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☆ Egypt hikes interest rates by 600 basis points, pound crumbles to record low
▼ + stars: | 2024-03-06 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Egypt's pound hit a record low against the dollar on Wednesday after its central bank hiked interest rates by 600 points and devalued the currency. The Egyptian pound was trading at roughly 50 to the dollar following the announcement, from 30.85 previously, according to LSEG data. The country's key interest rate now stands at 27.25%, the central bank said Wednesday. Egypt, the Arab world's most populous country at roughly 110 million people, is facing a protracted shortage of foreign currency. "In preparation for the successful implementation of these measures, sufficient funding has been secured to avail foreign exchange liquidity."

Persons: James Swanston, Egypt's Organizations: International Monetary Fund, Economics, United, IMF, Monetary, Government, P Global Market Intelligence Locations: Egypt, East, Africa, London, United Arab Emirates, Cairo

☆ Canadian trade minister urges remaining EU countries to ratify landmark free trade deal
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCanadian trade minister urges remaining EU countries to ratify landmark free trade dealCanadian Minister for International Trade Mary Ng sets out the case for remaining EU countries to ratify the Comprehensive Economic and Trade Agreement signed between Brussels and Ottawa.

Persons: International Trade Mary Ng Organizations: International Trade, Trade Locations: Brussels, Ottawa

☆ Citi CEO Fraser touts 'clear benefits' of diversifying supply chains
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

Jane Fraser, Chief Executive Officer of Citi, speaks during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsNov 16 (Reuters) - Geopolitical tensions and macroeconomic shocks are spurring businesses and governments into reconfiguring their supply chains, and the increased focus on diversification is leading to "clear benefits", Citigroup (C.N) CEO Jane Fraser said on Thursday. Since the COVID-19 pandemic and Russia's invasion of Ukraine shattered global supply chains, a debate has raged over how integrated the global economy will be in the future. Some businesses are responding by "nearshoring" - the trend of locating manufacturing capacity in Mexico, closer to the U.S. market - to keep supply chains more stable. Disruptions to the "old system" signal globalization is changing and would lead to more trade relationships and diversified supply chains.

Persons: Jane Fraser, Tyrone Siu, Fraser, Niket Nishant, Manya, Pooja Desai Organizations: Citi, Global Financial, Investment, REUTERS, Citigroup, Asia Pacific Economic Cooperation, Comprehensive Economic, Trans, Pacific Partnership, Manya Saini, Thomson Locations: Hong Kong, China, Ukraine, United States, Beijing, Mexico, U.S, India, Vietnam, Malaysia, San Francisco, Bengaluru

☆ China's Xi wants to expand cooperation with Indonesia in several key markets
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

Chinese President Xi Jinping attends a ceremony to welcome participants of the Belt and Road Forum in Beijing, China, October 17, 2023. Sputnik/Sergei Savostyanov/Pool via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 17 (Reuters) - China is willing to expand and strengthen cooperation with Indonesia in emerging industries such as the digital economy, photovoltaics and new energy vehicles, President Xi Jinping said on Tuesday. In October, Widodo inaugurated a $7.3 billion high-speed railway connecting the country's capital with the city of Bandung. Widodo said Indonesia regards China as an important strategic partner in national economic development and construction, and "looks forward to further strengthening communication and cooperation with China," state media reported. Reporting by Ethan Wang and Bernard Orr; editing by Christina Fincher and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Xi Jinping, Sergei Savostyanov, Xi, Joko Widodo, Widodo, Ethan Wang, Bernard Orr, Christina Fincher, Chizu Organizations: Forum, Sputnik, Rights, China Central Television, Initiative, of Southeast Asian Nations, Thomson Locations: Beijing, China, Rights BEIJING, Indonesia, Bandung

☆ UAE and South Korea complete talks for bilateral trade deal
▼ + stars: | 2023-10-14 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

Trade and investment ties between the Gulf state and South Korea have been steadily advancing; in the first half of 2023, bilateral non-oil trade reached $3 billion, similar to the same period last year, but up 21% over 2021, a statement said. South Korea was one of the first countries with which the Gulf state launched talks for a CEPA in 2021. Three months later however, the Asian state revived dormant Free Trade Agreement (FTA) talks with the six-member Gulf Cooperation Council bloc, of which the UAE is a member. "We resumed talks with Korea earlier this year as we were both keen to conclude a deal and advance our respective economic agendas," Thani Al Zeyoudi, UAE minister of foreign trade, told Reuters, adding the GCC FTA talks remained ongoing. It has said it does not mix politics with trade, when asked whether the Israel-Gaza conflict would have an impact on the Gulf state's trade deal with Israel.

