&w=3840&q=100)
Biz collaborations for a circular economy via FTA to boost EU-India ties
With ongoing free trade agreement (FTA) talks, businesses for the circular economy will unlock circular value and further enhance collaborations and relations between India and the European Union (EU), said an EU official on Thursday, indicating that circular economy is part of the FTA talks. 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. Key areas of discussion include agriculture and dairy, government procurement, labour standards, sustainable development, and investment-related issues. 'In 2025, with ongoing FTA negotiations, recent EU colleagues' visits and further strengthening of EU-India relations, and business space for circular economy, it may mean unlocking circular value for this dynamic and further enhanced collaboration between the EU and India,' Ewa Suwara, Deputy Head of Delegation of the European Union, said on Thursday at the Confederation of Indian Industry (CII) Business Summit. The EU and India are working on multiple projects together to promote a circular economy, aiming to reduce waste, increase resource efficiency, and foster sustainable development. Projects like the EU-India Resource Efficiency and Circular Economy Initiative (EU-I RECEI) aim to foster sustainable value chains and create new economic and job opportunities, particularly for entrepreneurs and MSMEs, through circular economy solutions by leveraging EU expertise and best practices. India is increasingly focusing on a circular economy to minimise waste, maximise resource efficiency, and drive economic growth while reducing environmental impact. The circular economy in India is estimated to be worth $2 trillion and create 10 million jobs by 2050. EU-I RECEI also aims to support India in implementing the global sustainable consumption and production (SCP) agenda through the adoption of international standards and best practices in business on resource efficiency and circular economy. In February, the India-EU Trade and Technology Council (TTC) launched two major research and innovation initiatives, with a joint investment of ₹391 crore (€41 million), to address marine plastic pollution and develop waste-to-green hydrogen technologies. These aim to bring together researchers, start-ups, and industries from both India and the EU to find sustainable and global solutions. These initiatives are part of the EU-India Trade and Technology Council (TTC) and are coordinated under the EU's Horizon Europe programme, with co-funding from Indian ministries such as the Ministry of Earth Sciences and the Ministry of New and Renewable Energy. The goal is to find innovative and sustainable solutions to combat marine pollution and promote technological advancements.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
21 minutes ago
- News18
Donald Trump's 25 Per Cent Tariff Hike On Steel, Aluminum Comes Into Effect
Last Updated: Donald Trump has doubled tariffs on imported steel and aluminum to 50%. The move triggered sharp criticism from allies like Canada, the EU, and Australia. Donald Trump's increased tariffs on imported steel and aluminum from 25 to 50 per cent came into effect on Wednesday. The US President announced an increase in tariffs on May 30, ratcheting up pressure on global steel producers and deepening his trade war. 'We are going to be imposing a 25% increase. We're going to bring it from 25% to 50% – the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States," he said at a rally in Pennsylvania. Later, in a post on his social media platform Truth Social, Trump wrote, 'It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be another BIG jolt of great news for our wonderful steel and aluminium workers." The doubling of steel and aluminum levies intensifies Trump's global trade war and came just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Shares of steelmaker Cleveland-Cliffs Inc. surged 26 per cent after the market closed as investors bet the new levies will help its profits. The announcement drew harsh reactions from US trading partners around the world. Canada's Chamber of Commerce quickly denounced the tariff hike as 'antithetical to North American economic security." 'Unwinding the efficient, competitive and reliable cross-border supply chains like we have in steel and aluminum comes at a great cost to both countries," Candace Laing, president of the chamber, said in a statement. The European Commission said on Saturday that Europe is prepared to retaliate. 'This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic," a European Commission spokesperson said. 'The EU is prepared to impose countermeasures, including in response to the latest US tariff increase." Australia's centre-left government also condemned the tariff increase, with Trade Minister Don Farrell calling it 'unjustified and not the act of a friend." The United States is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. Steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25 per cent on most steel and aluminum imported to the US went into effect in March, and he had briefly threatened a 50 per cent levy on Canadian steel but ultimately backed off. Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! First Published: June 04, 2025, 07:05 IST
Indian Express
38 minutes ago
- Indian Express
Staying the course on trade pacts with the UK and US
The uncertainty unleashed by Donald Trump's tariffs has only been aggravated by a spate of recent court rulings. On May 28, the US Court of International Trade struck down Trump's 'Liberation Day' tariffs, saying that the emergency law (International Emergency Economic Powers Act) does not give the President the power to impose broad tariffs. However, a day later, a federal appeals court temporarily reinstated the tariffs. The case is now likely to work its way through the US legal system. The uncertainty is likely to linger on as the 90-day pause on the Liberation Day tariffs ends in the second week of July. The Trump administration may have hoped that some trade deals would be quickly negotiated. And while the US and the UK have reached an agreement — the deal was announced on May 8th — progress with other major trading nations/blocks remains a protracted process. Take the case of China. A few days ago, US Treasury Secretary Scott Bessent is reported to have said that trade talks between the US and China 'are a bit stalled'. Last Friday, Trump said that China has 'totally violated' its agreement with the US, a charge that China has rejected. The US President is expected to speak to Chinese President Xi Jinping this week to iron out their differences. In the case of Japan, several rounds of talks have taken place, and another is expected before the G7 summit. But last Friday, the legal challenges to his tariffs notwithstanding, Trump also raised the tariffs on steel and aluminium to 50 per cent, potentially impacting countries such as Canada, Mexico and South Korea, which account for a sizeable share of US steel imports. A day later, the European Union, which had agreed to 'accelerate talks' on a US trade deal, has also responded firmly, saying it is prepared to impose 'countermeasures' against the US. It noted that such moves to increase tariffs 'undermine ongoing efforts to reach a negotiated solution'. The new tariffs are effective from June 4. These latest tariff moves come at a time when India and the US are negotiating a bilateral trade deal. A US team is expected to visit India over the coming few days. On Monday, US Commerce Secretary Howard Lutnick, speaking in Washington at the US-India Strategic Partnership Forum's leadership summit, said that a deal between the US and India could happen in the 'not too distant future'. The India-EU trade deal also appears to be on course. As per a report, the two sides have agreed on several chapters, and the pact could be concluded before the end of the year. Coming after the finalisation of the India-UK agreement, the successful culmination of these deals would increase the country's attractiveness as an investment destination.
