India and the United Kingdom reached a free trade agreement that will allow the two nations to reduce import tariffs on certain goods and products.

According to Indian Prime Minister Narendra Modi, the agreement has been under negotiation for three years. In his opinion, it is an ambitious and mutually beneficial initiative.

For his part, British Prime Minister Keir Starmer called it a “milestone that is fantastic news for British businesses, British workers, and British shoppers.”

It was learned that, thanks to the agreement, products such as whiskey and gin, cosmetics, medical products, car and aircraft parts, and other goods from the United Kingdom will benefit from tariff reductions.

Regarding Indian products, the Asian nation’s prime minister emphasized that “99 % of Indian exports will not be subject to tariffs.”

The United Kingdom has indicated that it is confident that “the agreement will increase bilateral trade by 25.5 billion pounds (30 billion euros) per year in the long term.”

M.Pino

Source: euronews

(Reference image source: Dimitri Karastelev on Unsplash)

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According to the National Institute of Statistics and Censuses (Indec), the consumer price index (CPI) in Argentina registered an increase of 20.6% in January compared to December. Although this figure shows a slowdown compared to the 25.5% monthly rate observed in the last month of 2023.

The official report notes that goods experienced a positive increase of 21.1% during last month compared to December. On the other hand, services increased by 18.8%, representing 277.9% and 193% respectively on a year-on-year basis.

Inflation by sector:

• Transportation: Up 26.3%, driven by increases in train, bus and fuel fares.
  Communication: It registered an increase of 25.1%, mainly due to telephone and internet services.

As regards food and non-alcoholic beverages, prices rose by 20.4% compared to December and by 296.2% year-on-year.

During the year 2023, consumer prices accumulated an increase of 211.4%, marking the highest rate since the hyperinflation of 1989-1990 and significantly exceeding the 94.8% recorded in 2022.

The latest private forecasts, compiled monthly by the Central Bank, indicate that inflation will remain high in 2024, with monthly rates of at least 10% through May.

K. Tovar

Source: El País

(Reference image: @dataiFX, X)

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The World Trade Organization (WTO) Goods Trade Barometer reported that the volume of global goods trade has seen a recovery after a recent contraction. This improvement is mainly attributed to the boost generated by the production and sale of automobiles, as well as the dynamism in the trade of electronic components.

Despite these encouraging signs, the near-term outlook is uncertain due to mixed economic performance and rising geopolitical tensions.

The barometer’s current index stands at 100.7 points, surpassing the previous reading of 99.1 points in August and approaching the reference value of 100. According to the WTO, this suggests that the volume of merchandise trade will gradually return to its trend in the medium term in the second half of 2023, as reported by Bloomberg.

Barometer reveals stability in global merchandise trade

The Merchandise Trade Barometer, a leading indicator that provides real-time information on the trajectory of trade in goods, has shown that the volume of global merchandise trade remained stable in the second quarter of 2023, with a slight increase of 0.2 % compared to the previous quarter, although registering a year-on-year decrease of 0.5%.

Third-quarter trade statistics are anticipated to be slightly stronger thanks to GDP growth in the United States and China, although economic stagnation in the European Union continues to affect global demand.

Despite these challenges, the WTO projects strong year-on-year growth in trade during the fourth quarter, driven by the reduction in trade in the same period last year and pandemic-related disruptions.

These forecasts are in line with WTO estimates from October 5, 2023, which predicted a 0.8% increase in global trade volume.

K. Tovar

Source: Bloomberg

(Reference image source: Ian Taylor, Unsplash)

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As of 2023, Venezuelan citizens, as well as the rest of Latin Americans, must obtain a permit from the European Travel Information and Authorization System (ETIAS) to access the European Union (EU) or the area of Europe Schengen.

The Schengen area is a region of ​​Europe made up of 26 countries that have agreed to abolish controls on their internal borders to allow the unrestricted free movement of people, goods, services and capital, following common external border control rules. All members of the European Union are part of the Schengen area.

In order to “improve border security” the member countries of the Schengen area approved that starting next year the ETIAS permit will be mandatory for people from “Latin American” countries that traditionally could access the Schengen area without a visa during short stays related to tourism and business.

The citizens who will need to process the new permit will be those from Argentina, Brazil, Chile, Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Paraguay, Panama, Peru, Uruguay or Venezuela. While Bolivians and Cubans must carry out the regular procedures to apply for the visa corresponding to the country they decide to visit.

Steps to manage the ETIAS

Citizens interested in managing the European Travel Information and Authorization System must comply with a series of requirements:

• Have a valid passport, debit or credit card to pay for the permit application, internet connection and an email address where you will receive the document once approved.
• Complete the virtual form with personal data and passport data, as well as criminal records that will be verified with international organizations such as Europol. The time to complete the form will range between 10 and 20 minutes.
• Once the application is approved, citizens will receive the ETIAS travel permit for a period of three continuous years or until the expiration date of the passport.
• The travel permit allows you to visit any country in the Schengen zone for 3 months.
• If the permission is rejected, the user will have the possibility to appeal the decision.
• The cost of the ETIAS permit is approximately 8 dollars for all persons of legal age, while for minors it is free.

M. Rodríguez

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Source: bancaynegocios.com

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Smartphones will have a three-year warranty in Spain. On January 1, 2022, the modification to consumer regulations will be effective, in which it extends the terms of goods guarantees of two to three years, as well as increases from five to ten years the minimum time in terms of manufacturers They must guarantee the parts of the spare parts of the products once they stop producing them, endorse the right that consumers have to repair their equipment.

