Tag: Trade

  • India, Iraq explore ways to diversify trade from oil to non-oil sectors

    India, Iraq explore ways to diversify trade from oil to non-oil sectors

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    New Delhi: India and Iraq on Monday discussed ways to further increase and diversify trade from oil to non-oil sectors, while stressing the importance of expanding economic partnership and technology engagement.

    The two sides held wide-ranging talks during the second round of the India-Iraq Foreign Office Consultations in Baghdad where the Indian delegation was led by Ausaf Sayeed, Secretary (CPV & OIA), while Iraq’s delegation was led by Hisham Al Alawi, Undersecretary for Political Planning Affairs from the Ministry of Foreign Affairs of Iraq.

    Sayeed also called on Iraq’s Deputy Prime Minister and Minister of Oil Hayyan Abdul Ghani, Iraq’s Minister of Trade Atheer Dawood Salman, Iraqi National Security Adviser Qasem Al Araji and Iraq’s President of Sunni Awqaf Board Mesh’an Al Khazraji, and discussed a range of bilateral, regional and international issues of mutual interest, a statement issued by the Ministry of External Affairs said.

    Both the sides noted the warm and friendly traditional relations, and comprehensively reviewed the current status of bilateral relations in all fields including political, economic, defence, security, trade and investments, development partnership, scholarship programme and capacity building, cultural relations and people-to-people contacts, the statement said.

    Detailed discussions were held on further strengthening of the bilateral relations and the future direction of the growth of bilateral cooperation, the statement said.

    Both sides expressed their satisfaction about the bilateral trade, which exceeded USD 34 billion for 2021-22 and discussed ways and means to further increase and diversify trade from oil to non-oil sectors, it said.

    The Indian and Iraqi sides noted the importance of expanding economic partnership and technology engagement.

    They also noted opportunities for investment, particularly in the fields of oil and gas, infrastructure, healthcare, power, transport, agriculture, water management, drugs and pharmaceuticals, ICT, and renewable energy.

    They urged business community to engage closely for mutual benefit.

    A sizeable number of candidates from Iraq have been benefiting from our capacity-building programme, including ITEC and higher education scholarships. Both sides are keen to enhance the level of economic engagement and people-to-people exchanges.

    The secretary (CPV & OIA) also announced that an artificial limb fitment camp (Jaipur Foot) will be organised in Iraq soon, the MEA said.

    Sayeed interacted with the Indian community, Indian and Iraqi business leaders and Indian Technical and Economic Cooperation and Indian Council for Cultural Relations alumni from Iraq.

    He also inaugurated the newly-constructed Indian Consular Application Centre (ICAC) in Baghdad which will facilitate Indian and Iraqi nationals, seeking visas and consular services.

    Both sides agreed on the importance of continuing the upward momentum in the relationship through exchanges of regular visits and consultations, and agreed to hold the next India-Iraq Joint Commission Meeting at Oil Ministers’ level in New Delhi at a mutually convenient date, the statement said.

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    ( With inputs from www.siasat.com )

  • China to become Afghanistan’s second-largest trade partner in 2023

    China to become Afghanistan’s second-largest trade partner in 2023

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    Beijing: China’s trade with Afghanistan has been growing fast and it may become the second-largest trading nation with Afghanistan in 2023 after Pakistan, a situation that bodes well for the continuation of the CPEC part of the Belt & Road Initiative into Afghanistan, as per Silk Road Briefing (SRB).

    Silk Road Briefing provides global and regional intelligence to assist and monitor infrastructure, geopolitical, and structural developments, along with foreign investment opportunities along China’s Belt and Road Initiative.

    According to China customs data, in December 2022, China imported goods worth USD 9.09 million from Afghanistan and exported goods worth USD 59 million, resulting in a positive trade balance for China of USD 49.9 million, the SRB reported.

    If these figures are projected as the 2023 average, then this would result in a bilateral trade figure of USD 816 million. Pakistan, currently the largest Afghani trade partner, achieved bilateral trade of USD 1.513 billion in 2022, according to the State Bank of Pakistan, as per the report by the SRB.

