Latest news with #Agreement
News18
5 hours ago
- Business
- News18
India, UK includes chapter on trade and gender equality for first time
New Delhi, Jul 24 (PTI) India has, for the first time, agreed to include a dedicated chapter on trade and gender equality in a free trade agreement with the UK. The purpose of this chapter, according to the FTA document, is to enhance opportunities for women, including workers, business owners and entrepreneurs, to participate equitably in global, regional, and domestic economies. Accordingly, the two nations have agreed to advance women's economic empowerment and gender equality across this agreement. The document said India and the UK shall endeavour to implement and enforce their respective laws, policies, practices, and regulations that promote gender equality and improve women's access to trade and economic opportunities. A Trade and Gender Equality Working Group has been established, consisting of government representatives. The Working Group will meet at regular intervals. 'The Trade and Gender Equality Working Group may consider any matter that it regards as appropriate to advance women's economic empowerment and gender equality across this Agreement and otherwise achieve the objectives of this Chapter. The Trade and Gender Equality Working Group may make recommendations to the Joint Committee," it said. It added that the working group will monitor and review the implementation and operation of this chapter. PTI RR RR MR First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
United News of India
7 hours ago
- Business
- United News of India
India, UK sign landmark Free Trade Agreement
New Delhi/London, July 24 (UNI) India and UK today signed the landmark Free Trade Agreement (FTA) after three years of hectic parleys, bringing in the promise of a major boost to the economies of both countries. The Agreement was signed in London by Union Minister Piyush Goyal and his British counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi, currently on a two-day visit to UK, and British Prime Minister Keir Starmer. Prime Minister Modi described the Agreement as a ''plan for shared prosperity.'' ''The Agreement is not just an economic agreement but also the plan for a shared prosperity. New opportunities will emerge in the UK market for India's agricultural produce and processed food industry. This agreement will especially benefit Indian youth, farmers, fishermen and MSME sector. For people in India products made in UK will be available at reasonable and affordable prices," the Prime Minister said. The UK PM described the Agreement as a ''big win for Britain''. ''India deal is a big win for Britain that will improve people's lives,'' Mr Starmer said on X. ''A landmark deal with India means jobs, investment and growth here in the UK. It creates thousands of British jobs, unlocks new opportunities for businesses and puts money in the pockets of working people. That's our Plan for Change in action,'' he said. The agreement, okayed by the Union Cabinet early this week, includes lower tariffs on cars, clothing and footwear and jewellery and will involve reduced levies on British exports to India including on gin and whiskey, cosmetics and cars. The lower tariffs will make Indian exports cheaper and Indian manufacturers will gain access to the UK market for electric and hybrid vehicles. Foreign Secretary Vikram Misri said both countries had finalised the Agreement on May 6. Commerce Minister Piyush Goyal described the FTA as a ''big win'' for farmers, ensuring duty-free exports on nearly 95 per cent of agricultural products. Duty-free access for about 99 per cent of Indian exports unlocks nearly 23 billion Dollars in opportunities for labour-intensive sectors, he said adding that artisans, weavers and daily-wage labourers employed in MSMEs would usher in a new phase of prosperity. He said the FTA is a big leap for women through improved access to finance and deeper integration into global value chains and will provide Indian consumers high quality goods at competitive prices. UNI RB 1702
The Diplomat
2 days ago
- Business
- The Diplomat
Trump Announces Trade Deal With Philippines, Small Reduction in Tariff Rate
The U.S. leader said that Washington would apply a 19 percent tariff on Philippine imports, while Manila has agreed to remove all of its tariffs on American goods. U.S. President Donald Trump has announced a new 19 percent tariff rate for imports from the Philippines, after a meeting with visiting President Ferdinand Marcos Jr. at the White House. Trump made the announcement in a post on his Truth Social media platform after the meeting with Marcos, calling the Philippine leader a 'very good and tough negotiator.' 'It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff,' Trump wrote. 'In addition, we will work together Militarily.' Marcos arrived in Washington on Sunday for a three-day trip during which he also met with Defense Secretary Pete Hegseth and Secretary of State Marco Rubio, as well as with U.S. business leaders investing in the Philippines. Speaking to reporters with Marcos, the U.S. leader announced that the two countries were 'very close to finishing a trade deal – a big trade deal, actually.' Trump's announcement comes after he claimed to have finalized similar deals with Vietnam, which negotiated a rate of 20 percent, and Indonesia, whose tariff is now set at 19 percent. (The White House yesterday released more details on the Indonesia agreement, although elements of the agreement with Vietnam have reportedly yet to be finalized.) According to an undated draft of the Philippines-U.S. Agreement on Reciprocal Trade obtained by The Diplomat, the Philippines has agreed to remove nearly all of its tariffs and non-tariff barriers on U.S. imports, including quotas and import licensing requirements, and to bolster intellectual property protections. 