see the UK tech sector thrive in this region in the years ahead.”

This is the latest demonstration of UK’s Indo-Pacific tilt in action – enhancing ties between the UK and some of the world’s fastest growing markets.

Later this year the UK hopes to secure accession to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a trade bloc worth almost £9 trillion, putting the UK at the heart of a dynamic group of countries as the world economy increasingly centres on the Pacific region.

ALSO READ-‘UAE-Israel FTA will support global supply chain’

Categories
Business UK News

Milling visits Mongolia to boost collaboration in trade

Minister for Asia, Amanda Milling, said, “I was delighted to make my first visit to Mongolia as UK Minister for Asia…reports Asian Lite News

During her visit the Minister focused on areas of UK-Mongolia bilateral relations such as trade and investment, foreign policy issues, climate change and education.

Minister Milling also co-chaired the UK-Mongolia Roundtable Dialogue with the Mongolian Minister of Education and Science and the Foreign Policy Dialogue with the Deputy Foreign Minister. These covered a range of bilateral and international issues.

Minister Milling also met other Ministers and senior officials during her visit. She raised global issues, in particular the importance of international condemnation of Russia’s invasion of Ukraine. The Minister welcomed Mongolian humanitarian assistance to Ukraine and urged Mongolia to join the international community’s call to uphold the UN charter in Ukraine and press for an end to the violence. The Minister also discussed continued provocations by the Democratic People’s Republic of Korea (DPRK) and sought Mongolia’s views on international engagement with DPRK and deterring provocations.

Minister for Asia, Amanda Milling, said, “I was delighted to make my first visit to Mongolia as UK Minister for Asia. I held productive discussions on a range of bilateral and international issues and look forward to strengthening our relationship with Mongolia even further. Seeing the Oyu Tolgoi copper mine and the transformational impact of UK investment was a particular highlight.”

The Minister also had the opportunity to pay a visit to the Oyu Tolgoi copper mine in the South Gobi. It is managed by the UK/Australian company Rio Tinto and is the largest investment by a UK company in Mongolia. The mine is the largest employer in Mongolia and a significant contributor to Mongolia’s development. The Minister was able to see the new underground phase and operations across the mine. It is set to be the 3rd largest copper mine in the world when fully on-stream, with amazing potential for UK investment and Mongolia.

ALSO READ-‘China inflicting cultural genocide in Mongolia’

Categories
-Top News UK News

Boris’ India visit likely to propel free trade talks

The visit next week, which is yet to be formally announced by Downing Street, follows the successful completion of four out of 26 chapters in the ongoing India-UK free trade agreement (FTA) negotiations…reports Asian Lite News

Prime Minister Boris Johnson is expected to arrive in India next week, soon after the long Easter break in the UK, with a state visit that highlights a successful India-UK partnership on the agenda besides a wide-ranging schedule in New Delhi, according to highly-placed Indian government sources.

The visit next week, which is yet to be formally announced by Downing Street, follows the successful completion of four out of 26 chapters in the ongoing India-UK free trade agreement (FTA) negotiations.

Prime Minister Narendra Modi and Johnson are expected to take stock of the negotiations and mandate a timeline for the possible completion of the process, initially set for the end of this year.

According to officials close to the discussions, there has also been significant progress in the remaining 22 chapters of the FTA at the end of the first two rounds of official negotiations, with the third round of talks scheduled for later this month.

The focal point of Johnson’s India visit is expected to be on April 21 and 22, when bilateral discussions and interactions with Indian business leaders are on the cards.

A joint statement, being worked on by both sides, is likely to cover agreements across a variety of sectors, including defence and security and education.

The Russia-Ukraine conflict is likely to feature strongly during the meeting, but officials pointed out that other regional matters such as the situation in Afghanistan and the UK’s Indo-Pacific tilt will be high on the agenda of the bilateral visit.

The officials maintain that discussions with the UK over India’s stance on the Russia-Ukraine conflict have remained cordial, with a respect for New Delhi’s hopes of a peaceful resolution through diplomatic means.

Closer defence ties that overcome some legacy issues around technology transfer and make use of the ‘Make in India’ initiative are seen as an important aspect of future India-UK relations, against the backdrop of India’s historic defence equipment ties with Russia.

Modi and Johnson last met in person on the sidelines of the COP26 climate summit in Glasgow in November last year, when their talks during the World Leaders’ Summit focussed on the India-UK climate partnership as well as a review of the 2030 Roadmap the pair had signed during a virtual summit in May 2021.

