Latest news with #non-FTA
Deccan Herald
6 days ago
- Business
- Deccan Herald
India's free trade agreements
India on Thursday signed a free trade agreement, officially dubbed as the Comprehensive Economic and Trade Agreement (CETA), with the UK – its 16th trade pact so far – as the country aims to boost bilateral trade and other regions and countries with which India has signed such agreements include the four-nation European bloc EFTA, Japan, Korea and 2014, the country has signed five trade pacts with Mauritius, the UAE, Australia, EFTA and the UK..A free trade agreement is an arrangement between two or more countries where they agree either to end or reduce customs duties on the maximum number of goods traded between them, besides cutting down non-trade barriers on a significant value of imports from partner countries and easing norms to promote services exports and bilateral subjects covered under these pacts range from 10 to 30. Across the globe, over 350 FTAs are currently in force and most of the nations have signed one or more such entry into partner country markets helps in the diversification and expansion of export field vis-a-vis competitors who may have already entered FTAs with partner enable preferential treatment in the partner country market over non-FTA member country pacts attract foreign investment to stimulate domestic manufacturing. They allow access to raw materials, intermediate products and capital goods for value-added achieve long-term efficiency and consumer welfare operating in India-UK space enthused by FTA has inked trade deals with Sri Lanka, Bhutan, Thailand, Singapore, Malaysia, Korea, Japan, Australia, the UAE, Mauritius, the 10-nation bloc ASEAN (Association of Southeast Asian Nations), and four European nations' bloc EFTA (Iceland, Liechtenstein, Norway, and Switzerland).In addition, India is negotiating trade agreements at present with a number of its trading partners. The negotiations are underway with the US, Oman, the European Union (EU), Peru, and with Canada for a similar pact were put on hold due to certain political issues. Advantages of these pacts:These trade agreements have contributed to enhance market access, reduce tariff and non-tariff barriers, strengthen strategic partnerships, and support domestic industry through balanced trade these FTAs reflect a strategic shift towards high-quality, comprehensive trade agreements designed to support India's domestic manufacturing, services exports, and integration into resilient global value and the UK clinched a 'landmark' trade deal that will remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies from the current about USD 56 billion by will cut import duty on Scotch whisky and gin from the UK to 75 per cent initially and to 40 per cent by the 10th year. At present, it is 150 per on automotive imports will go from over 100 per cent to 10 per cent under quotas on both sides.
Yahoo
16-07-2025
- Business
- Yahoo
Canada introduces new tariffs, investment plan to support steel industry
-- Prime Minister Mark Carney unveiled a sweeping industrial strategy Wednesday aimed at reinforcing Canada's steel sector, as the country grapples with U.S. tariffs and surging global steel distortions. The measures are designed to curb harmful trade diversion, strengthen domestic supply chains, and prepare Canadian producers for deep shifts in global steel markets. Canada is among the most exposed advanced economies to structural shifts in the steel industry, given its large export volumes, open import market, and high per capita consumption. 'Our steel industry will be central to Canada's competitiveness, our security, and our prosperity,' said Carney in announcing the initiative. The government will impose a series of targeted tariff changes, reducing the steel import quota for non-free trade agreement (non-FTA) countries to 50% of 2024 volumes, with a 50% tariff on imports above that threshold. For FTA partners outside the U.S., the quota will remain at 100% of 2024 levels with the same overage tariff, while existing USMCA rules covering U.S. imports remain unchanged. Further, by the end of July, a 25% tariff will apply to all steel imports from non-U.S. countries containing steel 'melted and poured in China.' These measures, according to government statements, aim to 'prevent harmful trade diversion amid current tensions in global steel trade,' particularly in light of U.S. tariffs that have disrupted North American supply chains. Beyond defensive tariffs, the government pledged C$1 billion through the Strategic Innovation Fund to help Canadian steel producers develop new products and onshore capabilities. Another C$70 million will go toward Labour Market Development Agreements to support and reskill up to 10,000 affected workers in the steel sector. The federal government is also preparing a major expansion of financial supports through Regional Development Agencies and the Business Development Bank of Canada, including C$150 million in regional tariff response funding and enhanced access to low-cost loans. Minimum eligibility thresholds for the Large Enterprise Tariff Loan program will be lowered significantly, extending access to more mid-sized firms. Procurement rules will also be revised to channel more federal construction and infrastructure spending toward domestic producers. 