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India-EU FTA will elevate our strategic ties, says Jaishankar

India-EU FTA will elevate our strategic ties, says Jaishankar

External affairs minister S Jaishankar and European trade commissioner Maroš Šefčovič on Wednesday reviewed progress in negotiations between India and the European Union (EU) on a free trade agreement, with both sides emphasising that the deal would elevate the bilateral partnership to the next level.
In February, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen set a deadline for concluding the FTA by the yearend. Negotiations on the trade deal have gained urgency in the face of global economic churn created by the tariff policies of President Donald Trump's administration in the US.
Following a meeting with Šefčovič in Brussels, Jaishankar said in a social media post that both sides recognised the 'progress in our discussions for a comprehensive, balanced and meaningful FTA agreement between India and EU'.
'Agreed that it would elevate our strategic partnership, that is rapidly acquiring new dimensions and facets,' he added.
Šefčovič, who is the European Commission's head for trade and economic security, said in a separate social media post that he and Jaishankar discussed 'efforts to elevate the EU-India partnership to the next level - through a commercially meaningful trade agreement'.
'We keep our strategic lenses firmly in place, and I'm looking forward to seeing [Union commerce minister] Piyush Goyal soon,' Šefčovič said, referring to India's commerce minister who has visited Brussels several times this year to give a push to the negotiations on the trade deal.
Jaishankar, who is on a week-long visit to Belgium and France, also met the president of the European Parliament, Roberta Metsola, in Brussels and said in a social media post that they discussed the 'strengthening of India-EU parliamentary ties, building upon our shared values of democracy and pluralism'.
'Value her positive sentiments on advancing our partnership in trade, technology and security,' he added.
Jaishankar held a separate meeting with Jozef Sikela, the European commissioner for international partnerships, and discussed the India-EU engagement in connectivity, the India-Middle East-Europe Economic Corridor (IMEC), green shipping and clean energy.
The two sides also signed a trilateral cooperation arrangement that Jaishankar said will benefit the Global South.
Meanwhile, in an interview with Euractiv, Jaishankar said the recent India-Pakistan clashes were about terrorism that 'will eventually come back to haunt' Europe.
Responding to a question on the international media framing the clashes as a 'tit-for-tat between two nuclear-armed neighbours', he replied: 'Let me remind you of something — there was a man named Osama bin Laden. Why did he, of all people, feel safe living for years in a Pakistani military town, right next to their equivalent of West Point?'
'I want the world to understand — this isn't merely an India-Pakistan issue. It's about terrorism. And that very same terrorism will eventually come back to haunt you,' Jaishankar added.
He said that India has a 'longest-standing grievance' about Western countries being supportive of Pakistan when it violated India's borders just months after the country's Independence in 1947 by sending 'invaders to Kashmir'.
'If those same countries — who were evasive or reticent then — now say 'let's have a great conversation about international principles', I think I'm justified in asking them to reflect on their own past,' he said.

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Why war clouds are hovering over the Middle East yet again
Why war clouds are hovering over the Middle East yet again

