ELECTRICITY TRADE AGREEMENT
India-UK FTA: Dynamics set to change after Starmer-led Labour Party's election victory?
India-UK FTA: Keir Starmer's Labour Party is poised to end the 14-year Conservative Party rule in the UK, with Starmer set to become the next Prime Minister. The change in government is expected to have minimal impact on India-UK relations, particularly concerning the Free Trade Agreement (FTA). Starmer's manifesto pledges to pursue a "new strategic partnership" with India, focusing on finalizing the FTA, marking a departure from previous Labour Party stances. Despite the anticipated shift, the specific timelines for concluding the FTA remain uncertain.
Europe is slapping tariffs on Chinese electric vehicles - for now. Here's what to know
EU raises customs duties on Chinese electric vehicles due to unfair subsidies. Tariffs aim to address market imbalance. Negotiations ongoing between EU and China. Concerns about impact on European jobs and green technology production. Uncertainty looms over potential solutions and retaliatory measures.
US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
Singapore-based Sembcorp to supply green ammonia to Japan from its India plant
Singapore-based Sembcorp Green Hydrogen Pte Ltd signed an agreement with two Japanese firms to supply green ammonia from its 200,000-metric tonne capacity plant in India.
India, US, 12 others likely to ink pact today to meet climate financing goal
India, the US, and a dozen other nations are poised to sign a Clean Economy Agreement under the Indo-Pacific Economic Framework, aimed at meeting climate objectives through collaborative financing. The agreement, to be signed at a Singapore meet, focuses on improving market conditions and reducing barriers for low-carbon projects. While the pact is in its final stages of approval, experts caution against allowing imports of genetically modified seeds and foods under the guise of food security.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
BHEL ties up with BARC for electrolyser system to produce hydrogen energy
Bharat Heavy Electricals Limited (BHEL) has signed an agreement with the Bhabha Atomic Research Centre for 50 kW alkaline electrolyser system to produce hydrogen, the company informed the exchange in a filing.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Tata Steel signs grid agreement to make its UK project green
"This will help us replace our aging and carbon-intensive blast furnaces with a state-of-the-art electric arc furnace capable of producing our customers' most demanding steel products," said Rajesh Nair, chief executive of Tata Steel UK, in a website statement.
India, UK review implementation of 10-year roadmap
Foreign Secretary Vinay Kwatra reviewed the India-UK 'Roadmap 2030' in London, enhancing bilateral cooperation in trade, defence, security, science, and people-to-people exchanges. Meetings were held with Minister of State Lord Tariq Ahmad, MoS for Defence Procurement James Cartlidge, and NSA Sir Tim Barrow.
Keeping close watch on steel imports: SAIL Chairman Amarendu Prakash
India's largest steel player, SAIL, is closely monitoring steel imports amid concerns over China's heavy tariffs on electric vehicles, batteries, steel, solar cells, and aluminium. India reported a 38% surge in steel imports to 8.319 million tonnes in 2023-24, becoming a net importer. Steelmakers are seeking government intervention and domestic players are demanding a curb on imports and review of free trade agreements.
Biden's new China tariff wall faces leakage via Mexico, Vietnam
U.S. officials and trade experts say that without strong efforts to cut off transshipped or lightly processed Chinese goods from Mexico and other countries, China's underpriced excess production will still find its way into U.S. markets.
'US-China trade war escalation may lead to dumping of goods in India': GTRI
The US on Tuesday reignited the trade war with China by announcing a series of proposed tariff increases on imports including electric vehicles (EVs), batteries, and various other goods.
Saudi Arabia plans big investments in Central Asian hub of Uzbekistan
The 3rd Tashkent International Investment Forum (TIIF) in Uzbekistan attracted over 2.5 thousand participants from 93 countries, leading to the signing of agreements worth $26.6 billion. The event highlighted the importance of regional energy projects, including the construction of Kambarata HPP-1 and Yavan HPP, for the entire region. As a result, agreements totaling $26.6 billion were signed, demonstrating the high investment attractiveness of Uzbekistan and the success of the forum.
Saudi Arabia plans big investment in Central Asian hub of Uzbekistan
The 3rd Tashkent International Investment Forum (TIIF) attracted significant global investor interest, resulting in agreements worth $26.6 billion. The event saw over 2.5 thousand participants from 93 countries. Key highlights included presentations of regional energy projects and agreements signed for various projects. These included infrastructure development, wind farms, heat supply system modernization, sugar production, textile manufacturing, and food processing. The forum also discussed economic development, supporting small and medium-sized businesses, retail trade challenges, digital technology integration, and urban planning.
India, Ghana agree for early operationalisation of UPI on Ghana interbank payment systems
India and Ghana aim to link UPI and GHIPSS for instant fund transfers. Discussions include MOU, local currency settlement, and AfCFTA benefits. NPCI's UPI may operate on GHIPSS in 6 months. Bilateral trade focuses on gold, cocoa, and cashew nuts.
India, Nigeria agree to early conclusion of local currency settlement system agreement
India and Nigeria have agreed to conclude a local currency settlement system agreement to strengthen economic ties. The agreement, signed during a joint session of the India-Nigeria Joint Trade Committee, aims to promote the use of the Indian Rupee and Nigerian Naira for cross-border transactions. The agreement will enhance bilateral trade and mutually beneficial investments in sectors such as crude oil, natural gas, pharmaceuticals, power, renewable energy, agriculture, education, transport, railway, aviation, and MSMEs development.
FTAs and new markets will increase India's export to USD 1 trillion by 2030
With these new initiatives, India has seen a surprising surge in exports of precious metals, minerals, automobiles, electronics, pharmaceuticals, organic chemicals, textiles, spices and defence equipment.
Healthcare, education, fintech to be key beneficiaries of India-UAE pact: CII President
CII President R Dinesh believes the ambitious USD 100 billion non-oil trade target between India and the UAE by 2030 is achievable. The 2022 free trade agreement has already spurred significant bilateral trade and investments, with the UAE now India's top non-oil trading partner. The comprehensive pact covers various sectors, fostering growth, and facilitating global supply chains.
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