Latest news with #Mercosur
Yahoo
10 hours ago
- Business
- Yahoo
Wadephul: Free trade benefits 'no other country' more than Germany
Germany benefits from free trade more than any other country in the world, Foreign Minister Johann Wadephul said on Tuesday. Amid disruptions to trade due to US President Donald Trump's tariff policies, Wadephul said countries around the world are showing increased interest in trade deals with the European Union, which is seen as a "reliable partner." Speaking at a trade event for the agricultural industry in Berlin, Germany's top diplomat said the EU must take advantage of new opportunities to extend partnerships. He singled out the trade agreement with the Mercosur bloc - which includes Argentina, Brazil, Parguay and Uruguay - as well as deals with Indonesia, Australia, India and Thailand. Negotiations over trade deals will always raise questions among German consumers and business leaders, Wadephul said. "Will the quality of my food still be guaranteed if the steaks come from Brazil and Argentina? What does competition from abroad mean for our small and medium-sized enterprises?" The government takes the population's concerns seriously, he said. However, "no country in the world benefits as much from open markets and trade as Germany." Germany's export-driven economy is likely to be deeply affected by US tariffs, if ongoing negotiations between the European Union and Washington fail to produce a deal.
Hindustan Times
21 hours ago
- Business
- Hindustan Times
India, Paraguay stand united against terror: PM Modi
India and members of the Global South can learn from each other's experiences in tackling challenges such as terrorism and organised crime, Prime Minister Narendra Modi said on Monday as he held talks with visiting Paraguayan President Santiago Peña on bolstering cooperation in areas including trade, digital technology and defence. The Pahalgam terror attack of April 22, which prompted India to target terrorist infrastructure in territories controlled by Pakistan, figured in talks between the two leaders. Modi said India and Paraguay 'stand united' in the fight against terror and Peña expressed solidarity with the victims of the terror attack. Both leaders unequivocally condemned all forms of terrorism and violent extremism, officials said. Peña began a three-day visit to India on Monday, the first by a Paraguayan president since 2012. Besides holding talks with the Indian leadership, Peña is set to meet top business leaders in New Delhi and Mumbai to urge them to invest in diverse sectors in Paraguay. 'India and Paraguay stand united in the fight against terrorism. There is immense possibility of cooperation to fight against shared challenges such as cybercrime, organised crime and drug trafficking,' Modi said in his opening remarks at the meeting with Peña, speaking in Hindi. Modi noted that India and Paraguay are integral parts of the Global South with similar aspirations and challenges and said: 'This is why we can learn from each other's experiences to deal with these challenges effectively.' Modi also expressed his deep appreciation for Paraguay's strong condemnation of the Pahalgam terror attack and expressing solidarity with the people and government of India. 'Both leaders unequivocally condemned terrorism and violent extremism in all its forms and manifestations,' P Kumaran, secretary (East) in the external affairs ministry, told a media briefing. 'We see new opportunities for cooperation in areas such as digital technology, critical minerals, energy, agriculture, healthcare, defence, railways, space and overall economic partnership,' Modi said. 'We have a preferential trade agreement with Mercosur. We can work together to further expand it.' In addition to setting up a joint commission as a key platform to review and advance cooperation in priority areas, the two sides are working on two separate memorandums of understanding (MoUs) to enhance collaboration in agriculture and space technology. The two countries are working on a MoU for Paraguay to collaborate with the Indian Space Research Organisation (ISRO) to develop and launch small and nano satellites, Kumaran said. While Paraguay's priorities in the defence sector are different from those of India, Kumaran said there is scope for bilateral cooperation in the context of Paraguay's efforts to secure a large network of inland waterways, including bolstering law enforcement to tackle trans-national crimes such as human and drug trafficking. Peña also expressed keen interest in attracting Indian investments and enhancing bilateral cooperation in health, pharmaceuticals, defence, infrastructure, mining and renewable energy. Peña urged Indian firms to take advantage of Paraguay's position as one of the most open economies in the Mercosur region and promised to facilitate investments, officials said. 'Given their central location in South America, it would be possible for us to use Paraguay as a launching pad to try and access other markets in the region. Our companies would be looking at Paraguay as...a staging post and therefore, look at it in a way that is a force multiplier,' Kumaran said. 'We will be looking at expanding our presence in South America, using Paraguay as a staging post.' India and Paraguay also wish to expand trade links under the India-Mercosur preferential trade agreement. The members of Mercosur, a trade bloc that currently includes Argentina, Bolivia, Brazil, Paraguay, and Uruguay, are holding technical talks with India on enhancing market access and boosting bilateral and inter-regional trade. There is serious interest in expanding the scope and reach of the India-Mercosur preferential trade agreement in terms of the range of products, though consensus has to be built up among the five members on the bloc on the terms of reference for further discussions, Kumaran said. Two-way between India and Paraguay was worth $477 million during 2022-23, with Indian exports accounting for $317 million. India's main exports were motor vehicles, agro-chemicals, auto parts and pharmaceutical products, while the key imports from Paraguay were soya oil, iron and steel, aluminium and animal products.
