Tag: UK

Categories
India News

India-UK FTA talks to restart next month: Goyal

Piyush Goyal

The Commerce Minister added that industry support is required for the agreement, which should be a balanced one for India…reports Asian Lite News

The government said on Tuesday that the negotiations on the proposed free trade agreement (FTA) between India and the UK are very much on track and are expected to restart next month.

Union Commerce Minister Piyush Goyal, while speaking on the sidelines of a steel industry event, said that the India-UK FTA is a high-priority issue for both the nations and negotiations on it are expected to take place next month.

Goyal said he is already in touch with his UK counterpart for the next round of talks on the trade pact.

He added that while things on the agreement were progressing quite fast, due to the political developments in the UK, there was “little bit of a blip” (after Boris Johson and Liz Truss resigned in quick succession as Prime Ministers and Rishi Sunak took charge last month), “but now there is a stable government (in the UK) and efforts are on to restart the negotiations next month”.

The Commerce Minister added that industry support is required for the agreement, which should be a balanced one for India.

He also said that there cannot be strict deadlines for wrapping up such sensitive negotiations, as thorough discussions are needed to safeguard the country’s trade interests.

Both India and the UK had begun discussions on the FTA in January this year, and former British Prime Minister Boris Johnson had expressed optimism that these would be concluded by Diwali (October 24). However, due to the political crisis in that country, things got delayed.

Meanwhile, the India-Australia Economic Cooperation and Trade Agreement, which would give a big boost to especially textiles, gems and jewellery and pharmaceuticals sectors, is expected to create new 10 lakh jobs, said Union commerce minister Piyush Goyal.

“Since the labour-intensive sectors will be benefitted, it is expected to create additional employment of at least 10 lakhs jobs in India, create ample opportunities for investment, promotion of start-ups. Similarly, it would provide enhanced job opportunities for Indians in Australia and increased remittance flows to India,” Goyal said.

The Australian parliament has announced the passing of the free trade agreement (FTA) with India, Goyal on Tuesday said adding that the initial size of bilateral trade between the two countries can go up to around USD 45-50 billion in the next five-to-six years.

Addressing a press conference on the trade deal following the approval of the Agreement by the Australian Parliament, Goyal said that duties on 100 per cent tariff lines would be eliminated by Australia under this deal.

ALSO READ-Australia clears FTA with India

Categories
-Top News UK News

UK economy set for worst performance

In its half-yearly economic outlook, the OECD said that UK’s economy would expand by 4.4 per cent this year – the sixth fastest in the G20 – but contract by 0.4 per cent next year….reports Asian Lite News

The UK will be the second weakest performer among the world’s big economies next year as the global economy continues to suffer the knock-on effects of the biggest energy shock in four decades, a leading international institution has warned, according to a medua report.

The Paris-based Organisation for Economic Cooperation and Development (OECD) said of the members of the G20 group of leading developed and developing nations, only Russia would suffer a bigger contraction than Britain in 2023, The Guardian reported

In its half-yearly economic outlook, the OECD said that UK’s economy would expand by 4.4 per cent this year – the sixth fastest in the G20 – but contract by 0.4 per cent next year.

Although most countries have had their growth forecasts cut by the OECD since June, only Russia’s 5.6 per cent contraction is forecast to be more severe than Britain’s. The poor performance is forecast to continue in 2024 with expansion of 0.2 per cent — the joint weakest alongside Russia, The Guardian reported.

economy.

The OECD’s acting chief economist, Alvaro Pereira, said he was expecting a less severe downturn next year than the 1.4 per cent decline pencilled in by the Office for Budget Responsibility in last week’s autumn statement, but a more subdued recovery in 2024 than the OBR has pencilled in.

Pereira said the OECD thought interest rates would peak at a lower level than the OBR is anticipating, and that the UK would suffer a four-quarter recession ending in the middle of 2023.

Overall, the OECD expects growth across its 38 rich-country members to be 0.8 per cent in 2023 – half the level expected six months ago.

The US and the Eurozone are forecast to expand by 0.5 per cent, but growth is expected to be stronger in three big Asian economies – China (4.6 per cent), Indonesia (4.7 per cent) and India (5.7 per cent), The Guardian reported.

