Latest news with #India-EU
Time of India
6 days ago
- Business
- Time of India
'De-dollarisation not on agenda': India rebuffs Brics currency conspiracy claims; exploring cross-border rupee use
MEA Spokesperson Randhir Jaiswal (Image credits: ANI) India on Thursday reaffirmed that de-dollarisation is not part of the Brics agenda, and that the member nations are only discussing cross-border payments using local currencies. At a weekly media briefing, ministry of external affairs (MEA) spokesperson Randhir Jaiswal said, as quoted by ANI, 'We had a highly successful Brics the joint statement, there are several aspects that have been fleshed out that strengthen the Brics platform.' 'De-dollarisation is not something which is on the agenda. Cross-border payments, yes, Brics have talked about local currencies, but de-dollarisation is not something that is there on the agenda,' he added. The remarks come at a time when global discussions on de-dollarisation, the reduction of dependence on the US dollar, are gaining traction. The concept has been viewed as a threat by the Donald Trump administration, which sees it as an effort to undermine the dollar's dominance. In late 2024, Trump threatened Brics nations, including India, with 100% tariffs, demanding they steer clear of any attempts to replace the US dollar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Undo The warning followed a reported proposal by Russian President Vladimir Putin to create a new Brics investment platform at the Kazan summit in October. Following the 2025 Brics summit in Brazil, Trump warned that any country supporting the 'Anti-American policies of Brics' would face an additional 10% tariff on goods. India has already initiated rupee-denominated trade with some partner countries and is working with others to expand such mechanisms. These moves aim to facilitate smoother cross-border payments without displacing the dollar. India-US trade talks ongoing On the India-US trade agreement, Jaiswal confirmed that negotiations are underway. 'Both sides are in touch with each other, they are trying to iron out issues. Once we have a conclusion of the agreement, we will obviously make it public,' he said as reported by ANI. A high-level team from India's commerce and industry ministry is currently in Washington DC for discussions. The Trump administration has deferred additional tariffs on India and other countries until August 1, extending the deadline from the original July 9 to allow more time for a bilateral trade deal. India and the US have committed to expanding bilateral trade to $500 billion by 2030, and the agreement in progress is expected to be a key milestone. India-EU FTA talks progress Jaiswal also provided an update on the India-European Union Free Trade Agreement (FTA). 'The talks are progressing very well. The last round, the 12th round, happened in Brussels from July 7-11, and the next round of talks is scheduled to be held in September in New Delhi,' said Jaiswal. The India-EU FTA is expected to be finalised by the end of this year, further strengthening India's international trade partnerships.
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Business Standard
6 days ago
- Politics
- Business Standard
'Cautions against double standards': MEA hits back at Nato chief's warning
Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, 'We have seen reports on the subject and are closely following the developments' ANI Asia External Affairs Ministry on Thursday in a rebuttal to NATO chief Mark Rutte's remarks on the possibility of secondary sanctions on purchase of Russian oil said that securing energy needs of India was an an "overriding priority" for the country which is "guided by available offers" and "prevailing global circumstances." The Ministry of External Affairs further cautioned against "double standards" on the matter. Addressing a press conference in the national capital, MEA spokesperson Randhir Jaiswal said, "We have seen reports on the subject and are closely following the developments. Let me reiterate and I have said this in the past as well that securing the energy needs of our people is, understandably, an overriding priority for us. In this endeavour, we are guided by what is available in the markets, as well as by the prevailing global circumstances." "We would particularly caution against any double standards on the matter," the MEA Spokesperson said. The NATO Secretary General had in his recent remarks asked India, China, and Brazil to reconsider their purchase of oil from Russia or face the prospect of "100 per cent secondary sanctions". Rutte echoed the position taken by US President Donald Trump, who earlier this week threatened severe tariffs on countries maintaining trade with Russia. "My encouragement to these three countries, particularly, is that if you live now in Beijing or in Delhi, or you are the President of Brazil, you might want to take a look at this because this might hit you very hard," Rutte had said. The NATO chief had also urged India and the other countries to "make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks" with Ukraine. "because otherwise this will slam back on Brazil, on India and on China in a massive way." US Senators Lindsey Graham and Richard Blumenthal have also pushed for the swift passage of the "Sanctioning Russia Act of 2025", which calls for imposing penalties and tariffs as high as 500 per cent on any country aiding Russia economically. They alleged that countries purchasing Russian oil and gas, including India, are "propping" up "Putin's war machine". Earlier today, Union Minister Hardeep Puri said that India has significantly broadened its oil import network and if Russian supplies were hit by secondary sanctions, there are many new suppliers coming onto the market. "India has diversified the sources of supplies from 27 to 40 countries now. 16 per cent of oil market growth has come from India, and studies show it may go up to 25 per cent," Puri said at an event in the national capital. Meanwhile, in his weekly press briefing today, on being asked about the India-EU FTA in the wake of the comments by the NATO Chief, Jaiswal said that the talks are progressing with 'good momentum' between the two. He said, "The talks are progressing very well. The last round, which is the 12th round happened in Brussels from 7-11 July. The next round of talks are scheduled to be held in September in New Delhi. As the leaders promised, it was reaffirmed when we had the visit of EU College of Commissioners. Both sides want this FTA to be concluded within this year, so it is progressing well, there is good momentum." During PM Modi's visit to Croatia in June this year, the leaders had welcomed the renewed momentum in the strategic partnership between India and the EU and had underscored the importance of concluding a mutually beneficial India-EU FTA within the course of the year, as agreed during the historic visit of the EU College of Commissioners to India in February 2025.
