Page 7 - European Union

EU launches new strategic agenda to deepen defence, trade ties with India

The European Union (EU) on Wednesday unveiled a new strategic agenda to significantly ramp up its engagement with India in a range of key areas such as defence, trade and energy, and to jointly tackle major global challenges. The EU said its closer partnership with India is increasingly becoming vital in the wake of the shifting geopolitical realities and that it is prudent for the two sides to strengthen economic growth and security. The 'New Strategic EU-India Agenda' marks a significant milestone in relations between the two sides as it aims to "deepen, broaden, and better coordinate" bilateral cooperation, enhance prosperity and security for both partners and help tackle major global challenges, it said. European Commission President Ursula von der Leyen said: "Now is the time to focus on reliable partners and double down on partnerships rooted in shared interests and guided by common values." "With our new EU-?India strategy, we are taking our relationship to the next level,"

EU Commission moves to suspend Israeli trade benefits over Gaza conflict

EU foreign policy chief Kaja Kallas also proposed a package of sanctions on two Israeli ministers, as well as "violent" Israeli settlers and 10 senior members of Palestinian militant group Hamas

EU eyes deeper partnership with India despite concerns over Moscow ties

The European Union and India are in the final stages of negotiating a free trade agreement both sides aim to conclude by the end of the year

Govt taps Uco Bank to manage payments for Nayara Energy after EU sanctions

The government has tasked Uco Bank with processing Nayara Energy's payments after EU sanctions cut the refiner off from domestic and global lenders

Sanctions leave Nayara struggling to secure non-Russian crude supplies

Nayara Energy - part-owned by Russian oil giant Rosneft PJSC and blacklisted by the European Union in July - is facing difficulties in securing non-Russian crude supplies for a second month in a row as western shipping companies refused to ferry oil for it, ship tracking data showed. Nayara, which has already cut down the run rate of its 4,00,000 barrels a day oil refinery at Vadinar in Gujarat, remains heavily reliant on Russian barrels since August. The company got about 2,42,000 barrels per day (bpd) of Russian oil, possibly in ships arranged by Moscow, in August, and another 3,32,000 bpd in the first half of September, preliminary data by global trade analytics firm Kpler showed. It did not get any crude oil, which is converted into fuels like petrol and diesel at the refinery, from other key sources, such as Iraq and Saudi Arabia, in both August and September. Iraq and Saudi Arabia had supplied about 1,20,000 bpd of crude to Nayara in July. "Nayara's situation remains challeng

Exploring ways to boost cooperation in defence, manufacturing with EU: Govt

India and the EU are also exploring avenues for enhanced cooperation in defence industry and manufacturing, the Ministry of External Affairs said

EU could quit Russian gas in a year with US LNG, says energy chief

The US is ramping up pressure on Europe to cut off energy revenue to Moscow, seeking to end the war in Ukraine. As Russia's most lucrative export, its fuel revenue has helped fund the war

EU unlikely to impose 100% tariffs on India on Trump's request; here's why

The European Union treats tariffs and sanctions differently and considers imposing such tariffs as a risky move, and supports targeting specific entities with sanctions

European Union approves 102 more Indian marine product units for exports

The European Union (EU) has approved 102 additional marine product units from India for exports, making them eligible to supply to the bloc, which is the country's second-largest seafood export destination, an official said on Tuesday. With this, a total of 604 Indian units are listed by the EU. "The move would help boost India's seafood exports to the EU. It is expected to help increase our seafood exports by about 20 per cent," the official said. In 2023-24, India's seafood exports to the EU stood at USD 1.1 billion. The development is also important for diversifying India's shrimp exports, which are hit hard by a steep 50 per cent tariff imposed by the US. The official said that listing of these units by the EU was a long pending demand of India. The US, EU, China, Japan, Vietnam and Thailand are major seafood export destinations of India. "The listing is a key development to boost our exports. This also reflects that our units are maintaining high standards," the official ..

