Page 52 - European Union

Alcohol body seeks better market access for Indian products in EU markets

The CIABC has demanded that the EU should remove the non-tariff barriers which prevent the vast majority of Indian products from being sold in the EU

India may not be majorly impacted by G7 ban on Russian diamond imports

India's move came after both sides were not able to arrive at a mutually agreeable solution

India challenges WTO panel ruling in favour of EU on ICT import duties

India has appealed against a ruling of the World Trade Organization's (WTO) trade dispute settlement panel in a case filed by the European Union against New Delhi's import duties on nine information and technology products. India's move came after both regions were not able to arrive at a mutually agreeable solution (MAS). "India and the EU have negotiated to arrive at a MAS for the past seven months, but the EU has now filed for adoption of panel report on December 7 and therefore, India has appealed against it on December 8 in the WTO," Additional Secretary in the commerce ministry Peeyush Kumar told reporters here. As part of the MAS, the EU was seeking customs duty concessions on certain goods, which was not acceptable to India as it violates WTO rules. These concessions can only be given in a free trade agreement, Kumar said. In September, the two regions had asked WTO's dispute settlement body not to adopt a ruling against New Delhi's import duties on certain ICT products li

EU fails to agree on $55 bn aid package for Ukraine, budget renegotiation

European Union leaders have failed to agree on a 50 billion ($55 billion) aid package for Ukraine and on the renegotiation of the EU budget, EU Council President Charles Michel said Thursday. The financial package could not be endorsed by all 27 leaders, who earlier Thursday agreed to open membership negotiations with Ukraine. The money is aimed at helping the war-torn country weather the Russian invasion. Ukraine is badly counting on the funds to help its damaged economy survive in the coming year. Earlier on Thursday, the European Union decided to open accession negotiations with Ukraine, a momentous moment and stunning reversal for a country at war that had struggled to find the backing for its membership aspirations and long faced obstinate opposition from Hungarian Prime Minister Viktor Orban. European Council President Charles Michel, who was chairing a Brussels summit of the EU's 27 leaders where the decision was made, called it a clear signal of hope for their people and ou

European Union struggles to keep its elementary promises to Ukraine intact

European Union leaders struggled at the start of a two-day summit Thursday to keep their two most elementary promises to Ukraine at war intact to give it the money and wherewithal to stave off the Russian invasion and maintain its hope that one day it will be able to join the wealthy bloc. And stunningly, the threat to that commitment does not come from outside, but from within, from its increasingly recalcitrant member Hungary. The vision of its prime minister, Viktor Orban, heartily shaking hands with Russian President Vladimir Putin two months ago still hung heavy over the summit. Orban came into the summit vowing to both block the plans by his 26 fellow leaders to officially declare that membership negotiations with Ukraine can start, and more pressingly, deny Kyiv 50 billion Euros (USD 54 billion) in financial aid that the country dearly needs to stay afloat. The challenge comes at an especially dire time for Ukrainian President Volodymyr Zelenskyy, straight off a trip to ...

Armenia, Azerbaijan exchange POWs in line with deal announced last week

Armenia and Azerbaijan on Wednesday exchanged prisoners of war, in line with an agreement announced last week that also promised the two countries would work towards a peace treaty and was hailed by the European Union as a major step toward peace in the tumultuous region. Azerbaijan brought back two servicemen, while 32 soldiers returned to Armenia, officials in both countries reported. Azerbaijan waged a lightning military campaign in September in the separatist region of Nagorno-Karabakh. The offensive ended three decades of rule there by ethnic Armenians and resulted in the vast majority of the 120,000 residents fleeing the region, which is internationally recognized as part of Azerbaijan. In their joint statement last week, the two countries said they share the view that there is a historical chance to achieve a long-awaited peace. They said they intend to normalise relations and to reach the peace treaty on the basis of respect for the principles of sovereignty and territorial

EU deal to force Uber, Deliveroo to reclassify some drivers as employees

The EU's deal would give eligible individuals rights typically enjoyed by employees, including minimum wage, paid leave and unemployment benefits

Apple set to be hit by EU antitrust order in app store fight with Spotify

EU is putting the finishing touches to a decision that would prohibit Apple's practice of blocking music services from pushing their users away from the App Store to alternative subscription options

Apple offers to let rivals access tap-and-go tech in antitrust case: Report

The European Commission is likely to seek feedback next month from rivals and customers before deciding whether to accept Apple's offer, the people said

