INDIA EU
UK trade body opens review into duties on Indian imports of PET plastics
The UK's Trade Remedies Authority (TRA) is conducting a transition anti-subsidy review on imports of polyethylene terephthalate (PET) plastics from India, evaluating whether the current nearly 13 per cent duties should be maintained. TRA, an independent body under the Department for Business and Trade, will assess the impact on the UK industry and determine if countervailing measures are necessary to address subsidised imports, inviting affected businesses to provide input by July 25.
Focus on autonomous vehicles, EU expansion drive KPIT’s growth
Despite global challenges like supply chain issues and the rise of AI, KPIT Technologies has continued to grow, CEO Kishor Patil told ET. This is due to the company's smart investments in areas like EVs and self-driving cars, along with their timely expansion into European markets, he added.
EU banks likely to seek more time for CCIL trade cut-off
Deutsche Bank, BNP Paribas, Credit Agricole, and Societe Generale request a six-month extension from BaFIN and AMF for the October 2024 CCIL trading deadline. This results from ESMA's de-recognition and pending Reserve Bank of India approval for a third-party clearing model proposed in recent ESMA meetings to resolve regulatory conflicts.
India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD
The UNCTAD nowcast predicts a stronger positive trend for the second quarter of 2024, projecting an approximate 2% increase for the first half of 2024. This increase is expected to add around $250 billion to goods trade and about $100 billion to services trade in the first half of 2024 compared to the second half of 2023.
Confident of $800 billion exports in FY25: Piyush Goyal
Amidst global challenges, India's export sector is anticipated to thrive under Minister Goyal's projections. Efforts to establish specific targets, navigate FTA negotiations, and preserve diamond export interests are crucial in sustaining India's export growth trajectory.
146 Indian students awarded Erasmus Mundus scholarships in Europe in 2024
India has been one of the top recipients of the prestigious Erasmus Mundus scholarships for the 2-year master's programme in Europe under Erasmus+ for the 2024 academic year. The program, which offers a study programme jointly delivered by an international consortium of higher education institutions, has been awarded to 2603 students from 137 countries.
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Make India key node to verify origin of diamonds, Indian officials tell EU
At a meeting in Brussels last month, the Indian trade body, senior government officials and Indian customs officials have told the European Union authorities that India, which imports about 90% of rough stones mined in the world, should be a key nodal checkpoint to verify whether diamonds mined in Russia are sneaking into the affluent markets whose governments are backing the sanctions.
EU’s proposed sustainability standards to hurt Indian exports: GTRI
EU's ESPR regulation, criticized by GTRI, may raise costs and impact exports from developing nations due to stringent sustainability standards and Digital Product Passport requirement.
India, EU fail to reach accord on steel at WTO
India and the European Union failed to reach an agreement at the WTO on concessions related to safeguard measures on steel imports, impacting India's imports.
View: Four years since Galwan Valley clash, India’s template to deal with China holds
The G7, in a recent meeting in Italy, shifted its focus towards China, urging Beijing to stop transferring dual-use materials to Russia for its defense sector. This move marks a significant shift in the conversation surrounding the Indo-Pacific and Ukraine. Xi Jinping's firm stance and China's role as a common link in global affairs have come under scrutiny. The article highlights India's response to Chinese aggression in Ladakh post-Galwan clash, leading to a strategic shift in its policies.
EU proposes anti-dumping duty on Indian optical fibre cable manufacturers
The European Commission has proposed a 8-11.4% anti-dumping duty on Indian optical fibre cable (OFC) manufacturers exporting to Europe. Sterlite Technologies, Birla Cables, Universal Cables, Vindhya Telelinks, and others are among the companies facing this duty.
India has option to propose retaliatory duties on EU's safeguard measures on some steel products
New Delhi, India can propose retaliatory customs duties under WTO norms on EU imports due to disagreement over EU safeguard measures on steel products. EU extended safeguard duties on steel imports till 2026, affecting India's steel exports to the EU.
G7 Summit commits to promoting India-Middle East-Europe Economic Corridor
At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a "free and open Indo-Pacific." Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.
India's EU-like antitrust law worrying technology firms
India's proposed antitrust law, influenced by a panel report, targets tech giants with global turnovers exceeding $30 billion. The law aims to prevent market concentration, similar to the EU's Digital Markets Act.
Global standards with FTAs
India recently concluded a trade and economic partnership agreement with the European Free Trade Association (EFTA) comprising Iceland, Liechtenstein, Norway, and Switzerland. The agreement includes innovative features like linking potential investment with tariff liberalisation.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
Stock disclosure rules for yellow peas tightened as importers refuse to sell
Importers of pulses in India have urged the central government to impose an import duty on yellow peas due to the adverse impact of inexpensive imports on domestic market prices. Expressing worry over importers withholding significant quantities of yellow peas imports in domestic markets, the central government recently intensified stock disclosure regulations for the pulses industry and trade. In addition to stakeholders submitting their stock positions, they are now required to report stock in and stock out quantities twice a week.