'These commitments,' the draft agreement states, 'are intended to enhance reciprocity between the Parties by reducing tariff and non-tariff barriers in the territory of the Philippines and increasing alignment between the United States and the Philippines on economic and national security matters.' The U.S. had a goods trade deficit of $4.9 billion with the Philippines last year, according to the Office of the U.S. Trade Representative. As with the two previous agreements with Indonesia and Vietnam, a higher tariff rate will apply to any goods that are deemed to have been transshipped to the U.S. via the Philippines from any third country (i.e. China). The draft agreement states that the 19 percent rate will not apply in the event that a certain percentage of a good 'originates from certain countries not party to this Agreement.' Neither the exact local content threshold nor the tariff on transshipped goods were finalized in the draft, although Trump announced that the rate for Vietnam has been set at 40 percent. (How transshipped goods are to be identified and verified, and by whom, is yet to be determined in any of these cases.) The draft agreement also contains a number of provisions relating to economics and national security. It states that the Philippines will cooperate with Washington 'to regulate the trade in national security sensitive technologies and goods through existing multilateral export control regimes, align with all unilateral export controls in force by the United States, and ensure that its companies do not backfill or undermine these controls.' The agreement also states that the Philippines 'shall adopt and effectively enforce provisions to combat transshipment and other practices to evade or circumvent duties' and that the U.S. 'shall work with the Philippines to streamline and enhance defense trade.' Most notably, the draft states that the U.S. has the right to terminate the agreement if the Philippines 'enters into a new bilateral free trade agreement or preferential economic agreement' with any 'country of concern.' In light of all of these concessions, and its status as a longstanding and 'ironclad' U.S. security ally, it is surprising that the Philippines was unable to secure a greater reduction in the tariff rate. The 19 percent tariff was marginally lower than the 20 percent threatened by Trump in a letter to Marcos earlier this month, but higher than the 17 percent announced in Trump's 'liberation day' tariff announcement in April. It is also notably worse than the 15 percent rate that Trump announced today with Japan, another U.S. ally. The response on Philippine social media has reportedly been unfavorable to Marcos, with many users calling the Philippine leader 'weak' and stating that the risks of the U.S.-Philippine alliance have not been properly counterbalanced by greater U.S. concessions. In a post on X, Renato Reyes Jr., a member of the left-wing Makabayan political coalition, described the agreement as 'a grossly lopsided 'deal' which is really more of an imposition rather than the outcome of any negotiations' and called on the Marcos administration to 'fully disclose' its terms. The national security analyst Justin Baquisal wrote on X that while it remains to be seen whether these political talking points hurt Marcos' political prospects, 'the lack of better treatment for US allies vs non-aligners (esp compared to the original Liberation Day margins) is not doing anybody favors.' 'Most Reliable Ally' Marcos is the first Southeast Asian leader to visit the White House since the beginning of Trump's second term, a reflection of the warmth of the relationship between the two allies. Speaking to reporters at the start of the meeting in the Oval Office, Marcos described the U.S. as his country's 'strongest, closest, most reliable ally,' while Trump praised the Philippine leader, describing him as coming from a 'great family' with a 'great family legacy.' (Marcos' father, Ferdinand E. Marcos, ruled the Philippines through fear and force for more than two decades, including 14 years under Martial Law.) Aside from the trade issue, security and defense were also on the agenda during the Marcos-Trump meeting. Security cooperation between the two nations has increased markedly in recent years as a result of China's growing maritime power and ambition. During Marcos' three years in office, Beijing has increased the frequency and intensity of its incursions into Philippine-claimed waters, which it claims under its expansive 'nine-dash line' claim, resulting in a string of dangerous encounters between the two nations' coast guards. Under Marcos, the Philippines has opened more of its military facilities to a rotational U.S. presence under the Enhanced Defense Cooperation Agreement, and increased military exercises and joint patrols. The visit did not witness the signing of any new defense cooperation initiatives, but in their meetings with Marcos, both Hegseth and Rubio reaffirmed that the U.S. will come to the Philippines' defense under the Mutual Defense Treaty if its forces, ships and aircraft come under an armed attack, including in the South China Sea – an assurance that has been consistently made since the first Trump administration. Marcos told Hegseth that the assurance of mutual defense 'continues to be the cornerstone' of the U.S.-Philippines relationship and thanked the U.S. for support 'that we need in the face of the threats that we, our country, is facing.' Speaking alongside Trump, Marcos said that 'we are essentially concerned with the defense of our territory and the exercise of our sovereign rights,' adding, 'Our strongest, closest, most reliable ally has always been the United States.' As the AFP news agency reported, Trump 'devoted much of the appearance to attacks on his Democratic predecessors Biden and Barack Obama.' In a possibly significant aside, Trump address relations with China, saying that he would 'probably' visit the country 'in the not-too-distant future.' While taking credit for 'untilt[ing]' the Philippines away from China (the shift in Manila's policy took place under the Biden administration), he said that the Philippines was independent in its dealings with Beijing. 'Do whatever you need to do,' Trump told Marcos, the Associated Press reported. 'But your dealing with China wouldn't bother me at all.'