The Roadmap, which aims to at least double bilateral trade between India and the UK by 2030, has been dubbed a comprehensive agreement that prioritises areas where the two countries are natural partners.

Johnson’s expected visit next week is seen as long overdue, having been cancelled twice before first when he was invited as a chief guest for Republic Day celebrations due to a COVID-19 spike in the UK in early 2021 and then cancelled again as a result of the pandemic situation in India around this time last year.

ALSO READ-US inflation hits 40-year high

Categories
-Top News UK News

UK backs Africa’s continental free trade initiative

The UK is a committed partner in this mission. This UK funding will promote long-term partnerships between African countries and support a more prosperous, greener continent.”…reports Asian Lite News

UK’ International Trade Secretary Anne-Marie Trevelyan has announced a new programme to support the implementation of the African Continental Free Trade Area (AfCFTA) trading bloc.

Through the AfCFTA Support Programme, the Foreign Commonwealth and Development Office (FCDO) will provide up to £35m to provide trade facilitation and trade policy support to the AfCFTA Secretariat and Member States through TradeMark East Africa (TMEA), Overseas Development Institute (ODI) and other regional partners.

Announcement of the programme comes as AfCFTA Secretariat Secretary General Wamkele Mene visits London to discuss how the UK can continue its work as a strategic partner to the AfCFTA.

 “As an independent free trading nation, the UK strongly supports the AfCFTA – the largest free trade area in the world,” Trevelyan said. “We’re keen to see continued momentum on outstanding negotiations, and on practical implementation of the agreement on the ground.”

“This new aid programme shows that trade is a force for good, and will lead to increased trade, investment, and prosperity for both Africa and the UK,” she added.

As the world’s largest free trade area, the AfCFTA has the potential to boost Africa’s economic growth by driving industrialisation, generating jobs and delivering prosperity across the continent.

For UK businesses, the trade bloc will remove market access barriers by creating a single continental market, making it easier and more cost-effective for UK businesses to export goods and services across the 54 AfCFTA member states.

Minister for Africa Vicky Ford said: “Closer integration between African economies boosts growth across the continent creates opportunities and helps lift people out of poverty.”

“The UK is a committed partner in this mission. This UK funding will promote long-term partnerships between African countries and support a more prosperous, greener continent.”

Secretary-General of the AfCFTA Secretariat Wamkele Mene said the UK support ushers Africa into a partnership for strengthening cooperation related to customs and trade facilitation and trade policy across the African continent.

“In the last five years or so, we have seen the re-engineering of our Regional Economic Communities, to take into consideration the aspirations that are embedded in the AfCFTA instruments. We have also witnessed during this period the enthusiasm and the energy of our private sector to rise to the occasion and begin to exploit what is provided for in the Agreement,” he said.

“Our ambition now is to see commercially meaningful trading in ‘Made in the AfCFTA’ products taking place, across the length and breadth of our continent, to create jobs and economic opportunities for Africans, especially women and the youth. We want to make trade easier for the Africans, in particular, our women and young Africans who trade across our borders,” he added.

ALSO READ-African countries report 2,846 new Covid cases

Categories
-Top News Europe

UK launches negotiations with Canada on a new trade deal

A dedicated SME chapter should be placed at the heart of any future agreement to ensure that small businesses can make best use of the FTA’s provisions…reports Asian Lite News

The UK and Canada will today launch negotiations on a new Free Trade Agreement in Ottawa.

International Trade Secretary Anne-Marie Trevelyan will meet with her counterpart, Canadian Minister for International Trade, Export Promotion, Small Business and Economic Development Mary Ng to formally launch talks that aim to bring benefits for both countries and strengthen a trading relationship already worth over £19 billion in 2020.

Building on the benefits of the UK-Canada Trade Continuity Agreement, the new Free Trade Agreement will go further than ever before in areas like innovation, digital, data, the environment and women’s economic empowerment.

For example, the adoption of digital trading systems can make trade cheaper, faster and more secure for businesses. This could see more than 10,000 UK small and medium-sized businesses benefiting from lower barriers to trade such as simplified paperwork, encouraging more businesses to start trading with Canada.

The UK is Canada’s third largest trading partner and Canadian demand for imports is projected to grow by 45% by 2035. Canadian-owned businesses employ 108,000 people across the UK and additional investment resulting from a new deal could support jobs across the country and help level up the UK.

