Latest news with #CECA
RTHK
4 days ago
- Business
- RTHK
John Lee meets council of advisers for policy insights
John Lee meets council of advisers for policy insights The Chief Executive's Council of Advisers, chaired by the Chief Executive John Lee held luncheon meetings from July 9 to 11. Photo courtesy of Information Services Department Chief Executive John Lee met with members of his Council of Advisers (CECA) this week to gather crucial insights for his forthcoming Policy Address. The discussions took place over a series of luncheon meetings held from July 9 to 11. Focusing on Hong Kong's future, the council explored strategies for economic advancement and sustainability, innovation and entrepreneurship as well as regional and global collaborations. Key topics included ways to consolidate the SAR's position as an international financial, shipping and trade centre amidst ongoing geopolitical shifts and economic restructuring. They also examined how to promote the transformation of traditional industries, attract top talent to bolster the innovation and technology sector and expedite the development of the Northern Metropolis. Furthermore, discussions centred on leveraging opportunities arising from the mainland and deepening exchanges while strengthening ties with Belt and Road countries and emerging markets, such as those in the Middle East. This meeting marked the first gathering for the new term of CECA members, a body chaired by Lee. He said members of the council are all distinguished and eminent leaders in their respective fields or internationally renowned scholars, experts or entrepreneurs. He specifically welcomed three new members Zhu Min, who served as the Deputy Managing Director of the International Monetary Fund and the Deputy Governor of the People's Bank of China, Han Bicheng, founder of Hangzhou "Six Little Dragons" enterprise BrainCo and Wang Xingxing, founder of Hangzhou "Six Little Dragons" enterprise Unitree Robotics. "During the meeting, they emphasised that Hong Kong is bestowed with its unique advantages of connecting with both the mainland and the world, excellent education and research capabilities, and advantageous geographical location, and it is also an international financial centre with free flow of capital," Lee said in a statement. "These advantages would greatly attract mainland enterprises to list in Hong Kong and use Hong Kong as the gateway to go global." The meetings were also attended by senior officials including Chief Secretary Eric Chan, Acting Financial Secretary Michael Wong, Acting Secretary for Justice Horace Cheung, Director of the Chief Executive's Office Carol Yip and Head of the Chief Executive's Policy Unit Stephen Wong. These consultations form a key part of preparation for Lee's fourth Policy Address, which he is scheduled to deliver this September. Public consultation for the Policy Address began on June 16.
Yomiuri Shimbun
4 days ago
- Business
- Yomiuri Shimbun
India, Australia Trade Talks Hit Dairy, Wine Tariff Hurdles as Year-End Deadline Looms, Say Sources
NEW DELHI/CANBERRA, July 11 (Reuters) – India has rejected Australia's push for deeper tariff cuts on dairy and alcohol, hampering efforts to conclude the second phase of a trade pact by year-end, two Indian government sources said. An interim trade pact signed in 2022 lowered tariffs on a range of goods, but negotiations on a broader Comprehensive Economic Cooperation Agreement (CECA) covering goods, services and visas have slowed, with dairy and wine emerging as key sticking points, the sources said. The officials declined to be named as they were not authorized to speak to media on confidential trade talks. India's commerce ministry and Australia's Department of Foreign Affairs and Trade did not immediately respond to requests for comment. India's refusal to concede on politically sensitive dairy and agriculture products reflects mounting pressure from powerful farm groups, which is also shaping trade talks with other partners, including the United States. 'There is no question of agreeing to Australia's demands for further tariff cuts on dairy and wine,' a senior Indian official with direct knowledge of the talks with Australia told Reuters. 'It could have an impact on millions of farmers and our nascent wine industry and grape producers.' Farmer groups and politicians from Prime Minister Narendra Modi's home state Gujarat and grape-growing Maharashtra, along with the $35 billion alcoholic beverages industry, are strongly opposing any concessions, the official added. Under the interim pact, tariffs on Australian wine priced above $5 per 750ml bottle were cut to 100% from 150%, with a provision of a reduction to 50% over 10 years, while for bottles above $15, tariffs dropped to 75%, with a target of 25% in a decade. Australia is pushing to accelerate these cuts and gain better access for dairy products – including cheese, high- protein whey concentrate, lactose and processed items – currently taxed between 20% and 30%. 'We'd like to see a reduction in the price at which tariff reductions kick in and a speeding up of those reductions,' said Lee McLean, CEO of industry body Australian Grape & Wine, noting rising demand could benefit both Indian and Australian winemakers because they make different products. Even relatively affordable Australian wines, he added, can retail for over A$100 ($65.77) in India due to high tariffs and taxes, despite costing just A$10-15 at home. Karl Ellis of Dairy Australia said India's vast and culturally sensitive dairy sector limits mainstream exports, but niche products like high-protein whey, lactose, and select cheeses offer promise. 'Current tariffs are prohibitive,' he said, adding lower duties could help Australia tap into the $30-40 million market now served by European exporters. Despite the impasse, officials on both sides remain hopeful. India is open to offer cutting tariffs on non-agricultural goods, including industrial items, while seeking more access for services and visas, a second official said. The Australian Department of Foreign Affairs said the talks for CECA are backed by both prime ministers, and conclusion of the pact would boost two-way trade, while building a more resilient economic partnership.
