Page 35 - European Union

EU deal and Donald Trump tariff threats bolster Mercosur trade talks

Topping the list of Mercosur's most likely new trade pacts next year are deals with the European Free Trade Association of four non-EU nations

Auto-producer countries including Germany press EU to waive CO2 fines

Automakers have warned of plant closures and thousands of job losses, as they struggle with weak demand, Chinese competition and lower than expected electric vehicle sales

Wait for Donald Trump before extending Russia sanctions: Orban to EU

The EU has imposed 15 rounds of sanctions on Moscow over its invasion of Ukraine, which need to be extended every six months

EU leaders to send clear message to Trump about their support to Ukraine

The leaders will host Ukrainian President Volodymyr Zelenskiy at the start of their talks in Brussels

Focus on trade infra, MSMEs to help India double share in global trade: CII

Deeper integration into global value chains, enhanced digital trade infrastructure and a focus on building the competitiveness of MSMEs will help India more than double its share in global trade from the present 2 per cent, CII said on Wednesday. Chairman of the CII national committee on EXIM Sanjay Budhia said that the chamber is committed to working closely with the government to address critical challenges which hinder manufacturing and export growth. "The journey will require deeper integration into global value chains, enhanced digital trade infrastructure, and a focus on building the competitiveness of MSMEs," he said. To further unlock the potential of exports, he suggested a common online portal for issue of circulars pertaining to various ports and locations. There is also a need to adopt best practices being followed by developed countries and implement the CAARR (Customs Authority on Advance Ruling) Regulation, 2021 as it would contribute to reduction of global trade cos

India to brace up in future to deal with potential duty measures: Official

India will have to prepare itself in future to deal with issues like non-tariff and unilateral duty-related barriers like the EU carbon tax, a senior government official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that countries like the US and the European Union (EU) are trying to boost their domestic manufacturing through such measures. "So the US has been trying to boost its domestic manufacturing through the Inflation Reduction Act and CHIPS Act, the EU is trying to do it through CBAM (Carbon Border Adjustment Mechanism)...deforestation regulation is another mechanism of putting non-tariff barriers on goods coming from developing economies. "So both the combination of non-tariff measures as well as potential tariff measures in clear violation of WTO (World Trade Organisation) commitments is something which India has to brace up in future to deal with," Sarangi said. He was speaking at CII's export competitiveness conclave. Asked about

EU starts investigation of TikTok over Romanian election interference

The probe will look at if the short-video app failed to prevent bad actors from manipulating its recommendation system

EU seeks assurances from Syria's leaders in exchange for dropping sanctions

European Union nations on Monday set out conditions for lifting sanctions on Syria and kick-starting aid to the conflict-ravaged country amid uncertainty about its new leaders' intentions just over a week after they seized power. At a meeting in Brussels, the EU's top diplomats said they want guarantees from members of Syria's interim government that they are preparing for a peaceful political future involving all minority groups, one in which extremism and former allies Russia and Iran have no place. Since Damascus fell on Dec 8 and leader Bashar Assad fled to Moscow, Syria's transition has been surprisingly smooth. Few reports have surfaced of reprisals, revenge killings or sectarian violence. Most looting or destruction has been quickly contained. But the new leadership has yet to lay out a clear vision of how Syria will be governed. The interim government was set up by former opposition forces led by the Islamic militant group Hayat Tahrir al-Sham, or HTS, a former al-Qaida ...

India shifts motor fuel exports towards Asia amid reduced European demand

Lower import orders from Europe, reduced exports by China behind the shift

EU imposes new sanctions on Russia, illicit oil shipments, targets China

The EU began adding ships this year in response to an increase in the number of vessels transporting cargoes that are not regulated or insured by conventional Western providers. The listing included

Ten EU nations write letter seeking wider sanctions on Russian-origin metal

There are more than 2,000 individuals and entities on the EU's sanctions list, but not Russian metal producers such as Rusal or primary metal produced in Russia

Germany's Scholz loses confidence vote, setting up early election in Feb

Chancellor Olaf Scholz lost a confidence vote in the German parliament on Monday, putting the European Union's most populous member and biggest economy on course to hold an early election in February. Scholz won the support of 207 lawmakers in the 733-seat lower house, or Bundestag, while 394 voted against him and 116 abstained. That left him far short of the majority of 367 needed to win. Scholz leads a minority government after his unpopular and notoriously rancorous three-party coalition collapsed on Nov 6 when he fired his finance minister in a dispute over how to revitalize Germany's stagnant economy. Leaders of several major parties then agreed that a parliamentary election should be held on Feb 23, seven months earlier than originally planned. The confidence vote was needed because post-World War II Germany's constitution doesn't allow the Bundestag to dissolve itself. Now President Frank-Walter Steinmeier has to decide whether to dissolve parliament and call an ...

