Latest news with #EuropeanUnion
Forbes
43 minutes ago
- Business
- Forbes
European Parliament Wants To Reduce Cost Of Sustainability Reporting Requirements
People walk by a European Union flag (Photo by) The European Parliament is debating legislation to reduce sustainability reporting requirements in the European Union. The original proposal of the European Commission included a drastic reduction of the scope of a pair of sustainability reporting directives. The member leading the drafting of the Parliament's has released his draft proposal, calling for even more cuts, alarming sustainability activists and emboldening business interests. That proposal was debated in the June 24 meeting of the Committee on Legal Affairs, known as JURI. As part of the European Green Deal, a trilogy of directives were passed by the EU to force businesses to address climate change and report greenhouse gas missions. However, the cost of these proposals on businesses and the broader impact on the EU economy became a theme during the 2024 elections. The shift to the right in EU politics embolden opponents. As a result, the Commission proposed a package of new directives to 'reduce the burden' on businesses. The Omnibus Simplification Package was officially adopted by the Commission in February. The proposal is being debated in the Council and the Parliament. In the Parliament, the debate is public and working through multiple committees, giving interest parties and MEPs the opportunity to voice their opinions. JURI, is the primary committee that will produce the legislation that will be sent to the full Parliament for a vote. MEP Jörgen Warborn, of the European People's Party, has been designated as the rapporteur to lead the drafting of the final legislation. Warborn's draft report was made public on June 6. The draft includes 82 proposed amendments. During the June 24 JURI meeting, the Committee addressed the proposed amendments. Warburn was given the opportunity to share his initial proposal and the shadow rapporteurs gave initial comments. Jörgen Warborn Warburn stated the EPP's goal in the proposal. 'We would like to go further in cutting costs, because we need to strengthen European competitiveness in order to create long-term prosperity for European citizens.' To justify the need for cuts, he stated "sustainability rests on three pillars: the environmental pillar, the social pillar, and the economic pillar… if one breaks, the stretcher collapses." He then outlined his 10 key priorities in the proposal: MEP Lara Wolters, Group of the Progressive Alliance of Socialists and Democrats Lara Wolters, of the Group of the Progressive Alliance of Socialists and Democrats (S&D), stated her group felt the 'Commission proposal was extremely rushed and deeply flawed.' She says that the proposal is not focused on removing the administrative burden, rather on removing accountability. She did not get into the specifics of the S&D proposal, but gave a vigorous counterargument to reductions. Countering the EPP's push to lower costs on businesses, she stated that she 'is not inspired by this… It is our job to weigh public versus private interests. But if costs are all the EPP cares about at the moment, then at least let us be honest that the costs are merely being displaced. Costs reduced for companies here are costs that the world will need to shoulder anyway. Climate denial comes at a cost. So does environmental degradation, exploitation, and inequality. So does feeding populism.' MEP Pascal Canfin, The Renew Group Pascal Canfin, of the Renew Europe Group, stated that he agrees with the EPP on the auditing of the CSRD report. He believes there is room to negotiation on that topic and reduce cost beyond the Commission proposal. He stated that he agrees in cost reduction, but that the EPP proposal does not deliver that. Focusing on capital market union, he said investors need data. The reduction in of the CSRD may save costs on paper, but will increase costs in the long term as investors spend more to gather the data. He will be offering amendments to address those concerns. Renew will also present amendments to address the single market approach and what he views as conflict with the restriction on civil liability causing market fragmentation. He also took issue with the application of the 3000 employee threshold to non-EU companies, claiming that would exempt nearly all non-EU companies from the scope. Interestingly, he stated the calculation of the employee count for non-EU companies is not based on total employees in the EU, rather total employees in a member state. MEP Kira Marie Peter-Hansen, Group of the Greens/ European Free Alliance (EFA) Kira Peter-Hansen, of the Group of the Greens/ European Free Alliance (EFA), stated that they agree with simplification and "reporting must be both meaningful and manageable.' However, she agrees with the S&D that the Omnibus and the EPP proposals go beyond simplification into deregulation. She pointed out that the raised thresholds not only eliminate 80% of the companies, but also some member states as they do not have any companies large enough to comply. She encouraged the use of the EFRAG data to simplify the data points in the European Sustainability Reporting Standards to simplify reporting requirements without 'weakening impact.' She accused the EPP of 'choosing populistic, symbolic changes over actual needed changes that would benefit from a revision." Further, she stated that 'removing climate transition plans completely is not just wrong, it is irresponsible.' She encouraged the adoption of a risk-based approach over the Commission proposal of mapping the value chain, claiming it would increase costs for companies. Finally, she objected to the removal of civil liability in the CSDDD. MEP Arash Saeidi, The Left Group Arash Saeidi, of The Left, opened by stated that 'there are men, women, and children whose rights are being breached and they're just being seen as cogs in the wheel of a production - modern slavery, textiles workers, forced labor to produce our electronics.. workers killed on sites. The CSDDD is designed to put an end to impunity and finally holding companies legally accountable from environmental damage and infringement of human rights.' He stated that The Left will present a proposal to reject all the proposed changes and stay with the existing text in the CSRD and CSDDD. Political parties and MEP had until June 27 to submit amendments. On July 15, the shadow rapporteurs will meet to discus the amendments and begin negotiations. To pass, the proposal needs majority support. Committee opinions are being drafted by Economic and Monetary Affairs, known as ECON, Environment, Climate and Food Safety, known as ENVI, Foreign Affairs, known as AFET, International Trade, known as INTA, and Employment and Social Affairs, known as EMPL. Those will be sent to JURI for consideration. I suspect Warborn's proposal is a negotiation tactic. By promoting a position that is more extreme than the original Commission proposal, the EPP has room to negotiate. However, the recent proposal by the Council was also to the right of the Commission. The final Parliament proposal may end up being the middle ground. JURI is expected to adopt the final language to reduce the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive on October 13. Following the vote of the Parliament, designated representatives from the Parliament, Council, and Commission will enter into "trilogue" negotiations. The proposals from each of the three bodies will vary. The trilogue will negotiate the differences to produce a final directive. That directive will be sent to the Council and Parliament for a final vote in December or January.