Mint
4 days ago
- Business
- Mint
India rejects Australia's call for higher tariff cuts on dairy and alcohol
NEW DELHI/CANBERRA, July 11 (Reuters) - India has rejected Australia's push for deeper tariff cuts on dairy and alcohol, hampering efforts to conclude the second phase of a trade pact by year-end, two Indian government sources said. An interim trade pact signed in 2022 lowered tariffs on a range of goods, but negotiations on a broader Comprehensive Economic Cooperation Agreement (CECA) covering goods, services and visas have slowed, with dairy and wine emerging as key sticking points, the sources said. The officials declined to be named as they were not authorised to speak to media on confidential trade talks. India's commerce ministry and Australia's Department of Foreign Affairs and Trade did not immediately respond to requests for comment. India's refusal to concede on politically sensitive dairy and agriculture products reflects mounting pressure from powerful farm groups, which is also shaping trade talks with other partners, including the United States. "There is no question of agreeing to Australia's demands for further tariff cuts on dairy and wine," a senior Indian official with direct knowledge of the talks with Australia told Reuters. "It could have an impact on millions of farmers and our nascent wine industry and grape producers." Farmer groups and politicians from Prime Minister Narendra Modi's home state Gujarat and grape-growing Maharashtra, along with the $35 billion alcoholic beverages industry, are strongly opposing any concessions, the official added. Under the interim pact, tariffs on Australian wine priced above $5 per 750ml bottle were cut to 100% from 150%, with a provision of a reduction to 50% over 10 years, while for bottles above $15, tariffs dropped to 75%, with a target of 25% in a decade. Australia is pushing to accelerate these cuts and gain better access for dairy products - including cheese, high- protein whey concentrate, lactose and processed items - currently taxed between 20% and 30%. "We'd like to see a reduction in the price at which tariff reductions kick in and a speeding up of those reductions," said Lee McLean, CEO of industry body Australian Grape & Wine, noting rising demand could benefit both Indian and Australian winemakers because they make different products. Even relatively affordable Australian wines, he added, can retail for over A$100 ($65.77) in India due to high tariffs and taxes, despite costing just A$10-15 at home. Karl Ellis of Dairy Australia said India's vast and culturally sensitive dairy sector limits mainstream exports, but niche products like high-protein whey, lactose, and select cheeses offer promise. "Current tariffs are prohibitive," he said, adding lower duties could help Australia tap into the $30-40 million market now served by European exporters. Despite the impasse, officials on both sides remain hopeful. India is open to offer cutting tariffs on non-agricultural goods, including industrial items, while seeking more access for services and visas, a second official said. The Australian Department of Foreign Affairs said the talks for CECA are backed by both prime ministers, and conclusion of the pact would boost two-way trade, while building a more resilient economic partnership.