Green and bear it for a steely resolve
India is preparing to challenge the EU's Carbon Border Adjustment Mechanism (CBAM) at the WTO, which requires non-EU steel producers to report emissions. As the only major steel producer with significant growth (8.5% in early 2024), India must address its sector's high carbon footprint, responsible for 12% of national CO2 emissions. To meet climate targets and expand exports, India is exploring biomass and green hydrogen for decarbonisation. The government must push the industry towards greener practices, implement green steel procurement policies, support R&D, and establish frameworks for financing the transition to ensure a sustainable steel sector.
India's mammoth general election followed by Europe's big polls
The world's largest general election concluded with Prime Minister Narendra Modi-led NDA winning a third term. Around 450 million European Union citizens began voting to choose 720 members of the European Parliament from 27 countries in the second biggest electoral exercise.
Why should reforms now be a problem? Freebies, promised or delivered, didn’t work. Labour, trade, education & privatisation reforms await
Voters in the recent election have sent a clear message: they value responsible spending over freebies. At the national level, the NDA government, despite a reduced majority, was preferred over a challenger promising unattainable giveaways. Similarly, in Andhra Pradesh, the incumbent government, known for excessive freebies, faced a resounding defeat. The takeaway for future governments is to spend taxpayer money judiciously, prioritizing essential functions like infrastructure, education, health, and defence.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
EU carbon tariff: India preps for a fight at WTO
India is considering challenging the European Union's Carbon Border Adjustment Mechanism (CBAM) at the World Trade Organization, which mandates non-EU steel producers to report emissions, impacting sectors like iron and steel, cement, and more.
Google, Amazon, Apple lobby group opposes India's EU-like antitrust proposal
India is drafting a new competition law to target big digital firms, with a U.S. lobby group urging a rethink to avoid potential business impacts.
Brazil, Canada, EU urge India to submit timely notifications on sugar subsidies in WTO
A group of WTO member countries, including Brazil, Canada and the European Union, have urged India to submit timely notifications on sugar subsidies in the World Trade Organisation, an official said. The issue came up for discussion during the meeting of the WTO's agriculture committee on May 23-24 in Geneva.
India held two-day "Chintan Shivir" to formulate strategy and SOPs for FTAs
The commerce ministry's two-day "Chintan Shivir" aimed to develop strategies for free trade agreements (FTAs), focusing on India's trade vision for 2047 and new FTA disciplines. Experts emphasized consultation with stakeholders and timely sharing of negotiation details. India is negotiating FTAs with various countries, including the UK, EU, Australia, Eurasian Economic Union, and Peru. Negotiations for the India-EU FTA are at a crucial stage, while the India-UK FTA has made progress but faces challenges like tariff reductions and fair treatment of Indian workers in the UK.
India calls for details on ambit of proposed EU deforestation norms
India has reached out to the European Union for details regarding its forthcoming regulation, which aims to evaluate exporting nations as either low or high risk based on deforestation levels. The EU's proposed deforestation-free product regulation carries significant implications for India's exports of coffee, cocoa, soybeans, wood products, rubber and derivatives, as well as leather goods.
Export orders rise 10% in six months on demand from US, EU
Export orders up 10% in EU, West Asia, US driven by leather goods, footwear, apparel demand in India. Challenges for engineering goods due to geopolitical tensions. Increase in apparel orders from UK and demand for non-leather footwear. Positive impact of trade pacts with Australia and Mauritius. Market recalibration after inventory decline, logistics issues, and geopolitical tensions.
Jaishankar expresses confidence in India-EU partnership growing further
Extending felicitations to EU's Ambassador to India, Herve Delphin, Jaishankar said, "I think today the relationship between India and the European Union is not only consequential for each one of us but also for the world as well. The EU is our largest economic partner, but it is more than that."
India-European Union relationship consequential for world also: EAM Jaishankar
During Europe Day celebrations in New Delhi, External Affairs Minister S Jaishankar emphasized the significance of the India-EU relationship, calling it consequential not just for both parties but for the world. He highlighted the deep ties between India and the EU across various domains, emphasizing the need for resilient and reliable supply chains and stronger digital cooperation. Jaishankar also praised the EU's engagement in the Indo-Pacific and its contribution to initiatives like the India-Middle-East-Europe Economic Corridor. EU Ambassador to India Herve Delphin echoed these sentiments, noting India's growing importance for the EU.
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