Latest news with #nationalInterest
Times of Oman
06-07-2025
- Business
- Times of Oman
We negotiate keeping national interest in mind, not under deadlines: Piyush Goyal
New Delhi: Indian Union Commerce and Industry Minister Piyush Goyal has said that India does not negotiate under deadlines and does so from a position of strength. Goyal said the government holds discussions keeping national interests in mind and attacked the Congress, saying this is "not weak India under UPA which would make agreements which were not in the national interest". His remarks came hours after Congress leader Rahul Gandhi took a dig at the Modi government over Goyal's earlier remarks in which he had said that India does not enter trade deals based on deadline or time pressure. "Piyush Goyal can beat his chest all he wants, mark my words, Modi will meekly bow to the Trump tariff deadline," Rahul Gandhi said in a post on X, attaching a news report about the Union Minister's remarks. "India does not negotiate under deadlines. We negotiate keeping national interests in mind, and national interest is paramount in all our work across the world. We have entered into free trade agreements after the Modi government came in with Mauritius, with the United Arab Emirates, with Australia, with the four-nation EFTA grouping - Switzerland, Norway, Liechtenstein, and Iceland," Goyal told reporters. "Now with UK last month. And we continue to work with other developed nations like the EU bloc of 27 European countries, with the United States, with Oman, with Peru, with Chile. Today, India negotiates from a position of strength. We are self-confident. We can compete with anybody in the world. This is not a weak India under Congress and UPA which would negotiate and make agreements which were not in national interest," he added. Goyal also visited Aerospace Special Economic Zone (SEZ) in Devanahalli in Karnataka and expressed confidence that India will become a preferred supplier for defence and aerospace given the great relationships it is creating with many other developed countries and said a lot of design and innovation is happening through global capability centres in the country. The Minister also expressed confidence that apart from design and innovation, more and more patens will be filed in India. "I have absolutely no doubt that in the years to come, particularly given the great relationships that India is creating with many other developed countries, India will become a preferred supplier for defence and aerospace. Already, a lot of design and innovation is happening through global capability centres in India. Now, we will not only design and innovate in India, we will patent in India, produce in India and hopefully become globally relevant partner in supply chains. So, I am truly very optimistic about the potential of this sector," he said. Asked about scope of collaboration between Indian startups and global aerospace companies, the minister said that SEZ doesn't necessarily have any role in that but there is scope for a bridge or a connection between startups in India and internationally in the space of defence and aerospace. "I will ask Startup India to see how we can use the services of all these wonderful companies and their connections to see if we can connect the two," he said. Asked about India's journey towards global aerospace hub, he said this defence and aerospace zone will be the beginning of a path-breaking journey. "Starting from HAL and now with all these new units coming up, all the other Plants that I see around here, I am quite sure that this defence and aerospace zone will just be the beginning of a path-breaking journey in this field. I have absolutely no doubt that in the years to come, particularly given the great relationships that India is creating with many other developed countries, India will become a preferred supplier for defence and aerospace. Already a lot of design and innovation is happening through global capability centres in India," he said.
Yahoo
26-06-2025
- Business
- Yahoo
Australia sues China-linked rare earths investors
By Christine Chen SYDNEY (Reuters) - Australia is suing a Chinese-linked company and a former associate over a breach of foreign investment laws linked with rare earths miner Northern Minerals, the national treasurer said on Thursday, adding it was the first case of its kind. Indian Ocean International Shipping and Service Company was one of five foreign investors with ties to China subject to an order by Treasurer Jim Chalmers to divest shares on national interest grounds in June last year. Chalmers said in a statement he had lodged a legal action in the Federal Court and was seeking penalties, declarations and costs. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' The statement, which said the case was the first to be brought by a Treasurer before the Federal Court for an alleged breach of foreign investment laws, did not give details of the current stake holdings. It named Indian Ocean, but did not name the former associate. Indian Ocean International Shipping and Service Company could not immediately be contacted for comment. Australia has sought to build a rare earths supply chain to decrease China's dominance over the elements used in products from smartphones to wind turbines and missiles and radar systems. Northern Minerals, a supplier of rare earths to a refinery being built by Iluka Resources in Western Australia, became a flashpoint for the contest after Australia blocked Singapore-based Yuxiao Fund from doubling its stake in the company to almost 20% in 2023. Yuxiao, controlled by Chinese businessman Wu Tao, along with four other entities, including Black Stone Resources of the British Virgin Islands and Indian Ocean International Shipping and Service Company based in the United Arab Emirates, were ordered in 2024 to sell shares worth 10.37% of Northern Minerals' share capital within three months to unconnected associates.
Yahoo
26-06-2025
- Business
- Yahoo
Australia sues China-linked rare earths investors
By Christine Chen SYDNEY (Reuters) - Australia is suing a Chinese-linked company and a former associate over a breach of foreign investment laws linked with rare earths miner Northern Minerals, the national treasurer said on Thursday, adding it was the first case of its kind. Indian Ocean International Shipping and Service Company was one of five foreign investors with ties to China subject to an order by Treasurer Jim Chalmers to divest shares on national interest grounds in June last year. Chalmers said in a statement he had lodged a legal action in the Federal Court and was seeking penalties, declarations and costs. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' The statement, which said the case was the first to be brought by a Treasurer before the Federal Court for an alleged breach of foreign investment laws, did not give details of the current stake holdings. It named Indian Ocean, but did not name the former associate. Indian Ocean International Shipping and Service Company could not immediately be contacted for comment. Australia has sought to build a rare earths supply chain to decrease China's dominance over the elements used in products from smartphones to wind turbines and missiles and radar systems. Northern Minerals, a supplier of rare earths to a refinery being built by Iluka Resources in Western Australia, became a flashpoint for the contest after Australia blocked Singapore-based Yuxiao Fund from doubling its stake in the company to almost 20% in 2023. Yuxiao, controlled by Chinese businessman Wu Tao, along with four other entities, including Black Stone Resources of the British Virgin Islands and Indian Ocean International Shipping and Service Company based in the United Arab Emirates, were ordered in 2024 to sell shares worth 10.37% of Northern Minerals' share capital within three months to unconnected associates.