'As Canada moves from reliance to resilience, Canada's new government is taking a series of major measures to support, reinforce, and transform the industry,' Carney said. The measures come as Canada continues negotiations with Washington following the Trump administration's decision to impose 25% tariffs on Canadian steel in March, which were later increased to 50% in June. With no resolution yet in place, Ottawa's approach aims to stabilize its domestic market while sending a signal of long-term commitment to national industrial capacity. Canadian steel company Algoma Steel Group Inc (TSX:ASTL) saw shares rise 3.2% following the announcement. Related articles Canada introduces new tariffs, investment plan to support steel industry Buy this massive AI stock into upcoming Q2 print: Morgan Stanley Surge of 50% since our AI selection, this chip giant still has great potential Sign in to access your portfolio
Cision Canada
16-07-2025
- Business
- Cision Canada
Prime Minister Carney announces new measures to protect and strengthen Canada's steel industry Français
HAMILTON, ON, July 16, 2025 /CNW/ - Canada is one of the countries most exposed to the fundamental restructuring of the global steel industry, with substantial steel exports, high per capita use, and a disproportionately open import market. To remain competitive and grow our economy, Canada must reinforce our strength at home. Our objective is to stabilize the domestic steel market and prevent harmful trade diversion amid current tensions in global steel trade. Today, the Prime Minister, Mark Carney, announced a suite of targeted measures to stand behind Canada's steel industry, protect Canadian careers, and invest in our homegrown industrial capacity to build Canada strong. Canada's new government will: 1. Restrict and reduce foreign steel imports entering the Canadian market As stated on June 19, 2025, Canada's new government promised to review our tariff rate quotas for non-free trade agreement (FTA) partners in 30 days. To that end, the following changes to tariff rate quotas will take effect in the coming days. First, Canada will tighten the tariff rate quota levels for steel products from non-FTA countries from 100% to 50% of 2024 volumes. Above those levels, a 50% tariff will apply. Second, for non-U.S. partners with which we have an FTA, Canada will introduce a tariff rate quota level for steel products at 100% of 2024 volumes and apply a 50% tariff on steel imports above those levels. Existing arrangements with our CUSMA partners will remain the same, including no changes to our current trade measures with the U.S. The government is reviewing its remission framework to favour the use of Canadian steel and aluminum in Canadian-made products. Canada will reassess its existing trade arrangements with respect to steel, consistent with progress made in the bilateral discussions with the U.S. and taking into account broader steel negotiations. Canada will also implement additional tariffs of 25% on steel imports from all non-U.S. countries containing steel melted and poured in China before the end of July. These measures will ensure Canadian steel producers are more competitive by protecting them against trade diversion resulting from a fast-changing global environment for steel, creating more resilient supply chains, and unlocking new private capital in Canadian production. 2. Invest in Canadian steel workers and production Building on the enhancements to Employment Insurance (EI) and the EI Work-sharing, the government is investing $70 million in Labour Market Development Agreements to provide training and income supports for up to 10,000 affected steel workers. Through reskilling investments and increased worker supports, we will ensure workers have the skills and support they need to meet the future needs of the industry. To strengthen and ready the workforce to build a more resilient steel industry, Canada will provide $1 billion to the Strategic Innovation Fund to help steel companies advance projects that will increase their competitiveness within the domestic market, catalyze production of steel products not currently produced in Canada, and create jobs in sectors such as defence. The Business Development Bank of Canada Pivot to Grow initiative is being enhanced to provide support to eligible steel small and medium-sized enterprises facing liquidity challenges. The steel industry will be prioritized with $150 million as part of the government's Regional Tariff Response Initiative through the Regional Development Agencies. Finally, the Large Enterprise Tariff Loan will be updated to expand eligibility and provide lower cost financing to firms in the steel industry. These changes will include reducing the minimum annual revenue requirement from $300 million to $150 million, reducing the minimum loan size from $60 million to $30 million, extending the loan maturity from 5 to 7 years, reducing the initial interest rate, and requiring companies to prioritize worker retention. 