International Trade Secretary Anne-Marie Trevelyan said, “The UK and Canada are close friends and international allies who believe in the value that free and fair trade brings to livelihoods and communities. Our trading relationship with Canada was worth over £19 billion a year in 2020 and there is huge potential to strengthen and grow trade between our two countries. We want a new deal for the 21st century – one that will boost our thriving services sector, promote higher standards of living and act as a beacon for others to follow in its world-leading commitments on climate change and women’s economic empowerment.”

Martin McTague, Federation of Small Businesses National Chair, said, “The launch of these trade talks marks a really important step forward. A third of our members who export see Canada as an important market, and they’ll be hoping that these discussions result in an ambitious free trade agreement that enables more small businesses from both sides of the Atlantic to realise the benefits of trading internationally.”

A dedicated SME chapter should be placed at the heart of any future agreement to ensure that small businesses can make best use of the FTA’s provisions.

Sally Jones, EY Partner in Trade Strategy, said, “Negotiations to upgrade the UK-Canada trade relationship are a welcome step which will enhance the deep and long-standing ties between the UK and Canadian business communities. This is a significant opportunity to agree new and ambitious trade provisions which will benefit the UK services sector. Enhanced cooperation fostering greater regulatory dialogue and cooperation, and enhancing cross-border digital trade and innovation can help the UK continue to be a leading provider of services around the world.”

ALSO READ-Russia takes on Canada, imposes sanctions

Categories
-Top News UK News USA

New US-UK trade deal cuts tariffs on British steel

The United States has reached similar deals with the European Union and Japan…reports Asian Lite News

The United States and Britain ended a four-year dispute over US steel and aluminum tariffs on Tuesday, pledging to work together to counter China in a deal that also removes retaliatory tariffs from US motorcycles, whiskey and other products.

In a joint statement, US Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai said the deal would protect steel and aluminum companies – and their workers – in both countries, allowing the allies to focus on what they say are “China’s unfair trade practices.”

That would also help ease inflation in the United States, where consumer prices have hit their highest level in 40 years, Raimondo said.

Under the deal, Britain will receive a duty-free import quota of over 500,000 tonnes of steel “melted and poured” in the country annually, with higher volumes subject to the 25% tariff.

It also sets smelt and cast requirements on aluminum, requiring importers to certify the origin of raw aluminum used, a move to combat subsidized metal from China and other countries.

The agreement requires any UK steel company owned by a Chinese entity to audit their financial records to assess influence from the People’s Republic of China government, and then share them with the United States, the statement said. The requirement will initially apply to British Steel, acquired by China’s Jingye Group in 2020.

The announcement of the deal was warmly welcomed by many business executives and labor leaders in both countries.

The pact, which comes after Raimondo met with Britain’s trade minister, Anne-Marie Trevelyan, also will end Britain’s retaliatory tariffs on iconic American goods, including Harley-Davidson motorcycles, bourbon whiskey, Levi Strauss blue jeans, and cigarettes.

The United States has reached similar deals with the European Union and Japan.

Britain is a relatively small supplier of steel to the United States. Its 500,000-tonne quota for finished steel exceeds average UK shipments to the United States in 2018 and 2019 and is considerably smaller than the EU quota of about 4.3 million tons and Japan’s quota of 1.25 million tons.

British Prime Minister Boris Johnson hailed the deal in a tweet as “fantastic news and a very welcome boost to our steel and aluminium industries.”

Trevelyan said the deal would help support some 80,000 jobs across Britain. She met with Raimondo in Washington after two days of meetings with Tai and other U.S. trade officials about expanding U.S.-UK trade ties and ensuring that both countries address a changing digital economy and protect labor rights and the environment.

But Britain, whose steelmakers use coal-fired blast furnaces, will not join U.S.-EU talks aimed at reducing the steel industry’s carbon footprint, choosing instead to consult with Washington on methodologies for measuring emissions.

The Trump administration imposed the tariffs of 10% on aluminum and 25% on steel in March 2018 under the Section 232 national security law to protect U.S. producers from a flood of subsidized imports.

The U.S. Steelworkers Union said the deal marked “an important step in addressing systemic problems like illegal dumping and global overcapacity that threaten the vitality and future of our steel and aluminum industries.”

It said the arrangement with Britain left the overall structure of the 232 relief measures in place.