Persons: Yeo Han, koo, Zeyoudi, Rachna Uppal, Sharon Singleton Organizations: South Korean Trade, United Arab Emirates Minister, State for Foreign Trade, United Arab, . Trade, Korea Electric Power Corporation, Gulf Cooperation Council, Reuters, Israel, Thomson Locations: State for Foreign Trade Thani, Dubai, United Arab Emirates, DUBAI, South Korea, Gulf, Abu Dhabi, Korea, UAE, Thani, Zeyoudi, Israel, Turkey, India, Indonesia, Gaza

☆ UAE, after Israel-Gaza conflict, says it does not mix trade with politics
▼ + stars: | 2023-10-10 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

DUBAI, Oct 10 (Reuters) - The United Arab Emirates does not mix trade with politics, the country's trade minister said on Tuesday when asked whether the conflict between Israel and Hamas would impact economic agreements. "We don't mix the economy and trade with politics," Thani al Zeyoudi told reporters in Dubai. In March, a Comprehensive Economic Partnership Agreement (CEPA) between the two countries came into effect, Israel’s first free trade agreement with an Arab state. The UAE was the first Gulf country to normalise relations with Israel in 2020, breaking with decades of Arab policy toward the Palestinian cause. The UAE has described the attacks carried out by the Palestinian Islamist faction Hamas against Israel as a "serious and grave escalation".

Persons: Zeyoudi, Israel’s, Rachna Uppal, Maha El, Alison Williams, Christina Fincher Organizations: United, Thomson Locations: DUBAI, United Arab Emirates, Israel, Thani, Dubai, UAE, Georgia, Palestinian

☆ Indian company removes notice about visa service suspension for Canadians
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Sept 21 (Reuters) - An Indian company on Thursday withdrew a notice about suspension of visa services for Canadian citizens, minutes after stating on its website that the services were suspended following a notice from the Indian mission. BLS International, an Indian company offering visa facilities, had earlier said the notice from the Indian mission in Canada cited "operational reasons" for suspension of visa services "till further notice". Prime Minister Narendra Modi's government categorically rejected Canada's suspicions that Indian agents had links to the alleged murder. With both nations expelling diplomats, analysts said India and Canada diplomatic ties have touched their lowest point. Since 2018, India has been the largest source country for international students in Canada.

Persons: Narendra Modi's, Sakshi Dayal, Sudipto Ganguly, Michael Perry Organizations: BLS International, Canadian Bureau of International Education, Industry, Thomson Locations: DELHI, Indian, Canada, British Columbia, India

☆ India suspends visa services for Canadians as stand-off escalates
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +4 min

A security personnel stands guard outside the Canadian High-Commision in New Delhi, India, September 19, 2023. REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsNEW DELHI, Sept 21 (Reuters) - India on Thursday suspended visa services for Canadian citizens, a foreign ministry spokesperson said, citing security threats to its staff in its consulates in Canada. BLS International(BLSN.NS), an Indian company offering visa facilities, said the notice from the Indian mission in Canada cited "operational reasons" for suspension of visa services "till further notice". Canadian officials have so far declined to say why they believe India could be linked to Nijjar's murder. Industry estimates show the Comprehensive Economic Partnership Agreement (CEPA) between Canada and India could boost two-way trade by as much as $6.5 billion.

