Latest news with #bilateraltrade
Yahoo
11 hours ago
- Business
- Yahoo
India, UK to sign free trade deal during Modi's visit, cut tariffs on whisky, garments
By Manoj Kumar and Alistair Smout NEW DELHI/LONDON (Reuters) - India and Britain will sign a free trade agreement on Thursday during Prime Minister Narendra Modi's UK visit, officials said, with New Delhi to ease tariffs on British whisky, cars and some food items, and the UK offering duty-free access to Indian textiles and electric vehicles. The pact, concluded in May after three years of stop-start talks, should boost bilateral trade by removing numerous barriers and granting each country greater market access to the other. It will take effect after the British parliament and India's federal cabinet approve it, likely within a year. "This is a significant agreement," Vikram Misri, India's foreign secretary, told reporters on Tuesday, adding that legal vetting of the deal was near completion ahead of Modi's four-day trip to the UK and Maldives. Trade minister Piyush Goyal will accompany Modi for the formal signing, a commerce ministry official said. This will be Modi's fourth visit to the UK since he took office in 2014. He is scheduled to meet Prime Minister Keir Starmer to discuss trade, energy, security, health and education issues, and also hold talks with business leaders. Bilateral trade between the two countries reached $55 billion in 2023/24, while the UK has become India's sixth-largest investor, with cumulative investments of nearly $36 billion, Misri said. Around 1,000 Indian companies operate in the UK, employing 100,000 people, and they have invested about $20 billion there, he added. Under the trade agreement, tariffs on Scotch whisky will drop to 75% from 150% immediately, and then slide to 40% over the next decade, according to the British government, and on cars, India will cut duties to 10% from 100% under a quota system that will be gradually liberalised. In return, Indian manufacturers are expected to gain access to the UK market for electric and hybrid vehicles, also under a quota system, Indian commerce ministry officials said. The ministry has said 99% of Indian exports to Britain would benefit from zero duties under the deal, including textiles, while Britain will see reductions on 90% of its tariff lines. "The UK is an important market for Indian exporters," said Ajay Sahai, director general of the Federation of Indian Export Organisations, adding that the trade pact will boost bilateral trade and provide access for Indian sectors such as textiles, footwear, marine and engineering products. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
6 days ago
- Business
- Arab News
Pakistan's Dar meets Afghan top leaders during Kabul visit to sign railway pact
ISLAMABAD: Deputy Prime Minister Ishaq Dar met Afghanistan's prime minister and foreign minister on Thursday to discuss bilateral trade, peace and security, as he arrived in Kabul to sign a framework agreement to conduct a joint feasibility study for the Uzbekistan-Afghanistan-Pakistan (UAP) Railway Project. Dar, who is also Pakistan's foreign minister, met huis Afghan counterpart Amir Khan Muttaqi earlier on Thursday to discuss bilateral relations and trade cooperation, Pakistan's foreign office said. Talks between the two countries' officials took place amid a tentative thaw in Pakistan-Afghanistan relations, which have been strained in recent years due to a surge in militancy in Pakistan that Islamabad blames on Afghan-based insurgent groups. Kabul denies the allegations. 'On the sidelines of the signing ceremony for the Framework Agreement on Joint Feasibility Study of the UAP Railway Corridor, DPM/FM, Senator Mohammad Ishaq Dar called on the Afghan Prime Minister, Mullah Muhammad Hassan Akhund,' the foreign office said. The two reaffirmed their commitment to continue bilateral engagement and agreed to maintain high-level contacts to promote bilateral relations, the statement said. 'The two leaders exchanged views on issues of mutual interest, including peace and security, trade and transit cooperation and regional connectivity,' Pakistan's foreign office said. The UAP Railway Project aims to establish a vital trade and transit corridor linking Uzbekistan with Pakistan via Afghanistan, offering the Central Asian republics direct access to Pakistani seaports. The rail link is expected to significantly boost regional connectivity, facilitate trade and contribute to long-term economic integration and political stability in the broader region. For Pakistan, which seeks to position itself as a regional connectivity hub, the UAP railway is also strategically important in strengthening economic ties with Central Asia and securing stable transit through Afghanistan, a country whose internal security dynamics continue to impact broader regional development goals. 'The signing of the Framework Agreement on Joint Feasibility Study between the three participating countries in Kabul will be an important step toward its implementation,' the foreign office said in an earlier statement. Uzbekistan and Afghanistan signed an agreement in 2017 to extend a railroad connecting the two countries that would eventually give Uzbekistan a direct link to seaports. Landlocked Uzbekistan's access to marine shipping is very limited. Efforts to repair the fractured ties between Islamabad and Kabul gained momentum during a China-hosted trilateral dialogue in Beijing in May between the foreign ministers of Pakistan, Afghanistan and China. Islamabad and Kabul agreed in principle to send ambassadors to each other's countries as soon as possible, Chinese Foreign Minister Wang Yi had announced after the summit. The upcoming signing of the UAP railway pact, a long-discussed infrastructure project championed by all three governments, is also being seen as one of the first tangible outcomes of renewed engagement between Islamabad and Kabul.
