Latest news with #tradeRelations
Free Malaysia Today
21-07-2025
- Business
- Free Malaysia Today
No compromise on Bumi policy during US tariff talks, says Anwar
Prime Minister Anwar Ibrahim today said that the US must respect certain boundaries during the ongoing negotiations on reducing the tariff imposed on Malaysian products. (Bernama pic) PETALING JAYA : Malaysia will not compromise on its Bumiputera policy during ongoing tariff negotiations with the US, said Prime Minister Anwar Ibrahim. Anwar said that while Malaysia valued its trade and investment ties with the economic superpower, Putrajaya remained firm that there must be clear boundaries or 'red lines' in the negotiations. 'The Cabinet has discussed this multiple times, but we have our position, we have our red lines – and we're prepared to face the risks,' he said, reported Berita Harian. 'What is that red line? Do not interfere with our national policies. 'They (US) say the Bumiputera policy is discriminatory. We say it's not. Malaysia stands by the policies we have adopted… This is our red line,' he said during the monthly assembly of the Prime Minister's Department in Putrajaya. Anwar, who is also the finance minister, added that procurement and opportunities for local companies must be protected during negotiations with the US. He said Malaysia was committed to safeguarding its national interests while continuing to strengthen trade relations with other countries, including China and Asean member nations, to expand market access. 'We must continue to trade and engage constructively with all countries, but no country should be allowed to impose conditions that put pressure on us,' he said in a Bernama report. Negotiations between Malaysia and the US have been ongoing following the announcement of a 25% tariff on Malaysian goods earlier this month. The tariff is expected to take effect on Aug 1. The Office of the US Trade Representative (USTR) previously cited Malaysia's halal import rules and Bumiputera equity requirements as barriers leading to the 24% tariff initially imposed on April 2. In its 2025 National Trade Estimate (NTE) Report on Foreign Trade Barriers, the USTR said that Malaysia's halal standards exceeded international norms, requiring dedicated halal-only facilities and involving complex registration processes, which raised costs and delay exports. The report also highlighted investment barriers, particularly the requirement for 30% Bumiputera ownership in foreign-owned firms and restrictions in sectors such as oil and gas, media, and public procurement.
Arab News
08-07-2025
- Business
- Arab News
Israel eyes deeper economic ties with India, finalizing investment protection deal
JERUSALEM: Israel and India are finalizing an investment protection agreement and expect to sign it in the coming months, Israel's Finance Ministry said on Tuesday. Finance Minister Bezalel Smotrich and the ministry's chief economist Shmuel Abramzon discussed the issue, which it did not elaborate on, and other economic matters with Indian Ambassador to Israel J.P. Singh. 'Deepening economic ties with India is one of the goals I have set,' Smotrich said after the meeting in Jerusalem, calling India a 'true friend of Israel.' An investment protection agreement is a treaty in which countries aim to reduce the perceived risk of investing in each other, such as by offering protections against unfair treatment or removing restrictions on transferring capital and profits. India, the ministry noted, has become in recent years one of Israel's most important trade partners globally and especially in Asia, and the volume of trade and investments between the two countries is expected to increase sharply in the coming years in light of their strengthening diplomatic and security relations. Bilateral trade between India and Israel in 2024 came to almost $4 billion. 'In recent years, we have witnessed a strengthening of economic ties between us, including in the fields of defense exports and infrastructure,' Smotrich said. 'The potential for further strengthening our economic cooperation is immense. It can leverage our shared technological capabilities, India's demographic scale, and the geo-strategic position of both countries.'
Bloomberg
08-07-2025
- Business
- Bloomberg
Taiwan's Record Exports Fuel US Trade Tensions, Currency Risks
Taiwan's exports are on a tear, powered by global demand for artificial intelligence — but the boom is becoming a flashpoint in trade relations with Washington and a growing risk for the economy. Shipments hit a record $154 billion in the second quarter, according to official data released Tuesday. For June alone, exports hit a new high for any month of $53 billion, topping the previous record set in May.
