EU, like-minded countries lock horns in late-night drama at UN's plastic treaty talks
Inside the cramped contact group rooms of the Intergovernmental Negotiating Committee's fifth session (INC-5.2), the EU refused to move discussions on finance (Article 11) forward unless negotiators first tackled "upstream measures" — the politically charged provisions aimed at cutting plastic production, eliminating certain products and restricting hazardous chemicals. For them, there could be no agreement on money without clarity on what that money would fund.
The LMCs, including Saudi Arabia, Kuwait and allies like India, pushed back hard. They demanded that "scope" — a non-article section defining the treaty's reach — be taken up in informal talks alongside Article 6 on product design and standards. Officially, scope discussions are meant to clarify ambition, but many delegates believe the bloc's real aim is to soften the treaty's core mandate from "end plastic pollution" to the weaker "address plastic pollution" and to strip out explicit references to human health impacts.
In the chair's draft text, scope is only a placeholder, not a binding article. EU negotiators argue that giving it equal weight to formal provisions wastes precious time. "You cannot prioritise informal-informal time for something that doesn't exist as an article," said one European delegate to TNIE.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
18 minutes ago
- First Post
Trump-Putin Alaska Summit LIVE Updates: Trump and Putin to hold crucial talks on Ukraine conflict in Alaska
Trump-Putin Alaska Summit Live Updates: Trump on Thursday said there was a 25% chance that the summit would fail, but he also floated the idea that if the meeting succeeds he could bring Zelenskyy to Alaska for a subsequent, three-way meeting, a possibility that Russia hasn't agreed to Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Secretary of State Marco Rubio are among the Trump administration officials joining the president for his flight to Alaska. US President Donald Trump departed for Alaska on Thursday ahead of a closely watched meeting with Russian President Vladimir Putin, a high-stakes encounter that could prove decisive for the future of European security and influence the course of the war in Ukraine. While it'll be their first face-to-face meeting of Trump's second presidency, the pair has met previously on six occasions and, as we know, spoken fairly frequently over the phone. If you consider the history of Donald Trump's public relationship with Vladimir Putin, you won't be surprised that there's a fair amount of concern in Ukraine and among Ukraine's European allies at what might happen when the two meet in Alaska today for their summit. On Friday, US President Donald Trump will meet with Russian President Vladimir Putin in Alaska for a high-stakes summit that may determine not just the course of the Ukrainian conflict, but also Europe's security. The meeting allows Trump to demonstrate to the world that he is both a skilled negotiator and a global peacemaker. He and his allies have portrayed him as a heavyweight negotiator capable of bringing the killing to an end, something he once boasted of doing rapidly. For Putin, a summit with Trump offers a long-sought opportunity to try to negotiate a deal that would cement Russia's gains, block Kyiv's bid to join the NATO military alliance and eventually pull Ukraine back into Moscow's orbit. Trump faces tremendous dangers. By allowing Putin into US land, the president is providing Russia's leader with the recognition he seeks after being ostracised during his invasion of Ukraine three and a half years earlier. The absence of Ukrainian President Volodymyr Zelenskyy from the meeting also strikes a major blow to the West's stance of 'nothing about Ukraine without Ukraine' and raises the prospect that Trump may agree to a settlement that Ukraine does not want. Any success is far from guaranteed, especially as Russia and Ukraine continue to hold opposing positions on peace. Putin has consistently opposed any interim truce, citing a halt in Western weaponry supply and a freeze on Ukraine's mobilisation efforts as criteria, both of which Kyiv and its Western backers have refused.
Hans India
18 minutes ago
- Hans India
Experts Call for Cross Sector, International Collaboration and Tech led Tracking and Enforcement to Curb Illicit Tobacco trade
At the recent summit held in Manila, 'Combatting Illicit Trade in Southeast Asia: Cross-border and Cross-Sector Strategies for Tackling the Threat', experts from Southeast Asia underscored the escalating threat of illicit tobacco trade — a challenge undermining public health systems and draining government revenues in India and Southeast Asia. Fueled by affordability gaps, tax disparities, and weak enforcement, the illegal tobacco market is expanding rapidly. Globally, an estimated 500 billion illicit cigarettes are consumed annually, representing 14–15% of total tobacco use. These products evade taxation and quality control, resulting in significant fiscal losses and heightened health risks. Jericho Nograles, President, Philippine Tobacco Institute, highlighted how the scale of the problem is growing 'In the Philippines, one in five cigarettes is illicit, with a sharp rise seen post-pandemic. Yet governments often avoid discussing the issue, sometimes due to embarrassment. Legal exports can end up fueling illicit imports elsewhere so we need to normalise honest policy dialogue about the existence of illicit trade, if we want real solutions.' On the sidelines of the event, Rodney Van Dooren, Head of Illicit Trade Prevention, Philip Morris International said, 'Illicit tobacco is not just an economic concern but also a health hazard. Counterfeit cigarettes have been found to contain up to 160% more tar and 133% more carbon monoxide than regulated products. In India, where about 120 million people smoke cigarettes, nearly one in four is illicit. Industry estimates suggest this translates into annual excise losses of ₹12,000–13,000 crore (USD 1.5–1.6 billion). 'Illicit tobacco trade in India, and globally, requires a multifaceted approach: balancing regulatory oversight with consumer realities, leveraging technology alongside G2G cooperation with source and transit countries, and stronger enforcement mechanisms The path forward is not just about limiting supply but about understanding demand and building systems that address both,' he added. The affordability of these unregulated products, particularly in low-income and border regions, drives sustained demand. In some cases, the absence or prohibition of regulated, less harmful alternatives has inadvertently pushed consumers toward black-market products. Regional dynamics further complicate enforcement. Illicit products often originate legally in one jurisdiction before being smuggled into others. Chris Humphrey, Executive Director of the EU-ASEAN Business Council, called for a pragmatic reassessment of current fiscal and enforcement strategies, 'Excessive and complex taxation structures create profit margins that make smuggling highly attractive. If we don't have the right IP laws in place, and we don't have the right enforcement in place, that encourages illicit traders. Enforcement is also limited by resources and low penalties, which means there's little deterrent for those involved in these businesses.' Experts agreed that a coordinated approach — including tax rationalisation, cross-border regulatory harmonisation, and technology-led tracking and enforcement — is vital. Without urgent reforms, the illicit tobacco trade is set to continue eroding public health gains and economic stability in the region.