ALSO READ: ‘UK must wean itself off migrant labour’

Categories
-Top News Africa News UK News

‘UK and S Africa will turbocharge growth together’

South Africa is the continent’s second largest economy and is already the UK’s biggest trading partner in Africa, with trade worth £10.7 billion annually…reports Asian Lite News

The UK and South Africa will join forces to drive economic growth and turbocharge infrastructure investment, Prime Minister Rishi Sunak has announced at the start of President Ramaphosa’s formal state visit.

The next phase of the UK-South Africa Infrastructure Partnership is being launched today, supporting South Africa’s economic growth through major infrastructure developments and offering increased access to UK companies to projects worth up to £5.37bn over the next three years. The UK Government will also confirm new grant-funded technical assistance to South Africa to help unlock green hydrogen opportunities and boost skills in this key sector.

As an example of the opportunities for UK businesses, Globeleq – a UK company which is majority owned by British International Investment – is today announcing they have reached legal close on six solar power projects, with construction expected to kick off in South Africa next year.

South Africa is the continent’s second largest economy and is already the UK’s biggest trading partner in Africa, with trade worth £10.7 billion annually. Unlocking export finance offers significant opportunities for British businesses to invest and trade.

South Africa’s President Cyril Ramaphosa is in London for a two-day state visit, hosted by His Majesty The King. After attending a state banquet for the South African delegation this evening at Buckingham Palace, the Prime Minister will welcome President Ramaphosa to Downing Street for a bilateral meeting and lunch on Wednesday.

Prime Minister Rishi Sunak said, “South Africa is already the UK’s biggest trading partner on the continent, and we have ambitious plans to turbocharge infrastructure investment and economic growth together. I look forward to welcoming President Ramaphosa to London this week to discuss how we can deepen the partnership between our two great nations and capitalise on shared opportunities, from trade and tourism and security and defence. A new education and skills partnership between the UK and the South African governments will also promote shared learning in technical and vocational education, driving youth employment.”

UK funding will build the highly sought-after technical and entrepreneurial skills in the biggest growth sectors including green technology and electric vehicle manufacture, ensuring South Africa’s youth are benefitting from the green transition.

Foreign Secretary James Cleverly said, “The UK’s relationship with South Africa is hugely important to us. Together we are working to deliver for the British and South African people, creating jobs, enhancing trade and investment, and boosting inclusive economic growth. This week’s State Visit, the first under His Majesty The King, is a fantastic opportunity to celebrate our ties but also allows us to trigger greater growth, create even more opportunities for British and South African businesses alike, and further promote South Africa’s transition to green energy.”

The South Africa Just Energy Transition Partnership, launched at COP26, also offers new opportunities to collaborate on renewable technology and green innovation. The UK and South Africa are today announcing the creation of a new Partnership on Minerals for Future Clean Energy Technologies to promote increased responsible exploration, production and processing of minerals in South and Southern Africa.

ALSO READ-Tanzania, South Africa launch joint cultural festival

Categories
-Top News UK News

‘Brexit, immigration key to boosting growth’

CBI chief will use his speech at the annual conference in Birmingham to praise some “incredibly welcome” announcements in last week’s autumn statement, while also warning the UK must go further to solve years of stagnating growth…reports Asian Lite News

Use immigration to solve worker shortages and end arguments over Brexit in a bid to boost growth, Confederation of British Industry chief Tony Danker will tell politicians on Monday.

Danker, the group’s director general, will use his speech at the CBI annual conference in Birmingham to praise some “incredibly welcome” announcements in last week’s autumn statement, while also warning the UK must go further to solve years of stagnating growth.

Senior politicians are expected to attend the business body’s two-day conference, days after Chancellor Jeremy Hunt unveiled £25 billion of tax rises in a budget designed to restore market confidence in the UK after former prime minister Liz Truss’s disastrous attempt.

The move from massive tax cuts to steep tax rises has been criticised by some on the Conservative back benches, raising speculation of a rebellion by MPs over some measures.