3. Prioritize Canadian steel to build big projects As the federal government delivers on its mandate to build major, national projects and millions more homes faster, we will ensure Canadian steel and other Canadian materials are prioritized in construction. We will also change federal procurement processes to require companies contracting with the federal government to source steel from Canadian companies. At this transformative moment, we are shifting from reliance to resilience – using Canadian steel to protect our sovereignty, grow our industries, export our energy, and build one strong Canadian economy. It's time to build big, build bold, and build the strongest economy in the G7 using Canadian steel. Quotes "Our steel industry will be central to Canada's competitiveness, our security, and our prosperity. As Canada moves from reliance to resilience, Canada's new government is taking a series of major measures to support, reinforce, and transform the industry to be more resilient in the face of profound shifts in global trade and supply chains." — The Rt. Hon. Mark Carney, Prime Minister of Canada "Our government continues to defend Canadian workers, businesses, and investments as we navigate the new trading environment. At the same time, we are actively strengthening our domestic producers through the significant additional supports announced today, enabling them to build essential infrastructure and ensure the prosperity of workers throughout this key Canadian industry." — The Hon. François-Philippe Champagne, Minister of Finance and National Revenue "Protecting Canada's steel industry means defending Canadian jobs, securing our economic sovereignty, and building the future right here at home. Canada's steelworkers are critical to building a strong Canadian economy; protecting their jobs is protecting Canada's economic future." — The Hon. Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions "Steel workers and their industry are vital to Canada's economy. Canada will support workers as their jobs are threatened by tariffs. Today's announcement will help workers access skills training and retraining tailored to the needs of the steel sector. As we build the strongest country in the G7, the message to Canadian steel workers is clear: we are with you." — The Hon. Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario "Canada is building faster and stronger. By prioritizing Canadian steel and other materials in our projects, we are taking important steps to prioritize Canadian suppliers, protect well-paying jobs, strengthen our supply chain, and support our industry in the face of unjustified U.S. tariffs." — The Hon. Joël Lightbound, Minister of Government Transformation, Public Works and Procurement This document is also available at
Yahoo
14-07-2025
- Business
- Yahoo
Woodside Energy Finalizes $5.7B Sale of Louisiana LNG Stake to Stonepeak
Woodside Energy Group Ltd. (NYSE:WDS) is one of the best low priced energy stocks to buy now. On June 25, Woodside Energy completed the sale of a 40% stake in its Louisiana LNG project to Stonepeak Partners. The project whch is located in Calcasieu Parish and is currently under construction. The transaction builds upon an agreement announced on April 7 earlier this year. Under the agreement, Stonepeak will provide $5.7 billion towards the expected capital expenditure for the foundation development of Louisiana LNG on an accelerated basis. Stonepeak's contribution will cover 75% of the project's capital expenditure in both 2025 and 2026. Woodside received a closing payment of approximately $1.9 billion, which represents Stonepeak's 75% share of capital expenditure funding incurred since the effective date of January 1. A worker in safety gear with a drill rig in a sprawling oilfield. Woodside made a final investment decision/FID for the project in April 2025, with the gross capital expenditure estimated at $17.5 billion. The FID approved Phase 1 of the project, which includes 3 liquefaction trains with a combined capacity of 16.5 million metric tons per annum/MMtpa. The Louisiana LNG project holds an Energy Department permit to export a cumulative 1.42 trillion cubic feet a year of natural gas equivalent, or 27.6 MMtpa of LNG, to both FTA and non-FTA countries. Woodside Energy Group Ltd. (NYSE:WDS) explores, evaluates, develops, produces, markets, and sells hydrocarbons in the Asia Pacific, Africa, the Americas, and Europe. While we acknowledge the potential of WDS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Business Upturn
03-06-2025
- Business
- Business Upturn
Venture Global Launches Site Work at CP2 LNG Following Federal Approval