Agriland
a day ago
- Business
- Agriland
Tánaiste unconvinced Irish Mercosur concerns have been ‘adequately addressed'
The Tánaiste is unconvinced that Ireland's concerns about the Mercosur trade agreement have been 'adequately addressed'. According to Simon Harris both he and his officials continue 'to engage at EU level at every opportunity, with both the European Commission directly through the trade Commissioner Maros Sefcovic and with counterparts in EU member states, including France, to 'voice our concerns with the agreement'. Harris, also the Minister for Foreign Affairs and Trade, said both he and his officials have sought to 'interrogate the outcome of negotiations to assess if our concerns have been adequately addressed'. But speaking in the Dáil on trade agreements last week the Tánaiste said: 'I am not convinced they have been'. The Tánaiste also reiterated to TDs that the government's policy is to 'work with like-minded EU countries to stand up for Irish farmers and defend our interests in opposing the current Mercosur trade deal'. Mercosur But, the Sinn Féin TD for Louth, Ruairí Ó Murchú, challenged the Minister for Foreign Affairs and Trade in the Dáil to detail exactly what engagement the Irish government has had with the commission and 'what answers have been given by the commission' in relation to the Mercosur agreement. The Tánaiste said he had a 'significant one-on-one meeting' with his French counterpart specifically about Mercosur and that the government's 'links and engagement with France on this remain intense and ongoing'. 'Our position within the European Commission is very well understood. I do not think other member states would be in any way surprised by Ireland's position. What happens next is important. 'At the moment, the agreement is undergoing a legal scrubbing, after which it will be translated into all the EU languages. 'It is worth repeating that there is still a degree of uncertainty over what form the final commission proposal to member states will take,' the minister stated. According to Simon Harris 'there is one of two ways it can go'. 'It can go as what is called a mixed agreement – this would require unanimous member state approval, which clearly does not exist, or it could go as a split agreement, with the trade elements applied on an interim basis, which would require approval at council under qualified majority voting. 'That is where the question arises as to whether there is a blocking minority, for want of a better phrase,' he added. The Tánaiste emphasised that it is his 'sense of the situation is that a number of member states remain resolute in their opposition' to Mercosur. He is also of the opinion that Europe, including its member states and the European Commission, 'must get better at working out how we can engage with farmers and the agriculture sector earlier on in the process'. The minister said: 'As we go forward, we must look at how we can involve farmers and the agriculture sector in protecting their interests much earlier in the process in order that we do not end up with a trade agreement that has good elements but leaves us asking, 'what about the farmers?' 'That is not a clever way for us to proceed'.
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Business Standard
a day ago
- Business
- Business Standard
Indian firms should use Paraguay as launchpad for South America: MEA
Indian companies should consider Paraguay as a staging post and launchpad to expand their operations across South America, the Ministry of External Affairs (MEA) said on Monday, following talks between the visiting Paraguayan delegation led by President Santiago Peña Palacios and the Indian delegation led by Prime Minister Narendra Modi. The two countries also agreed to 'explore holding technical talks' on expanding the India–Mercosur Preferential Trade Agreement (PTA) to enhance market access and boost both bilateral and inter-regional trade. At the meeting, Peña told the Indian delegation that Paraguay is one of the most open economies in the Mercosur region and South America more broadly, and urged India to take advantage of this. While Paraguay has a small population of around 7 million, and therefore a relatively small domestic market, it is strategically located adjacent to much larger markets. Owing to its central position in South America, Paraguay could serve as a launchpad for Indian companies seeking access to the broader region, said Secretary (East) P Kumaran at a press briefing after the talks. The Southern Common Market—Mercosur, by its Spanish initials—is a regional bloc with six members: Argentina, Brazil, Paraguay, Uruguay, and Bolivia. Venezuela is currently suspended from the group. 'Our companies would be looking at Paraguay as a kind of staging post, and therefore as a force multiplier,' Kumaran said. Indian companies already present in Paraguay include United Phosphorus Limited, which operates an agrochemicals production facility; Praj Industries, which produces biofuels; Aditya Birla Group, which has a trading office; and Tata Group, Mahindra, Royal Enfield, and Bajaj, which have distributorships for their vehicles. Peña, who arrived in India on Monday morning for a three-day visit, will travel to Mumbai on Tuesday to meet top Indian business leaders and companies. India is looking to collaborate with Paraguay in sectors such as healthcare and pharmaceuticals, defence, infrastructure, agriculture, renewable energy, and mining. Kumaran noted that although there was no specific discussion on India's accession to the Inter-American Development Bank (IADB), 'it is an idea that is being discussed within the ministry'. On the India–Mercosur PTA, Kumaran said India has expressed 'serious interest in expanding the scope and reach in terms of the range of products that the PTA covers', but that building consensus among Mercosur's five full members is necessary. 'We are talking to all the partners in the Mercosur region. What we need to do is also to agree on the terms of reference for those discussions, and then take it forward,' he said. During his talks with the Prime Minister, Peña also highlighted that Paraguay produces enough food to feed 70 million people—ten times its own population—and is therefore a major food exporter. 'We do buy soybean oil from them, and they are also willing to work with us on any other agricultural products we wish to import or collaborate on,' Kumaran said. Paraguay is the only country in South America that maintains diplomatic relations with Taiwan, though it also maintains a trading relationship with China. However, its trade is highly concentrated, with imports mainly from China and Brazil, and exports mostly to Argentina and Brazil. Given that much of Paraguay's trade is with just three countries, there is a strong motivation to diversify trade to better manage risks. Kumaran said that India, as a large and growing economy, is a natural partner in this context. Peña said he viewed India as a major trade and investment partner. 'He invited Indian companies to invest in Paraguay and promised to facilitate such investments in an efficient manner,' Kumaran added. Earlier in the day, during delegation-level talks, Prime Minister Modi noted, 'You are visiting not just Delhi but also Mumbai, which shows your commitment to building stronger ties between the two countries.' Referring to the existing PTA with Mercosur, Modi said, 'We can work together to further expand it.'