“The painful reality about growth is that it can’t be stimulated overnight,” Danker will tell the conference, with the UK said to be already in recession. “That’s what the mini-budget got wrong. Across-the-board tax cuts. Immediate demand stimulus. Relying on the old British strength, consumption, at the expense of the perennial British weakness, investment, has given growth a bad name.”

Praising Hunt for “staying the course” on projects designed to generate growth, such as the high-speed rail programme and the new nuclear power plant at Sizewell C, the CBI chief will also offer the government solutions to boost the flagging economy.

Danker will also call on politicians to be “practical” about immigration, according to excerpts from his speech that were released early.

“Let’s have economic migration in areas where we aren’t going to get the people and skills at home any time soon. In return, let’s make those visas fixed term.”

He will also urge reform of regulations and red tape.

“I know that some Conservative politicians today feel that this issue is the fault of Europe, Danker will say.

“But the biggest regulatory barriers facing businesses today are based on British laws, created by a British parliament, and administered by British regulators.”

He is also expected to flag concerns over Brexit, namely the as-yet unresolved row with the EU about the Northern Ireland Protocol.

“Boris Johnson achieved a deal with the EU that allows us to continue to trade tariff and quota free with our biggest trading partner. There’s some good stuff in there. Currently locked up. But still we argue over the Northern Ireland Protocol. Still we argue over sovereignty. Get round the table, do the deal, unlock the Trade and Co-operation Agreement. I say to Brexiteers, the best guarantor of Brexit is an economy that grows. Its biggest risk is one that doesn’t. Now I know that some of these things will not be popular with politicians but while I have no problem with government taking tough choices to bring stability, I want them to also take tough choices for growth.”

ALSO READ-As British voters cool on Brexit, UK softens tone towards EU

Categories
-Top News UK News

As British voters cool on Brexit, UK softens tone towards EU

Treasury chief Jeremy Hunt last week expressed optimism that trade barriers between the U.K. and the EU would be removed in the coming years…reports Asian Lite News

The British government on Sunday denied a report that it is seeking a Swiss-style relationship with the European Union that would remove many of the economic barriers erected by Brexit even as it tries to improve ties with the bloc after years of acrimony.

Health Secretary Steve Barclay told Sky News I don’t recognise the Sunday Times report, insisting the U.K. was still determined to use the Brexit freedoms we have by diverging from the EU’s rules in key areas.

Switzerland has a close economic relationship with the 27-nation EU in return for accepting the bloc’s rules and paying into its coffers.

The U.K. government said Brexit means we will never again have to accept a relationship with Europe that would see a return to freedom of movement, unnecessary payments to the European Union or jeopardise the full benefit of trade deals we are now able to strike around the world.

But despite the denials, the new Conservative government led by Prime Minister Rishi Sunak wants to restore relations with the EU, acknowledging that Brexit has brought an economic cost for Britain.

Treasury chief Jeremy Hunt last week expressed optimism that trade barriers between the U.K. and the EU would be removed in the coming years.

The shift comes as public opposition grows to the hard form of Brexit pursued by successive Conservative governments since British voters opted by a 52%-48% margin to leave the bloc in a 2016 referendum.

Now, according to polling expert John Curtice, 57% of people would vote to rejoin the bloc and 43% to stay out.

When the U.K. was negotiating its divorce from the EU, Conservative governments under Prime Ministers Theresa May and her successor Boris Johnson ruled out remaining inside the EU’s borderless single market or its tariff-free customs union.

Politicians who wanted closer ties were ignored or pushed aside.

The divorce deal struck by the two sides in 2020 has brought customs checks and other border hurdles for goods, and passport checks and other annoyances for travellers.

Britons can no longer live and work freely across Europe, and EU citizens can’t move to the U.K. at will.

The British government’s fiscal watchdog, the Office for Budget Responsibility, said last week that leaving the EU has had a significant adverse effect on U.K. trade.

Yet only recently have members of the government begun acknowledging Brexit’s downsides.

Hunt, who last week announced a 55 billion-pound ($65 billion) package of tax increases and spending cuts to shore up an economy battered by soaring inflation, acknowledged Brexit had caused trade barriers with the U.K.’s nearest neighbours.