    India, which has been in second place, had bilateral trade with Afghanistan of USD 545 million last year, according to the Indian Ministry of Commerce.

    As per a report by the Silk Road Briefing, between December 2021 and December 2022, Chinese exports increased by 56.4 per cent but imports slightly decreased by less than 1 per cent. In December 2022 the top exports from Afghanistan to China were nuts, animal hair, semi-precious stones, dried fruits, and vegetable products. In December 2022, the top exports of China to Afghanistan were synthetic filaments, yarn-woven fabrics, rubber tires, other synthetic fabrics, semiconductors, and unknown commodities.

    Issues with the redevelopment of Afghanistan remain significant. There is little accurate data or records keeping, and a dearth of pertinent equipment and training for Afghanistan to adequately manage regional trade with its neighbours, although China, Pakistan and India do possess – for them – adequate monitoring and analytical infrastructure. However, this seems not to be the case with Afghanistan’s trade with neighbouring Iran, Turkmenistan, Uzbekistan, and Tajikistan, where statistics appear almost impossible to obtain. A large part of Afghanistan’s redevelopment should be the border and border control, customs and national infrastructure required to ensure tariffs on transit and imported and exported goods can be effectively managed.

    The other issue remains that Afghanistan, with a population of 40 million and one of the largest in Central Asia, remains an agricultural player, as seen from its exports. The proposed extension of CPEC into Afghanistan would help to industrialise the nation – providing countries like Russia Iran and Turkmenistan can be allowed to install and develop Afghani energy fields to get the Afghanistan energy reserves to where they are most needed.

    China’s developing basic trade example is almost a parable for the regional proverb ‘From Apricot stones grow larger trees’.

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    ( With inputs from www.siasat.com )

  • India-UAE Business Council launched to boost bilateral trade and investment

    India-UAE Business Council launched to boost bilateral trade and investment

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    Dubai: Marking the first anniversary of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), the two sides have launched the UAE chapter of their joint business chamber to bolster economic ties and facilitate enhancing bilateral trade and investment.

    India and the United Arab Emirates (UAE) inked a CEPA on February 18 last year to boost trade ties following a virtual summit between Prime Minister Narendra Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan.

    The UAE India Business Council – UAE Chapter (UIBC-UC) was launched on Saturday by Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, in the presence of Ambassador of India to the UAE, Sunjay Sudhir, Consul General of India in Dubai Aman Puri and founding members of the UBIC-UC.

    The two nations aim to increase bilateral trade to USD 100 billion and attract USD 75 billion in investment from the UAE to India.

    The UIBC-UC is poised to play a crucial role in supporting both governments in achieving these objectives and maximising the potential of the UAE-India relationship.

    By leveraging the strong bond between the two nations, the council brings together key partners and stakeholders from both nations and will serve as a valuable source of policy guidance, fostering innovative collaboration between Emirati and Indian businesses.

    Speaking on this occasion, Minister Zeyoudi highlighted that the establishment of the UAE Chapter of the UAE India Business Council marks a significant moment in the deepening of the relationship between the United Arab Emirates and India.

    He also mentioned that the Council will play a critical role in supporting the two governments in their joint mission to boost bilateral trade and investment. He expressed confidence that it will catalyse innovative collaboration between our two great nations.

    Ambassador Sudhir said, “The launch today marks a significant milestone in the strengthening of the relationship between the United Arab Emirates and India.”

    The UIBC-UC will serve as the counterpart organisation to the UIBC India Chapter, which was established in New Delhi on September 3, 2015, by Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister for Foreign Affairs and International Cooperation, and Sushma Swaraj, then Minister of External Affairs of India.

    The UAE India Business Council – UAE Chapter (UIBC-UC) has been set up with the approval of UAE’s Ministry of Foreign Affairs and International Cooperation and the Ministry of External Affairs, Government of India.