Indian Express

time40 minutes ago

  • Indian Express

Why war clouds are hovering over the Middle East yet again

A CBS report on Thursday said that 'Israel is fully ready to launch an operation into Iran,' and that in anticipation of 'heightened regional tensions', the United States had issued travel advisories to American personnel and families in Iraq, Israel, and the broader region. This comes just a day after US President Donald Trump had reportedly told Israel Prime Minister Benjamin Netanyahu to end the war in Gaza and 'stop talk of an attack on Iran', as well as amid ongoing negotiatioins between Tehran and Washington over a nuclear deal. While the talks are set to continue — the sixth round of negotiations are scheduled to take place in Muscat on Sunday — the latest, somewhat unexpected development has yet again left a Damocles' sword hanging over the Middle East. The trigger Israel's vehement opposition to the Iran-US nuclear talks, and its belief that Iran's vulnerabilities should be exploited with military action against its nuclear sites, is old. But more often than not, this belief has not translated into overt military action. The latest development is nonetheless alarming given it comes the day the International Atomic Energy Agency's (IAEA's) Board of Governors declared that Iran was non-compliant with its non-proliferation obligations — a first such resolution in two decades. While the IAEA has repeatedly warned of Iran's increasing stockpile of 60% enriched uranium, the latest resolution comes on the back of an IAEA investigative report which assessed that Iran was conducting 'secret nuclear activities' at three locations. The Board can now consider another resolution to report Iran's non-compliance to the UN Security Council. Broadly, the 1968 Nuclear Non-proliferation Treaty (NPT), which Iran is a party to, obligates non-nuclear weapon states to respect IAEA safeguards agreements. Among the possible ramifications of the IAEA's report is European states (the UK, France, and Germany) triggering 'snap-back sanctions' on Iran, based on provisions of the 2015 nuclear deal (officially, the Joint Comprehensive Plan of Action). This deal, despite the United States' 2018 pull out, remains alive due to Iranian and European participation on paper. It is set to expire in October. The IAEA's resolution, and European reactions to it, have triggered an expectedly hostile reaction from Tehran. Iran, through its UN representative, has now threatened to withdraw from the NPT entirely. Moreover, Iran's Foreign Ministry and its Atomic Energy Organization jointly declared on Thursday that Iran will now open a new uranium enrichment facility at a 'strategically secure site' that will increase Iran's enriched uranium stockpile 'to a great extent', in response to the IAEA Board's 'politically motivated and biased' resolution. Note that Iran has long been wary of European snapback sanctions, which will worsen the pressures that Tehran already faces due to existing American sanctions. Status of n-talks Since April, the US and Iran have conducted five formal rounds of negotiations aiming for a deal which stops Iran from developing nuclear weapons in exchange for sanctions relief. The last round of talks were held in Rome on May 23. At present, the biggest sticking point is not whether Iran has a right to nuclear energy (the US agrees that it does), but whether it can enrich uranium to fuel its nuclear power plants, something that, in theory, will also allow it to produce a nuclear weapon with bomb-grade 90% enriched uranium. Thus far, the US concession to Iran is to allow Tehran to enrich uranium temporarily, before delegating that right to a consortium of regional Arab states and itself which will then provide nuclear fuel to Iran. Iran has rejected this proposal, with Supreme Leader Ali Khamenei himself condemning it. Foreign Minister Abbas Araghchi on Tuesday