Arabian Post
2 hours ago
- Business
- Arabian Post
Kenya Dominates East Africa–Europe Trade Surge
Trade between the European Union and the East African Community reached €7.7 billion in 2024, marking a robust surge in economic engagement. Data from the EAC Secretariat and the European Commission reveal that Kenya led this growth, accounting for 43 per cent of total EAC trade with Europe. Kenya's ascent to prominence has been propelled by its position as the region's primary link to European markets. Under the Economic Partnership Agreement initiated in July 2024, it became the first EAC member to implement the pact, which offers immediate tariff- and quota-free access for its exports into the EU, while Kenya gradually opens its market. The results are distinctly visible: Kenya accounts for nearly half of all EAC–EU trade and for 45 per cent of investments within the bloc. An analysis of trade flows underlines the shift. In 2023, Kenyan exports to Europe—including cut flowers, fruits and vegetables—totalled €1.2 billion, while EU exports of mineral and chemical products, machinery and appliances to Kenya reached €1.7 billion. This balance reflects the mutual benefits of the agreement and deepening bilateral ties. Kenya ranks as the EU's seventh‑largest African trade partner, with total trade climbing to €3 billion in 2023, a 16 per cent rise since 2018. ADVERTISEMENT Beyond Kenya, the broader EAC has also seen shifts. Collective trade grew 28.4 per cent to $8.86 billion, driven largely by the Kenya–EU EPA. Within the EAC, intra-bloc trade also grew by 13.1 per cent to $12.1 billion in 2023, representing 15 per cent of total EAC trade. Country-specific performance underscores varying trajectories. Uganda registered a remarkable 77 per cent surge in exports to global markets, reaching $6.34 billion in 2023. Tanzania and Rwanda, while showing moderate gains, still lagged behind Kenya's growth pattern. Burundi, South Sudan and Rwanda, classified as Least Developed Countries, continue to rely on the EU's Everything-but-Arms scheme, which offers duty-free entry for all goods except arms. The EPA's emphasis on sustainability and inclusivity adds a strategic layer to the agreement. It includes clauses on environmental conservation, labour rights and gender equality—portions unprecedented in prior EU agreements with developing economies. EU officials have indicated that Kenya's stability and regional influence underpinned its leading role in the EPA, which is intended to serve as a model for other EAC members. Trade analysts suggest that Kenya's rise reflects both domestic reforms and stronger supply-chain integration. Kenyan firms have adapted to the EAC's Common External Tariff and aligned export capacities with EU demand, particularly in horticulture and floriculture. According to agricultural sector experts, Kenyan producers have expanded certification and quality compliance to meet EU standards, enabling higher-priced access to premium markets. Nonetheless, challenges persist. Kenya continues to record a trade deficit with the EU—approximately €500 million in 2023—raising concerns about long-term sustainability. While exports of flowers, tea and vegetables are strong, reliance on imports of machinery and chemicals remains substantial. Furthermore, other EAC partners have yet to ratify the EPA, delaying full regional integration under the agreement. Policy experts argue that widening Kenya's success across the EAC will require infrastructure upgrades, logistical harmonisation and expanded value‑addition processes. They caution that without broader regional participation, Kenya could be left exposed to external market volatility and uneven benefits. European trade officials maintain that the Kenya–EAC partnership is central to the EU's Africa policy, dovetailing with commitments on democratic governance and green growth. The EU‑Kenya EPA, integrated into a broader strategic dialogue launched in June 2021, represents the most ambitious EU trade pact with a developing country to date. Kenya's achievement as the dominant node of East African trade with Europe reflects a blend of diplomatic foresight, institutional readiness and export agility. As the agreement matures and other EAC nations contemplate accession, the potential for a reconfigured regional economic landscape grows—but so do the complexities of harmonising economic strategies across six sovereign states.