    The UIBC-UC will operate under the supervision of the Federation of UAE Chambers of Commerce & Industry and has been registered as a legal and financial entity with the Dubai Chamber of Commerce. The council will have its office in Abu Dhabi and will be a pan UAE body focussing on promoting trade and investment relations between the UAE and India. Membership to UIBC-UC will be by invitation only, and institutional members will be invited over time.

    Faizal Kottikollon, Chairman, of KEF Holdings, who has been appointed as the Chairman of UIBC-UC, said the council’s focus will be to identify significant strategic projects that can be undertaken by both countries.

    “This includes investments in large infrastructure projects in India, advancements in manufacturing and technology, and providing Indian manufacturers with the ability to use the UAE as a base for their global expansion,” he said.

    Rizwan Soomar, CEO & MD (India Subcontinent) at DP World, will serve as the Co-Chairman of UIBC-UC.

    Major General (Retd.) Sharafuddin Sharaf, who serves as the Chairman of the UIBC India Chapter, will also hold the position of Vice Chairman of UIBC-UC.

    The founding members of the UIBC-UC from the UAE side are Mubadala Sovereign Wealth Fund of the UAE, Wizz Financial, DP World, EMAAR, Emirates Airlines, and Emirates NBD Bank.

    From the Indian side, large conglomerates such as TATA, Reliance, and Adani as well as tech innovators like OLA, Zerodha, Udaan, and EaseMyTrip along with prominent Indian entrepreneur led Corporations based in the UAE such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS and Lulu Financial are represented.

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    ( With inputs from www.siasat.com )

  • Myanmar’s maritime trade up 19.42% in over 10 months

    Myanmar’s maritime trade up 19.42% in over 10 months

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    Yangon: Myanmar’s seaborne trade surged 19.42 percent year on year to about $22.24 billion in over 10 months of the 2022-23 fiscal year, official data showed.

    From April 1, 2022, to February 10 this year, the country’s maritime export rose 10.21 percent to over $9.22 billion from a year earlier, while maritime imports climbed 26.94 percent to over $13.01 billion, data from the country’s Ministry of Commerce showed.

    During the period, the country saw a total foreign trade value of over $29.33 billion, including its border trade value of more than $7.09 billion, Xinhua news agency reported, citing the ministry’s figures.

    The Southeast Asian country usually does most of its foreign trade through sea routes as it has a long coastline. It conducts border trade with China, Thailand, Bangladesh and India.

    The country exports agricultural products, animal products, fisheries, minerals and forest products, manufacturing goods and others, while it imports capital goods, intermediate goods and consumer goods.

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    ( With inputs from www.siasat.com )

  • Kashmir: Ill-gotten assets from drug trade worth crores frozen, DM issued order under NDPS Act – Kashmir News

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    Kashmir: Ill-gotten assets from drug trade worth crores frozen, DM issued order under NDPS Act

    • War Against Drugs: Ill-gotten assets from drug trade worth crores frozen in Shopian
    • DM Shopian issued order under NDPS Act

    SHOPIAN, FEBRUARY 18 (KN): Acting tough against drug traffickers, District Magistrate Shopian today ordered seizure / freezing of illegally acquired properties of five drug traffickers in District Shopian .The action has been taken under the provisions of Chapter VA of the Narcotic Drugs & Psychotic Substances Act, 1985. As per the orders issued today, the said properties shall not be transferred for any other use undertaken on it without the permission of the District Magistrate.

    ALSO READ: J&K: Seniority List Of 276 Employees In Jal Shakti Department – Download PDF Here

    The Competent Authority under Narcotic Drugs and Psychotropic Substances (NDPS) Act, Shopian, accorded a seal of approval to freezing of ill-gotten properties worth crores of five drug peddlers who were given reasonable time period to prove credentials and produce the requisite documents that substantiate the property as legal.