Persons: Adnan Abidi, Narendra Modi's, Justin Trudeau, Hardeep Singh Nijjar, Dominic LeBlanc, Sakshi Dayal, Shivam Patel, Rupam Jain, Krishn Kaushik, Shri Navaratnam, Tomasz Janowski Organizations: Canadian, REUTERS, BLS, Global Affairs Canada, Canadian Bureau of International Education, Industry, Thomson Locations: New Delhi, India, DELHI, Canada, Ottawa, British Columbia, Punjab

☆ India Stops New Visas for Canadians, Asks Ottawa to Downsize Missions as Spat Worsens
▼ + stars: | 2023-09-21 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +5 min

A blanket suspension of new visas by India for a Western country is unheard of and marks the lowest point of India-Canada relations. But Indian foreign ministry spokesperson Arindam Bagchi said Ottawa had been asked to reduce numbers at its diplomatic missions in India to bring parity between the missions of the two countries. Bagchi said India suspended issuing new visas to Canadian citizens due to "security threats" to its staff in its consulates in Canada. "You are aware of the security threats being faced by our high commission and consulates in Canada. Industry estimates show the Comprehensive Economic Partnership Agreement (CEPA) between Canada and India could boost two-way trade by as much as $6.5 billion.

Persons: Krishn Kaushik, Rupam Jain, Rajesh NEW DELHI, Justin Trudeau's, Trudeau, Arindam Bagchi, Bagchi, Dominic LeBlanc, Hardeep Singh Nijjar, Narendra Modi's, Sakshi Dayal, Shivam Patel, YP Rajesh, Alex Richardson Organizations: Rajesh NEW, Industry, YP Locations: India, Ottawa, New Delhi, Canada, Delhi, British Columbia, United States, Britain, Australia, New Zealand, Washington, London, Canberra, Punjab

☆ India-Canada row: What is at stake?
▼ + stars: | 2023-09-19 | by ( Manoj Kumar | ) www.reuters.com time to read: +3 min

Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market. WHAT IS THE ROLE OF INDIAN STUDENTS IN CANADA? Since 2018, India has been the largest source country for international students in Canada.

Persons: Justin Trudeau, Manoj Kumar, Clarence Fernandez Organizations: Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: DELHI, India, Canada, New Delhi, India's, Punjab

☆ India-Canada relations: how could trade be affected as tensions rise?
▼ + stars: | 2023-09-19 | by ( Manoj Kumar | ) www.reuters.com time to read: +5 min

On Tuesday, New Delhi dismissed the allegations as "absurd", and asked Canada instead to crack down on anti-India elements operating in its territory. Here is what is at stake for both countries:HOW ARE TRADE TALKS AFFECTED? Steady growth has seen goods trade rising to $8 billion in 2022, with Indian exports to Canada touching $4 billion and imports from Canada also worth $4 billion. Pharmaceutical products, worth about $418 million, made up the bulk of Indian exports last year, followed by iron and steel products worth about $328 million and machinery, nuclear reactors and boilers worth about $287 million. India's growing demand for imported lentils has benefited Canadian farmers, while Indian pharmaceutical and software companies have expanded their presence in the Canadian market.

Persons: Hardeep Singh Nijjar, Nanak, Chris Helgren, Justin Trudeau, Canpotex, Manoj Kumar, Arpan Varghese, Jaiveer, Clarence Fernandez, Anil D'Silva Organizations: REUTERS, Trading Economics, UN, Canpotex, Pharmaceutical, Caisse, Ontario Teachers, Bombardier, SNC Lavalin, TCS, Infosys, Wipro, Canadian Bureau of International Education, Thomson Locations: Surrey, British Columbia, Canada, DELHI, India, New Delhi, India's, Punjab, Bengaluru

☆ In surprise move, Canada pauses talks on trade treaty with India
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsOTTAWA, Sept 1 (Reuters) - Canada on Friday unexpectedly said it had paused talks on a proposed trade treaty with India, just three months after the two nations said they aimed to seal an initial agreement this year. Canada and India have been talking off and on since 2010 about a comprehensive economic partnership agreement. India and Canada said in May they aimed to seal an initial agreement this year to increase trade and expand investment while setting out a mechanism to deal with disputes. Last month, a top Indian trade official said New Delhi planned to hold bilateral free trade talks with Canada and other nations on the sidelines of a G20 summit next week. Neither Trudeau's office or the office of Trade Minister Mary Ng were immediately available for comment.