Yahoo
26-06-2025
- Business
- Yahoo
Australia sues China-linked rare earths investors
By Christine Chen SYDNEY (Reuters) - Australia is suing a Chinese-linked company and a former associate over a breach of foreign investment laws linked with rare earths miner Northern Minerals, the national treasurer said on Thursday, adding it was the first case of its kind. Indian Ocean International Shipping and Service Company was one of five foreign investors with ties to China subject to an order by Treasurer Jim Chalmers to divest shares on national interest grounds in June last year. Chalmers said in a statement he had lodged a legal action in the Federal Court and was seeking penalties, declarations and costs. 'Foreign investors in Australia are required to follow Australian law,' Chalmers said. 'We are doing what is necessary to protect the national interest and the integrity of our foreign investment framework.' The statement, which said the case was the first to be brought by a Treasurer before the Federal Court for an alleged breach of foreign investment laws, did not give details of the current stake holdings. It named Indian Ocean, but did not name the former associate. Indian Ocean International Shipping and Service Company could not immediately be contacted for comment. Australia has sought to build a rare earths supply chain to decrease China's dominance over the elements used in products from smartphones to wind turbines and missiles and radar systems. Northern Minerals, a supplier of rare earths to a refinery being built by Iluka Resources in Western Australia, became a flashpoint for the contest after Australia blocked Singapore-based Yuxiao Fund from doubling its stake in the company to almost 20% in 2023. Yuxiao, controlled by Chinese businessman Wu Tao, along with four other entities, including Black Stone Resources of the British Virgin Islands and Indian Ocean International Shipping and Service Company based in the United Arab Emirates, were ordered in 2024 to sell shares worth 10.37% of Northern Minerals' share capital within three months to unconnected associates. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
ABC News
08-06-2025
- Business
- ABC News
Coalition sticks to defence spending pledge but won't say how it'll pay for it
The Coalition remains committed to lifting defence spending to 3 per cent of GDP but won't detail where the money will come from, as the shadow finance minister suggested the opposition would be open to considering broader tax reform. Prime Minister Anthony Albanese is expected to meet with Donald Trump on the sidelines of G7 summit next week, amid pressure from the United States to increase defence spending from the current level of 2.04 per cent to to 3.5. Trade Minister Don Farrell on Sunday said the government was committed to a "significant uplift in the amount of defence spending". "We're focused on what Australia needs to do and we'll make our decisions based on what's in our national interest," he told Sky News. The Coalition went to the election promising to earmark an additional $21 billion for the military between now and 2030, almost double what Labor had pledged. Appearing on Insiders on Sunday, Shadow Finance Minister James Paterson said the Coalition's target of 3 per cent of GDP in a decade had not changed since the party's devastating election loss last month. "The exact profiling of that increase is something that we'll determine through the policy process and closer to the next election. We'll be completely up front and transparent about that," he said. "But yes, we have an objective of reaching the 3 per cent of GDP because we think it is in our national interest." Senator Paterson said the Coalition had three years to outline where that additional funding would go, but listed some potential areas for investment as recruitment and retention, a munitions stockpile, northern military bases, air and missile defence and drones. "There is no shortage of good things we could spend on that would increase our ability to defend ourselves and safeguard our sovereignty," he said. But he would not be drawn on where the money to pay for the increase would come from, saying that work would occur over the coming years. Senator Paterson did suggest the opposition was open to a discussion about the way superannuation is taxed, despite its rejection of the government's plan to double the tax on super balances above $3 million from 15 to 30 per cent. "We're happy to contemplate tax reform. We're happy to talk to the government about tax reform. But we are not interested in increasing taxes, because I don't think that that is what the Australian economy needs right now," he said. "If the government was genuinely serious about a broad-based tax reform process, then we'd be up for that conversation. Now, the government has to take the first steps there." US Defense Secretary Pete Hegseth asked Defence Minister Richard Marles to increase spending to 3.5 per cent of GDP "as soon as possible" on the sidelines of a dialogue in Singapore this week, according to a statement from the US Department of Defense. Mr Hegseth had previously made similar requests, but it was the first time the administration nominated an exact figure. Negotiations with the United States over Mr Trump's 10 per cent tariffs on Australian exports continue, with the subject likely to dominate the anticipated meeting between Mr Albanese and Mr Trump. Access to Australia's critical minerals has been put forward as a potential bargaining chip as Australia continues to push for an exemption. The Coalition had previously said they would oppose Labor's plan to acquire stockpiles of critical minerals from commercial projects, to be held in a national reserve and made available to domestic industry and international partners. But Senator Paterson told Insiders it "might be necessary" for the government to support the mining and processing of critical minerals. "We're very happy to see what the government is proposing here. I can't commit to it in principle without having seen the details, but we're certainly open to it," Senator Paterson said. "Any sensible steps that represent an economic opportunity for Australia and an opportunity for us to demonstrate that we are a good alliance partner of the United States is something that we would offer bipartisan support to." Mr Farrell said Australia had offered the United States "an expanded arrangement in regards to critical minerals" as part of efforts to secure an exemption from the tariffs, which came into force in April. The trade minister met with his American counterpart, trade representative Jamieson Greer, in Paris last week, where he said he made clear that Australia wanted "all of the tariffs removed, not just some of them". "The position I put to Jamieson Greer is that the tariffs the United States has imposed on Australia are unjustified."