    ALSO READ: THESE Farmers to Get Rs 3000 Monthly Pension With PM Mandhan Scheme- Details Here

    It included illegally acquired buildings and land from the proceeds of narcotics trade. The properties were purchased from ill-gotten money of drug trafficking within the last six years in the name of accused persons as well as in the name of their kith and kin.The district administration has issued notices to several persons involved in the drug trafficking in the recent past and asked all of them to show cause the source of means of the acquisition of the properties.(KN)

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    ( With inputs from : kashmirnews.in )

  • UAE-India Business Council launched to boost bilateral trade

    UAE-India Business Council launched to boost bilateral trade

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    Dubai: Marking the first anniversary of India-UAE Comprehensive Economic Partnership Agreement (CEPA), the top business houses of India and UAE came together to open the UAE India Business Council – UAE Chapter (UIBC-UC), to bolster economic ties and facilitate shared goal of enhancing bilateral trade and investment.

    The UIBC-UC was launched by UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, in the presence of Ambassador of India to the UAE Sunjay Sudhir, Consul General of India in Dubai Aman Puri and founding members of the UBIC-UC.

    The founding members of the UIBC-UC from the Indian side, large conglomerates such as TATA, Reliance, and Adani are represented, as well as tech innovators like Ola, Zerodha, Udaan, and EaseMyTrip, along with prominent Indian entrepreneur-led corporations based in the UAE such as KEF Holdings, Buimerc Corporation, Apparel Group, EFS and Lulu Financial. From the UAE side are: Mubadala – Sovereign Wealth Fund of the UAE, Wizz Financial, DP World, EMAAR, Emirates Airlines, Emirates NBD Bank.

    The two nations aim to increase bilateral trade to $100 billion and attract $75 billion in investment from the UAE to India. The UIBC-UC is poised to play a crucial role in supporting both governments in achieving these objectives and maximising the potential of the UAE-India relationship. By leveraging the strong bond between the two nations, the council brings together key partners and stakeholders from both nations and will serve as a valuable source of policy guidance, fostering innovative collaboration between Emirati and Indian businesses.

    Speaking on the occasion, Thani bin Ahmed Al Zeyoudi highlighted that the establishment of the UAE Chapter of the UAE India Business Council marks a significant moment in the deepening of the relationship between the United Arab Emirates and India. He also mentioned that the Council will play a critical role in supporting the two governments in their joint mission to boost bilateral trade and investment.

    Indian Ambassador to the UAE, Sunjay Sudhir, said, “The launch today marks a significant milestone in the strengthening of the relationship between the United Arab Emirates and India. I extend my sincere congratulations to all the founding members of the UAE India Business Council and look forward to seeing the Council’s initiatives drive greater prosperity for both nations.”

    The UIBC-UC will serve as the counterpart organisation to the UIBC India Chapter, which was established in New Delhi on September 3, 2015, by UAE Minister for Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and then Indian Foreign Minister Sushma Swaraj, during the 11th Session of the India-UAE Joint Commission Meeting.

    Chairman KEF Holdings, Faizal Kottikollon, who has been appointed as the Chairman of UIBC-UC, said that “The council’s focus will be to identify significant strategic projects that can be undertaken by both countries. This includes investments in large infrastructure projects in India, advancements in manufacturing and technology, and providing Indian manufacturers with the ability to use the UAE as a base for their global expansion.”

    CEO & MD (India Subcontinent) at DP World, Rizwan Soomar, will serve as the Co-Chairman of UIBC-UC.

    Major General (Retd) Sharafuddin Sharaf, who serves as the Chairman of the UIBC India Chapter, will also hold the position of Vice Chairman of UIBC-UC.

    On the occasion, Consul General of India in Dubai, Aman Puri, expressed his gratitude to the Founding Members of the UAE India Business Council (UIBC-UC) for their support in establishing the organisation. He highlighted the platform’s significance in providing a space for UAE and Indian businesses to collaborate, identify new opportunities, and overcome existing challenges.

    Vikas Anand, who brings 25 years of experience in banking and was recently the group head of operations for First Abu Dhabi Bank, has been named as the Chief Operating Officer for UIBC-UC and will be responsible for advancing the Council’s mission to strengthen bilateral trade and commerce between the two nations.