Intelligent regulation

Much to learn from EU's Artificial Intelligence Act

Tusk becomes Poland's prime minister with mission of improving EU ties

Donald Tusk, a leader of a centrist party, returned as Poland's prime minister for the first time in nearly a decade after a vote in parliament on Monday, paving the way for a new pro-European Union government following eight years of stormy national conservative rule. Tusk, a former EU leader who served as European Council president from 2014-2019 and has strong connections in Brussels, is expected to improve Warsaw's standing in the bloc's capital. He was Poland's prime minister from 2007-2014. Tusk's ascension to power came nearly two months after an election which was won by a coalition of parties ranging from left-wing to moderate conservative. The parties ran on separate tickets, but promised to work together under Tusk's leadership to restore democratic standards and improve ties with allies. The change of power is felt as hugely consequential for the 38 million citizens of the Central European nation, where collective anger against the Law and Justice party produced a ...

EU leaders set for summit showdown over Ukraine's accession talks

Other EU states, including richest member Germany, have said they back starting negotiations with Kyiv on the long process of joining the bloc, but Budapest dug in its heels

EU carbon tax to hurt global trade, not to stop carbon leakage: GTRI

The decision of the European Union (EU) to impose a carbon tax on certain sectors like metals from 2026 will only hurt global trade and not help in containing carbon emissions, think tank GTRI said on Sunday. The Global Trade Research Initiative (GTRI) said that European Commissioner Wopke Hoekstra remarks that the sole aim of CBAM (Carbon Border Adjustment Mechanism) is to prevent carbon leakage which has significant flaws. It added that fossil fuels contribute to 90 per cent of Greenhouse and 75 per cent of carbon emissions and if decarbonization is the goal, the EU should heavily tax fossil-fuel imports. Carbon leakage is the phenomenon of companies moving production to countries with weaker environmental regulations to avoid paying carbon prices in the EU. This objective could have been achieved by merely taxing imports from the EU firms, which have shifted production to other countries. However, the EU chose to tax all world imports through CBAM, GTRI Co-Founder Ajay Srivastava

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European Union strikes deal to regulate ChatGPT, AI tech in landmark act

Thierry Breton, the bloc's internal market chief, said the deal strikes a balance between fostering innovation and protecting the rights of people and companies

Esma should follow principle of mutual trust, cooperation: T Rabi Sankar

RBI dy governor says not comfortable extraterritorial jurisdiction regulations

China, EU divide starkly apparent in post-summit news conferences

From trade to human rights, the leaders of China and the European Union differed on a wide range of issues at a summit this week in the Chinese capital. China, which sees Europe as an important export market, raised concerns about trade protectionism and de-risking, the EU initiative to reduce its reliance on any one country such as China for vital raw materials and products. The EU, which sees imports from China as a potential threat to companies and jobs, pressured China on its large trade surplus with Europe and its de facto support for Russia in the war in Ukraine. Separate post-summit news conferences on Thursday evening highlighted the divergent positions. Wang Lutong, the director general for European affairs, spoke to journalists at China's Foreign Ministry. Then EU Commission President Ursula von der Leyen and EU Council President Charles Michel held a joint news conference at the European Union office in Beijing. TRADE IMBALANCE VON DER LEYEN: If you just look at the

India will address EU's carbon tax issue; will retaliate if required: Goyal

India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026. However, from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "Bharat will address the problem of CBAM with confidence, and we will find solutions. We will see how we can convert CBAM to our advantage if it comes in. Of course, I will retaliate. You need not worry about it," Goyal said here at an industry chamber event. According to a report of the think tank Global Trade Research Initiative (GTRI), CBAM will translate into a 20-35 per cent tax on select imports into the EU, starti

EU's talks on AI rules stall after nearly 24 hours of negotiations

Negotiators made some progress, including on a provisional deal on generative AI tools - the kind capable of producing content on command

Levying border adjustment tax to meet green commitments morally wrong: FM

Finance Minister Nirmala Sitharaman on Thursday said any move on imposition of cross-border adjustment tax by developed countries to meet their green commitments is morally wrong and goes against the interest of developing countries of 'Global South'. "The single mono-sided decision of imposition of border adjustment tax ...the logic just goes against the concern of the Global South... "But cross-border imposition (of tax) and that money going towards somebody else's green agenda, if anything, is not moral at all," Sitharaman said at the CII Global Economic Policy Forum. The minister said every country will need to generate resources to meet the green commitments made globally. Her comments come in the backdrop of the European Union's announcement to impose carbon tax on imports from certain sectors. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026, but from October 1 this year, domestic companies from s