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Hans India
2 days ago
- Business
- Hans India
India-Chile economic pact to boost global value chains
The India-Chile Comprehensive Economic Partnership Agreement (CEPA) will pave the way for a deeper economic partnership and the creation of strengthened global value chains between the two countries, the government has said. The CEPA aims to unlock the full potential of the trade and commercial relationship between India and Chile, boosting employment, bilateral trade, and economic growth. The modalities of negotiation will emerge through stakeholder consultations and industry feedback. Both sides are committed to a gainful and explorative approach to ensure a successful and meaningful agreement, said the Commerce Ministry. In furtherance of the commitment made during the high-level dialogue between India and Chile, the terms of reference for negotiating the CEPA were signed earlier this month. The first round of negotiations commenced on May 26, with the opening ceremony inaugurated by Commerce Secretary, Sunil Barthwal in the presence of Ambassador of Chile to India, Juan Angulo. The next round of negotiations is expected in July or August and will be preceded by inter-sessional discussions through virtual conferences to address outstanding issues in advance of the upcoming meeting. The launch of the CEPA negotiations was welcomed by both nations during the state visit of the President of Chile, Gabriel Boric Font, to India in April and his meeting with Prime Minister Narendra Modi. The Chilean President conveyed that India is a priority partner for Chile in the global economy and highlighted the need to explore strategies for enhanced and diversified trade between the two countries. Both leaders welcomed the initiation of negotiations towards a balanced, ambitious, comprehensive, and mutually beneficial CEPA aimed at achieving deeper economic integration. The Chilean negotiating team had 17 delegates and the Indian delegation was headed by Chief Negotiator Vimal Anand, Joint Secretary, Department of Commerce. Discussions were held across 17 themes including, Trade in Goods, Trade in Services, Movement of Natural Persons, Rules of Origin, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Customs Procedures and Trade Facilitation, Initial Provisions and General Definitions, Core and Institutional Provisions, Final Provisions, Transparency, Dispute Settlement, Economic Cooperation, MSMEs and Women's Economic Empowerment, among others.
Yahoo
2 days ago
- Business
- Yahoo
Washington's new cap on rent hikes set at 10% through end of 2025
(Photo by) For the rest of this year, Washington landlords are limited to rent hikes of 10% or less under a landmark new state law. House Bill 1217, signed into law this month by Gov. Bob Ferguson, restricts annual residential rent increases to 7% plus inflation, or 10%, whichever is lower. The state Department of Commerce calculated the former option as 10.8%. Since that's above the threshold, rent increases are capped at 10% through the end of 2025. The maximum allowable increase for 2026 is expected to be published in July, based on inflation data from the U.S. Bureau of Labor Statistics. The highly divisive legislation went into effect immediately after Ferguson's signature. Democrats hope the new cap provides greater predictability to tenants whose lives can be turned upside down by major rent increases. Progressives had initially pushed for a hard 7% limit, but raised it to win over moderate Democrats in the Legislature. Republicans termed the bill 'rent control' and argued it would chill development and price out small landlords. After the governor signed the new law, the Rental Housing Association of Washington said it was exploring a legal challenge. Rent hikes are no longer allowed in the first year of a tenancy under the law either. Not all rental properties are subject to the cap. New construction is not covered for its first 12 years. Public housing authorities, low-income developments, and duplexes, triplexes and fourplexes in which the owner lives in one of the units are also exempt. Notices of rent increases are now required 90 days before they go into effect, up from 60 days under previous law. Increases are capped at 5% for manufactured homes. If a landlord raises rent above the caps without an exemption, the renter must give the landlord a chance to fix the error or can terminate their lease with 20 days' notice. A tenant or the state attorney general can bring litigation to enforce compliance. The attorney general can recover up to $7,500 per violation.
Time of India
2 days ago
- Business
- Time of India
India and Chile conclude first round of FTA talks
India and Chile have successfully completed the initial round of negotiations for a comprehensive bilateral free trade agreement, according to the Department of Commerce. Building upon their existing preferential trade agreement established in 2006, the two nations are now working towards a broader economic partnership. The proposed agreement aims to encompass sectors like digital services, investment, MSMEs, and critical minerals. Tired of too many ads? Remove Ads New Delhi: India and Chile have concluded the first round of negotiations for the proposed comprehensive bilateral free trade agreement, the Department of Commerce said on two countries had implemented a preferential trade agreement (PTA) in 2006 and are now negotiating to widen its scope for a comprehensive economic partnership agreement (CEPA).The proposed CEPA aims to build upon the existing PTA and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSMEs, and critical minerals.
Reuters
3 days ago
- Business
- Reuters
Synopsys suspends forecasts after US cracks down on China chip software exports
May 29 (Reuters) - Synopsys (SNPS.O), opens new tab suspended its annual and quarterly forecasts just a day after issuing them, as new U.S. export restrictions on China cast uncertainty over its ability to sell chip design software in the key market. The company said it received a letter from the Bureau of Industry and Security (BIS) and the U.S. Department of Commerce, informing Synopsys of new export restrictions related to China, after reporting results on Wednesday. "Synopsys is currently assessing the potential impact of the BIS letter on its business, operating results and financial condition," it said in a statement.
India Gazette
3 days ago
- Business
- India Gazette
Next round of India-US trade negotiations to take place on June 5-6 in New Delhi
New Delhi [India], June 29 (ANI): In a significant development, a US team will visit India on June 5-6 to discuss a Bilateral Trade Agreement (BTA) with India, said government sources. According to the sources, the bilateral trade talks between the two countries are progressing well. India expressed satisfaction on April 29 that the meetings to negotiate a BTA with the United States are making 'positive progress' and termed the discussions 'fruitful.' ANI reported on May 23, through government sources, that India and the United States are poised to sign the first tranche of the much-anticipated Bilateral Trade Agreement (BTA) before July. As part of ongoing discussions on the India-US Bilateral Trade Agreement, representatives of India's Department of Commerce and the Office of the US Trade Representative met in Washington, DC, from April 23-25, 2025. The Ministry further added that the team had fruitful discussions on a wide range of subjects, including tariff and non-tariff matters, during the meetings in Washington, DC. As part of the BTA, leaders of both countries have set a bold new goal for bilateral trade - 'Mission 500' - aiming to more than double total bilateral trade to USD 500 billion by 2030. Going further, sources said that the Indian government is in the process of reviewing the impact of the US court order that struck down the reciprocal trade tariffs announced by President Donald Trump. In this context, Indian think tank organisations have suggested proceeding cautiously. The Global Trade Research Initiative (GTRI) suggested that the country should proceed cautiously in its ongoing Bilateral Trade Agreement (FTA) negotiations with the US. Analysing the impact of the ruling on Trade negotiations, Ajay Srivastava, founder of GTRI, said that India should resist any agreement shaped by threats or based on unlawful measures. The India-US trade deal would mark a significant milestone in economic relations between the two big economies, potentially opening new avenues for bilateral commerce and investment. In 2024-25, for the fourth consecutive year, the US was India's largest trading partner, with bilateral trade valued at USD 131.84 billion. India had a trade surplus of USD 41.18 billion in goods with the US in 2024-25. (ANI)
