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Russia Today
2 hours ago
- Business
- Russia Today
South Africa to strengthen economic ties with India
South Africa's Trade, Industry, and Competition Minister Parks Tau is set to lead a delegation to Mumbai and Delhi from August 25 to 29 at the invitation of Indian Commerce and Industry Minister Shri Piyush Goyal, to strengthen trade relations, deepen economic ties, and explore new markets. Tau is also scheduled to attend and speak at the 20th India-Africa Conclave. South Africa's economy is under severe pressure due to a 30% US tariff on its exports and existing domestic protectionism, stifling competition and this dual challenge puts jobs, economic growth, and investment at risk. However, Tau and the Minister of Agriculture John Steenhuisen recently indicated that they are exploring alternative trade partners to mitigate these impacts. According to the High Commissioner of the Republic of South Africa to India, Professor Anil Sooklal, the relationship with India is not so much about alternatives but also to diversify, so the nation does not rely on one or two trade partners. He said this diversification was crucial, especially in light of the recent tariff hikes imposed by the US on South African exports. Sooklal emphasised that 'India can ease the US tariff saga' and that Indian businesses are keen on investing in South Africa, seeing it as an entry point to sub-Saharan Africa. India is currently South Africa's fourth-largest trading partner and fourth-largest consumer market. With India expected to become the second-largest consumer market by 2030, the potential for trade growth between the two countries is significant. Sooklal noted that 'trade with India can only grow,' and the visit would provide an opportunity for South African businesses to tap into the Indian economy. During the visit, Tau and his delegation will focus on several key sectors, including exploring opportunities for collaboration and investment in the mining and minerals sector while strengthening ties in manufacturing, particularly in areas like automotive and pharmaceuticals. Sooklal said the minister would also identify opportunities for cooperation in the energy sector, enhancing trade and investment in agriculture, promoting tourism between South Africa and India and collaborating on pharmaceutical production and trade. Tau will participate in the 20th edition of the India-Africa Conclave, where he will be a speaker at the opening plenary. The conclave provides a platform for Africa and India to engage on trade and economic issues, with over 30 countries confirmed to attend. Sooklal highlighted that the conclave is a 'well-established forum' that will facilitate interaction between South African and Indian businesses. During the visit, Tau will also hold bilateral meetings with Indian businesses to further strengthen trade relations between the two countries. 'These meetings will provide opportunities for South African companies to explore new markets and partnerships in India…The visit is expected to yield significant economic benefits for South Africa. 'Indian businesses have already invested heavily in South Africa, with companies like Vedanta, Zinc International and Pepsico operating in the country. Pepsico South Africa now has five factories, while Mahindra South Africa recently inaugurated a new vehicle assembly facility in KwaZulu-Natal…Vedanta employs over 6,000 people,' Sooklal said. 'Minister Tau's visit to India is a strategic move to strengthen trade relations between South Africa and India, exploring new markets and deepening economic ties. With India poised to become an increasingly important player in the global economy, this visit is timely and crucial for South Africa's economic growth and development,' said Sooklal. DTIC spokesperson Kaamil Alli did not respond to questions as to who Tau would be taking to India as part of his delegation. Last week, a press briefing on the US tariff hikes confirmed that South Africa plans to diversify its trade agreements beyond the United States. First published by IOL
Arabian Business
10-08-2025
- Business
- Arabian Business
UAE and Russia sign deal to boost $11.5bn trade relations
The UAE and Russia have signed a Trade in Services and Investment Agreement (TISIA), marking a significant step in strengthening bilateral economic ties and expanding foreign direct investment (FDI) flows between the two nations. The signing took place in Moscow during the visit of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, who met with Russian President Vladimir Putin to discuss ways of deepening cooperation across areas of mutual interest. The agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, and Maxim Reshetnikov, Russian Minister of Economic Development. UAE-Russia trade While the existing Economic Partnership Agreement (EPA) with the Eurasian Economic Union (EAEU) focuses on trade in goods, the new TISIA provides a dedicated bilateral framework with Russia, targeting high-growth services sectors such as: Fintech Healthcare Transport Logistics Professional services Al Zeyoudi said the services and investment agreement with Russia, coupled with the recently signed Economic Partnership Agreement with the countries of the Eurasian Economic Union, reflects a significant strengthening of our foreign trade network. UAE–Russia non-oil trade reached $11.5bn in 2024, up 4.9 per cent from 2023, and surged 75.3 per cent year-on-year in H1 2025, underscoring the rapid growth in bilateral commerce. The TISIA aligns with the UAE's Comprehensive Economic Partnership Agreement (CEPA) programme, a cornerstone of its foreign trade strategy. The CEPA programme aims to grow the United Arab Emirates' non-oil foreign trade to $1.1tn by 2031, building on a record $816bn in 2024, a 14.6 per cent increase year-on-year. By easing market access, fostering investment, and creating new opportunities for entrepreneurs, the UAE–Russia TISIA reinforces both nations' commitment to long-term economic collaboration and strengthens the United Arab Emirates' role as a global trade hub.