Persons: Justin Trudeau, Chris Helgren, we've, Sanjay Kumar Verma, Trudeau, Mary Ng, David Ljunggren, Jonathan Oatis, Andy Sullivan Organizations: Canada's, Seventh Assembly of, Global Environment, REUTERS, Rights, Canadian Press, Ottawa, Trade, Thomson Locations: Vancouver , British Columbia, Canada, India, New Delhi, Delhi

Turkey's Central Bank headquarters is seen in Ankara, Turkey in this January 24, 2014 file photo. Yet five foreign investors told Reuters that this week's rate hike signalled a new independence among policymakers who are serious about addressing unrelenting pressure on the currency and reining in inflation expectations. "It feels like they are correcting the mistakes they made with their first rate hike decisions," said Viktor Szabo, portfolio manager at abrdn in London. Erdogan, who has fired four central bank chiefs in four years, has said little about the rate hikes. Reuters GraphicsTurkish stock, Eurobond and CDS markets are more attractive targets this year and next, especially after the rate hike, investors and officials say.

Persons: Umit, Erdogan's unorthodoxy, Mehmet Simsek, Goldman Sachs, Tayyip Erdogan's, Viktor Szabo, Ola El, Van Eck, ERDOGAN, Erdogan, Simsek, Hafize Gaye Erkan, Cevdet Yilmaz, Blaise Antin, TCW, Kaan, Neuberger Berman, Jonathan Spicer, Marc Jones, Jorgelina, Hugh Lawson Organizations: Turkey's Central Bank, Finance, Goldman, Reuters, abrdn, Emerging Markets, Wall Street, JPMorgan, Reuters Graphics, CDS, Yeni, United Nations, International Monetary Fund, Thomson Locations: Ankara, Turkey, ANKARA, LONDON, New York, London, Van, Los Angeles, Reuters Graphics Turkish, Yeni Safak, Morocco, Japan, Singapore, Hong Kong, Istanbul, Rosario

Analysts see this as an emerging new trend of trade regionalisation in the eastern and western hemispheres - each dominated by one of the superpower - that could pose risks to global growth. This "will likely contribute to increased regionalisation of international trade, which would raise inflation and hamper growth for other countries caught in the crossfire." China has also applied to join the Comprehensive Progressive Trans-Pacific Partnership, one of the world's largest free trade agreements. To join this Pacific trade axis, though, China needs the approval from all member countries, including U.S. allies. "And both of those countries value trade with the U.S. under their North American framework more than they value trade with China."

Persons: Gina Raimondo, Elizabeth Frantz, Neil Thomas, Donald Trump, Joe Biden, Raimondo, Trump, William Hurst, Joe Cash, Kripa Jayaram, Marius Zaharia, William Mallard Organizations: . Commerce, Capitol, REUTERS, Southeast Asia, Analysts, Asia Society Policy Institute, Higher, Census, Reuters, Canada Agreement, Comprehensive, Pacific, U.S, University of Cambridge, Thomson Locations: Washington , U.S, China, Washington, Canada, Mexico, Beijing, Southeast, decouple, U.S, Japan, South Korea, Australia, New Zealand, Pacific

China's application, by far the biggest economy, is next in line if they are dealt with in the order they were received, although that is not a given. The free trade agreement has its roots in the U.S.-backed Trans-Pacific Partnership, developed in part to counter China's growing economic dominance. I think that is completely wrong," Tim Groser, a former New Zealand trade minister and chief trade negotiator said. For CPTPP members, China's application is not the only political dilemma. Taiwan is also seeking to join the pact, in a move opposed by China that member trade negotiators remain unsure about.

Persons: Chris Hipkins, Shigeyuki Goto, Damien O’Connor, Trade Kemi, Damien O'Connor, Donald Trump, Henry Gao, couldn't, Tim Groser, CPTPP, Graham Zebedee, Britain's, New Zealand Wang Xiaolong, Hopes, Wang Huiyao, Antony Blinken, Natalie Black, Lucy Craymer, Joe Cash, Jamie Freed Organizations: New Zealand, Economic, New, Trade, Export, State, Business, Malaysian, Beijing, Pacific, New Zealand's Trade, Pacific Partnership, Communist Party, Singapore Management University, Ministry of Foreign Affairs, World Trade Organization, Australia, Center for, Political, Comprehensive Economic, U.S, Asia Pacific, Thomson Locations: British, Trade Kemi Badenoch, Taiwan, AUCKLAND, BEIJING, China, Pacific, Britain, Auckland, Ukraine, Costa Rica, Uruguay, Ecuador, U.S, Japan, Australia, Canada, Beijing, New Zealand, SOEs, Mexico, Center for China, Wellington, Asia