    The launch of the UAE Chapter on Saturday coincides with the first anniversary of the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries on February 18, 2022, underscoring the deep commitment of both nations to strengthening their economic and business relations.

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    #UAEIndia #Business #Council #launched #boost #bilateral #trade

    ( With inputs from www.siasat.com )

  • War Against Drugs: Ill-gotten assets from drug trade worth crores frozen in Shopian

    War Against Drugs: Ill-gotten assets from drug trade worth crores frozen in Shopian

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    SHOPIAN, FEBRUARY 18:  Acting tough against drug traffickers, District Magistrate Shopian today ordered seizure / freezing of illegally acquired properties of five drug traffickers in District Shopian .The action has been taken under the provisions of Chapter VA of the Narcotic Drugs & Psychotic Substances Act, 1985. As per the orders issued today, the said properties shall not be transferred for any other use undertaken on it without the permission of the District Magistrate.

    The Competent Authority under Narcotic Drugs and Psychotropic Substances (NDPS) Act, Shopian, accorded a seal of approval to freezing of ill-gotten properties worth crores of five drug peddlers who were given reasonable time period to prove credentials and produce the requisite documents that substantiate the property as legal.

    It included illegally acquired buildings and land from the proceeds of narcotics trade. The properties were purchased from ill-gotten money of drug trafficking within the last six years in the name of accused persons as well as in the name of their kith and kin.The district administration has issued notices to several persons involved in the drug trafficking in the recent past and asked all of them to show cause the source of means of the acquisition of the properties.

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    #War #Drugs #Illgotten #assets #drug #trade #worth #crores #frozen #Shopian

    ( With inputs from : roshankashmir.net )

  • China talks ‘peace,’ woos Europe and trashes Biden in Munich

    China talks ‘peace,’ woos Europe and trashes Biden in Munich

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    MUNICH — China is trying to drive a fresh wedge between Europe and the United States as Russia’s invasion of Ukraine trudges past its one-year mark.

    Such was the motif of China’s newly promoted foreign policy chief Wang Yi when he broke the news at the Munich Security Conference on Saturday that President Xi Jinping would soon present a “peace proposal” to resolve what Beijing calls a conflict — not a war — between Moscow and Kyiv. And he pointedly urged his European audience to get on board and shun the Americans.

    In a major speech, Wang appealed specifically to the European leaders gathered in the room.

    “We need to think calmly, especially our friends in Europe, about what efforts should be made to stop the warfare; what framework should there be to bring lasting peace to Europe; what role should Europe play to manifest its strategic autonomy,” said Wang, who will continue his Europe tour with a stop in Moscow.

    In contrast, Wang launched a vociferous attack on “weak” Washington’s “near-hysterical” reaction to Chinese balloons over U.S. airspace, portraying the country as warmongering.

    “Some forces might not want to see peace talks to materialize,” he said, widely interpreted as a reference to the U.S. “They don’t care about the life and death of Ukrainians, [nor] the harms on Europe. They might have strategic goals larger than Ukraine itself. This warfare must not continue.”

    Yet at the conference, Europe showed no signs of distancing itself from the U.S. nor pulling back on military support for Ukraine. The once-hesitant German Chancellor Olaf Scholz urged Europe to give Ukraine even more modern tanks. And French President Emmanuel Macron shot down the idea of immediate peace talks with the Kremlin.

    And, predictably, there was widespread skepticism that China’s idea of “peace” will match that of Europe.

    “China has not been able to condemn the invasion,” NATO Secretary-General Jens Stoltenberg told a group of reporters. Beijing’s peace plan, he added, “is quite vague.” Peace, the NATO chief emphasized, is only possible if Russia respects Ukraine’s sovereignty.

    Europe watches with caution

    Wang’s overtures illustrate the delicate dance China has been trying to pull off since the war began.

    Keen to ensure Russia is not weakened in the long run, Beijing has offered Vladimir Putin much-needed diplomatic support, while steering clear of any direct military assistance that would attract Western sanctions against its economic and trade relations with the world.