asserted that his country does 'not need anyone's permission to enrich uranium' within its borders. The Iranian position on the matter has been clear and consistent. Earlier in May, speaking to state-run Tasnim News, Araghchi had said that Iran is prepared to implement confidence building measures and adhere to transparency in exchange for sanctions relief, as long as its rights to enrich uranium within its own sovereign territory is secured. But this has thus far been a red line for Washington, with Trump deeming Iran's position 'unacceptable'. It is yet unclear whether the US — or Iran — will be willing to budge on the matter. That said, despite hostile rhetoric, neither side has chosen to walk away from the negotiating table, and Tehran continues to court American companies to invest in Iran after a nuclear deal is reached. Although Arab states support the ongoing negotiations, Israelis have remained hostile to the process. As Netanyahu said on April 8, Tel Aviv will only accept a deal which allows signatories to 'go in, blow up the facilities, dismantle all the (Iranian) equipment, under American supervision with American execution…'. What now? Unlike European countries and the US, Israel technically has no locus standi to impose its own maximal terms on a negotiation it is not party to. Israeli covert and (occasional) overt operations against Iran have contributed to a self-fulfilling cycle of retribution and violence that has dented the already fragile ground on which Tehran and Washington engage with each other. Given how Iran is locked in its view of Tel Aviv and Washington acting in concert, Iranian officials at the highest levels, including Araghchi, have made it categorically clear that they will hold the US responsible for any Israeli attack on Iranian nuclear sites. As per the IRGC, this will invite a 'devastating and decisive response' on targets including US military infrastructure in the region. In the past, US bases in Iraq have usually been Iran's first target (through proxy or directly). This is despite the US repeatedly distancing itself from Israeli attack plans, at least in public. As recently as April, Trump opposed an Israeli plan to attack Iran's nuclear infrastructure, and refused to back such an attack. Israel's rationale to launch an attack, and effectively sabotage Iran-US negotiations, may also be borne out of domestic imperatives. It is evident that Netanyahu's domestic troubles have only increased, as European states place unprecedented sanctions on Israeli leaders, including Finance Minister Bezalel Smotrich. Early on Thursday, Netanyahu by a narrow 63-51 margin survived an attempt in the Knesset to dissolve Parliament and hold early elections. With his coalition under immense pressure, the Israel Prime Minister, as he has often done in the past, has tried to up the heat on Gaza and Iran to justify not holding elections, with his coalition saying that given the war in Gaza and the 'Iranian issue', elections at this time would 'paralyse the country'. An Israeli escalation against Iran would provide further weight to this reasoning. But Israeli threats aside, the IAEA's report may already have sown seeds of conflict in the region. Should Iran withdraw from the NPT, it is a near certainty that Iran-US nuclear talks will break down. The United States' Nuclear Proliferation Prevention Act of 1978 will then prevent Washington from offering any concession which it might otherwise be open to. At present, all the pieces on the board sit with wound up springs. Whether they unwind — and unleash conflict in the region — will depend on how and when the states concerned decide to act: whether Israel proceeds with an attack, Europe implements snap-back sanctions, Iran withdraws from the NPT, or the US withdraws from negotiations. Bashir Ali Abbas is a Senior Research Associate at the Council for Strategic and Defense Research, New Delhi