News.com.au
04-07-2025
- Business
- News.com.au
China to require EU brandy exporters to raise prices or face tariffs
China will require major European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent from Saturday, the latest salvo in its long-running trade spat with the bloc. Almost all EU brandy is cognac produced in France, exports of which to China are worth 1.4 billion euros ($1.6 billion) per year. Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies. It said it had determined in a preliminary ruling that dumping had occurred and imposed "temporary anti-dumping measures" on imports of the alcoholic beverage -- moves now costing the industry 50 million euros per month. Beijing's commerce ministry said on Friday that China's tariff commission had "decided to impose anti-dumping duties on imports of relevant brandy originating in the EU" from Saturday. But Beijing said in an explanatory note that several major French cognac producers had signed onto a price commitment to avoid the tariffs -- as long as they sell at or above an agreed minimum price. French liquor giant Jas Hennessy would be hit with levies of 34.9 percent if it reneges on the deal, it said. Remy Martin will be hit with 34.3 percent and Martell 27.7 percent. "The decision to accept the price commitment once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation," a commerce ministry spokesperson said in a statement. China has sought to improve relations with the European Union as a counterweight to superpower rival the United States. But deep frictions remain over economics -- including a yawning trade deficit of $357.1 billion between China and the EU, as well as Beijing's close ties with Russia despite Moscow's war in Ukraine. The new levy threats come as Chinese top diplomat Wang Yi has held fraught meetings with his counterparts during a tour of Europe this week. They will likely be high on the agenda when he meets French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot on Friday afternoon in Paris. - Bitter taste - A trade row between Beijing and the bloc erupted last summer when the EU moved towards imposing hefty tariffs on electric vehicles imported from China, arguing that Beijing's subsidies were unfairly undercutting European competitors. Beijing denied that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products. The bloc imposed extra import taxes of up to 35 percent on Chinese EV imports in October. Beijing later lodged a complaint with the World Trade Organization, which said in April that it would set up an expert panel to assess the EU's decision. China and the EU are scheduled to hold a summit this month to mark the 50th anniversary of the establishment of diplomatic ties. Bloomberg News reported on Friday, citing unnamed sources, that Beijing intends to cancel the second day of the summit.
Yahoo
04-07-2025
- Business
- Yahoo
China to require EU brandy exporters to raise prices or face tariffs
China will require major European brandy exporters to raise prices or risk anti-dumping taxes of up to 34.9 percent from Saturday, the latest salvo in its long-running trade spat with the bloc. Almost all EU brandy is cognac produced in France, exports of which to China are worth 1.4 billion euros ($1.6 billion) per year. Beijing launched an investigation last year into EU brandy, months after the bloc undertook a probe into Chinese electric vehicle (EV) subsidies. It said it had determined in a preliminary ruling that dumping had occurred and imposed "temporary anti-dumping measures" on imports of the alcoholic beverage -- moves now costing the industry 50 million euros per month. Beijing's commerce ministry said on Friday that China's tariff commission had "decided to impose anti-dumping duties on imports of relevant brandy originating in the EU" from Saturday. But Beijing said in an explanatory note that several major French cognac producers had signed onto a price commitment to avoid the tariffs -- as long as they sell at or above an agreed minimum price. French liquor giant Jas Hennessy would be hit with levies of 34.9 percent if it reneges on the deal, it said. Remy Martin will be hit with 34.3 percent and Martell 27.7 percent. "The decision to accept the price commitment once again demonstrates China's sincerity in resolving trade frictions through dialogue and consultation," a commerce ministry spokesperson said in a statement. China has sought to improve relations with the European Union as a counterweight to superpower rival the United States. But deep frictions remain over economics -- including a yawning trade deficit of $357.1 billion between China and the EU, as well as Beijing's close ties with Russia despite Moscow's war in Ukraine. The new levy threats come as Chinese top diplomat Wang Yi has held fraught meetings with his counterparts during a tour of Europe this week. They will likely be high on the agenda when he meets French President Emmanuel Macron and Foreign Minister Jean-Noel Barrot on Friday afternoon in Paris. - Bitter taste - A trade row between Beijing and the bloc erupted last summer when the EU moved towards imposing hefty tariffs on electric vehicles imported from China, arguing that Beijing's subsidies were unfairly undercutting European competitors. Beijing denied that claim and announced what were widely seen as retaliatory probes into imported European pork, brandy and dairy products. The bloc imposed extra import taxes of up to 35 percent on Chinese EV imports in October. Beijing later lodged a complaint with the World Trade Organization, which said in April that it would set up an expert panel to assess the EU's decision. China and the EU are scheduled to hold a summit this month to mark the 50th anniversary of the establishment of diplomatic ties. Bloomberg News reported on Friday, citing unnamed sources, that Beijing intends to cancel the second day of the summit. mjw-oho/dhw