    GettyImages 1247252702
    Ukrainian Foreign Minister Dmitro Kuleba is expected to hold a bilateral meeting with Wang while in Munich | Johannes Simon/Getty Images

    “We will put forward China’s position on the political settlement on the Ukraine crisis, and stay firm on the side of peace and dialogue,” Wang said. “We do not add fuel to the fire, and we are against reaping benefit from this crisis.”

    According to Italy’s Foreign Minister Antonio Tajani, who met Wang earlier this week, Xi will make his “peace proposal” on the first anniversary of the war, which is Friday.

    Ukrainian Foreign Minister Dmitro Kuleba is expected to hold a bilateral meeting with Wang while in Munich. He said he hoped to have a “frank” conversation with the Beijing envoy.

    “We believe that compliance with the principle of territorial integrity is China’s fundamental interest in the international arena,” Kuleba told journalists in Munich. “And that commitment to the observance and protection of this principle is a driving force for China, greater than other arguments offered by Ukraine, the United States, or any other country.”

    EU foreign policy chief Josep Borrell is also expected to meet Wang later on Saturday.

    Many in Munich were wary of the upcoming Chinese plan.

    German Foreign Minister Annalena Baerbock welcomed China’s effort to use its influence to foster peace but told reporters she had “talked intensively” with Wang during a bilateral meeting on Friday about “what a just peace means: not rewarding the attacker, the aggressor, but standing up for international law and for those who have been attacked.”

    “A just peace,” she added, “presupposes that the party that has violated territorial integrity — meaning Russia — withdraws its troops from the occupied country.”

    One reason for Europe’s concerns is the Chinese peace plan could undermine an effort at the United Nations to rally support for a resolution condemning Russia’s invasion of Ukraine, which will be on the U.N.’s General Assembly agenda next week, according to three European officials and diplomats.

    Taiwan issue stokes up US-China tension

    If China was keen to talk about peace in Ukraine, it’s more reluctant to do so in a case closer to home.

    When Wolfgang Ischinger, the veteran German diplomat behind the conference, asked Wang if he could reassure the audience Beijing was not planning an imminent military escalation against Taiwan, the Chinese envoy was non-committal.

    GettyImages 1247223409
    Nato Secretary-General Jens Stoltenberg said “what is happening in Europe today could happen in east Asia tomorrow” | Johannes Simon/Getty Images

    “Let me assure the audience that Taiwan is part of Chinese territory. It has never been a country and it will never be a country in the future,” Wang said.

    The worry over Taiwan resonated in a speech from NATO Secretary-General Jens Stoltenberg, who said “what is happening in Europe today could happen in east Asia tomorrow.” Reminding the audience of the painful experience of relying on Russia’s energy supply, he said: “We should not make the same mistakes with China and other authoritarian regimes.”

    But China’s most forceful attack was reserved for the U.S. Calling its decision to shoot down Chinese and other balloons “absurd” and “near-hysterical,” Wang said: “It does not show the U.S. is strong; on the contrary, it shows it is weak.

    Wang also amplified the message in other bilateral meetings, including one with Pakistani Foreign Minister Bilawal Bhutto Zardari. “U.S. bias and ignorance against China has reached a ridiculous level,” he said. “The U.S. … has to stop this kind of absurd nonsense out of domestic political needs.”

    It remains unclear if Wang will hold a meeting with U.S. Secretary of State Antony Blinken while in Germany, as has been discussed.

    Hans von der Burchard and Lili Bayer reported from Munich, and Stuart Lau reported from Brussels.



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    ( With inputs from : www.politico.eu )

  • In from the coal: Australia sheds climate pariah status to make up with Europe

    In from the coal: Australia sheds climate pariah status to make up with Europe

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    Europe loves the Aussies again. 

    Australia was, until recently, an international pariah on climate change and a punchline in Brussels. But a new government in Canberra coupled with Europe’s energy and economic woes mean a better relationship is now emerging — one that could fuel Europe’s transition to a clean economy, while enriching Australia immensely.