Mint
15-07-2025
- Business
- Mint
India-EU trade talks: Optimism in the air as next round scheduled for September — what is on the table?
India and the European Union (EU) are preparing to hold the next round of negotiations on their proposed free trade agreement (FTA) in September. This development comes as both sides exchanged offers related to the services sector last week, an official confirmed on Tuesday. L Satya Srinivas, Special Secretary in the Department of Commerce, said that the 12th round of talks recently concluded in Brussels, reported PTI. "We have exchanged our offers on services and non-services,' he said, adding, 'We also discussed key interests in market access related to goods as well.' The upcoming 13th round of talks will be held in the first week of September, Srinivas confirmed. In June 2022, India and the 27-nation EU bloc resumed negotiations for a free trade agreement, an investment protection agreement and a pact on geographical indications (GIs) after an eight-year hiatus. The talks had stalled in 2013 due to differences on the level of opening up of the markets, the news agency reported. Both sides are optimistic, with Prime Minister Narendra Modi and the European Commission president agreeing on February 28 to seal a much-awaited free trade deal by the end of this year. The EU has already pushed for significant duty cuts on items such as automobiles and medical devices. Other than that, the bloc has also demanded tax reduction on products such as wine, spirits, meat, poultry, and a strong intellectual property regime. If the pact is concluded successfully, Indian goods exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive. The India-EU trade pact negotiations are comprehensive, covering over 23 policy areas. These include Trade in Goods and Services Investment Sanitary and Phytosanitary Measures Technical Barriers to Trade Trade Remedies Rules of Origin Customs and Trade Facilitation Competition Trade Defence Government Procurement Dispute Settlement Intellectual Property Rights Geographical Indications (GIs) Sustainable Development The EU stands as India's largest trading partner for goods, with bilateral trade reaching $137.41 billion in 2023-24. The figure includes exports worth $75.92 billion and imports worth $61.48 billion. The EU market accounts for about 17 per cent of India's total exports, while the EU's exports to India make up 9 per cent of its total overseas shipments. Additionally, the bilateral trade in services between India and the EU was estimated at $51.45 billion in 2023, the news agency reported.
Time of India
15-07-2025
- Business
- Time of India
Next round of India-EU talks on proposed trade pact in September
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India and the European Union (EU) will hold the next round of negotiations on the proposed free trade agreement FTA ) in September here as both sides have exchanged offers related to the services sectors last week, an official said on Tuesday.L Satya Srinivas, Special Secretary in the Department of Commerce, said the last (12th) round of talks concluded last week in Brussels."We have exchanged our offers on services and non-services... there were discussions on that. We also discussed key interests in market access related to goods as well... The next round of talks (will be held) in the first week of September," Srinivas told reporters June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive free trade agreement, an investment protection agreement and a pact on geographical indications (GIs) after a gap of over eight stalled in 2013 due to differences on the level of opening up of the February 28, Prime Minister Narendra Modi and the European Commission President agreed to seal a much-awaited free trade deal by the end of this demanding significant duty cuts in automobiles and medical devices, the EU wants tax reduction in products like wine, spirits, meat, poultry, and a strong intellectual property goods' exports to the EU, such as ready-made garments, pharmaceuticals, steel, petroleum products, and electrical machinery, can become more competitive if the pact gets concluded India-EU trade pact negotiations cover 23 policy areas or chapters, including Trade in Goods, Trade in Services, Investment, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Remedies, Rules of Origin, Customs and Trade Facilitation, Competition, Trade Defence, Government Procurement, Dispute Settlement, Intellectual Property Rights, Geographical Indications, and Sustainable bilateral trade in goods with the EU was USD 137.41 billion in 2023-24 (exports worth USD 75.92 billion and imports worth USD 61.48 billion), making it the largest trading partner for EU market accounts for about 17 per cent of India's total exports, while the EU's exports to India make up 9 per cent of its total overseas addition, the bilateral trade in services, in 2023, between India and the EU was estimated at USD 51.45 billion.