Times of Oman
10-07-2025
- Business
- Times of Oman
Delegation-level talks covered wide gamut of issues...critical minerals: MEA on PM Modi's visit to Namibia
Windhoek [Namibia]: The Ministry of External Affairs on Wednesday highlighted that during Prime Minister Narendra Modi's visit to Namibia, delegation-level talks covered a wide range of issues, with a significant focus on critical minerals. The discussions aimed to strengthen bilateral ties and explore opportunities for cooperation in various sectors Secretary (East), Dammu Ravi, during the MEA briefing said, "The delegation-level talks covered a wide gamut of issues, and both sides had the opportunity also to expand the existing cooperation. The bilateral relationship, as you know, is underpinned by trade and economic interest ... investments on both sides." India and Namibia discussed potential partnerships in the critical mineral sector, including a proposed Critical Mineral Partnership Agreement. Namibia's rich deposits of uranium, copper, cobalt, and rare earths make it an attractive partner for India. Emphasising the upward trajectory of bilateral trade, he noted, "The trade is about $600 million in favor of India, marginally, and investments from India are about $800 million, and the cooperation that we discussed was in the area of natural resources, because as you know that Namibia is endowed with rich natural resources like diamonds, lithium, copper, cobalt, graphite, all of these rich critical minerals are useful for our industry." "I mean that defense or critical minerals are some of the areas that were discussed. In defense, Namibia is interested in procurement of equipment from India. And we offered them a line of credit, especially for the defense. We have one for civil also," said India's High Commissioner to Namibia, Rahul Shrivastava, who participated in the briefing. Other avenues of collaboration discussed included health, capacity building, and the agri sector. "The cooperation in the area of health was discussed, which also included the possibility of Janaushadhi being introduced in Namibia, also supply of medicines and direct sourcing from India. The cooperation in the area of agriculture was another item that came up in the discussions, and there again, as Namibia has huge land tracts, there is a possibility of India supporting with equipment, machinery, and able to grow food crops for the food security of Namibia," said Dammu Ravi. Congratulating Namibia on electing its first woman president, Ravi said, "This visit is taking place after 27 years by Prime Minister of India, and it is also the time when the President of Namibia has just assumed her office in March this year after a landslide victory, which means that there will be continuity in our relationship, and it will facilitate further deepening of the relationship." Defence cooperation, another area that came up for discussion, and most importantly, in the digital public infrastructure. "Namibia is the first country in the world where NPCI, National Payment Corporation of India, and the Namibian Central Bank have entered into an agreement, a licensing agreement to deployment of UPI in Namibia for real-time payments. And this is a significant development. We believe that this will open up new avenues for cooperation in the digital space between our two countries," said Secretary (East). There were several announcements today regarding the agreements. The Memoranda of Understanding relate to the establishment of the Entrepreneurship Centre in Namibia and cooperation in the health sector. There were three announcements made, one relating to the UPI, or Unified Payment Interface. The second one is Namibia joining the Coalition for Disaster Resilient Infrastructure, and Namibia also joining the Global Biofuel Alliance. "These are the narratives of the Global South, and it's a very important cooperation that will emerge out of this. Particularly in the case of CDRI is countries affected by these natural disasters, either it is floods or drought or even pandemics, how we can, both countries can cooperate. I think in recent times India has been very active in reaching out to our partner countries in providing these relief materials," said Ravi. "In the same light, I see the Global Biofuel Alliance as well, because alternatives to the oil, gas has to be formed. And this is a very good initiative India has successfully introduced, which is able to also save your own hard currency that countries would need to import. But this technology India has now very well experimented and successfully using in our country and in the Global South, through this Biofuel Alliance, will be able to reach out to them and introduce this technology," he added. But that's a part we should be able to also look at early warning systems and how quickly both countries can respond to natural crises that may arise in this part of the world. Because you also know that climate change is affecting our nations very, very differently, and most countries in the Global South are vulnerable because of the climate change. So, we have to cooperate even stronger on it. "Capacity building is another ongoing area. ITEC scholarship has been extensively used by Namibian experts, both defense and civilian, and here again, we have both sides discussed to expand this possibility of enhancing the cooperation and capacity building," he added. Both sides also touched upon the multilateral issues. There was condemnation of terrorism in all its manifestations, including the Pahalgam terrorist attack, when Namibia expressed solidarity for India. There was also talk about reforming of the multilateral institutions, and there was a clear understanding by both the leaders that it's very important that multilateralism is strengthened for the South-South cooperation, and both sides to be able to find solutions for the challenges that the countries in the Global South are facing. PM Modi also received Namibia's highest civilian award- the Order of the Most Ancient Welwitschia Mirabilis, during his visit to the country. This makes it the 27th award for PM Modi and the 4th award in this ongoing tour.
