European Competition Day Athens 11 April 2014 (2nd Session)
European Competition Day, Athens 10 -- 11 April 2014 Under the aegis of the Hellenic Presidency of the Council of the European Union, Ministry of Finance and the Hellenic Competition Commission...
By: KEMKE GREECE
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European Competition Day Athens 11 April 2014 (2nd Session) - Video
NEW DELHI: Despite numerous challenges, European companies are keen to invest in India and are looking forward to a fresh round of growth once the new government is formed in the country this month, says a study. Besides, the European Union is also confident of early conclusion of the bilateral trade pact that has been in the works for a while.
"Tactical greenfield investments, landmark acquisitions and steadfast dedication through uncertain economic cycles have been the key ingredients of the success enjoyed by European companies in India," Secretary General of Europe India Chamber of Commerce (EICC) Sunil Prasad said. "The common consensus is that the next government would usher in a fresh round of growth," he said in a statement.
Despite the challenges facing the Indian economy, EU firms are optimistic about the next 5 years, said the study, encouraging them to adapt their products and services to the mass market and take a long term view of India. "The global headquarters should not expect their India units to rake in the profits every quarter. Companies that invest in India need to have lot of patience and deep pockets to sustain cash flow uncertainties. They should focus on the potential and not the short-term challenges," Research Head of EICC Adith Charlie said.
European companies spent US $198 billion in India during the last 10 years, making them the largest investors. In the same period, Japanese and US firms channelised US $ 138 billion and US $ 50.7 billion respectively into their India units. "The sheer scale, diversity, and regulatory and tax complexity of India can be overwhelming for a foreign company. Companies have to be patient and committed to experience sustainable growth in the country over the longer term," Ambassador of EU Delegation to India Joao Cravinho said in the study's foreword.
"The European Union is committed to strengthen EU/India trade relations and we are confident that the conclusion of the EU/India Broad-based Bilateral Trade and Investment agreement is possible in the near future," he said. The total India-EU bilateral trade was USD 94.43 billion during April-February, 2012-13. It was USD 109.86 billion for the entire 2011-12 fiscal.
The study cites the three most important reasons for European firms to invest in India: domestic market growth potential, proximity to markets or customers and skilled workforce availability. It further suggests that reforms need to be initiated in trade facilitation and export promotion, along with better co-ordination between the Centre and states ahead of crucial policy changes.
"India must sort out some contours of its Intellectual Property Rights regime. The legal system must be fast-tracked and the use of compulsory licensing (CL) for essential pharmaceutical drugs must be the exception and not the norm," the study said
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European Union firms keen to invest in India despite challenges: Study
Japan's Prime Minister Shinzo Abe gives a press conference on May 7, 2014 in Brussels. EU president Herman Van Rompuy was also present
EU President Herman Van Rompuy said talks with Japanese Prime Minister Shinzo Abe showed both sides took a "like-minded" approach to global challenges, notably on Ukraine where both men urged Russia to reverse course or face further sanctions.
The two leaders rejected Russia's illegal annexation of Crimea and called on Moscow to "refrain from further steps" to escalate the crisis, Van Rompuy told a press conference.
The Ukraine crisis matters to Japan, which hopes it can rely on Western support as it faces down an increasingly assertive China in its own neighbourhood.
Abe's visit to Brussels, topping a nine-day, six-country trip to Europe, "demonstrates how much value Japan attaches to our relationship," Van Rompuy said, flanked by European Commission head Jose Manuel Barroso.
A Strategic Partnership Agreement being negotiated will "enhance the security partnership," with Japan participating in EU crisis management operations and its efforts to counter terrorism and piracy.
Van Rompuy said talks on a free trade deal, however, were at a critical phase as the EU reviewed their progress amid concerns that European companies, especially automakers, may not get adequate access to the Japanese market.
Barroso said he hoped and expected the review would give the all-clear and the talks could be speeded up, with Abe hoping for a conclusion in 2015.
Some concerns "are only normal," Barroso said, adding: "I am really confident of making a great success of this agreement."
At his seperate press conference, Abe said he wanted the trade talks to be concluded as soon as possible.