Economic Times
11-07-2025
- Business
- Economic Times
Greet Europe with Car'bon' Jour: Turning CBAM from trade barrier to green opportunity for India
Go green, and steel up on others Climate change is influencing international trade, with EU and Britain leading efforts to introduce carbon taxes on imports under a Carbon Border Adjustment Mechanism (CBAM). While the concept is not new, it takes on fresh urgency in the context of ongoing India-EU FTA negotiations. With a mutually agreed timeline of finalising the deal by end-2025, this is an opportune moment to examine potential implications of CBAM for India's merchandise trade and manufacturing - and how policy could possibly turn this challenge into an opportunity for growth, development and green January 1, 2026, the EU is set to impose full compliance and carbon costs on six carbon-intensive imports: iron and steel, aluminium, electricity, cement, fertilisers, and hydrogen. India exports about 27% of its total iron, steel and aluminium exports to the EU, valued at around $8 bn. These, according to GTRI, are estimated to become 20-35% costlier in the EU market due to the proposed carbon tax. As CBAM expands to other sectors - in line with the EU's overarching goal of net-zero emissions by 2050 - it will likely impact other Indian exports such as minerals, machinery, chemicals, auto parts, pharmaceuticals and textiles. It is, therefore, viewed as a serious non-tariff barrier for India. While the official objective is to eliminate the cost advantage that foreign producers enjoy over EU-based green manufacturers, the measure will increase the cost of imports from developing countries while generating significant revenue for the has raised concerns about CBAM, advocating for exemptions - especially for MSMEs - and calling for more equitable alternatives to 'unilaterally imposed standards'. At the same time, FTA is important for India, offering access to the EU's 27-member market of nearly 450 mn consumers. Key sectors like textiles, leather, pharmaceuticals, automobiles, IT services and agriculture are expected to benefit from increased exports. The agreement could also boost foreign investor confidence and facilitate access to advanced technologies, strengthening India's domestic manufacturing ecosystem and supporting globally competitive exports and employment the other hand, FTA offers the EU access to India's large, fast-growing market, and supports efforts to diversify supply chains in a geopolitically sensitive environment. European companies are expected to invest in manufacturing linkages, fostering ancillary industries and joint ventures - particularly with MSMEs. India-EU cooperation on climate goals could also contribute to global progress toward net-zero India and other developing countries view CBAM as WTO-incompatible and unfair, especially as the EU's methodology for calculating embedded emissions remains under scrutiny. During CBAM transition phase, Indian exporters of carbon-intensive goods are using default values published by European Commission as benchmark respond effectively, India must develop scientific, sector-specific tools for reliable measurement of embedded emissions based on actual data. It must also establish a domestic carbon-pricing mechanism to assign a financial value to the carbon content of goods. With the EU recently considering carbon credits from overseas projects as part of its climate strategy, India could tap into this opportunity - once institutional mechanisms for pricing and trading carbon emissions are in place.A long-term strategy is essential for a successful green transition, which will hinge on access to advanced technologies, climate finance and incentives for the private sector to adopt clean energy, and produce green steel, cement and other one suggestion to neutralise CBAM is to introduce a domestic carbon tax that could be offset against the EU's CBAM under a double-taxation avoidance framework. Besides aligning with India's trade interests and climate commitments, a phased domestic carbon tax could also serve as a revenue source for financing green addressing the CBAM barrier is critical for India to realise the benefits of FTA, it also presents a broader strategic opportunity. This could be a defining moment for India to pilot sustainable manufacturing on a wider scale, aligning with its national emissions reduction India can emerge as a key voice for the developing world in climate governance. It could spearhead a consortium of like-minded nations to promote tech transfer, establish a climate fund to support decarbonisation - especially in hard-to-abate sectors - and advocate for phased, equitable implementation of CBAM-like policies. The writer is former secretary, ministry of labour and employment, GoI. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Why this one from 'Dirty Dozen', now in Vedanta fold, is again in a mess The deluge that's cooling oil prices despite the Iran conflict Can Indian IT protect its high valuation as AI takes centre stage? 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