Latest news with #TradeMinistry
Iraqi News
a day ago
- Business
- Iraqi News
Iraq adopts new measures to increase exports
Baghdad ( – The Iraqi Ministry of Trade revealed on Monday that it is adopting a comprehensive strategy to boost Iraqi exports, protect domestic industry, and expand the number of Iraqi items sent abroad. The spokesperson for the Trade Ministry, Mohammed Hanoun, informed the state-run news agency (INA) that the ministry is collaborating with a committee to promote Iraqi products that are available for export. Hanoun illustrated that the purpose of this structure is to develop rules that would assist Iraqi investors and producers in promoting items for export. The Iraqi official also confirmed that the criteria meant to encourage exports are clear and allow exporters to broaden the range of products available for sale. He added that the ministry is making major efforts in this area and intends to export more than 200 Iraqi products. The approaching term will see tremendous progress, both through recognized export methods and financial and logistical support offered by Iraq's Export Subsidy Fund to Iraqi exporters. According to Hanoun, there is a strong government interest in executing the current rules set by the Iraqi cabinet to help Iraqi industry and exports as part of a comprehensive plan to encourage Iraqi exports while protecting local industry.
The Advertiser
6 days ago
- Business
- The Advertiser
Starmer, Modi hail 'historic' UK-India trade deal
Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters Britain and India have signed a free trade agreement during a visit by Indian Prime Minister Narendra Modi, sealing a deal to cut tariffs on goods from textiles to whisky and cars and allow more market access for businesses. Keir Starmer and Narendra Modi met at Chequers, the British leader's official country residence outside London, where the UK and Indian trade ministers, Jonathan Reynolds and Piyush Goyal, formally signed the agreement. Starmer said it was "the biggest and most economically significant trade deal" Britain has made since leaving the European Union in 2020. Modi said it was "a historic day in our bilateral relations." Alongside the agreement, the two countries announced almost STG6 billion ($A12 billion) in trade and investment deals in areas including AI, aerospace and dairy products, and pledged to work more closely together in areas such as defence, migration, climate and health. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The UK government said the deal will reduce India's average tariff on British goods from 15 per cent to three per cent. Import taxes on whisky and gin will be halved from 150 per cent to 75 per cent before falling to 40 per cent by year 10 of the deal. Automotive tariffs will fall from over 100 per cent to 10 per cent under a quota. Britain said the deal is expected to increase bilateral trade by STG25.5 billion annually from 2040 and add almost STG5 billion a year to the British economy. India's Trade Ministry said in May that 99 per cent of Indian exports will face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain left the EU. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Almost two million people in the UK have roots in India, where Britain was the colonial power until independence in 1947. Starmer said Britain and India "have unique bonds of history, of family and of culture, and we want to strengthen our relationship further, so that it is even more ambitious, modern and focused on the long term." Speaking as England and India face off in a Test cricket series, Modi sad the sport was "a great metaphor for our partnership." "There may be a swing and a miss at times but we always play with a straight bat," he said. "We are committed to building a high-scoring, solid partnership." with Reuters
6 days ago
- Business
UK and India leaders Starmer and Modi set to sign a major trade deal
LONDON -- British leader Keir Starmer and Indian Prime Minister Narendra Modi are set to sign a hard-wrought trade agreement Thursday that will slash tariffs on products including Scotch whisky and English gin shipped to India and Indian food and spices sent to the U.K. The two prime ministers are due to hold a signing ceremony at Chequers, the British leader's country residence outside London. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The U.K. government said the deal will reduce India's average tariff on British goods from 15% to 3%. Whisky and gin tariffs will be halved from 150% to 75% before falling to 40% by year 10 of the deal. Automotive tariffs will fall from over 100% to 10% under a quota. Britain said the deal is expected to increase bilateral trade by 25.5 billion pounds ($35 billion) annually from 2040 and add almost 5 billion pounds ($6.8 billion) a year to the British economy. Starmer said the agreement was 'a major win for Britain' and would create thousands of jobs. India's Trade Ministry said in May that 99% of Indian exports would face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain's departure from the European Union in 2020. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024. Modi was re-elected led by Starmer's center-left Labour Party.
San Francisco Chronicle
6 days ago
- Business
- San Francisco Chronicle
UK and India leaders Starmer and Modi set to sign a major trade deal
LONDON (AP) — British leader Keir Starmer and Indian Prime Minister Narendra Modi are set to sign a hard-wrought trade agreement Thursday that will slash tariffs on products including Scotch whisky and English gin shipped to India and Indian food and spices sent to the U.K. The two prime ministers are due to hold a signing ceremony at Chequers, the British leader's country residence outside London. The trade agreement between India and Britain, the world's fifth- and sixth-largest economies, was announced in May, more than three years after negotiations started, and stalled, under Britain's previous Conservative government. The U.K. government said the deal will reduce India's average tariff on British goods from 15% to 3%. Whisky and gin tariffs will be halved from 150% to 75% before falling to 40% by year 10 of the deal. Automotive tariffs will fall from over 100% to 10% under a quota. Britain said the deal is expected to increase bilateral trade by 25.5 billion pounds ($35 billion) annually from 2040 and add almost 5 billion pounds ($6.8 billion) a year to the British economy. Starmer said the agreement was 'a major win for Britain' and would create thousands of jobs. India's Trade Ministry said in May that 99% of Indian exports would face no import duty under the deal, which applies to products including clothes, shoes and food. Formal talks began in 2022 on a free trade agreement that then-Prime Minister Boris Johnson hailed as a key goal after Britain's departure from the European Union in 2020. Johnson famously promised to have a deal done by the Diwali holiday in October of that year. The two countries held 13 rounds of negotiations without a breakthrough before talks were suspended while both nations held general elections in 2024.
South China Morning Post
6 days ago
- Business
- South China Morning Post
Why economic ties are the missing ingredient for China-India detente
Indian think tank NITI Aayog recently made a striking recommendation to ease the near-total restrictions on Chinese investment imposed during the 2020 border crisis . It suggested that Chinese companies be allowed to acquire up to a 24 per cent stake in Indian firms without any vetting. If implemented, it would represent a significant U-turn on New Delhi's part. Since 2020, India has required screening for all investments from neighbouring countries, effectively targeting China. With the backing of the trade ministry's industries department, the proposal is being studied by various ministries and the prime minister's office, signalling improved ties between the two Asian giants. The proposal reflects the growing realisation that restrictions may be harming India's economic interests more than protecting them. The rethink is driven by a decline in foreign direct investment (FDI). Major deals, including a US$1 billion plan by China's electric vehicle (EV) maker BYD , have been derailed by security rules. Net FDI into India plunged to just US$353 million last year, from US$43.9 billion during the financial year ending in March 2021. Although global investment has slowed since the Ukraine war , India sees barriers to Chinese capital as a key factor in this collapse. By proposing a partial rollback, India aims to restore investor confidence without fully abandoning its caution towards China. This signals a strategic shift in New Delhi's approach to Beijing, indicating that a pragmatic economic detente may be under way.