Stock market today: Trade setup for Nifty 50 to Israel-Iran conflict; 8 stocks to buy or sell on Friday — 13 June 2025
Stock market today: Trade setup for Nifty 50 to Israel-Iran conflict; 8 stocks to buy or sell on Friday — 13 June 2025

Mint

timean hour ago

  • Mint

Stock market today: Trade setup for Nifty 50 to Israel-Iran conflict; 8 stocks to buy or sell on Friday — 13 June 2025

Stock Market Today: The benchmark Nifty=50 Index lost more than 1% to end at 24,888.20 on an expiry day, when multiple global cues and rising crude prices impacted the markets. The Bank Nifty, at 56,082.56, was down 0.67%, and most sectors, led by realty, auto, ended in the red. The broader indices also saw an early 2% correction. Immediate support for the Nifty is now seen at 24,750, followed by 24,500. On the higher side, the previous support band of 25,000-25,050 could now interchange its role as a resistance band, indicating that any bounce attempts might face selling pressure around these levels, as per Nandish Shah, Deputy Vice President at HDFC Securities. The revised support would move higher to the previous all-time high of 56,100 followed by 55,500 levels, while the pivot resistance is placed at 57,700 levels as per Vikas Jain, Head of Research at Reliance Securities The US dollar index slipped to a seven-week low following softer-than-expected US inflation data that could support the case for a Federal rate cut. Meanwhile, in a positive development on the domestic front, India's retail inflation cooled to 2.82% (vs expected 3%) in May- its lowest level in over six years. Overall, we expect the market to remain in a consolidation mode, tracking global market cues and developments on the US-India trade deal, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd. Arvind Fashions Ltd. An Israeli military official has confirmed the attack, saying that it has targeted 'dozens' of sites across Iran, Reuters reported. The Israeli military said it has launched a preemptive strike against Iran's nuclear program. According to a report by Axios, Israel's defence minister declared a state of emergency throughout Israel. Iran had previously vowed to respond to any attack. Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggested three stocks, while Shiju Koothupalakkal, Senior Manager — Technical Research, at Prabhudas Lilladher has given three stock picks. These Include Subros Ltd, Krishana Phoschem Limited, Vijaya Diagnostic Centre Ltd, Radico Khaitan Ltd, Indian Bank, Vimta Labs Ltd and Asian Granito India Ltd or ASIAN TILES Subros Ltd- Bagadia recommends buying SUBROS at around ₹ 859 keeping Stoploss at ₹ 825 for a target price of ₹ 920. SUBROS showcases a strong bullish momentum, the stock has now broken out of a long consolidation phase and is displaying strong price structure, firmly above all key exponential moving averages. The stock formed a bullish candle with a wide trading range and closed near the higher end, suggesting strong intraday demand. SUBROS had been trading sideways between ₹ 540– ₹ 620 for several months before staging a powerful breakout in late May. 2. Krishana Phoschem Limited - Bagadia recommends buying KRISHANA at around ₹ 490.05 keeping Stoploss at ₹ 470 for a target price of ₹ 525. KRISHANA showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹ 490.05. The stock has been experiencing robust buying interest, the stock has shown consistent higher highs and higher lows, a classic pattern of a strong uptrend. The stock shows a parabolic uptrend since mid-March 2025. The slope of EMAs is steeply upward, especially the EMA-20 and EMA-50, which are acting as dynamic supports. 3. Vijaya Diagnostic Centre Ltd - Dongre recommends buying Vijaya Diagnostic Centre or VIJAYA at around ₹ 960, keeping Stoploss at ₹ 945 for a target price of ₹ 995. Stock has exhibited a strong, notable, continuous bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 960 and maintaining a strong support at ₹ 945. The technical setup indicates the potential for a price retracement towards the ₹ 995 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 945 offers a prudent approach to capturing the anticipated upside. 4. Radico Khaitan Ltd - Dongre recommends buying Radico Khaitan or RADICO at around Rs 2580, keeping Stoploss at ₹ 2635 for a target price of ₹ 2680. Stock has exhibited a strong, notable, continuous bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹ 2580 and maintaining a strong support at ₹ 2635. The technical setup indicates the potential for a price retracement towards the ₹ 2680 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹ 2635 offers a prudent approach to capturing the anticipated upside. 5. Indian Bank - Dongre recommends buying Indian Bank at around ₹ 625 keeping Stoploss at ₹ 615 for a target price of ₹ 645. In the latest short-term technical analysis, stock has shown a strong and consistent bullish trend, indicating the potential for an extended upward move. The stock is currently trading at ₹ 625 and holding above a key support level at ₹ 615. This support zone serves as a critical point for risk management. Given the bullish momentum, traders are advised to consider a buying opportunity with a stop-loss placed strategically at ₹ 615 to manage downside risk. The target for this trade is set at ₹ 645, suggesting a favorable risk-to-reward ratio and a continuation of the prevailing upward trend. 6. Arvind Fashions Ltd - Koothupalakkal recommends buying ARVIND FASHIONS at around ₹ 483 for a target price of ₹ 520, keeping Stop loss at ₹ 474. The stock has indicated a consolidation breakout above the ₹ 476 zone with a bullish candle formation accompanied with huge volume participation visible to improve the bias and expecting for further rise in the coming sessions. The RSI is well placed and has signalled a buy with much upside potential movement anticipated and with the chart technically well positioned. 7. Vimta Labs Ltd- Koothupalakkal recommends buying Vimta Labs Ltd or VIMTA LABS at around ₹ 1003 for Target price of ₹ 1045 keeping Stop loss at ₹ 980. The stock has indicated a decent pullback with positive candle formation on the daily chart moving past the 50EMA level at ₹ 985 zone to improve the bias and with the chart set up looking attractive, can anticipate for further rise. The RSI has been well positioned and signalling a buy has much upside potential visible. With the chart technically looking good, we suggest buying the stock for an upside target of ₹ 1045 keeping the stop loss of ₹ 980 level. 8. Asian Granito India Ltd- Koothupalakkal recommends buying Asian Granito India or ASIAN TILES at around ₹ 64.60 for a target price of ₹ 70 keeping Stop loss at ₹ 63. The stock has recently gained strength with series of higher bottom formation visible on the daily chart and with currently has moved past the 200 period MA at ₹ 63 level to strengthen the bias and accompanied by decent volume participation, one can expect for further upward movement in the coming days. The RSI has indicated strength and can carry on with the positive move further ahead. With the chart looking good, we suggest buying the stock for an upside target of ₹ 70 level keeping the stop loss of ₹ 63 level. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