Times of Oman
24-07-2025
- Business
- Times of Oman
Not just curry but also creativity, commitment, character: PM Modi lauds Indian diaspora in UK
London: Indian Prime Minister Narendra Modi on Thursday praised the Indian diaspora in the UK, calling them a vital force in strengthening ties between India and the United Kingdom. He noted that their contribution goes beyond food and extends to creativity, commitment, and character. Speaking during a joint press statement with UK Prime Minister Keir Starmer, PM Modi highlighted the signing of the Comprehensive Economic and Trade Agreement (CETA) between the two countries and underlined the diaspora's role in building cultural and economic connections. "The people of Indian origin in the UK form a living bridge that connects our two nations. They did not just bring curry from India but also creativity, commitment, and character. Their immense contributions are not just limited to the UK's prosperous economy but are also visible in the UK's culture, sports, and public service," PM Modi stated. Earlier in the day, the long-awaited India-UK Free Trade Agreement was signed in the presence of both leaders. The agreement aims to boost the movement of goods and services between the two countries. PM Modi is currently on a two-day official visit to the UK. During the joint press statement, the Prime Minister also announced a Double Contribution Convention to enhance cooperation in service sectors such as technology and finance. He said the agreements would attract investment and create jobs in both nations. PM Modi also unveiled 'Vision 2035', a long-term roadmap to strengthen cooperation in technology, defence, climate, education, and people-to-people ties. A defence industrial roadmap was also introduced, along with plans to boost collaboration under the Technology Security Initiative in key areas such as artificial intelligence (AI), semiconductors, critical minerals, and cybersecurity. "Along with this agreement (CETA), we have also reached a consensus on the Double Contribution Convention. This will inject new energy into the service sectors of both countries, especially in technology and finance. It will promote ease of doing business, reduce the cost of doing business and increase the confidence of doing business from India's skilled talent. These agreements will enhance investments and generate new employment opportunities in both countries. Moreover, as agreements reached between two democracies and two of the world's major economies, they will lend support to global stability and global prosperity," the Prime Minister stated. "Friends, to give new momentum and energy to our comprehensive strategic partnership in the coming decade. Today, we are launching our Vision 2035. Vision 2035 is a roadmap that will form the basis of a strong, trustworthy, and ambitious partnership in the fields of technology, defence, climate, education, and people-to-people connections. A defence industrial roadmap has also been drawn up for partnership in defence and security. Work will continue on strengthening our technology security initiative. It is our commitment that from AI to critical minerals, from semiconductors to cybersecurity, we shall create the future together," PM Modi added. In the education sector, PM Modi spoke about new UK university campuses in India, including the recently inaugurated University of Southampton campus in Gurugram. "Friends, in the field of education, too, we are writing a new chapter together. Six Universities of the UK are opening their campuses in India. Just last week, the University of Southampton inaugurated its campus in the city of Gurugram in India," the Prime Minister said. Drawing a cricket analogy, PM Modi said the sport represents the spirit of the India-UK partnership. "For both of us, cricket is not just a game but a passion. And also a great metaphor for our partnership. There may be a swing and a miss at times, but we always play with a straight bat. We are committed to building a high-scoring, solid partnership," Modi said. He concluded by thanking the UK PM for his hospitality and extended an invitation to visit India, expressing eagerness to host him soon. The landmark CETA unlocks export opportunities for labor-intensive sectors, including textiles, leather, footwear, gems and jewellery, marine products, and toys, generating large-scale employment and empowering artisans, women-led enterprises, and MSMEs, a release from the Ministry of Commerce and Industry stated. According to the release, the deal will provide unprecedented market access for Indian goods, offering zero-duty access on 99 per cent of tariff lines, covering nearly 100 per cent of the trade value.