Unfettered trade with our neighbours is very beneficial to growth, he told the BBC, and predicted that the vast majority of barriers would be removed although it would take years.

Any move to rebuild ties with the EU will face opposition from the powerful eurosceptic wing of the Conservative Party.

Even the opposition Labour Party reluctant to reopen a debate that split the country in half and poisoned politics says it won’t seek to rejoin the bloc, or even the EU’s single market, if it takes power after the next election.

Sunak, who took office last month, is a long-time Brexit supporter, but also a pragmatist who has made repairing the economy his top priority.

Russia’s invasion of Ukraine, which has rocked European security and sent energy prices soaring, has put Brexit squabbles into perspective for politicians on both sides of the English Channel.

Sunak wants to solve a festering feud with the EU over trade rules that have caused a political crisis in Northern Ireland, the only part of the U.K. that shares a border with an EU member nation.

When Britain left the bloc, the two sides agreed to keep the Irish border free of customs posts and other checks because an open border is a key pillar of the peace process that ended 30 years of violence in Northern Ireland.

Brussels: Flags of the European Union fly outside the EU headquarters in Brussels, Belgium, May 21, 2021. (Xinhua/Zheng Huansong/IANS)

Instead, there are checks on some goods entering Northern Ireland from the rest of the U.K.

That angered pro-British unionist politicians, who say the new checks undermine Northern Ireland’s place in the United Kingdom.

They are boycotting Belfast’s power-sharing government, leaving Northern Ireland without a functioning administration.

The U.K. government is pinning its hopes on striking a deal with the EU that would ease the checks and coax Northern Ireland’s unionists back into the government. Months of talks when Johnson was in office proved fruitless, but the mood has improved since Sunak took over, though as yet there has been no breakthrough.

ALSO READ-UK, France, back India’s bid for permanent UNSC seat

Categories
-Top News UK News

Russian state media calls for ‘hurting’ UK with direct deterrence

Ukrainian president Volodymyr Zelensky visited the newly liberated city of Kherson this week and took part in a ceremony of hoisting the Ukrainian flag over the central square…reports Asian Lite News

Russian state media called for attacks on the United States and United Kingdom territories, according to Anton Gerashchenko, the adviser to the minister internal affairs of Ukraine.

Sharing a clip of a Russian state media analyst recently, Anton Gerashchenko wrote on Twitter, “It does not hurt the United States that we are killing their mercenaries in Ukraine. It does not hurt that we are killing their troops that they have withdrawn into the reserves in Ukraine. We need to start hurting the United States and the United Kingdom on or near United States territory and on British territory this is obvious.”

Anton Gerashchenko told Newsweek, “I think that in response to each of these claims the US should impose new sanctions on Russia and give more weapons to Ukraine. Then the issue will resolve itself.”

Earlier, Ukrainian president Volodymyr Zelensky visited the newly liberated city of Kherson this week and took part in a ceremony of hoisting the Ukrainian flag over the central square.

“This is a great pleasure for my heart and soul. I want to thank you for who you are and for returning Ukraine to the Kherson region. We are returning our Armed Forces, our state, our flag,” Volodymyr Zelensky said.

ALSO READ-In 9 months, Russia launched 4,700 missiles on Ukraine

Categories
-Top News India News UK News

UK, France, back India’s bid for permanent UNSC seat

A Security Council meeting on the situation in the Middle East, including the Palestinian question, is held at UN Headquarters in New York on May 26, 2022. (Manuel Elias/UN Photo/Handout via Xinhua/IANS)

Woodward stated that the UK also supports an expansion of the non-permanent category of membership, taking the Security Council’s total membership to somewhere in mid-20s….reports Asian Lite News

India’s bid for a permanent seat in a reformed United Nations Security Council (UNSC) has received strong support from Veto members. After the United Kingdom, France reiterated its support to India, Germany, Japan and Brazil for the creation of new permanent seats.

Addressing the UNSC’s annual debate on Security Council reform on Friday, France’s Deputy Representative to the UN, Nathalie Broadhurst Estival said, “France endorses the candidacy of Germany, Brazil, India and Japan as permanent members for permanent seats.”