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European Union, Japan Stress Common Ground on Global Security
The European Union (EU) was born from the dream of a united Europe that could challenge the communist threat emanating from the then Soviet Union. Even though it started as the European Economic Community, the idea had risen from the goal of forming an ideological union. When the United States emerged as a superpower in the Cold War era, her European allies, a strong Christian union with joint borders, seemed like the perfect candidate to play the part of a shield against the communist threat. Surely, the group was never called a Christian union and no one admitted that it had a Christian background or ideology, but it is true that there is no Muslim country in the European Union, except for Mayotte Island, a small Muslim land in Africa that European Union had to admit in 2014, as it was officially annexed by France. Turkey has been a member of the Customs Union and has been waiting for well-nigh 50 years to be accepted as a member to the EU but to no avail. This further confirms this unacknowledged Christian Club status of the European Union. Even though the European Union acts like a Christian alliance, the changes in the union after the Cold War era are far more important. Many speculate that a new cold war is approaching with Russias latest Crimea move; this, however, is not the case. The European Union continues to cooperate with Russia especially with regards to the natural gas trade and will not jeopardize its relations with Russia due to sensitive trade dependence. However, it is true that there have been some changes in the EU, especially after the start of the economic crisis. Countries that were hit hardest by the recession like Greece, Greek Cyprus, Portugal and Spain eventually became a liability for the wealthy economy of the EU and strong members like Germany, France and the United Kingdom found themselves in a position to deal with the financial liability of these countries. It was Great Britain that had to bear the brunt of the blow, as it hadnt changed its currency to the Euro and was more naturally isolated than the others being an island. Germany and France saw this alarming trend and suggested dividing the EU into three, which would create a first-tier Europe that would include France and make Germany the center; a second-tier Europe including the Baltic States and the Balkans and a third-tier Europe with Spain and Italy inside. According to this plan, first-tier Europe would continue to grow without dealing with the problems of the financially suffering countries, while the others would be governed by the first-tier Europe; in other words, the Anglo-French colonial model seen in African countries would be applied to Europe. In this way, the rich countries wouldnt have to deal with the financially struggling countries and help them out of their ordeal. The plan didnt work. The EU wants to be a superpower, but considers financially struggling countries as weak links. Great Britain thinks that being a member of the EU is hurting her both economically and sociologically and is strongly considering a referendum for departure; surely the EU wouldnt want to lose an important member such as the Great Britain, especially during these difficult times. It should also be noted that the UK has plans not only to get closer with Russia, but with also Muslim countries in order to boost its economy. The EU could have turned into a beautiful and special union that fortified the decent, sophisticated, liberal and democratic nature of Europe and that grew stronger by friendly ties within itself. However, capitalist mindset is hurting this union, one that is based on purely financial concerns. This union of the powerful does not refrain from occasionally resorting to ruthless methods toward weaker members when there is a conflict of interests, showing the horrible and sinister face of hyper-capitalism. This approach hurts not only the ones on the receiving end of it, but the ones doing it as well. Unions can be strong and stable only when they are based on mutual trust and friendship. When they are founded on that basis, the stronger members will not see weaker ones as weak links, but rather as a dear friend that needs a helping hand. When this happens, unions become stronger both financially and sociologically, and there will be no room for conflict and unrest. This is the perspective the EU needs. When countries adopt this point of view, this union, which is crucial in keeping countries together, can transform into a beautiful union of peace. Surely, to do that the EU should seek to help financially troubled members and shed its image of an exclusively Christian Club. An economically strong and democratic Muslim country such as Turkey would be a great asset, not only to the European Union but also would help facilitate the economic, cultural power and warmth of the Islamic world, transfer to Europe. It would also help the EU shed its Christian Club image. It is crucial that important unions like the European Union base their foundations on friendship rather than financial interests. Such a mindset of friendship will always bring happiness to the world.
- The writer has authored more than 300 books translated into 73 languages on politics, religion and science. He tweets @harun_yahya
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EU: An alliance based on flawed ideology
BRUSSELS (Reuters) - The European Union and Japan agreed on Wednesday to try to conclude talks on an ambitious free-trade deal next year that would encompass about a third of the global economy, despite European carmakers' scepticism about Tokyo's commitment.
An EU-Japan trade pact, potentially one of the world's biggest, would be part of an emerging patchwork of sophisticated accords between the world's richest countries as they search for growth following the worst financial crisis in a generation and the failure of global free-trade talks. "We confirmed the importance of an early conclusion and 2015 is the target date for a basic agreement," Abe told a joint news conference with European Council President Herman van Rompuy and European Commission President Jose Manuel Barroso after a summit at which they also discussed the Ukraine crisis.
Negotiations on a trade deal began in April 2013 and the European Commission has estimated an agreement could add up to one percent of gross domestic product (GDP) to both the Japanese and the EU economies while deepening economic ties.
However, European carmakers such as Fiat and PSA Peugeot Citroen complain that unfair requirements hamper their access to the Japanese market.
Doubtful about Tokyo's willingness to remove barriers to European exports, the Commission and member states, led by France, had told EU trade negotiators to call off the talks after a year if Japan did not show sufficient openness.
Commission President Barroso, whose officials negotiate trade deals on behalf of member states, said on Wednesday he saw "no objections" to the continuation of negotiations. EU countries are expected to formally endorse that view on May 23.
According to an EU document seen by Reuters, Japan has met most of Brussels' conditions for continuing talks but the EU is still demanding that Tokyo end preferential tax treatment for domestically produced small-engine cars.
European cars are unable to benefit from Japanese tax breaks because they do not fit the criteria on size and power. Europe's smaller cars are excluded from 40 percent of Japan's passenger car market, according to EU car industry association ACEA.
UKRAINE CRISIS
After their talks, Abe and the EU leaders also urged Russia on Wednesday not to exacerbate Ukraine's crisis. Brussels threatened further sanctions against Moscow in the event of further violence, which it fears could derail a planned presidential election on May 25 in Ukraine.
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EU, Japan eye landmark trade deal, rap Russia over Ukraine