    “Europe is energy hungry and capital rich, Australia’s energy rich and capital hungry, and that means that there’s a lot that we can do together,” said Australia’s Minister for Climate Change and Energy Chris Bowen.

    A little over a year ago, relations between Australia and the EU were in a parlous state. The government of Prime Minister Scott Morrison had reneged on a nuclear submarine contract — a decision the current government stands by — incensing the French and by extension the EU. Equally as frustrating for many Europeans was Australia’s climate policy, which was viewed as outstandingly meager even in a lackluster global field.

    The election of Labor Prime Minister Anthony Albanese — whose father was Italian — last May brought a change in tone, as well as a new climate target and a trickle of policies designed to cut greenhouse gas pollution that heats up the planet.

    Those moves were “the entry ticket” to dealings with Europe, Bowen told POLITICO in Brussels, the second-last stop on a European tour. “Australia’s change of climate positioning, climate policy, has changed our position in the world.”

    That’s been most notable in progress on talks on a free trade agreement with the EU. Landing that deal would be a “big step forward,” said Bowen. Particularly because when it comes to clean energy, Australia wants to sell and Europe wants to buy.

    Using the vast sunny desert in its interior, Australia could be a “renewable energy superpower,” Bowen argued. Solar energy can be tapped to make green hydrogen and shipped to Europe, he said.

    European governments are listening closely to the pitch. Bowen was in Rotterdam on Monday, inspecting the potential to use the Netherlands port as an entry for antipodean hydrogen. He signed a provisional deal with the Dutch government to that end. Last week, Bowen announced a series of joint investments with the German government in Australian hydrogen research projects worth €72 million.

    It’s not just sun, Australia has tantalum and tungsten and a host of minerals Europe needs for building clean tech, but that it currently imports. In many cases those minerals are refined or otherwise processed in China, a dependency that Brussels is keen to rapidly unwind — not least with its Critical Raw Materials Act, expected in March.

    According to a 2022 government report, Australia holds the second-largest global reserves of cobalt and lithium, from which batteries are made, and is No. 1 in zirconium, which is used to line nuclear reactors.

    Asked whether Australia can ease Europe’s dependence on China, Bowen said: “We want to be a very strong factor in the supply chains. We’re a trusted, reliable trading partner. We have strong ethical supply chains. We have strong environmental standards.”

    But Australia has its own entanglements.

    Certain Australian minerals, notably lithium, are largely refined and manufactured in China. Bowen said he was keen on bringing at least some of that resource-intensive, polluting work back to Australia.

    While its climate targets are now broadly in line with other rich nations, the rehabilitation of Australia’s climate image jars with its role as one of the biggest fossil fuel sellers on the planet.

    Australia’s coal exports, when burned in overseas power plants, generate huge amounts of planet-warming pollution — almost double the amount produced annually by Australians within their borders. Australia is also the third-largest exporter of natural gas, including an increasing flow to the EU. At home, the government is facing calls from the Greens party and centrist climate independents to reject plans for more than 100 coal and gas developments around the country.

    But how many of Bowen’s counterparts raised the issue of Australia’s emissions during his travels around Europe? “Nobody,” he said. “We are here to help.”

    Antonia Zimmermann contributed reporting.



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    ( With inputs from : www.politico.eu )

  • Russia’s oil revenues plunge as EU’s oil war enters round 2

    Russia’s oil revenues plunge as EU’s oil war enters round 2

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    The EU’s energy war with Russia has entered a new phase — and there are signs that the Kremlin is starting to feel the pain.

    As of Sunday, it is illegal to import petroleum products — those refined from crude oil, such as diesel, gasoline and naphtha — from Russia into the EU. That comes hot on the heels of the EU’s December ban on Russian seaborne crude oil.

    Both measures are also linked to price caps imposed by the G7 club of rich democracies aimed at driving down the price that Russia gets for its oil and refined products without disrupting global energy markets.

    Those actions appear to have bitten into the Kremlin’s budget in a way other economic penalties levied in retaliation for Russia’s invasion of Ukraine have not.