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
What a possible Russia-Ukraine ceasefire could mean for global markets
World markets are watching closely as US President Donald Trump and Russia's Vladimir Putin meet in Alaska later on Friday to seal a possible ceasefire agreement in Ukraine. This is a conflict that sparked an energy shock, sent food prices soaring, battered European assets and cut Russia's economy off from much of the Western world. Details and the longevity of any agreement will be key, and for now investors are on standby. Ukraine's government bonds - key indicators of the mood - in recent days have largely stalled at a still-distressed 55 cents on the dollar. "The big issue will be, of course, that even if we get a ceasefire, how sustainable is that?" said Zurich Insurance Group's chief markets strategist Guy Miller. Here is a summary of how Europe's biggest conflict since World War Two has shaped markets and what impact a ceasefire agreement could have. 1/ EUROPE HURT Europe's reliance on cheap Russian gas meant its economy and stock market were ill-equipped to handle surging energy prices, and Germany's economy, Europe's industrial powerhouse, stagnated. Stocks were broadly punished, with sectors reliant on low energy prices, such as industrials and chemicals, notably hit. European banks also took a drubbing but have since recovered as those exposed to Russia cut ties. It has not been all doom and gloom and the European STOXX 600 index is not far off March's record high. Aerospace and defence stocks have had a supercharged rally since February 2022, with gains ranging from over 600 per cent for Leonardo to over 1,500 per cent for Rheinmetall. "If the fighting stops in Ukraine, I'd expect defence stocks to come off a little bit but I think the fundamental reason why defence stocks have rallied is still there," said Toni Meadows, CIO at BRI Wealth Management. "If Putin is still there and Trump is still there, then the need for Europe to spend on defence is still there." 2/ HEATED The invasion triggered a surge in European energy prices. Brent crude rose as much as 30 per cent to $139 a barrel, while natural gas prices soared nearly 300 per cent to record highs. Crude subsided in the following months. But Dutch TTF futures, the regional benchmark for natural gas, soared as Europe scrambled for an alternative to the Russian gas that fed over 40 per cent of total demand. Europe has since become increasingly reliant on US super-chilled liquefied natural gas. The European Union has committed to boosting its purchases of US crude, gas and coal from around $75 billion in 2024 to $250 billion per year to 2027, under a new US trade deal - a figure most experts say is unrealistic. Oil and gas prices are below 2022 peaks, but they are higher than five years ago, up 50 per cent and 300 per cent, respectively. 3/ GENIE OUT OF THE BOTTLE Following the COVID-19 pandemic, the war ensured the inflation genie was well out of its bottle as energy and food prices soared while agricultural exports from Russia and Ukraine - two leading grain exporters - were disrupted. Central banks backtracked on the notion that an inflation spike was "transitory" and aggressive interest rate hikes followed. Since late 2022, inflation and rates have come down in big economies and focus shifted to US tariffs. High food prices remain a concern, especially for developing economies. World food commodity prices rose in July to their highest in over two years, according to the United Nations' Food and Agriculture Organization. "If Ukraine could operate normally as an economy, that would help food prices around the world," said April LaRusse, head of investment specialists at Insight Investment. 4/ UKRAINE AND RUSSIA Ukraine's economy was battered by the war. The country was forced to restructure $20 billion of its government debt last year as it could no longer afford the repayments given the demands of the conflict. Its bonds then rallied on hopes that a re-elected Trump would broker a peace deal but plunged following increasingly ugly exchanges between Trump and Ukraine's Volodymyr Zelenskiy that culminated in February's infamous Oval Office meeting. The bonds recovered some ground again this week. Russia's economy also contracted after the West introduced sweeping sanctions but soaring defence spending led to a rebound in 2023 and 2024. After jacking up rates to combat the subsequent inflation spike though, some Russian officials now warn of recession risks. Russia's rouble sank to a record low soon after the invasion, but rebounded to seven-year highs later in 2022 as imports dried up. It is up nearly 40 per cent against the dollar this year. Russia and China meanwhile now do more of their trade in the yuan, which has overtaken the dollar as Russia's most traded foreign currency. 5/CURRENCIES UPENDED The war hit the euro, which fell almost 6 per cent against the dollar in 2022 as the economic impact was felt. Analysts say any improving sentiment created by a ceasefire could help the euro, but note that other factors, such as monetary policy were also key. "The euro might benefit, but we wouldn't see this as a game changer for the currency," said Frederique Carrier, head of investment strategy for RBC Wealth Management in the British Isles and Asia. While safe-havens such as the dollar and Swiss franc benefited, the conflict shaped currencies in other ways. Analysts say the use of sanctions against Russia and a decision by the West to freeze some $300 billion of Russian state assets in 2022 has accelerated de-dollarisation, in short, efforts by countries to decrease reliance on the dollar.