Arab News
09-07-2025
- Business
- Arab News
Pakistan, Türkiye aim to boost trade to $5 billion, deepen energy and defense ties
ISLAMABAD: Pakistan and Türkiye on Wednesday announced plans to expand bilateral trade to $5 billion and deepen cooperation in energy, defense, and strategic infrastructure, as senior ministers from both nations met in Islamabad amid growing regional instability. Turkish Foreign Minister Hakan Fidan and Defense Minister Yaşar Güler arrived in Pakistan late Tuesday for high-level discussions with political and military leaders. The visit, described by Pakistan's foreign office as a sign of 'deepening strategic ties,' included consultations on regional stability, trade expansion, and defense modernization. At a joint news conference with Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar, the Turkish foreign minister said both sides were committed to strengthening what has long been a close bilateral partnership. 'Economy, energy, defense industry, education and culture are areas where we are extending our cooperation each day,' Fidan said. 'The joint working groups under the High-Level Strategic Cooperation Council — from defense, from energy, from education — are all working in a very productive manner.' 'We are aiming to increase our commercial relations to $5 billion,' he added. 'In the field of energy, we are intensifying joint activities in mining and also in precious stones, as well as natural gas and the oil sector.' Fidan highlighted a recent agreement signed in April between Turkish Petroleum Corporation (TPAO) and a Pakistani state-owned firm to explore offshore oil and gas, calling it a 'preliminary step toward broader structural cooperation' in the energy sector. On defense cooperation, Fidan described joint initiatives as 'a strategic step for the security of both countries,' noting that multiple projects in defense manufacturing and technology were already underway. ECONOMIC ZONE, RAIL REVIVAL Speaking at the joint press conference, Deputy PM Dar announced several new initiatives aimed at increasing Turkish investment in Pakistan. 'We are pursuing establishment of a Special Economic Zone dedicated for Turkish entrepreneurs in Karachi,' he said, adding that Pakistan was working to revive the long-dormant Istanbul–Tehran–Islamabad freight train, which was once seen as a key transnational trade route linking South Asia with Europe. 'Our delegations are meeting in coming weeks to finalize the roadmap for its revival,' he said. Dar added that Turkish companies were being considered for major upcoming infrastructure and energy projects, including the Jinnah Medical Complex, Danish University, offshore drilling operations, and privatization of electricity distribution companies (DISCOs). The deputy PM said the two nations had also agreed to revive the long-dormant Joint Ministerial Commission after 11 years and the Pakistani minister of commerce and the Turkish minister of defense would be co-chairing a joint session of the Commission in coming weeks. 'All this work will lay a solid foundation for the 8th High-Level Strategic Cooperation Council, which will be held next year in Türkiye and co-chaired by the Honourable President of Türkiye [Recep Tayyip Erdoğan] and the Prime Minister of Pakistan [Shehbaz Sharif],' Dar said. DEFENSE TIES In a separate engagement, Turkish Defense Minister Yaşar Güler met with Pakistan's Air Chief Marshal Zaheer Ahmed Baber Sidhu at the Air Headquarters in Islamabad to assess the state of bilateral defense cooperation and discuss emerging regional threats. According to Pakistan's military media wing, Inter-Services Public Relations (ISPR), both sides agreed to set up joint working groups to deepen collaboration in aerospace technologies, advanced training, and new domains of warfare. Güler praised the operational readiness of the Pakistan Air Force, particularly during its recent conflict with India, and expressed interest in expanding industry-to-industry partnerships. He also emphasized the importance of joint ventures in disruptive technologies, including unmanned aerial systems, advanced avionics and pilot exchange programs. Both parties pledged to enhance joint air exercises and finalize plans for more intensive training cooperation. The ISPR said the meeting reflected the 'shared commitment of both the brotherly nations to enhance strategic cooperation, solidify defense ties and promote lasting institutional linkages between the Armed Forces of Pakistan and Türkiye.'
Washington Post
09-07-2025
- Business
- Washington Post
In expanding trade war, Trump digs U.S. into a geopolitical hole
You're reading an excerpt from the WorldView newsletter. Sign up to get the rest, including news from around the globe and interesting ideas and opinions to know, sent to your inbox on Mondays, Wednesdays and Fridays. On Monday, the White House launched new salvos in its widening trade wars. President Donald Trump threatened to impose tariffs of between 25 percent and 40 percent on imports from 14 countries, including Japan, South Korea, Thailand and Bangladesh, unless they address his concerns over perceived bilateral trade imbalances.