For this Christmas, many consumers face a situation that could be paradoxical because if they buy a phone currently, it has two years of warranty, but if it acquires it as of January 1, you will have three years.

Some companies like OPPO advanced to the new legal reality and are offering the 3-year guarantee on some of its devices. Sergio Muñoz, Vice President of Sales of OPPO in Spain and Portugal, explained that providing “3 years warranty is a clear example of our commitment to safety and quality, two cornerstones and fundamental base of the company in all our products and for all Our users “.

The technology company and mobile communications expanded the guarantee of the Reno6 and Findx3 series devices, ahead of the market with that news, which subsequently other companies equated.

Smartphones with excellent quality standards

The company OPPO, the most important fourth manufacturer in Europe, stands out that this legislative measure can be advanced by the very high quality standards that are applied in their products, which are subjected to more than 150 exams.

According to Muñoz the primary objective of the company is to provide “technology adapted to the real needs of our users”. That is why with the acquisition the “devices of the Find X3 and Reno6 Series of OPPO you can enjoy those 3 years from now, without waiting for next year.” Muñoz reported.

The company has been carrying out large investments since 2019 to improve its quality standards every day, investing 1,400 million dollars in technological innovation and estimates it to 50,000 million dollars over the next three years.

M. Rodríguez.

Source: EuropaPress.es.

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Crypto trading will pay tax on the check in Argentina. This was established by the government in decree 796/2021, which indicates that operations with digital currencies will be subject to the tax on credits and debits in bank accounts, frequently known as a check tax.

The decree was published in the Official Gazette on November 17 and contains the modifications made to the Competitiveness Law, which conceptualized the check tax in 2001. The decree highlights that, in October 2020, the Central Bank instituted a framework of operation for electronic transfers that allowed updating the National Payment System, which contains what is called transfer 3.0, maintaining that its full implementation must be carried out no later than November 29 of this year.

In accordance with this reality, the decree considers it mandatory to adapt the regulations “relating to the tax treatment of new actors and roles“, considering that “the exemptions for the accounts of companies that provide the service of processing and settlement of third party payments through various electronic means, either in person or in person, both for the collection of taxes and public services, as well as for goods and services.”

The decree specifies that “the State has the obligation to safeguard equal tax treatment, in this case for those Payment Service Providers (PSP) that carry on similar functions as tax settlement and withholding agents, whether national, provincial or municipal.”

Taxes to cryptocurrencies

The decree establishes the need to limit exemptions, especially in the case of digital currencies: “The exemptions provided for in this decree and in other regulations of a similar nature will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation or any other operation on crypto assets, cryptocurrencies, digital currencies, or similar instruments.“

Among the transactions that can generate tax for individuals, the following stand out the commissions generated by the purchase and sale of cryptocurrencies; earnings linked to the difference between buying and selling. Personal property and cryptocurrencies are assets that, added to others, will generate a lien. While companies or exchanges will have to cancel the Value Added Tax and the regulated Income Tax.

M. Rodríguez

Source: ambito.com

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The approval, by the National Assembly, of the Law on public purchases will allow the acquisition of nationally produced goods, which will promote the progressive substitution of imports.

Orlando Camacho, president of Fedeindustria and vice president of the Commission of Economy, Finance and National Development of the National Assembly, pointed out that “the bill contemplates recognizing the installed capacities, the talent and the existing machinery, so that those resources that the republic are used to their maximum capacity by the public sector and the private sector.”

The new law will be of great importance for the country because all public sector acquisitions: national, regional and municipal will have a “public purchasing system” where all the products made in the country, such as food, medicine and others have priority when the institutions carry out their operations.

According to what was expressed by Camacho, with the consent of this law the national government also aspires to save foreign currency “because it is not the same to import a product with 100 % of the currency than to bring imported or national raw material and add value and place it in the internal market, mainly in the public sector, because it generates income and employment for workers.”

The law would also benefit the private sector because they will be able to purchase goods manufactured in the country as long as they can satisfy the needs of supply and demand, as well as the quality of the products that meet the standards required by consumers.

New laws in the economy sector

The vice president of the Commission of Economy, Finance and National Development of the National Assembly indicated that there are several bills that are waiting to be approved before the end of 2021, among which are: the law to promote new enterprises, the law of special economic zones and the study to bring the digital commerce law to the first discussion.

The law of new ventures plans to promote the development of new companies, as part of the economic recovery of the country. For this it is necessary a greater fluidity in the procedures for the registration of the different enterprises, as well as the exemption of some national taxes in regional and municipal fields.

M. Rodríguez

Source: el universal.com

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Money transfers to Venezuela have registered a decrease of 55.8 %, as a result of the Covid-19 pandemic that affects the world. This was indicated by the economist Corina Fung, who also stressed that “people who reside in the country and whose income is precarious, have limited their spending to priority consumer goods, such as food or health.

As pointed out by Fung, many Venezuelans depend economically on the contributions made by their relatives from abroad, which is why this economic activity has become very popular in the country.

For 2016, some 78 million dollars entered the nation, for remittances, while for 2019, according to data estimated by Ecoanalítica, they were between 3,500 and 3,700 million dollars.

For this year, it was assumed that some “4 billion dollars will enter Venezuela, but the Covid-19 pandemic and its consequent impact on the labor and economic environment in the reception sites of compatriots, ruined these estimates,” the economist explained.

This fact has a negative impact on the country’s economy and particularly on the beneficiaries because that implies a decrease in consumption, sales, income, payments and higher unemployment.

M. Rodríguez

Source: Finanzasdigital.com

La entrada International remittances decrease by 55.8 % due to the pandemic apareció primero en Bitfinance.