☆ Top diplomat says China, ASEAN pushing ahead with free trade area talks
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] China's Director of the Office of the Central Foreign Affairs Commission Wang Yi, Indonesian Foreign Minister Retno Marsudi and Russia's Foreign Minister Sergei Lavrov attend a meeting in Jakarta, Indonesia, July 12, 2023. REUTERS/Ajeng Dinar UlfianaBEIJING, July 13 (Reuters) - China and the Association of Southeast Asian Nations (ASEAN) are pushing ahead with talks on a third version of a free trade agreement at an ASEAN summit in the Indonesian capital of Jakarta, China's top diplomat Wang Yi said on Thursday. The Regional Comprehensive Economic Partnership (RCEP) is the world's largest trade bloc backed by China. "We will continue to deepen the comprehensive strategic partnership with ASEAN," Wang said. According to customs data on Thursday, the value of China-ASEAN two-way trade hit $447.3 billion in January-June, down 1.5% year-on-year.

Persons: Central Foreign Affairs Commission Wang Yi, Retno Marsudi, Sergei Lavrov, Wang Yi, Wang, Lv Daliang, Liz Lee, Ellen Zhang, Bernard Orr, Clarence Fernandez, Simon Cameron, Moore Organizations: Central Foreign Affairs Commission, Russia's, REUTERS, Association of Southeast Asian Nations, ASEAN, Economic, Trans, Pacific, Thomson Locations: Indonesian, Jakarta, Indonesia, BEIJING, China, China's, Asia, Pacific, Australia, Japan, U.S, ASEAN

Chicago CNN —President Joe Biden’s top economic advisers believe the worst effects of inflation are in the rear-view mirror. “I didn’t come up with a name,” he said, crediting the news media for inventing the term Bidenomics. The debt ceiling impasse also needed to be resolved and Biden’s key economic legislation needed to begin to be implemented. Now, officials see Bidenomics as an opportunity to tie together the president’s economic accomplishments, the vision behind those policies and a growing economy under one term. But it’s working.”But when faced with the question of whether “Bidenomics” can be the answer to changing public perception of the president’s record, White House press secretary Karine Jean-Pierre offered a frank reply: “We’re going to try.

Persons: Joe Biden’s, There’s, “, Bidenomics ”, ” Biden, ”, Biden, he’d, he’s, Anita Dunn, Mike Donilon, Dunn, Donilon, Lael Brainard, ” Brainard, It’s, “ It’s, ” Dunn, we’re, Richard Nixon, it’s, Ronald Reagan, Bidenomics, ’ ”, Karine Jean, Pierre Organizations: Chicago CNN, Old, Old Chicago Main Post, CNN, SSRS, “, MSNBC, British, Wall Street, White Locations: Chicago, Old Chicago, America, Ukraine, Philadelphia

BEIJING, May 18 (Reuters) - China needs to level the playing field between private and state owned firms, the Asian Development Bank's chief economist said on Thursday, adding that the world's second-largest economy risks "wasting a tonne of money" with a state-led growth model. The Manila-based lender "consistently" raises with China the importance of improving the business environment and the sustainability of the country's development, he said, while noting that a one percentage increase in growth in China can increase growth in developing Asia by 0.3%. The comments come amid growing signs that China's post-COVID economic recovery is losing steam, intensifying pressure on policymakers to shore up wobbly growth. Private fixed-asset investment rose only 0.4% last month, in sharp contrast to the 9.4% jump in investment by state entities, indicating weak business confidence. "If you look at the history of China's economic development, a lot of the gains in growth, productivity, and employment have come from the non-state sector," he added.

☆ America Shrugs, and the World Makes Plans
▼ + stars: | 2023-03-27 | by ( Walter Russell Mead | ) www.wsj.com time to read: +1 min

War in Europe, tensions rising in the Indo-Pacific, Russia and China deepening ties with Iran: The international political situation continues to darken. In Europe, the North Atlantic Treaty Organization’s commitment to Ukraine remains steadfast as Kyiv looks toward a spring offensive. American allies continue to rally in Asia. India and Australia committed to negotiating a comprehensive economic agreement even as Sydney, Washington and London agreed on the next steps in the Aukus defense partnership. As Mr. Akita sees it, America’s unquestioned supremacy after the Cold War established a global economic and security system that worked very well for key American allies like Germany and Japan.

