Page 64 - European Union

EU imports high-tech products worth euro 482 bn from extra-EU nations

In 2022, the EU imported Euro 482 billion worth of high-tech products from extra-EU countries (+22 per cent compared with 2021), according to an estimate published by Eurostat

USAID chief optimistic on Serbia-Kosovo talks, pledges US support

The United States' top international development official on Friday said Washington is focusing on the urgency of normalising relations between Kosovo and Serbia in EU-brokered talks between the two former war foes. USAID Administrator Samantha Power has been in Kosovo for the past two days, following a three-day visit to Serbia. As the most senior representative of US President Joe Biden to visit Kosovo recently, she said her country's focus now was on the importance of implementation of the agreements that will produce a normalisation that will be incredibly important for Kosovo and for Serbia. Over the two days of her trip, Power visited a local farm and food processing facility. She met with young entrepreneurs at a hub for innovation and also spoke to young peacemakers bridging divides between Kosovo and Serbia. Normalisation is going to be really, really good for business, she said at a news conference. The good that normalisation will do for the young people of this countr

Zelenskyy barred from addressing 'nonpolitical' Eurovision Song Contest

This weekend's Eurovision Song Contest will have Ukrainian flags, Ukrainian musicians and Ukrainian fans but not the country's wartime leader. Organisers rejected a request from President Volodymyr Zelenskyy to make a video address to the final of the pan-continental music competition on Saturday. He was expected to urge the world continue its support for Ukraine's fight to repel Russian invasion. The European Broadcasting Union, which runs Eurovision, said that letting Zelenskyy participate would breach the nonpolitical nature of the event. Zelenskyy's request "to address the audience at the Eurovision Song Contest, whilst made with laudable intentions, regrettably cannot be granted by the European Broadcasting Union management as it would be against the rules of the event, the organization said. Founded in 1956 to help heal a continent shattered by war, Eurovision strives to keep pop and politics separate. Overtly political lyrics, signs and symbols are banned. But politics can

WTO ruling on IT products: Govt seeks to address trade bloc's tariff worry

Issue to be taken up next week's India-EU Trade & Tech Council meet

EU proposes tougher cybersecurity labelling for Amazon, Google, MS

While the new provisions underscore EU concerns of interference from non-EU states, they are likely to spark criticism from US tech giants worried about being shut out from the European market

UK ditches post-Brexit plan to scrap thousands of EU laws by year's end

Britain's bonfire of European Union laws has been reduced to embers. The U.K. government on Wednesday scrapped a plan to remove all remaining EU laws, about 4,000 in all, from British statute books by the end of this year a post-Brexit goal that critics said was rash and unachievable. Business Secretary Kemi Badenoch said in a written statement that the government would instead draw up a list of about 600 specific laws that would be revoked. Badenoch acknowledged there were risks of legal uncertainty if all EU laws were ditched by the end of the year. A lawmaker from the opposition Labour Party, Jenny Chapman, called the announcement a humiliating U-turn from a weak and divided government. Thousands of pieces of EU law were cut-and-pasted into U.K. legislation when Britain left the bloc in 2020 after decades of membership, to ensure continuity for people and businesses. The government's Retained EU Law Bill would have automatically removed all of them at the end of the year unles

India, EU holds 4th Strategic Partnership Review Meeting in Delhi

Along with a wide range of other topics, connectivity cooperation between India and the European Union was discussed in a recent Strategic Partnership Review Meeting in Delhi

India to participate in EU's 2nd Indo-Pacific ministerial forum in Sweden

The meeting will bring together around 60 foreign ministers from the Indo-Pacific region and the EU, along with representatives of Indo-Pacific regional organisations and other partners

Centre asks industry to be ready for EU carbon tax, vows smooth transition

The carbon tax aims to impose a tax on goods imported into the EU from regions where production-stage carbon emissions are higher than those allowed by the mechanism's rules

