Latest news with #tradepartners
Bloomberg
7 hours ago
- Business
- Bloomberg
For Volatile Trump, Trade Pacts With China, Europe Prove Elusive
US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats. So far there has been few signs of a breakthrough with either of the two biggest American trading partners. In recent days, the path forward has only grown more complicated, with Trump engaging again in trade brinkmanship and pronouncements that have fueled tensions.
Bloomberg
11 hours ago
- Business
- Bloomberg
Canada Premiers Pitch Carney on New Pipelines, Ports and Mines
Canada's provincial leaders urged Prime Minister Mark Carney to back new oil pipelines, electricity grids, critical mineral mines, ports and railways at a meeting on Monday meant to identify 'nation-building' projects to be fast-tracked. The meeting is a first step toward Carney fulfilling his campaign promise to reduce Canada's overwhelming reliance on the US as an export market by boosting the domestic economy and finding new trade partners.
Zawya
6 days ago
- Business
- Zawya
UAE, EU continue talks on Comprehensive Economic Partnership Agreement
Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, welcomed Maroš Šefčovič, EU Commissioner for Trade and Economic Security, to the UAE for ongoing talks regarding the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and the EU. The visit also included an investment roundtable with representatives from leading private sector companies aimed at exploring opportunities for increased collaboration and investment flows between the EU and UAE. The UAE-EU CEPA is poised to be a significant milestone in strengthening economic ties and unlocking new avenues for trade and cooperation. The agreement will pave the way for the removal of trade barriers, enhance market access for goods and services, and stimulate investment in key sectors. By consolidating access to the EU market, the second largest economic bloc in the world, the CEPA will reinforce the UAE's status as a global trade and logistics hub. The EU is already one of the UAE's key trading partners, accounting for 8.3% of non-oil trade. In 2024, non-oil trade between the two reached US$67.6 billion, representing a growth of 3.6% over 2023. Al Zeyoudi emphasised the importance of the CEPA with the EU, stating, 'Our negotiations toward a UAE-EU Comprehensive Economic Partnership Agreement is of great importance to both the UAE and the EU and represents an extraordinary opportunity for us both to enhance trade and investment ties that will foster greater collaboration and create mutual benefits and prosperity. By working together, we will strengthen our supply chains, drive innovation, and create jobs that will benefit our communities and economies for many years to come.' Maroš Šefčovič commented, 'Europe continues to be a reliable trading partner, which respects the deals it makes. And it is natural to seek to grow our relations with long-standing and trusted partners like the United Arab Emirates. A bilateral FTA would unlock tremendous business opportunities for European and Emirati businesses alike. Our aim is therefore to reach an ambitious deal that is commercially meaningful on both sides – one that brings tangible, lasting benefits, along with predictability, so essential to any successful business. This would add strength to our regional cooperation with the Gulf Cooperation Council countries.' During the investment roundtable, representatives from the UAE and the European private sectors, engaged in discussions to identify mutual investment opportunities that can drive innovation and sustainable economic development. FDI flows between the UAE and EU are strong and robust, with recent partnerships in data centres in Italy, solar plants in Spain, and neighbourhood redevelopment in Budapest. A UAE-EU CEPA has the potential to unlock further opportunities, including a US$50 billion AI data centre deal with France and a US$40 billion commitment in Italy's energy and defense sectors. The CEPA programme is a key pillar of the UAE's foreign trade agenda, reflecting the nation's commitment to open, rules-based trade to drive economic growth and diversify its economy. By enhancing access to global markets and establishing stronger trade and investment flows with partners around the world, the CEPA programme has contributed to a record non-oil trade of US$816 billion in 2024, marking a 14.6% increase over 2023.
Al Arabiya
23-05-2025
- Business
- Al Arabiya
India may let US, foreign firms bid for government contracts: Sources
India is opening up a chunk of its protected government procurement market to foreign firms, including the US, two government sources said, in a shift that could extend to other trading partners after it was offered to the UK under a trade deal this month. The government is likely to allow US firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington, the sources said. Total public procurement - including by federal, state and local governments and state-run firms - is worth an estimated $700 billion-$750 billion per year, according to government estimates. Most is reserved for domestic firms, with 25 percent set aside for small businesses, although sectors like railways and defense can buy from foreign suppliers when domestic options are unavailable. Earlier this month, India and the UK agreed on a free trade pact that gives British firms access to federal government contracts in select sectors - covering goods, services and construction - on a reciprocal basis. 'In a policy shift, India has agreed to open its public procurement contracts gradually to trading partners including the US in a phased manner and reciprocal manner,' said one of the officials, with the knowledge of the matter. Only a portion of the government's procurement contracts - mainly linked to federal projects worth around $50-$60 billion - will be opened to foreign firms, while state and local government purchases will be excluded, the official said. 'Following the UK pact, India is ready to open a part of its public procurement market to the US as well,' said a second official. Both sources requested anonymity, as details of the ongoing talks have not been made public. The commerce ministry did not respond to requests for comment on the US proposal or extending the plan to other nations. India has long resisted joining the World Trade Organization's Government Procurement Agreement, citing the need to protect small businesses. In its March report on foreign trade barriers, the US Trade Representative said India's restrictive procurement policies pose challenges for US firms due to 'changing rules and limited opportunities.' Indian Trade Minister Piyush Goyal visited Washington this week to advance trade talks, with both sides aiming to sign an interim agreement by early July, officials said. New Delhi is pushing to clinch a trade deal with the US within the 90-day pause on tariff hikes announced by US President Donald Trump on April 9 for major trading partners, which includes a 26 percent tariff on imports from India. The commerce ministry said in a text message that UK firms would only be allowed limited access to bid for contracts of non-sensitive federal entities, excluding state and local government procurement. UK-based suppliers can bid for Indian tenders above 2 billion rupees ($23.26 million) while the UK will offer non-discriminatory access to Indian suppliers under its public procurement system, the ministry said. The government has assured small industry that a quarter of the orders will be reserved for them, said Anil Bhardwaj, secretary general of the Federation of Indian Micro, Small and Medium Enterprises (FISME), a leading industry body. 'Opening procurement to foreign firms on a reciprocal basis offers an opportunity for Indian businesses in overseas markets as well,' he said. ($1 = 85.9810 Indian rupees)
Washington Post
21-05-2025
- Business
- Washington Post
Japan's exports slow in April as Trump's tariffs dent shipments to the U.S.
TOKYO — Japan's exports to the United States, its largest single trading partner, fell nearly 2% in April as tariff hikes imposed by President Donald Trump hit home. Globally, exports rose just 2% year-on-year, down from 4% in March, leaving a trade deficit for the first time in three months.