Free Malaysia Today
17-06-2025
- Business
- Free Malaysia Today
India expects EU trade deal by year end as Cyprus pledges support
Indian Prime Minister Narendra Modi is on an official visit to Cyprus, which assumes the EU presidency in 2026. (AP pic) NICOSIA : India expects to finalise a free trade agreement with the EU by the end of this year, prime minister Narendra Modi said today, while Cyprus, which assumes the EU presidency in 2026, said better ties would be its priority. Modi, on an official visit to the east Mediterranean island, said there were unlimited possibilities in expanding economic ties with Cyprus in a visit aimed at pushing forward India's global trade agenda. 'We are working on finalising a mutually beneficial India-EU trade agreement by the end of this year,' Modi said in joint remarks with Cypriot President Nikos Christodoulides. India is pursuing a trade link by sea and rail known as the India-Middle East-Europe Corridor, but the visit is being held in the shadow of an escalating crisis in the Middle East. 'We agree the India – Middle East Europe Corridor will pave the way for peace and prosperity in the region,' Modi said. Cyprus, which has close relations with India through its shared membership of the Commonwealth, is offering facilities to be a first point of entry to Europe and a transhipment hub, Christodoulides said. 'A strengthening of EU-India relations will be among the priorities of the Cypriot EU presidency,' Christodoulides said. Cyprus assumes the rotating six-month presidency of the bloc in early 2026.
Al Jazeera
16-06-2025
- Business
- Al Jazeera
China's Xi Jinping meets Central Asian leaders: Why their summit matters
Chinese President Xi Jinping reached Kazakhstan on Monday to attend the second China–Central Asia Summit, a high-stakes diplomatic gathering aimed at deepening Beijing's economic and strategic ties with the region. The summit, which will be held on Tuesday in the Kazakh capital Astana, comes at a time when China is intensifying its outreach to Central Asian countries amid shifting global power alignments — and mounting tensions in neighbouring Iran, which is roiled in an escalating conflict with Israel. The summit will bring together the heads of state from all five Central Asian nations — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — along with Xi. The Astana summit also carries symbolic weight: it is the first time that the five Central Asian nations are holding a summit in the region with the leader of another country. So, what is the importance of the China-Central Asia Summit? And is China battling both the United States and Russia for influence in the region? On Monday, Xi was greeted by Kazakh President Kassym-Jomart Tokayev and other senior officials at the airport in Astana. The Astana summit follows the inaugural May 2023 China–Central Asia Summit, which was held in Xi'an, the capital city of China's Shaanxi province. Xi is expected to be in Astana from June 16 to 18 and is scheduled to hold bilateral meetings with Kazakhstan's leaders on Monday before the summit on June 17. At the summit, he is expected to deliver a keynote speech and 'exchange views on the achievements of the China-Central Asia mechanism, mutually beneficial cooperation under the framework, and international and regional hotspot issues,' said a Chinese Foreign Ministry spokesperson. The office of Kazakhstan's president noted that both countries are 'set to further strengthen bilateral ties' and Xi will also chair 'high-level talks with President [Tokayev] focused on deepening the comprehensive strategic partnership'. Tokayev, who has been in office since 2019, is a fluent Mandarin speaker and previously served as a diplomat in China. Zhao Long, a senior research fellow at the Shanghai Institutes for International Studies (SIIS), told Al Jazeera that Central Asian countries see their partnership with China as a deep, multifaceted cooperation grounded in shared strategic and pragmatic interests. 'The alignment with China helps Central Asian states enhance their regional stability, pursue economic modernisation, and diversify their diplomatic portfolios,' said Zhao. Where Central Asia has abundant energy resources, he said, China offers vast markets, advanced technology, and infrastructure expertise. Last Friday, Lin Jian, a Chinese Foreign Ministry spokesperson, told a news briefing that establishing 'the China-Central Asia mechanism was a unanimous decision among China and the five Central Asian countries, which dovetails with the region's common desire to maintain stability and pursue high-quality development'. Since China first formalised and chaired the China-Central Asia Summit in May 2023, Lin said, 'China's relations with Central Asian countries have entered a new era … injecting fresh impetus into regional development and delivering tangibly for the peoples of all six countries.' 'We believe through this summit, China and five Central Asian countries will further consolidate the foundation of mutual trust,' Lin added. 