Myron Brilliant, the head of international affairs for the U.S. Chamber of Commerce warned of a possible steel shortage due to trade disruptions from the war in Ukraine, called for the “Section 232” tariffs to be removed from more countries.

Steelmakers have expressed concerns that easing the tariffs for allied countries will allow surges of steel into the United States that could hurt industry profitability. But futures prices for Midwest hot-rolled steel remain elevated at $1,138 per ton, compared to $1,265 a year ago, more than $1,900 last August and $825 when tariffs were first imposed in 2018.

ALSO READ-Baloch activist at UN raises voice against Pak atrocities

Categories
-Top News Asia News Bangladesh

India, Bangladesh, Nepal finalise MoU to boost trade and connectivity

The Asian Development Bank provided technical and knowledge support to the meeting…reports Asian Lite News

India, Bangladesh, Bhutan and Nepal held a two-day meeting here to discuss passenger and cargo protocols to operationalise the BBIN Motor Vehicles Agreement (MVA) for the regulation of passenger, personal and cargo vehicular traffic among the participant countries, the Ministry of External Affairs said on Tuesday.

Bhutan participated as an observer in the meeting.

According to MEA officials, this BBIN (Bangladesh, Bhutan, India and Nepal) agreement was signed on June 15, 2015 and the last meeting was held in February 2020 in New Delhi.

During the meeting, an enabling MoU was finalised to be signed by India, Bangladesh and Nepal for implementation of the BBIN MVA by the three countries, pending ratification of the MVA by Bhutan.

Recalling the commitments made at the highest level for the implementation of the BBIN MVA, the delegations expressed their desire to sign the MoU at the earliest to give momentum to the implementation.

The participating countries emphasised the importance of operationalising the BBIN MVA expeditiously to enable seamless movement between them for facilitating trade and people-to-people contact, officials said.

“Operationalising the MVA by concluding the ‘Passenger and the Cargo Protocol’ will help realise the full potential of trade and people to people connectivity between the BBIN countries by fostering greater sub-regional cooperation,” the MEA said in a statement on Tuesday.

The delegates also agreed on specific steps and timelines to expeditiously finalise the passenger and cargo protocols for the implementation of the BBIN MVA.

The Asian Development Bank provided technical and knowledge support to the meeting.

The Indian delegation was led by MEA Joint Secretary Smita Pant, while the Bangladesh delegation was led by Director General (South Asia) of the Ministry of Foreign Affairs, A.T.M. Rokebul Haque.

The Nepalese delegation was led by Keshab Kumar Sharma, Joint Secretary, Ministry of Physical Infrastructure and Transport, while the Bhutanese observer team was led by Thinley Norbu, First Secretary, Royal Bhutanese Embassy in New Delhi.

ALSO READ-Hasina thanks Modi for evacuating Bangladeshis

Categories
-Top News Asia News

China’s big no to sanctioning Russia, vows trade ties

China’s position is to oppose any “illegally imposed” unilateral sanctions, believing that “sanctions are not an effective solution to solve problems”, said spokesperson…reports Asian Lite News

China will maintain normal trade relations with Russia despite international sanctions, Chinese Foreign Ministry spokesman Wang Wenbin has said.

“China and Russia will continue to carry out normal trade cooperation following the spirit of mutual respect, equality and mutual benefit,” he said, RT reported.

According to the spokesman, China’s position is to oppose any “illegally imposed” unilateral sanctions, believing that “sanctions are not an effective solution to solve problems”.

During an earlier press conference, the spokesman had stated that China’s stance on the conflict in Ukraine has not changed.

Replying to a question about humanitarian aid, he said China is “ready to play a constructive role in easing the situation in Ukraine”.

Speaking on Monday at an emergency UN session, China’s permanent representative Zhang Jun said that it’s possible to resolve the conflict between Russia and Ukraine through direct dialogue and negotiations, RT reported.

Earlier this year, Russian President Vladimir Putin and his Chinese counterpart Xi Jinping issued a joint declaration calling for a halt to NATO expansion, which Moscow was opposed to and has tried to mitigate through obtaining security guarantees from the US-led military bloc.

ALSO READ: US is monitoring China while supporting Ukraine

Categories
-Top News India News UAE News

India industry welcomes trade deal with UAE

India’s industry bodies have welcomed India-United Arab Emirates (UAE) trade pact, citing it as an enabler to increase exports…reports Asian Lite News


On Friday, India and the UAE entered into a Comprehensive Economic Partnership Agreement (CEPA).