Arlington, Va., United States: CP2 is Venture Global's Third Facility to be Built in Last Five Years Upon completion, Venture Global expected to become the largest LNG exporter in the United States, second largest in the world Project expected to bring new LNG supply to global market beginning in 2027 Venture Global, Inc. ($VG) announced today that it has initiated full mobilization and started site work at the company's third LNG export facility, CP2 LNG. The launch of the site work comes shortly after CP2 received final approval and Notices to Proceed from the Federal Energy Regulatory Commission (FERC) on the Project, and weeks after receiving its non-FTA export authorization from the U.S. Department of Energy. This press release features multimedia. View the full release here: CP2 begins on-site work in Cameron Parish, La 'Venture Global applauds the Commission and FERC staff for their continued work to advance critical U.S. energy projects like CP2 LNG that support our allies abroad and thousands of jobs here at home,' said Mike Sabel, CEO of Venture Global. 'With all federal approvals now in hand we are excited to announce that we have launched on-site work for this Project, which is expected to deliver reliable low-cost LNG to the world starting in 2027. I am proud of our team and their relentless commitment to execution which has enabled our company's historic achievements and rapid growth from a start-up to breaking ground on our third LNG export facility since 2019.' CP2 is a strategically important project that is expected to provide U.S. LNG to customers in Europe, Japan and other allies around the world. The Project is expected to support approximately 3,000 new jobs in Louisiana – 400 of which will be direct, permanent employees of CP2 – and pay more than $4 billion in local property taxes during its operation. At peak construction, CP2 is expected to employ approximately 7,500 direct construction jobs and support tens of thousands of indirect subcontractor, part-time and full-time jobs in over 30 states. Building off Venture Global's 'design one, build many' modularized LNG facility strategy, CP2 is already well advanced in engineering, procurement and contracting. Separate from the site work commencing now, the Project already has significant off-site work underway on the Project modules and equipment. This significant engineering and off-site progress now positions CP2 as one of the most advanced LNG export projects under development in the United States and we believe, once completed, will position Venture Global to become the top exporter of U.S. LNG. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global's business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. Venture Global's first facility, Calcasieu Pass, commenced producing LNG in January 2022 and achieved commercial operations in April 2025. The company's second facility, Plaquemines LNG, achieved first production of LNG in December 2024. The company is currently constructing and developing over 100 MTPA of nameplate production capacity to provide clean, affordable energy to the world. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities. Forward-looking Statements This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). All statements, other than statements of historical facts, included herein are 'forward-looking statements.' In some cases, forward-looking statements can be identified by terminology such as 'may,' 'might,' 'will,' 'could,' 'should,' 'expect,' 'plan,' 'project,' 'intend,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'pursue,' 'target,' 'continue,' the negative of such terms or other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include statements about our future performance, our contracts, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include our need for significant additional capital to construct and complete future projects and related assets, and our potential inability to secure such financing on acceptable terms, or at all; our potential inability to accurately estimate costs for our projects, and the risk that the construction and operations of natural gas pipelines and pipeline connections for our projects suffer cost overruns and delays related to obtaining regulatory approvals, development risks, labor costs, unavailability of skilled workers, operational hazards and other risks; the uncertainty regarding the future of global trade dynamics, international trade agreements and the United States' position on international trade, including the effects of tariffs; our dependence on our EPC and other contractors for the successful completion of our projects, including the potential inability of our contractors to perform their obligations under their contracts; various economic and political factors, including opposition by environmental or other public interest groups, or the lack of local government and community support required for our projects, which could negatively affect the permitting status, timing or overall development, construction and operation of our projects; and risks related to other factors discussed under 'Item 1A.—Risk Factors' of our annual report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ('SEC') and any subsequent reports filed with the SEC. Any forward-looking statements contained herein speak only as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements to reflect subsequent events or circumstances, except as may be required by law. View source version on Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same.