After US' 50% tariff blow, India now faces EU heat on steel quotas
After US' 50% tariff blow, India now faces EU heat on steel quotas

Mint

time2 hours ago

  • Mint

After US' 50% tariff blow, India now faces EU heat on steel quotas

New Delhi: The European Union (EU) has put India's individual quota on hold and placed it under a 'pooled quota" for exporting certain kinds of steel products to the 27-nation bloc, dealing a double whammy to a sector already reeling from America's 50% tariff. The latest move is meant to correct imbalances in the current quota system by restoring separate duty-free country-specific quotas for major exporters like Ukraine, UK, Türkiye and Korea. However, countries like India, which fall under an 'other countries" category, must share a pooled quota of around 12,500 tonnes with others, including China and Vietnam among others. The EU's notification was submitted to the Committee on Safeguards at World Trade Organization (WTO) on Wednesday. The proposed changes will come into effect from 1 July and remain in effect till 30 June 2026. This shared quota, known as the 'residual quota," applies to 'product category 17', which covers 'angles, shapes and sections of iron or non-alloy steel." Also read US rejects India again at WTO: Response to auto tariffs plea mirrors rejection over steel, aluminium dispute Under the pooled quota mechanism, any country in the pool can export any quantity. The amount a country exports is deducted from the overall quota of the pool. This means a single, large producer can quickly exhaust the full quota, analysts said. However, any country in the pool that exports the product once the 12,500-tonne limit has been exhausted attracts a 25% tariff on that additional amount. The figure for Indian exports of these particular products to the EU was not immediately available. However, In FY25, Indian shipments of articles made from iron or steel, which include 'category 17' products, stood at $1.83 billion. This is of major significance for India because it is in the final leg of discussions for a free trade agreement with the 27-nation bloc. The EU had previously removed country-wise quotas for these products in 2022 after Ukraine—then the top supplier—was unable to export due to the war with Russia. That led to a globalized system where all countries could export under a common quota, as per the EU notification. Read this India likely to seek removal of US steel tariffs in trade talks rather than immediate retaliation Presenting New Delhi's stand, a senior official said that India will discuss the issue with the EU, as the notification has provided a window for consultations from 12 to 19 June. The decision may have mixed consequences for Indian exporters. 'Being placed in the third-country quota alongside China puts us at risk of losing our share, as China (alone) could exhaust the allocation early," said Pankaj Chadha, Chairman of the Engineering Export Promotion Council (EEPC), a body under the commerce ministry. Chadha is also managing director of Jyoti Steel Industries. These changes notified by the EU include removal of a 15% cap on any single country's share of the pooled quota. While the pooled quota ensures some continued market access, it poses a significant disadvantage when compared with countries that now enjoy exclusive duty-free quotas, experts said. 'The continued access to residual quotas offers a limited but important channel for Indian steel exports. The latest adjustments also provide an opening for India to press for full access without quotas under the ongoing India–EU free trade agreement negotiations," said Arun Kumar Garodia, director, Corona Steel. Also read Govt may harness public sector undertakings to drive green steel consumption 'The EU's latest revision of its steel import safeguards may appear targeted at restoring trade balance, but in practice, it entrenches discrimination against countries like India that lack dedicated quotas," said Ajay Srivartava, co-founder, Global Trade Research Initiative (GTRI). 'By reintroducing exclusive duty-free quotas for the UK, Türkiye, and South Korea while limiting others—including India—to a small, shared residual quota, the EU has effectively locked India into a second-tier access regime," he said. Under the EU's revised safeguard system for steel, Ukraine has been allocated over 31,600 tonnes per quarter for these steel products, the UK 27,500 tonnes, Türkiye 22,900 tonnes, and South Korea 5,300 tonnes each quarter. The negotiations for an FTA with the EU are at an advanced stage and are likely to be signed in the next couple of months. Queries emailed to the commerce ministry remained unanswered till press time. And read Goyal begins France, Italy visit to deepen trade ties; India looks to fast-track EU FTA, global alliances

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