Page 19 - European Union

FTA negotiations: European Union relents on raw material supply clause

Bloc earlier wanted India to commit to uninterrupted supply

Switzerland to exchange crypto info with India, 73 other countries

Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies. India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians. While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries. While there are no official estimates, it is suspected that a large number of ..

NATO on cusp of accepting Trump's 5% defence investment demand, says Rutte

Most U.S. allies at NATO endorse President Donald Trump's demand that they invest 5% of gross domestic product on their defense needs and are ready to ramp up security spending even more, NATO Secretary-General Mark Rutte said Thursday. There's broad support, Rutte told reporters after chairing a meeting of NATO defense ministers at the alliance's Brussels headquarters. We are really close, he said, and added that he has total confidence that we will get there by the next NATO summit in three weeks. European allies and Canada have already been investing heavily in their armed forces, as well as on weapons and ammunition, since Russia launched a full-scale invasion of Ukraine in 2022. At the same time, some have balked at U.S. demands to invest 5% of GDP on defense 3.5% on core military spending and 1.5% on the roads, bridges, airfields and sea ports needed to deploy armies more quickly. Still struggling to meet the old goal: In 2023, as Russia's full-scale war on Ukraine entered i

Held 3 meetings in 35 days with EU official to push FTA talks, says Goyal

Commerce and Industry Minister Piyush Goyal has held three meetings within a short span of 35 days with the European Commissioner for Trade Maros Sefcovic with an aim to give an impetus to the reposed negotiations for a free trade agreement. Goyal said on Thursday that India has already signed similar agreements with four-European nation bloc EFTA and the UK. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Now, India is in the process of concluding the negotiations with the 27-nation bloc European Union. "We have held three meetings in 35 days. It shows our shared commitment for the FTA... we are trying to do it faster," Goyal told reporters here. The minister is here on a two-day visit. He is meeting leaders and businesses to boost trade and investments between the two countries. The first and the second meetings between Goyal and Sefcovic were held on May 1 and May 23 in Brussels, while the third meeting concluded on June

Europe wants to banish Russian gas, but the US may have other plans

A large Republican donor wants to buy a Russian pipeline to Germany. The White House has entertained the idea of working with the Kremlin to supply Russian gas to Europe

EU warns China's rare earth export curbs may trigger supply crisis

EU presses China to ease tightened rare earth export rules, announced in response to Trump tariffs, as automakers face potential supply crunch

India, EU likely to go for comprehensive FTA; GI pacts to follow later

India and the European Union (EU) are likely to agree upon a comprehensive free trade agreement (FTA) instead of an interim deal, an official said on Tuesday. However, the proposed investment treaty and a pact on geographical indications (GI) may not be concluded simultaneously. The official said that the situation remains dynamic in the free trade agreement negotiations. Negotiations for the "comprehensive agreement" between India and the EU are progressing at a rapid pace, and the deal could be concluded before the year-end, the official added. Earlier, there were discussions that an early harvest trade pact may be finalised before going for a comprehensive deal. In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on GIs after a gap of over eight years. A GI is primarily an agricultural, natural or manufactured product (handicrafts and industrial goods) originating from a defi

EU votes to curb Chinese medical devices, cites procurement bias

The move comes after the EU, in its investigation, found that Beijing discriminated against foreign firms in procurement of medical devices

Trump ally getting elected in Poland could alter EU and Ukraine policies

Poland has elected Karol Nawrocki, a conservative historian and staunch nationalist, as its next president in a closely watched vote that signals a resurgence of right-wing populism in the heart of Europe. Nawrocki, who is set to take office on Aug 6, is expected to shape the country's domestic and foreign policy in ways that could strain ties with Brussels while aligning the Central European nation of nearly 38 million people more closely with the administration of President Donald Trump in the United States. Here are some key takeaways: Conservative populism on the rise Nawrocki's victory underscores the enduring appeal of nationalist rhetoric among about half of the country along the eastern flank of NATO and the European Union, and its deep social divisions. The 42-year-old historian who had no previous political experience built his campaign on patriotic themes, traditional Catholic values, and a vow to defend Poland's sovereignty against the EU and larger European nations li

EU threatens countermeasures over Trump's steel, aluminium tariffs hike

The European Commission said it "strongly" regrets Trump's plan to increase tariffs, adding it undermines ongoing efforts to reach a negotiated solution

Biz collaborations for a circular economy via FTA to boost EU-India ties

An EU official said circular economy projects under the FTA will unlock value and foster deeper collaboration between India and the EU through sustainable development

European businesses report record-low optimism in China: Survey

EU Chamber of Commerce survey shows just 12 per cent of European firms in China optimistic about profitability, reflecting deepening concerns over trade tensions

EU countries agree to exempt most firms from carbon border tariff

Their approval makes it highly likely that the EU will exempt most of the 200,000 importers who were initially set to face the world's first carbon border tariff, due to take effect next year

EU warns fashion brand Shein over consumer law breach, threatens penalty

Shein faces EU warning over consumer law violations and potential fines, while its return to India sees poor response as app downloads drop sharply. Regulators highlight concerns over unsafe products

Trump to delay 50% tariffs on EU until July 9 after call with von der Leyen

The EU had been slated for a 20 per cent tariff under those reciprocal rates announced in April, and a temporary pause took the rate down to 10 per cent through July 9

EU weighs cutting 20 lenders from SWIFT under new Russia sanctions

A decision on timing of potential restrictions has yet to be taken

US Prez Trump threatens to impose 50% tariff on EU nations from June 1

Trump said in comments on social media that the EU was "very difficult to deal with" and "our discussions with them are going nowhere.''

India will deal with Pakistan purely bilaterally: EAM Jaishankar in Germany

EAM S Jaishankar confirms India's bilateral stance on Pakistan, highlights zero tolerance for terrorism, and deepens strategic cooperation with Germany during his Europe visit

Trump pressures EU for unilateral tariff cuts as trade talks stumble

As the deadline for the 90-day tariff pause grows near, the Donald Trump administration and European Union fail to find consensus in trade talks

9 EU nations push for human rights reinterpretation to ease deportations

Leaders of 9 European Union countries say they want a reinterpretation of the European Convention on Human Rights in order to better tackle irregular migration to the continent and increase deportations. The leaders said in an open letter made public in Rome on Thursday that interpretations of the rights convention by the European Court of Human Rights have limited the flexibility of national governments and prevented them from expelling migrants who commit crimes. The letter was signed by leaders of Austria, Belgium, the Czech Republic, Denmark, Estonia, Italy, Latvia, Lithuania and Poland. The court's interpretation of the convention in "cases concerning the expulsion of criminal foreign nationals" has protected the wrong people and placed too many limits on deciding who can be expelled, the letter said. The European Court of Human Rights handles complaints against the 46-member states of the Council of Europe, under the European Convention on Human Rights, including many cases .