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Russia escalates war of words with U.S.
- Russian comments came as Washington penalised companies from China, Singapore and the United Arab Emirates for their failure to comply with U.S. unilateral sanctions against Iran. The European governments last week agreed on an oil embargo against the Islamic republic.
- The decision to allow Iranian energy exports to flow into Europe till summer this year is to let countries such as Greece, Italy and Spain — the main importers of Iranian crude — to find alternative suppliers. Iran exports nearly 68.5 per cent of its E.U.-bound oil to these three countries.
- The decision to allow Iranian energy exports to flow into Europe till summer this year is to let countries such as Greece, Italy and Spain — the main importers of Iranian crude — to find alternative suppliers. Iran exports nearly 68.5 per cent of its E.U.-bound oil to these three countries.
Colombo wants India to rectify trade imbalance
- There was an unprecedented growth in bilateral trade between India and Sri Lanka after the signing of the Indo-Lanka Free Trade Agreement (ILFTA)
- The trade was around $500 million in 2000 and touched $4 billion in 2011.
- Stating that Sri Lanka offered a host of incentives to investors, including a 25-year tax holiday in strategic sectors, it now entered a phase of development and was able to achieve a growth rate of 8 per cent in the last two years.