“We also want greater representation from African countries including as permanent members of the council as many seats should be distributed to ensure geographical representation,” she added.

In the UNSC, Ambassador Estival stated that the issue of the veto is highly sensitive. She stressed that it is up to the States requesting a permanent seat to decide on the matter.

She further explained that the objective must remain twofold: to consolidate the Council’s legitimacy and to strengthen its capacity to fully assume its responsibilities in the maintenance of international peace and security.

It is in this spirit that France proposed that the five permanent Council members voluntarily and collectively suspend the use of the veto in cases of mass atrocities. With regard to the Council’s working methods, she reaffirmed the organ’s competence to define them and to emphasize the commitment of the Council’s members to greater transparency, openness and efficiency.

Earlier, the UK also extended its support to India for permanent membership of the UNSC. UK Ambassador to the UN Barbara Woodward said, “We support the creation of new permanent seats for India, Germany, Japan and Brazil, as well as permanent African representation on the Council.”

Woodward stated that the UK also supports an expansion of the non-permanent category of membership, taking the Security Council’s total membership to somewhere in mid-20s.

The General Assembly opened its annual debate with speakers renewing their appeals for enlarging the 15-member organ and updating its working methods to make it more transparent, inclusive, representative, accountable and effective in a world gripped by a cascade of interlocking crises.

ALSO READ: Sunak meets Zelenskyy on surprise Ukraine trip

Categories
-Top News China UK News

Bloomberg apologises after Johnson’s anti-China speech

loomberg LP and Bloomberg Philanthropies Founder and former mayor of New York City, Michael R Bloomberg during the the third annual Bloomberg Global Business Forum (GBF) at The Plaza Hotel in New York on Sep 25, 2019. (Photo: IANS)

The former UK Prime Minister have reportedly described China as a “coercive autocracy”, reports Asian Lite News

Billionaire financier Mike Bloomberg was forced to apologise to hundreds of guests at a major Asian business event in Singapore this week after complaints about a speech by former UK Prime Minister Boris Johnson that criticised China.

Johnson, the after-dinner speaker at the flagship Bloomberg New Economy Forum in Singapore on Tuesday, was said to have described China as a “coercive autocracy” to about 500 Asian businesspeople, investors and diplomats, the Guardian reported.

While his comments would not be regarded as controversial in the UK, where there is concern over Beijing’s human rights record, approach to Taiwan and closeness to Russia, the majority of Asian countries are much more favourably inclined towards China and share strong economic and diplomatic ties.

In remarks that may alarm the incumbent Rishi Sunak-led government and bolster his own support among Conservative MPs, Johnson is also said to have announced that he was taking a “temporary hiatus” from the frontline of British politics, suggesting he still harbours ambitions of returning to power.

Bloomberg, who invited Johnson and whose organisation was hosting the event in partnership with the Singapore government, acknowledged at the conference on Thursday that some attendees may have been “insulted or offended” by the former leader’s remarks, the Guardian reported.

But the businessman, a former mayor of New York and friend of Johnson, clarified that they were “his thoughts and his thoughts alone”.

“To those of you who were upset and concerned by what the speaker said, you have my apologies,” he added.

ALSO READ: China imposing forced inter-ethnic marriages on Uyghur women

Categories
-Top News India News UK News

UK backs India’s bid for permanent UNSC seat

Barbara Woodward said that UK’s position is well known as her country has long called for the expansion of UNSC in both the categories…reports Asian Lite News

The UK has reaffirmed its support for a permanent seat for India in the UN Security Council (UNSC).

It has called for an expansion of the UNSC in both permanent as well as non-permanent categories and has also supported permanent seats for Germany, Japan as well as Brazil.

This was stated by the UK Ambassador to the UN, Barbara Woodward.

She said that UK’s position is well known as her country has long called for the expansion of UNSC in both the categories.

“We support the creation of new permanent seats for India, Germany, Japan and Brazil, as well as permanent African representation on the Council,” she said in her address during the UNSC’s annual debate on Security Council reform on Thursday.