Japan Today
2 hours ago
- Business
- Japan Today
Japan, U.S. agree to continue tariff talks as July deadline looms
Japanese and U.S. negotiators agreed Friday to continue talks toward a tariff deal that will be beneficial to both countries. Japan's government said its top tariff negotiator, Ryosei Akazawa, and U.S. Commerce Secretary Howard Lutnick held talks in Washington, with each side reaffirming its position during "fruitful" discussions on trade expansion, nontariff measures and economic security cooperation. The meeting between Akazawa and Lutnick, which lasted about an hour, took place as U.S. President Donald Trump and his trade team increasingly suggest they could give trading partners now in talks with Washington more time to negotiate beyond early July, when his administration's 90-day pause on so-called reciprocal tariffs is set to expire. U.S. Treasury Secretary Scott Bessent said Friday that the Trump administration could complete negotiations with key trading partners by Sept. 1. In a Fox Business interview, Bessent said, "I think we could have trade wrapped up by Labor Day" if the United States can make "10 or 12" deals among its 18 highest-priority trading partners and seal "another important 20 relationships" with new agreements. Japan is among the 18 trading partners, also including the European Union, India and South Korea, with which the Trump administration has prioritized making deals. White House spokeswoman Karoline Leavitt also said at a press briefing on Thursday that the 90-day pause that Trump put in place to facilitate negotiations could be extended. On Friday, when asked what he might do with the suspension, set to expire July 9, Trump said, "We can do whatever we want. We could extend it. We could make it shorter." "I'd like to make it shorter. I'd like to just send letters out to everybody: 'Congratulations, you're paying 25 percent,'" he added during a press conference at the White House. The Japanese negotiator arrived in Washington on Thursday for his seventh round of ministerial meetings on tariffs with the United States. He could also hold talks later Friday with Bessent. Akazawa's visit through Saturday comes after Japanese Prime Minister Shigeru Ishiba and Trump failed to strike a deal on tariffs last week when they met bilaterally on the sidelines of a Group of Seven summit in Canada. The 90-day pause applies only to country-specific tariffs under Trump's reciprocal scheme, covering about 60 trading partners that have notable trade surpluses with the United States. It does not affect his baseline duty of 10 percent, targeting imports from all parts of the world. Japan is facing an additional country-specific tariff of 14 percent, for a total rate of 24 percent. But the Trump administration's additional tariffs targeting the automotive industry, which are not subject to the pause, have been a particular concern for Japan. The administration raised the tariff rate on imported passenger vehicles by 25 percentage points to 27.5 percent in early April, and the move is already hitting the industry hard. © KYODO
West Australian
2 hours ago
- Business
- West Australian
Trump Administration eyes September deadline to finalise major trade agreement, says Bessent
Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Mr Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. 'So we have countries approaching us with very good deals,' Mr Bessent said on Fox Business Network. 'We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day,' Mr Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Mr Trump told reporters at the White House on Friday that he could extend the tariff deadline or 'make it shorter,' adding that within the next week and a half, he would notify countries of their tariff rates. 'I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent' tariffs, Mr Trump said in an apparent joke. Mr Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Mr Bessent said, so the US put countermeasures in place. 'I am confident now that we - as agreed, the magnets will flow,' Mr Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Mr Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Mr Trump said that his administration was looking to get a 'full trade barrier dropping' deal with India. 'I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade,' Mr Trump said.
Perth Now
2 hours ago
- Business
- Perth Now
US trade deals may be finalised by September
Trade deals between US President Donald Trump's administration and other countries could be done by the September 1 Labor Day holiday, US Treasury Secretary Scott Bessent says. Mr Bessent on Friday cited talks with 18 main United States trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. The United States sent a new proposal to the European Union on Thursday and India sent a delegation to Washington DC for more talks. 'So we have countries approaching us with very good deals,' Mr Bessent said on Fox Business Network. 'We have 18 important trading partners. ... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day,' Mr Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the United States or have tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. Mr Trump told reporters at the White House on Friday that he could extend the tariff deadline or 'make it shorter,' adding that within the next week and a half, he would notify countries of their tariff rates. 'I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent' tariffs, Mr Trump said in an apparent joke. Mr Bessent said the United States and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, China committed to removing the measures imposed since April 2 but those critical materials were not moving as fast as agreed, Mr Bessent said, so the US put countermeasures in place. 'I am confident now that we - as agreed, the magnets will flow,' Mr Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Mr Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington DC on Friday aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for car parts, steel and farm goods, Indian officials with direct knowledge said. Mr Trump said that his administration was looking to get a 'full trade barrier dropping' deal with India. 'I'm not sure that that's going to happen but as of this moment, we've agreed to that - go into India and trade,' Mr Trump said.