EU lists 102 new Indian fishery units for export to member countries

The US is India's largest export destination for seafood, followed by the EU. China, Japan, Vietnam, and Thailand are also major seafood export destinations of India

US, European officials meet to discuss new sanctions, tariffs on Russia

US and European officials met at US Treasury Department on Monday evening to discuss various forms of economic pressure to exert on Russia, including new sanctions and tariffs on Russian oil purchases, a person familiar with the meeting told The Associated Press. The person, who spoke on the condition of anonymity to discuss the meeting, said US officials emphasised to their European counterparts that President Donald Trump is willing to exert significant actions to end the war but expects full cooperation from European partners in whatever actions are taken. The meeting, which lasted less than two hours, highlighted tariff actions, the need for collective action on whatever is determined on sanctions, and how to manage Russian sovereign assets that are still immobilised largely in Europe, among other issues. Officials with the White House, State Department and US Trade Representative participated in Monday's meetings. The European team includes staff focused on energy, sanctions, .

EU considers fresh set of sanctions on Russia to hit banks and oil trade

The bloc is hoping to coordinate some of its latest measures with the US, said the people, who spoke on the condition of anonymity to discuss private deliberations

India, EU begin 13th round of trade talks, hope to fast-track deal

India and the European Union (EU) on Monday started the next round of negotiations for the proposed free trade agreement (FTA), an official said. After the 13th round of talks, European Commissioner for Trade Maros Sefcovic will visit India on September 12 to take stock of the progress of negotiations with Commerce and Industry Minister Piyush Goyal, the official said. As there is a deadline to conclude the talks by the end of this year, this round of talks is important. The 12th round of talks concluded in Brussels. In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It stalled in 2013 due to differences on the level of opening up of the markets. On February 28, PM Narendra Modi and the European Commission president agreed to seal a much-awaited free trade deal by the end of this year. Besides demanding significant duty cuts in automo

13th round of FTA talks from Monday: India, EU hope to fast-track deal

The outcome of this round of negotiation will be crucial in determining the next steps, as both sides weigh the possibility of a political call to break the deadlock on the unresolved issues

India, EU advance talks on trade agreement, target year-end deal

Eyeing to conclude their ambitious free trade deal soon, India and European Union will hold two rounds of crucial negotiations in next one month to overcome differences in areas of rules of origin, market access and duties on wine and dairy products, authoritative sources said on Sunday. European Commission's agriculture commissioner Christophe Hansen and trade chief Maros Sefcovic are visiting India this week to hold talks with their Indian interlocutors as both sides look to seal the free trade agreement (FTA) by end of this year. The European Union is India's biggest trade partner with bilateral trade in goods recording USD 135 billion in the financial year 2023-24. Besides the trade deal, India and the EU are also in the process of firming up a series of transformative initiatives including a new politico-strategic vision and key foundational frameworks to expand defence ties -- moves that came against the backdrop of increasing geopolitical uncertainty. Significantly, the EU w

US, EU plan to discuss fresh Russia sanctions as Ukraine war drags on

A team of European officials, led by EU sanctions envoy David O'Sullivan, will visit the US Treasury on Monday to discuss various forms of economic pressure to exert on Russia, including new sanctions, a person familiar with the meeting told The Associated Press. The person, who spoke on the condition of anonymity to preview the meeting, said Treasury Secretary Scott Bessent spoke with the head of the European Commission, Ursula von der Leyen, on Friday ahead of the meeting as a follow-up to Vice President J D Vance's conversation with the top European official a day earlier. The meeting comes as President Donald Trump has grown increasingly frustrated by his inability to end the 3 1/2-year Russian war in Ukraine prompted by Moscow's invasion. Trump has tried in vain to get Russian President Vladimir Putin to agree to sit down with Ukrainian President Volodymyr Zelenskyy for direct talks aimed at ending the war despite holding a summit with the Russian leader last month in Alaska.

Google hit with $3.45 billion EU antitrust fine over adtech practices

The Commission said Google favoured its own online display technology services to the detriment of rivals and online publishers and that it abused its market power since 2014 until today

EU pork faces anti-dumping duties up to 62.4% as China steps up tariffs

China has announced provisional anti-dumping duties on EU pork, ranging from 15.6 per cent to 62.4 per cent, hitting major exporters like Spain, Denmark, and the Netherlands

India will continue to buy Russian oil as required, says FM Sitharaman

Finance Minister Nirmala Sitharaman said India will keep buying Russian oil, stressing that the country's energy decisions are guided by national interest and citizens' needs

Trump urges European leaders to stop Russian oil imports, cites Ukraine war

In a 'Coalition of the Willing' call, US President Donald Trump urged European leaders to stop buying Russian oil that funds the war in Ukraine and called for stronger security support