ALSO READ: UK ex-envoy freed in Myanmar

Categories
-Top News UK News

UK ex-envoy freed in Myanmar

Pedestrians cross a road next to the city hall of Yangon, Myanmar, Feb. 3, 2021. (Xinhua/Zhang Dongqiang/ians)

Bowman, who wore a traditional Burmese dress, did not comment as she was escorted by British embassy staff through the airport to a connecting flight…reports Asian Lite News

A former British envoy, an Australian economic adviser and a Japanese journalist arrived in Thailand late Thursday after being freed by Myanmar’s junta in an amnesty releasing almost 6,000 prisoners.

Since a military coup last year, Myanmar has seen a bloody crackdown on dissent in which thousands of people have been jailed.

Former British ambassador Vicky Bowman, Australian economic adviser Sean Turnell and Japanese journalist Toru Kubota touched down in Bangkok just after 7:00 pm (1200 GMT), according to an AFP reporter on their flight.

Bowman, who wore a traditional Burmese dress, did not comment as she was escorted by British embassy staff through the airport to a connecting flight.

Kubota waved to fellow passengers but did not respond to a request for comment.

Another prisoner freed in the amnesty, US-Myanmar citizen Kyaw Htay Oo, said he was “very happy”.

“I haven’t thought what I’m going to do when I get back home. What I know is Myanmar is still not free.”

A total of 5,774 prisoners were due to be released to mark Myanmar’s national day, “including some 600 women”, the junta said in a statement Thursday.

Three former ministers in Aung San Suu Kyi’s government, including close confidants Thein Oo and lawyer Kyaw Hoe, were among those released — as was NLD spokesperson Dr Myo Nyunt.

The junta did not say in its statement how many of those pardoned had been arrested during the military’s crackdown on dissent.

Bowman, who served as ambassador from 2002 to 2006, was detained with her husband in August for failing to declare she was living at an address different from the one listed on her foreigner’s registration certificate. The couple were later jailed for a year.

Her husband, prominent Myanmar artist Htein Lin, will also be released, the military said.

Australian Turnell was working as an adviser to Myanmar’s civilian leader Suu Kyi when he was detained shortly after the coup in February 2021.

He and Suu Kyi were convicted in September by a closed junta court of breaching the official secrets act and jailed for three years each.

Australian Prime Minister Anthony Albanese said Thursday that he had spoken with Turnell after his release and the economist was in “amazingly good spirits”.

Japanese journalist Kubota, 26, was detained in July near an anti-government rally in Yangon along with two Myanmar citizens and jailed for 10 years.

He was the fifth foreign journalist to be detained in Myanmar since the coup, after US citizens Nathan Maung and Danny Fenster, Robert Bociaga of Poland and Yuki Kitazumi of Japan — all of whom were later freed and deported.

At least 170 journalists have been arrested since the coup according to UNESCO, with nearly 70 still in detention.

Hundreds gathered outside Yangon’s Insein prison early Thursday in the hope their loved ones would be among those released.

One woman, who did not want to give her name for fear of reprisals, said she was waiting for her husband, who was halfway through a three-year sentence for encouraging dissent against the military.

“After the coup, he joined in the protests. I’m very proud of him,” she said.

Independent analyst David Mathieson said: “Professor Turnell’s release is remarkable news after being held hostage by the regime, and his family and friends will be delighted.”

However, he said, the junta “shows no sign of reform and a mass amnesty doesn’t absolve them of atrocities committed since the coup”.

US Secretary of State Antony Blinken welcomed the prisoner release but said there was no sign the junta was opening up.

“It is one bright spot in what is otherwise an incredibly dark time,” Blinken told reporters at an Asia-Pacific summit in Bangkok.

Amnesty International’s regional office spokesperson said: “Thousands of people jailed since the coup in Myanmar have done nothing wrong and should never have been imprisoned in the first place.”

More than 2,300 civilians have been killed since the military’s crackdown on dissent after it ousted Suu Kyi’s government, according to a Myanmar monitoring group.

The junta blames anti-coup fighters for the deaths of almost 3,900 civilians.

ALSO READ: Industry, student groups hail new UK visas for Indians