Indian Updates
India and the U.S. issue a Joint Statement following the visit by Prime Minister Modi to the US.
On 13th February 2025, delegations from the U.S. and India issued a joint statement expressing mutual efforts to strengthen the India-U.S. Comprehensive Global Strategic Partnership. The initiative aims to enhance partnership in defence, commerce, and technology.
Furthermore, the U.S. appreciated recent measures by India to lower tariffs on U.S. products of interest, particularly in respect of bourbon, motorcycles, ICT products and metals, as well as measures to enhance market access for U.S. agricultural products, like alfalfa hay and duck meat, and medical devices. Both sides have pledged collaboration to increase U.S. exports of industrial goods to India and Indian exports of labor-intensive manufactured products to the U.S.. The initiative also includes plans to negotiate the first tranche of a multi-sector Bilateral Trade Agreement by the fall of 2025.
Global Updates
EU-Chile Interim Trade Agreement enters into force
The EU-Chile Interim Agreement on Trade (ITA) entered into force following the completion of internal ratification processes by the EU and Chile. This Agreement aims to update the existing EU-Chile Association Agreement, enhancing trade and investment liberalization. The ITA will give greater access to raw materials and clean fuels, such as lithium and hydrogen, which are crucial for the green economy transition. The Agreement will eliminate tariffs on 99.9% of European exports and provide a level playing field to the European goods in the Chilean market.
Peru and El Salvador resume negotiations over a trade agreement
Peru and El Salvador resumed negotiations for a Free Trade Agreement to boost bilateral trade and create new business opportunities. The Agreement will reduce tariffs, simplify trade processes, and enhance market access for both countries. For Peru, the manufacturing, metal working, and chemical inputs sectors will see significant gains. The discussions will also focus on small and medium-sized enterprises and the need for a stable regulatory framework to foster economic growth.
Sri Lanka and the UAE sign the Agreement on Reciprocal Promotion and Protection of Investments
Sri Lanka and the UAE have signed the Agreement on Promotion and Protection of Investments. The Agreement aims to enhance economic cooperation and attract investors from UAE to Sri Lanka's strategic position along the Indian Ocean trade route. The agreement is a sign of Sri Lanka's commitment to attract Foreign Direct Investment and gain investor confidence at the global level.
Abu Dhabi signs multiple agreements with China to strengthen business partnerships
The delegations for Abu Dhabi and China, including private entities and provisional governments, have signed multiple agreements aimed at strengthening economic and business partnerships. These include a strategic cooperation agreement with the Shanghai Municipal People's Government and the Abu Dhabi Department of Economic Development covering various sectors, including business, trade, finance, science, technology, education, culture, health, tourism, and ports. The Abu Dhabi Chamber of Commerce and Industry has signed a strategic cooperation agreement with the Shanghai Federation of Industry and Commerce for enhancing bilateral trade and mutual investment for Chinese companies seeking expansion in Abu Dhabi.
Russia signs memorandum for development of special economic zone in Myanmar
Russia and Myanmar have signed a memorandum to develop the Dawei Special Economic Zone, along with the construction of a port and an oil refinery in the region. The memorandum aims to develop the Dawei Special Economic Zone to boost Myanmar's economy through infrastructure development, job creation, and increased foreign investment.
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