News18
2 days ago
- Business
- News18
White House Announces US, Indonesia Trade Deal; Trump Calls It 'Huge Win'
Last Updated: While the US will now sell American-made products to Indonesia at a zero tariff rate, Indonesia will pay 19% tariff on all of its products coming into the USA. The United States and the Republic of Indonesia on Wednesday agreed to a framework for negotiating an Agreement on Reciprocal Trade to strengthen bilateral economic ties, the White House said in a joint statement on Tuesday. 'Indonesia will eliminate approximately 99 percent of tariff barriers for a full range of US industrial and US food and agricultural products exported to Indonesia," according to the statement released by the White House. While the United States of America will now sell American-made products to Indonesia at a zero tariff rate, Indonesia will pay 19 percent tariff on all of its products coming into the USA. The White House also stated that the two countries will negotiate facilitative rules of origin to ensure that the benefits of the agreement accrue primarily to the United States and Indonesia. Taking to Truth Social, Trump wrote, 'It is my Great Honor to announce our Trade Agreement with the Republic of Indonesia, as represented by their Highly Respected President, Prabowo Subianto. It is agreed that Indonesia will be Open Market to American Industrial and Tech Products, and Agricultural Goods, by eliminating 99% of their Tariff Barriers. The United States of America will now sell American-made products to Indonesia at a Tariff Rate of ZERO, while Indonesia will pay 19% on all of their products coming into the U.S.A. — The Best Market in the World!" He further added that Indonesia will supply the United States with their precious critical minerals, as well as sign BIG Deals, worth Tens of Billions of Dollars, to purchase Boeing Aircraft, American Farm products, and American Energy. 'This Deal is a HUGE WIN for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!" he added. The White House also noted that Indonesia will work to address barriers for US exports, including through the removal of import restrictions or licensing requirements on US remanufactured goods or their parts; the elimination of pre-shipment inspection or verification requirements on imports of US goods; and the adoption and implementation of good regulatory practices. In the weeks ahead, the United States and Indonesia will negotiate and finalise the Agreement on Reciprocal Trade, prepare the Agreement for signature, and undertake domestic formalities in advance of the Agreement entering into force, the White House concluded. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
CNBC
2 days ago
- Business
- CNBC
White House releases U.S.-Indonesia trade deal framework, final talks underway
watch now The U.S. and Indonesia agreed to the framework of a trade agreement which would see Jakarta scrap most of its tariffs on American imports, the White House revealed in a joint statement Tuesday afternoon. U.S. tariffs on Indonesian imports would be set at 19% under the deal, which is described in the release as an "Agreement on Reciprocal Trade." While higher than the 10% baseline tariff that the U.S. has slapped on almost all other countries, the 19% rate is significantly lower than the 32% blanket duty that Indonesia initially faced under President Donald Trump's "liberation day" tariff plan in April. The joint statement notes that the U.S. and Indonesia will continue to "negotiate and finalize the Agreement on Reciprocal Trade" in the coming weeks. A worker processes soybeans to make tofu at a traditional tofu factory in Solo, Central Java, Indonesia, on May 1, 2025. Agoes Rudianto | Nurphoto | Getty Images They will also "prepare the Agreement for signature, and undertake domestic formalities in advance of the Agreement entering into force" in that time, the statement said. The newly unveiled terms of the framework mirror the ones Trump laid out when he first announced on social media last week that he had "finalized" a deal with Indonesia after speaking to its president, Prabowo Subianto. Tuesday's more formal statement said the framework also includes a series of forthcoming commercial deals between the two countries, including an aircraft purchase valued at $3.2 billion and an estimated $15 billion in purchases of energy products. The framework also says the countries will also address various "non-tariff barriers" and other obstacles that the U.S. faces in Indonesian markets. Indonesia is one of the United States' top 25 trade partners, with the two countries trading more than $38 billion in goods in 2024, according to the Commerce Department. The U.S. trade deficit with Indonesia totaled $17.9 billion last year. "Today's announcement shows that America can defend its domestic production while obtaining expansive market access with our trading partners," U.S. Trade Representative Jamieson Greer said in a statement. "American producers, who have long-faced high tariffs and burdensome requirements, will receive unprecedented access to Indonesia's market and greater certainty for the digital services sector. I thank Indonesian Minister Airlangga Hartarto for his dedication and I am glad we are able to achieve fair, balanced, and reciprocal trade for our countries," said Greer. The deal joins a limited number of other framework trade agreement outlines the Trump administration has released with countries that include the United Kingdom and China. This month, Trump announced that deals similar to Indonesia's had been reached with Vietnam and the Philippines. But the terms of those deals, as described by the White House, have not been confirmed by the participating nations. Trump has also sent a series of letters to key U.S. trade partners, laying out steep tariff rates he says will be imposed starting Aug. 1.