The agreement to boost bilateral trade is expected to be implemented within 60 days and entails enhanced market access and reduced tariff.

It is expected that the CEPA will lead to an increase in bilateral trade from the current $60 to $100 billion in the next five years.

The India-UAE CEPA is the first bilateral trade accord concluded by the UAE, and is also India’s first bilateral trade agreement in the Middle East and North Africa (MENA) region.

At present, UAE is India’s second largest export destination next only to the US.


In the first nine months of the current financial year, India’s exports to the UAE has already crossed $20 billion.

“CEPA with UAE will be extremely beneficial to Indian exports, particularly for the labour-intensive sectors like agriculture and processed food, including meat and marine products, gems and jewellery, apparel and textiles, leather and footwear as well as other sectors like engineering, organic chemicals, plastics, paper and paper products, iron and steel, electrical and electronics goods, automobile and auto components and pharmaceuticals,” said A. Sakthivel, President, Federation of Indian Export Organisations.

“The free trade agreement (FTA) will result in exponential growth in India’s exports to UAE and will also open the market to other Gulf Cooperation Council countries.”

According to Engineering Export Promotion Council India Chairman, Mahesh Desai, “The India-UAE FTA will provide major push to the engineering goods exports’ as a result of lowering of import duty on most items.”

Besides, he said the import duty concessions are expected to allow the engineering exports to grow by 10 per cent in the first two years and then the average by nearly 15 per cent in the next three years.

The UAE has been India’s third largest export destination for engineering items despite the constraint of average 5 per cent import duty.

“With the import duty now coming down to ‘zero’ we see the share of engineering goods in UAE’s total import increasing at a fast pace,” Desai added.

Furthermore, Apparel Export Promotion Council (AEPC) Chairman, Narendra Goenka, said, “With India supplying $1,515 million of apparel to the UAE as compared to its total imports of $3,517 million, Indian apparel exports contribute a decent share of 43 per cent.”

“The trade pact would result in a drop of 5 per cent import duty for Indian readymade garments. This will further strengthen the dominant position of Indian apparels in the UAE.”

ALSO READ: India’s Lok Sabha Speaker arrives in UAE
In addition, Goenka said the trade pact will particularly benefit the knitted garments segment and increase significant employment opportunities in clusters across India.

The textiles and apparel industry in India is the second largest employer in the country providing direct employment to 45 million people and 60 million people respectively in the allied industries.

“Tracing the export chain, we find that our apparel exports to the UAE also cater to the apparel needs of Saudi Arabia, Kuwait, Bahrain, Oman and the UK,” AEPC Chairman added.

“The UAE is a large retail market with players across the value chain, including major western fashion chains, wholesale buyers from North Africa and the Middle East.”

Categories
Business Saudi Arabia UK News

Johnson discusses GCC trade deal with Mohammed bin Salman

The UK is hoping to conclude a free trade agreement with the six countries of the Gulf Co-operation Council this year as part of its post-Brexit vision of becoming a major trading nation, reports Asian Lite news

Prime Minister Boris Johnson and Crown Prince of Saudi Arabia, Mohammed bin Salman, have discussed a number of matters including a new UK-GCC trade deal.

Johnson has reiterated the strength of bilateral relationship between both countries and committed to further boost investment ties, energy cooperation and people-to-people links, Downing Street said in a statement.

The Prime Minister also highlighted the UK’s partnership with the Gulf Cooperation Council and intention to agree a new UK-GCC trade deal.
The UK is hoping to conclude a free trade agreement with the six countries of the Gulf Co-operation Council this year as part of its post-Brexit vision of becoming a major trading nation.

Saudi Arabia’s Crown Prince Mohammed bin Salman

They welcomed defence and security collaboration between the UK and Saudi Arabia, noting ongoing regional challenges in Iran and Yemen.
The Prime Minister and Crown Prince looked forward to meeting in person at the earliest opportunity.

The talks comes after Yemen’s Houthi rebels launched an attack over Saudi Arabia’s Abha International Airport, which resulted in the injuries of 12 civilians caused by shrapnel. Saudi Arabia’s air force shot has down the drone.

Houthi rebels had also called on Saudi citizens to avoid possible scenes of conflict, including Abha’s airport, which they called a military target, as reported by the Yemeni broadcaster Al Masirah on Thursday.

ALSO READ: Johnson’s domestic woes follow him abroad