Skip to content
Search

Latest Stories

India, EU vow to boost trade ties despite differences

The European Union held its first-ever trade and technology council with Indian foreign, trade and communications ministers as they seek to bolster ties

India, EU vow to boost trade ties despite differences

India and the EU vowed on Tuesday (16) to boost trade ties and tackle thorny issues through dialogue, after they risked overshadowing a significant meeting between the two sides in Brussels.

The European Union held its first-ever trade and technology council with Indian foreign, trade and communications ministers as they seek to bolster ties.

The EU is India's third-largest trading partner with trade in goods worth around $95 billion, and last year the two sides restarted talks for a free trade agreement.

But hours before the high-level meeting, the Financial Times published comments by EU foreign policy chief Josep Borrell urging the bloc to crack down on India reselling Russian oil as refined fuels including diesel into Europe.

"If diesel or gasoline is entering Europe ... coming from India and being produced with Russian oil, that is certainly a circumvention of sanctions and member states have to take measures," he said ahead of a meeting with the Indian foreign minister.

Indian foreign minister Subrahmanyam Jaishankar, who met Borrell in Brussels, dismissed the issue during a press conference when asked about the comments.

"I really don't see the basis for your question. Because my understanding of the council regulations is that if Russian crude is substantially transformed in a third country, then it's not treated as Russian anymore," Jaishankar said later on Tuesday.

There were also reports on Tuesday that India planned to challenge the EU's "carbon border tax" at the World Trade Organization.

The tax imposes environmental standards on imports into the bloc based on the carbon emissions linked to their production.

Indian Trade Minister Piyush Goyal said India was discussing the issue with EU officials.

"I'm sure that the intention is not to create a barrier to trade," he said.

"We have a long time ahead of us in which we will be working together to find the right solutions to this."

The EU's trade commissioner, Valdis Dombrovskis, echoed the commitment to dialogue but said the EU was "very careful to ensure WTO compatibility" and would apply the same price of carbon to imported goods as on domestic producers.

(AFP)

More For You

Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less