Hindustan Times
a day ago
- Business
- Hindustan Times
Paraguayan President Santiago Peña begins 3-day India visit, meets PM Modi
New Delhi: India and members of the Global South can learn from each other's experiences in tackling challenges such as terrorism and organised crime, Prime Minister Narendra Modi said on Monday as he held talks with visiting Paraguayan President Santiago Peña on bolstering cooperation in areas ranging from trade to digital technology and defence. The Pahalgam terror attack of April 22, which prompted India to target terrorist infrastructure in territories controlled by Pakistan, figured in talks between the two leaders. Modi said India and Paraguay 'stand united' in the fight against terror and Peña expressed solidarity with the victims of the terror attack. Both leaders unequivocally condemned all forms of terrorism and violent extremism, officials said. Peña began a three-day visit to India on Monday, the first by a Paraguayan president since 2012. Besides holding talks with the Indian leadership, he is also set to meet top business leaders in New Delhi and Mumbai to urge them to invest in diverse sectors in Paraguay. 'India and Paraguay stand united in the fight against terrorism. There is immense possibility of cooperation to fight against shared challenges such as cybercrime, organised crime and drug trafficking,' Modi said in his opening remarks at the meeting with Peña, speaking in Hindi. Modi noted that India and Paraguay are integral parts of the Global South with similar aspirations and challenges and said: 'This is why we can learn from each other's experiences to deal with these challenges effectively.' Modi also expressed his deep appreciation for Paraguay's strong condemnation of the Pahalgam terror attack and expressing solidarity with the people and government of India. 'Both leaders unequivocally condemned terrorism and violent extremism in all its forms and manifestations,' P Kumaran, secretary (East) in the external affairs ministry, told a media briefing. 'We see new opportunities for cooperation in areas such as digital technology, critical minerals, energy, agriculture, healthcare, defence, railways, space and overall economic partnership,' Modi said. 'We have a preferential trade agreement with Mercosur. We can work together to further expand it.' In addition to setting up a joint commission as a key platform to review and advance cooperation in priority areas, the two sides are working on two separate memorandums of understanding (MoUs) to enhance collaboration in agriculture and space technology. The two countries are working on a MoU for Paraguay to collaborate with the Indian Space Research Organisation (ISRO) to develop and launch small and nano satellites, Kumaran said. While Paraguay's priorities in the defence sector are different from those of India, Kumaran said there is scope for bilateral cooperation in the context of Paraguay's efforts to secure large network of inland waterways, including bolstering law enforcement to tackle trans-national crimes such as human and drug trafficking. Peña also expressed keen interest in attracting Indian investments and enhancing bilateral cooperation in health, pharmaceuticals, defence, infrastructure, mining and renewable energy. Peña urged Indian firms to take advantage of Paraguay's position as one of the most open economies in the Mercosur region and promised to facilitate investments, officials said. 'Given their central location in South America, it would be possible for us to use Paraguay as a launching pad to try and access other markets in the region. Our companies would be looking at Paraguay as...a staging post and therefore, look at it in a way that is a force multiplier,' Kumaran said. 'We will be looking at expanding our presence in South America, using Paraguay as a staging post.' India and Paraguay also wish to expand trade links under the India-Mercosur preferential trade agreement. The members of Mercosur, a trade bloc that currently includes Argentina, Bolivia, Brazil, Paraguay, and Uruguay, are holding technical talks with India on enhancing market access and boosting bilateral and inter-regional trade. There is serious interest in expanding the scope and reach of the India-Mercosur preferential trade agreement in terms of the range of products, though consensus has to be built up among the five members on the bloc on the terms of reference for further discussions, Kumaran said. Two-way between India and Paraguay was worth $477 million during 2022-23, with Indian exports accounting for $317 million. India's main exports were motor vehicles, agro-chemicals, auto parts and pharmaceutical products, while the key imports from Paraguay were soya oil, iron and steel, aluminium and animal products.