    The Kremlin’s tax income from oil and gas in January was among its lowest monthly totals since the depths of COVID in 2020, according to Janis Kluge, senior associate at the German Institute for International and Security Affairs.

    Kluge noted that while Russia’s 2023 budget anticipates 9 trillion rubles (€120 billion) in fossil fuel income, in January it earned only 425 billion rubles from oil and gas taxes, around half compared to the same month last year.

    It’s only one month’s figures and the income does fluctuate, but Kluge called it “a bad start.”

    Russia’s gas sales to Europe have also collapsed — in part as a result of Moscow’s own energy blackmail — with its share of imports declining from around 40 percent throughout 2021 to 13 percent for November 2022, according to the latest confirmed European Commission monthly figure.

    But it’s oil that matters most to Kremlin coffers.

    On Friday, EU countries struck a deal on two price caps which will come into full force later this year following a 55-day transition period. A cap of $100 will apply to “premium” oil products, including diesel, gasoline and kerosene. A cap of $45 will be enforced on “discount” products, such as fuel oil, naphtha and heating oil.

    The EU ban and the G7 price caps are meant to work in tandem. While the EU bans Russian oil, cutting off a vital market, the price caps ensure that insurance and shipping firms based in the EU and other G7 countries aren’t completely blocked from facilitating the global trade in Russian oil. They still can, but it must be under the price caps. This way — so the theory goes — Russia’s fossil fuel revenue will take a hit without disrupting the global oil market in a way that could endanger supply and drive up the price for everyone.

    Squeezing the Kremlin

    iStock 1395537922
    Russia is selling more crude to China and India to make up for the lost trade with the EU | iStock

    So far, EU leaders think, it’s working.

    Buyers in China and India and other countries are hoovering up more Russian crude, making up for the lost trade with Europe. But knowing that Russia has few alternative markets, buyers have been able to drive down the price. “The discounts that Russia has to give, that its partners can demand, are strong and are here to stay,” said one senior European Commission official. Russian Urals crude is trading at around $50 per barrel, around $30 below the benchmark Brent crude price.

    “I think in general the EU and the G7 can be quite happy with how things have unfolded with regards to the oil embargo and the price cap up to now,” said Kluge. “There has been no turbulence on global oil markets and at the same time Russia’s revenues have gone down considerably. The key reason here is that the price which Russia receives for its crude has gone down.”

    The question is whether the EU can keep up the economic pressure on Russia without harming itself in the process.

    So far, at least as far as oil is concerned, it’s been plain sailing. Oil markets have proved remarkably flexible since the EU’s crude ban in December, with export flows simply shifting: Asia now takes more Russian crude — often at a discount — while other producers in the Middle East and the U.S. step in to supply Europe.

    So far, it is looking likely that a similar “reshuffle” of global trade will take place with oil products like diesel, said Claudio Galimberti, senior vice president of analysis at Rystad Energy.

    The nature of the oil product sanctions means that there’s nothing to stop Russian crude from being exported to a third country, refined, and then re-exported to the EU, meaning that India and other countries are becoming more important oil product suppliers to the West.

    China and India, as well as others in the Middle East and North Africa, also look likely to snap up Russian oil products that are no longer going straight into Europe, freeing up their own refining capacity to produce yet more product that they can sell into Europe and elsewhere.

    “There is a reshuffle of product the same way there was a reshuffle of crude,” Galimberti said.

    There could still be problems, however. “Europe is not going to import Russian diesel, so it needs to come from somewhere else,” Galimberti said, pointing to two major refineries in the Middle East — Kuwait’s Al-Zour and Saudi Arabia’s Jazan — upon which European supply will now be increasingly dependent.

    “If you had a blip in one of these refineries you could see a price response in Europe,” said Galimberti. But for now, after a glut of imports in advance of Sunday’s ban, “inventories of distillates are full,” he added.

    “Europe is in good shape.”



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    ( With inputs from : www.politico.eu )