trade
The seizure by Iranian forces of a Portuguese-flagged container ship as it left the Persian Gulf has prompted global shipping companies to demand the United Nations provide increased military protection, with shippers already having been forced to take lengthy detours to maintain European trade flows amid the intensifying conflict in the wider region. Iranian Revolutionary Guards in the Strait of Hormuz seized the MSC Aries on Saturday morning (13 April), increasing unease within a shipping industry that has found itself in the crossfire of tit-for-tat hostilities in the Middle East, and promp...
Euronews (English)
A look back on a three-years dialogueThe two-day conflab saw digital, trade and internal market Commissioners - respectively Margrethe Vestager, Valdis Dombrovskis and Thierry Breton - meet US Secretaries of State and Commerce, Antony Blinken and Gina Raimondo, and Trade Representative Katherine Tai. They ruminated on what they considered positive outcomes arising from three years of technical working groups and biannual meetings - but no major new announcements emerged. The EU and US confirmed that they are working on building a dialogue between the newly founded US AI Safety Institute and th...
Euronews (English)
Essentially, a country that imports more goods and services than it exports in terms of value has a trade deficit or a negative trade balance. Conversely, a country that exports more goods and services than it imports has a trade surplus or a positive trade balance. The latest data from France's statistical office comes after the Bank of America warned of inevitable excessive deficit procedures for France \- and others. "Many things fiscal are making a return in Europe at the moment, with France and Italy in particular on the market's radar," noted Bank of America in a recent report. Just befo...
Euronews (English)
High level delegates from the EU and US will pledge to reinforce cooperation on clean energy markets after meeting for the sixth Trade and Technology Council (TTC) in Leuven tomorrow (4 April), according to draft conclusions seen by Euronews. The sixth TTC is set to feature negotiations around sustainable trade, green marketplaces and public procurement, clean energy incentives and critical raw materials. The gathering, which lasts until Friday (April 5), will be hosted by the Belgian EU Council Presidency and co-chaired by European Commissioners Margrethe Vestager and Valdis Dombrovskis, join...
Euronews (English)
National diplomats have endorsed a new European law on packaging waste, including provisions that would hold overseas producers to EU environmental standards on plastic recycling at the risk of losing market access. European Commission trade officials had taken the unusual step of lobbying governments directly to reject a so-called mirror clause in the draft law, warning of a serious potential impact on international commerce and diplomatic complications. To do so would have meant the EU Council reneging on the political agreement struck earlier this month with the European Parliament, possibl...
Euronews (English)
There is a strong chance a new law designed to reduce the huge volumes of packaging that end up in landfill or incinerators could be blocked on Friday, according to several well-placed sources, despite a political agreement between the European Parliament and EU governments earlier this month. The EU’s legislative bodies agreed this month the text of a new Packaging and Packaging Waste Regulation (PPWR) in back-room talks mediated by the European Commission, a forum known in Brussels as a trilogue. Official adoption should now be a formality, but the European Commission has refused to sign off...
Euronews (English)
India has signed a trade agreement with Iceland, Liechtenstein, Norway and Switzerland that includes a commitment of $100 billion (€91 billion) in investments and creating one million direct jobs in India in the next 15 years. India committed to reducing import tariffs on industrial products from the four European countries, which together make up the European Free Trade Association (EFTA). "The landmark agreement between India and EFTA is set to bring significant economic benefits, such as better integrated and more resilient supply chains, new opportunities for businesses and individuals on ...
Euronews (English)
Despite an eleventh-hour attempt, the more than 1000 WTO delegates gathered in Abu Dhabi last week failed to agree to a major reform of the global trade rules for food subsidies. “We did not progress on an agriculture package, to the detriment of most vulnerable countries, despite our pragmatic engagement. Divergences were too large to be solved,” said Commission Executive Vice-President Valdis Dombrovskis in a statement. The bloc’s Commissioner for Agriculture Janusz Wojciechowski went further, saying the reason WTO members could not finally agree fell to “to unrealistic demands, in particula...
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The EU would be permitted to exit the Energy Charter Treaty (ECT) if a deal, which documents reveal was clinched today (March 1) between the European Commission and member states, is approved next week. The EU executive’s new proposal for the EU Council offers member states the option to approve modernising the international trade agreement which protects fossil fuel investments, at the ECT conference, due in November, while allowing the EU and Euratom, the European Atomic Energy Community, to leave the treaty, according to the document. But the compromise does not imply that EU member states ...
Euronews (English)
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