EU slaps sanctions on dozens more Russian officials; targets oil, gas fleet

The European Union on Monday imposed fresh sanctions on dozens of officials linked to Russia's war on Ukraine, including two top North Korean defence officials, a military unit blamed for an attack on a Kyiv children's hospital and the heads of companies in the energy sector. Russia's vast shadow fleet of ships that Moscow is exploiting to skirt restrictions on transporting oil and gas, or carrying stolen Ukrainian grain, was also targeted. Fifty-two vessels were added to a growing list of ships banned from European ports and deprived of services. This package of sanctions is part of our response to weaken Russia's war machine and those who are enabling this war, also including Chinese companies, EU foreign policy chief Kaja Kallas said. We will stand by the Ukrainian people on all fronts: humanitarian, economic, political, diplomatic and military. In all, EU foreign ministers froze the assets of 54 people and 30 entities, which are usually companies, ministries, government agencies

French economist Thomas Piketty for emulation of 20th-century wealth tax

India abolished wealth tax in 2015, holding that it had become burdensome to the administration without substantial collections

India lays stress on 'transition period' for European Union green norms

India-EU FTA was launched in June 2022. Nine rounds of negotiations have already taken place

Formula 1 owner's $3.8 billion MotoGP deal faces full-scale EU probe

MotoGP is just the latest asset to be taken over by billionaire John Malone's sprawling Liberty Media empire that already includes a wide range of media, communications and entertainment businesses

ECB cuts rates 25 bps to 3% amid worsening growth outlook for Euro zone

The ECB has been easing policy as inflation worries largely evaporate and the debate shifts to whether it is cutting rates fast enough to support an economy that is lagging global peers

India-EU trade pact talks need political directions for meaningful deal

The proposed free trade agreement (FTA) negotiations between India and the European Union (EU) need political directions to reach a commercially meaningful deal while understanding each other's sensitivities, an official statement said on Thursday. The pact came up for discussion during an interaction between Commerce and Industry Minister Piyush Goyal and Ambassadors of the European Commission delegation. Goyal said that both sides are aiming for a balanced, ambitious, comprehensive and mutually beneficial FTA. "The FTA negotiations, after 9 rounds of intense engagement, need political directions to arrive at a commercially meaningful deal while understanding the sensitivities of each other," the commerce and industry ministry said. The minister also noted that any sustainability discussions must appreciate the principle of 'Common But Differentiated Responsibility (CBDR)' and implementation of such measures should take into account differing paths of development. These remarks

EU gives inputs to India on cos supplying items to Russia despite sanctions

The European Union has provided India with inputs on the alleged involvement of certain Indian entities in supplying "high priority" goods with possible military application to Russia in violation of Western sanctions, people familiar with the development said. EU Sanctions Envoy David O Sullivan said he visited India in October to discuss with Indian authorities "systemic solutions" to stop the "illicit flow" of the common high priority items to Russia. There was no immediate comment from the Indian side on the matter. India has been maintaining that as a matter of policy, it only recognises UN sanctions. "I travelled to India in October 2024 for the second time to discuss with Indian authorities systemic solutions to stop the illicit flow of common high priority items to Russia," Sullivan said in response to a query. It is learnt that he provided certain details to the Indian authorities about the Indian firms allegedly supplying products to Russia circumventing the sanctions ...

Ahead of 2025 summit, India, EU to hold strategic foreign policy dialogue

India and the European Union on Tuesday agreed to hold the first-ever ministerial strategic foreign policy dialogue soon to jointly navigate an array of critical challenges including geo-political tensions and Chinese belligerence in the Indo-Pacific and beyond. The decision to institute the strategic dialogue was taken during a phone conversation between External Affairs Minister S Jaishankar and his counterpart from the 27-nation bloc Kaja Kallas. In a post on 'X', Kallas, the EU High Representative for Foreign Affairs and Security Policy, said it was agreed to hold the first ministerial strategic foreign policy dialogue soon. The move to hold the dialogue comes months before India and the EU hold summit-level talks in New Delhi that is expected to see significant outcomes in terms of deepening of cooperation in a range of areas such as security, digital public infrastructure and trade. It is expected that the dialogue at the level of foreign ministers of the two sides will provi