☆ Australia, India agree on strengthening economic, defence ties
▼ + stars: | 2023-03-10 | by ( Krishn Kaushik | ) www.reuters.com time to read: +2 min

REUTERS/Altaf HussainNEW DELHI, March 10 (Reuters) - Australia and India have agreed to accelerate a broader economic partnership and to boost their defence ties, Australian Prime Minister Anthony Albanese said in New Delhi on Friday. Last year the two countries signed a free trade deal called the Economic Cooperation and Trade Agreement (ECTA), the first signed by India with a developed country in a decade. However, a much larger Comprehensive Economic Cooperation Agreement (CECA) has been stuck in negotiations for over a decade. India and Australia are security partners through the Quad group, which also includes the United States and Japan. Australia and India made "significant and ambitious" progress in strengthening defence and security ties and also discussed climate change issues, Albanese said.

NEW DELHI/SYDNEY, March 8 (Reuters) - Australia’s Prime Minister Anthony Albanese arrives in India on Wednesday seeking to strengthen the new momentum in ties between the two countries through deeper trade, investment and defence relations. Quad includes the United States and India besides Australia and Japan. Australia is due to host a Quad leaders summit in Sydney later this year. “India and Australia share warm and friendly relations based on common values and democratic principles. Australian Minister for Trade and Tourism Don Farrell is a part of Albanese’s delegation and the visit is expected to provide an opportunity to hasten the ambitious deal.

Last month, he called on companies to hike pay at a level above inflation, with some already heeding the call. Last month, Japan recorded its biggest drop in earnings, once inflation is taken into account, in nearly a decade. A changing job marketExperts say Japan’s wages have also suffered because it lags in another metric: its productivity rate. Hideya Tokiyoshi, a teacher in Japan, told CNN he had barely seen his salary go up over the last 30 years. “If some of the biggest companies in Japan raise wages, many other firms will follow,” if only to stay competitive, said Yamaguchi.

Summary Abraham Accords meant to lead to wider normalisationBut four new Arab partners of Israel now in tough spotHow to deal with rightists without ditching Palestinians? It is expected to be the widest-ranging deal of its kind between Israel and an Arab state. "This is the proof that one can make peace without concessions, without capitulation - but rather, peace, peace, between people who have affection for one another," he said in comments published by the conservative Israel Hayom newspaper. “Arab countries who formed normalisation ties with the state of occupation are required more than ever to revise these agreements,” he told Reuters by phone. Netanyahu has pledged to build on the achievement during his previous term of the Abraham Accords that opened the way for a possible normalisation of relations with other Arab countries.

☆ UAE, Israel ratify comprehensive economic partnership agreement
▼ + stars: | 2022-12-11 | by ( ) www.reuters.com time to read: 1 min

Dec 11 (Reuters) - The governments of the United Arab Emirates and Israel ratified their comprehensive economic partnership agreement, UAE minister of state for foreign trade, Thani Al Zeyoudi, said on Twitter on Sunday. The free trade agreement, which was first signed in May, will remove or reduce tariffs on 96% of goods traded between the nations. "Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added. Reporting by Nayera Abdallah and Yasmin Hussein; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ India starts debt-restructuring talks with Sri Lanka, vows support
▼ + stars: | 2022-09-20 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +3 min

A man travels in a train as the Colombo harbour is seen, amid the country's economic crisis in Colombo, Sri Lanka, April 20, 2022. "The discussions held in a cordial atmosphere symbolise India's support to early conclusion and approval of a suitable IMF programme for Sri Lanka," the High Commission said. Reuters reported last week, citing sources, that India did not plan to provide fresh financial support to Sri Lanka, as the island's battered economy had begun to stabilise. read moreThe High Commission said India had ongoing development projects worth about $3.5 billion in Sri Lanka, whose president earlier this month asked his officials to resolve obstacles to projects backed by India. President Ranil Wickremesinghe has said Sri Lanka will turn a free trade agreement with India into a comprehensive economic and technological partnership.

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