'During the summit, President Xi will also meet with these leaders and lay out the top-level plan for China's relations with [the] five Central Asian countries,' said the spokesperson. SISS's Zhao said Xi's attendance at the second summit sends a clear message: 'China places high strategic importance on Central Asia.' Experts are dubbing the China-Central Asia Summit as a C5+1 framework, because of the five regional nations involved. The United States first initiated the concept of such a summit with all five Central Asian nations in 2015, under then-US President Barack Obama. But at the time, the conclave was held at the level of foreign ministers. Then-US Secretary of State John Kerry led the first meeting in September 2015 on the sidelines of the United Nations General Assembly (UNGA) in New York. In January 2022, Indian Prime Minister Narendra Modi held a virtual summit with the five Central Asian state heads, and then in June 2025, he invited them for a follow-up conclave in India. Meanwhile, in 2023, Xi hosted the leaders in Xi'an. Four months later, then-US President Joe Biden hosted the C5 state heads on the sidelines of the UNGA in New York. It was the first time a US president met with Central Asian heads of state under this framework. But current US President Donald Trump's tariff policies could upset that outreach from Washington. Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan have all been tariffed at 10 percent. Trump initially imposed an even higher 27 percent tariff on imports from Kazakhstan, the region's largest economy, though as with all other countries, the US president has paused these rates, limiting tariffs to a flat 10 percent for now. China has cited these tariff rates to project itself as a more reliable partner to Central Asia than the US. At the meeting with the foreign ministers of the region in April, Chinese Foreign Minister Wang Yi criticised unilateralism, trade protectionism, and 'the trend of anti-globalisation [that] has severely impacted the free trade system'. The US, Wang said, was 'undermining the rule-based multilateral trading system, and destabilising the global economy'. The region, rich in uranium, oil, and rare earth metals, has become increasingly important to China as a key corridor for trade with Europe. Subsequently, China has increased its engagement with Central Asian countries. Xi, who has curtailed his foreign visits since the COVID-19 pandemic, is visiting Kazakhstan for the third time since 2020. He visited in 2022, and then again in 2024. Central Asia is also a critical part of Xi's Belt and Road Initiative (BRI) — a network of highways, railroads and ports connecting Asia, Africa, Europe and Latin America — as a gateway to Europe. Experts expect the BRI to figure prominently at the summit in Astana on Tuesday, with additional emphasis on collaboration in energy and sustainable development. A planned $8bn railway connecting China's Xinjiang region to Uzbekistan through Kyrgyzstan is likely to be on the agenda, the SISS's Zhao said. Construction on the project is scheduled to begin in July. Expected to be completed by 2030, the railway route will provide China with more direct access to Central Asia and reduce the three countries' reliance on Russia's transport infrastructure. Additionally, Zhao said that the summit may feature agreements on reducing tariffs, streamlining customs procedures, and lowering non-tariff barriers to boost bilateral trade volumes. A lot. China is today the top trading partner of each of the five Central Asian republics. China is also ramping up its investments in the region. It has committed to an estimated $26bn in investments in Kazakhstan, for instance. It's complicated. Formerly parts of the Soviet Union, the five Central Asian republics have long belonged in Russia's strategic sphere of influence. Millions of people from the five republics live and work in Russia, and since 2023, Moscow has become a supplier of natural gas to Kazakhstan and Uzbekistan, which have faced energy shortages — even though Central Asia was historically a supplier of energy to Russia. But though Russia remains a major economic force in the region, China has overtaken it as the largest trading partner of Central Asian republics over the past three years — a period that has coincided with Russia's war on Ukraine. Some of that increased trade, in fact, is believed to be the outcome of China using Central Asia as a conduit for exports to Russia of goods that face Western sanctions. Still, there are ways in which Russia remains the region's preeminent outside ally. Kazakhstan, Kyrgyzstan and Tajikistan — three of the region's five nations — are part of the Collective Security Treaty Organisation (CSTO) — along with Russia, Armenia and Belarus. Like NATO, this bloc offers collective security guarantees to members. In effect, Kazakhstan, Kyrgyzstan and Tajikistan have the cover of Russia's protection if they are attacked by another nation — something that China does not offer.