Economic Times
4 days ago
- Business
- Economic Times
India, Australia trade talks hit dairy, wine tariff hurdles as year-end deadline looms, say sources
India has rejected Australia's push for deeper tariff cuts on dairy and alcohol, hampering efforts to conclude the second phase of a trade pact by year-end, two Indian government sources said. An interim trade pact signed in 2022 lowered tariffs on a range of goods, but negotiations on a broader Comprehensive Economic Cooperation Agreement (CECA) covering goods, services and visas have slowed, with dairy and wine emerging as key sticking points, the sources said. The officials declined to be named as they were not authorised to speak to media on confidential trade talks. India's commerce ministry and Australia's Department of Foreign Affairs and Trade did not immediately respond to requests for comment. India's refusal to concede on politically sensitive dairy and agriculture products reflects mounting pressure from powerful farm groups, which is also shaping trade talks with other partners, including the United States. "There is no question of agreeing to Australia's demands for further tariff cuts on dairy and wine," a senior Indian official with direct knowledge of the talks with Australia told Reuters. "It could have an impact on millions of farmers and our nascent wine industry and grape producers." Farmer groups and politicians from Prime Minister Narendra Modi's home state Gujarat and grape-growing Maharashtra, along with the $35 billion alcoholic beverages industry, are strongly opposing any concessions, the official added. Under the interim pact, tariffs on Australian wine priced above $5 per 750ml bottle were cut to 100% from 150%, with a provision of a reduction to 50% over 10 years, while for bottles above $15, tariffs dropped to 75%, with a target of 25% in a decade. Australia is pushing to accelerate these cuts and gain better access for dairy products - including cheese, high- protein whey concentrate, lactose and processed items - currently taxed between 20% and 30%. "We'd like to see a reduction in the price at which tariff reductions kick in and a speeding up of those reductions," said Lee McLean, CEO of industry body Australian Grape & Wine, noting rising demand could benefit both Indian and Australian winemakers because they make different products. Even relatively affordable Australian wines, he added, can retail for over A$100 ($65.77) in India due to high tariffs and taxes, despite costing just A$10-15 at home. Karl Ellis of Dairy Australia said India's vast and culturally sensitive dairy sector limits mainstream exports, but niche products like high-protein whey, lactose, and select cheeses offer promise. "Current tariffs are prohibitive," he said, adding lower duties could help Australia tap into the $30-40 million market now served by European exporters. Despite the impasse, officials on both sides remain hopeful. India is open to offer cutting tariffs on non-agricultural goods, including industrial items, while seeking more access for services and visas, a second official said. The Australian Department of Foreign Affairs said the talks for CECA are backed by both prime ministers, and conclusion of the pact would boost two-way trade, while building a more resilient economic partnership.
Time of India
5 days ago
- Business
- Time of India
India-Australia trade pact: India rejects demand for tariff cuts on dairy and wine; second phase of BTA delayed
India has rejected Australia's demand for deeper tariff concessions on dairy and alcoholic beverages, delaying the second phase of a proposed bilateral trade pact, news agency Reuters reported citing two Indian government sources. The countries signed an interim deal in 2022 that reduced tariffs on a wide range of goods. However, talks on a full-scale Comprehensive Economic Cooperation Agreement (CECA) covering goods, services and visas have stalled, with dairy and wine emerging as key sticking points, the sources said. 'There is no question of agreeing to Australia's demands for further tariff cuts on dairy and wine,' said a senior Indian official directly involved in the negotiations. The official, speaking on condition of anonymity, cited concerns over potential impacts on millions of Indian farmers, the domestic wine industry, and grape growers. Australia has been pressing India to reduce duties more aggressively. Under the existing interim deal, tariffs on Australian wine priced above $5 per 750ml bottle were reduced from 150% to 100%, with a gradual target of 50% over ten years. For wine priced above $15, tariffs were cut to 75%, with a target of 25% over the same period. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like You Won't Believe the Price of These Dubai Apartments Binghatti Developers FZE Get Offer Undo Australia now seeks to lower the price thresholds at which cuts apply and accelerate the reductions. 'We'd like to see a reduction in the price at which tariff reductions kick in and a speeding up of those reductions,' said Lee McLean, CEO of industry group Australian Grape & Wine. He noted that high taxes mean even relatively affordable Australian wines, priced at A$10–15 at home, can retail for over A$100 ($65.77) in India. India's resistance stems in part from growing opposition by farmer groups and politicians in Gujarat — Prime Minister Narendra Modi's home state — and Maharashtra, a major grape-producing region. The Rs 2.9 lakh crore ($35 billion) alcoholic beverages industry has also opposed making further concessions. On dairy, Australia has sought better access for products such as cheese, high-protein whey concentrate, lactose and processed goods, which currently face Indian tariffs between 20% and 30%. But India's large and politically sensitive dairy sector remains a barrier. 'Current tariffs are prohibitive,' said Karl Ellis of Dairy Australia. He added that while mainstream dairy exports to India are unlikely, niche items like high-protein whey and select cheeses could help Australia tap into the $30–40 million Indian market, which is now largely served by European suppliers. Despite the stalemate, officials said both sides are still committed to advancing the pact. India is open to reducing tariffs on industrial and non-agricultural goods, while pushing for greater access to Australia's services market and visa quotas, a second Indian official said. Australia's Department of Foreign Affairs said negotiations remain backed by both prime ministers and that a completed CECA would enhance bilateral trade and build a more resilient economic partnership. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