India Gazette
an hour ago
- India Gazette
Union Minister Piyush Goyal highlights 'India Opportunity' at India-France Business Conference
Paris [France], June 4 (ANI): Union Minister for Commerce and Industry Piyush Goyal addressed the India-France Business Conference on Tuesday (local time), highlighting the 'India Opportunity', driven by a skilled and talented workforce and the government's commitment to ease of doing business, and how it offers promising avenue for French companies. In a post on X, Goyal stated, 'It was a pleasure to address the India-France Business Conference, which brought together several Indian and French companies. Highlighted the 'India Opportunity', driven by a skilled & talented workforce and the government's commitment to ease of doing business, and how it offers promising avenues for French companies. Encouraged companies from both sides to collaborate by building on shared interests and leveraging each other's competencies. Deeper engagement between our businesses will play a significant role in further strengthening the India-France strategic partnership.' He also addressed the India-France CEO Forum Small Group Meeting in Paris, along with Laurent Saint-Martin, the French Minister Delegate for Foreign Trade and French Nationals Abroad. Goyal highlighted the growing confidence of French companies in India's economic story and emphasised the mutual commitment to advancing economic and trade ties while building a smarter future together. In a post on X, Goyal stated, 'Addressed the India-France CEO Forum Small Group Meeting today in Paris along with French Minister Delegate for Foreign Trade and French Nationals Abroad @LaurentSMartin. During the interactive discussion, attended by Indian & French companies, we covered a wide range of aspects of India-France cooperation, including technology, AI, education, and startups. I further highlighted how French companies believe in the India story and how both sides are committed to advancing economic and trade relations and cultivating a smarter future together.' Piyush Goyal held a meeting with World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala in Paris and emphasised India's commitment to help strengthen a fair, inclusive, and rules-based multilateral trading system. 'Had a productive meeting with @NOIweala, Director General of @WTO, in Paris. Emphasised India's commitment to help strengthen a fair, inclusive, and rules-based multilateral trading system,' Goyal posted on X. In another bilateral meeting, Goyal met with Saudi Arabia's Minister of Commerce, Majid Al-Kassabi, to discuss ways to enhance bilateral trade, explore new investment opportunities, and deepen economic cooperation. Sharing details regarding his meeting with Saudi Arabia's counterpart on X, Goyal wrote, 'Held a productive meeting with Saudi Arabia's Minister of Commerce H.E. @MAlKassabi. Discussed enhancing bilateral trade, exploring new investment opportunities, and strengthening our economic partnership.' Piyush Goyal held a meeting with French Minister Delegate for Foreign Trade and French Nationals Abroad, Laurent Saint-Martin on Tuesday. During the meeting, the two leaders explored new avenues to enhance bilateral trade and investments and facilitate business-to-business engagement. After his meeting with Saint-Martin, Goyal on X wrote, 'Good meeting with the French Minister Delegate for Foreign Trade and French Nationals Abroad, @LaurentSMartin. Explored new avenues to enhance bilateral trade and investments, and facilitate business-to-business engagement. We also reaffirmed our shared commitment to making technology a new cornerstone of the Indo-French economic partnership, especially in the context of the upcoming India-France Year of Innovation 2026.' The discussions, which took place during Goyal's three-day official visit to France, also reviewed the progress of the India-EU Free Trade Agreement (FTA) negotiations, signalling a strong intent to bolster bilateral ties amidst a shared commitment to innovation and economic growth. (ANI)