India pressing EU for recognition of carbon certificates for MSMEs

India is pressing the European Union for a mutual recognition agreement for its carbon certificates and exempt MSMEs in certain sectors to insulate the domestic industry from the burden of the EU's carbon tax, which would kick in from October this year, a government official said. The EU is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1 this year. CBAM would translate into a 20-35 per cent tax on select imports into the EU starting January 1, 2026. From October, domestic companies from seven carbon-intensive sectors -- including steel, cement, fertiliser, aluminium and hydrocarbon products -- would have to seek compliance certificates from the EU authorities to comply with the CBAM norms. Under the mutual recognition agreement, India has asked the EU to give recognition to its Carbon Credit Trading Scheme (CCTS), which is under preparation by the power ministry. Acceptability of CCTS by the EU would help Indian companies to reduce additional burden in the

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

EU poised to be on forefront of artificial intelligence regulation

The breathtaking development of artificial intelligence has dazzled users by composing music, creating images and writing essays, while also raising fears about its implications. Even European Union officials working on groundbreaking rules to govern the emerging technology were caught off guard by AI's rapid rise. The 27-nation bloc proposed the Western world's first AI rules two years ago, focusing on reining in risky but narrowly focused applications. General purpose AI systems like chatbots were barely mentioned. Lawmakers working on the AI Act considered whether to include them but weren't sure how, or even if it was necessary. Then ChatGPT kind of boom, exploded, said Dragos Tudorache, a Romanian member of the European Parliament co-leading the measure. If there was still some that doubted as to whether we need something at all, I think the doubt was quickly vanished. The release of ChatGPT last year captured the world's attention because of its ability to generate human-like

Ukraine, EU agree to extend preferential trade regime for one year

Ukraine and the European Union (EU) have agreed to extend for one year their preferential trade regime, which is due to expire on June 5, Ukrainian Prime Minister Denys Shmyhal said.

European Union envoys seal deal on joint ammunition buying for Ukraine

Sweden, current holder of the EU's rotating presidency, said the decision "to support the Ukrainian Armed Forces through $1.10 billion for joint procurement of ammunition and missiles"

WTO ruling against India in tech tariffs dispute with European Union

India, however, believes that such retaliations will eventually be detrimental to the trade on both sides

Officials, industry leaders may meet on May 4 to discuss EU's carbon tax

From January 1, 2026, the EU will start collecting carbon tax on each consignment of steel, aluminium, cement, fertilizer, hydrogen and electricity

No significant impact of Esma ban, say domestic clearing corporations

Industry sources said that as of Tuesday, the European banks continued to use the clearing and settlement services of the CCIL

Space rivals join up to bid for European Union's $6.6 bn satellite plan

The consortium will be run by aerospace manufacturers Airbus SE and Thales Alenia Space SAS along with satellite operators Eutelsat Communications SA, SES SA, and Hispasat SA

Biocon Biologics facility gets EU GMP certification for Bevacizumab

Biotechnology major Biocon on Friday said the Bengaluru-based plant of Biocon Biologics has received EU GMP approval for a biosimilar product. Biocon Biologics' facility has received a certificate of GMP compliance for Bevacizumab from the representative European inspection authority -- Health Products Regulatory Authority (HPRA), Ireland. Bevacizumab is indicated for the treatment of various types of cancers and a specific eye disease. "This approval reflects Biocon Biologics compliance with the highest international regulatory standards and enables the company to continue addressing the needs of patients in the EU," a company spokesperson said in a statement. This (B3) facility, which is one of India's largest monoclonal antibodies (mAbs) manufacturing facilities, had received the EU GMP Certification for manufacturing biosimilar Trastuzumab last year, the spokesperson said. Biocon Biologics is a subsidiary of Biocon Ltd.

Meta gears up for fine and ban in clash over EU-US data transfers

The Irish Data Protection Commission, the main EU privacy watchdog in charge of Meta's Facebook, will announce the decision next month, the company said in its quarterly report