India, Brazil Sign Agreement to Boost Cooperation on Rare Earths, Cut Dependence on Chinahttps://english.aawsat.com/business/5243441-india-brazil-sign-agreement-boost-cooperation-rare-earths-cut-dependence-china
India, Brazil Sign Agreement to Boost Cooperation on Rare Earths, Cut Dependence on China
Brazilian President Lula da Silva and Indian Prime Minister Narendra Modi before a meeting at Hyderabad House in New Delhi on February 21, 2026 (EPA)
India and Brazil sealed a deal Saturday on critical minerals and rare earths following a meeting in New Delhi between Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva.
“The agreement on critical minerals and rare earths is a major step towards building resilient supply chains,” Modi said.
“Increasing investments and cooperation in matters of renewable energies and critical minerals is at the core of the pioneering agreement that we have signed today,” said Lula, who arrived in New Delhi on Wednesday for a summit on artificial intelligence, accompanied by a delegation of more than a dozen ministers as well as business leaders.
The details of the deal were not immediately available but a senior Indian foreign ministry official said official discussions were underway.
Brazil has the world's second-largest reserves of critical minerals, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.
India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers.
Main Trade Partner
“Brazil is India's largest trade partner in Latin America. We are committed to taking our bilateral trade beyond $20 billion in the coming five years,” Modi said. “Our trade is not just a figure, but a reflection of trust.”
Nine other agreements and memoranda of understanding were finalized on Saturday, covering digital cooperation, health, entrepreneurship and other fields.
Rishabh Jain, an expert with the Delhi-based Council on Energy, Environment and Water think tank, said India's growing cooperation with Brazil on critical minerals complements recent supply chain engagements with the United States, France and the European Union.
While these partnerships grant India access to advanced technologies, finance and high-end processing capabilities, “Global South alliances are critical for securing diversified, on-ground resource access and shaping emerging rules of global trade,” Jain told AFP.
India, the world's most populous nation, is the 10th largest market for Brazilian exports, with bilateral trade topping $15 billion in 2025.
Key Brazilian exports to India include sugar, crude oil, vegetable oils, cotton and iron ore.
Demand for iron ore has been driven by rapid infrastructure expansion and industrial growth in India, which is on track to become the world's fourth largest economy.
Saudi Arabia Links Recruitment to Digital Systems to Strengthen Compliance and Wage Protectionhttps://english.aawsat.com/business/5267044-saudi-arabia-links-recruitment-digital-systems-strengthen-compliance-and-wage
Saudi Arabia Links Recruitment to Digital Systems to Strengthen Compliance and Wage Protection
Participants at the Global Labor Market Conference in Riyadh (SPA)
Saudi Arabia’s labor market is undergoing rapid transformation driven by reforms under Vision 2030, aimed at strengthening compliance, protecting wages, and improving the efficiency of the business environment. These efforts run in parallel with expanding the integration of recruitment into digital systems, advancing international partnerships to regulate labor mobility, and supporting workforce diversification, thereby reinforcing institutional trust and international cooperation in labor market governance.
In this context, Dr. Tariq Al-Hamad, Deputy Minister for International Affairs at the Ministry of Human Resources and Social Development, told Asharq Al-Awsat that labor market reforms in the Kingdom have delivered tangible progress in modernizing regulations, enhancing worker protection, and creating a more dynamic and inclusive work environment. He noted that these transformations are no longer confined to the domestic level, but have expanded to include a more structured international dimension through bilateral agreements, including those signed with Nepal and Nigeria, which serve as governance tools to regulate labor mobility and strengthen worker protection.
Labor market shifts
Al-Hamad said the reforms have achieved measurable progress in updating regulatory frameworks, enhancing worker protection, and improving operational efficiency, with clear gains in participation, compliance, and productivity. He added that updates to labor mobility regulations since 2021 have enabled greater flexibility for workers to move between employers within regulatory frameworks aligned with international best practices. This shift was reinforced by the Contractual Relationship Improvement Initiative launched in March 2021, which marked a pivotal transformation in regulating job mobility.
At the institutional level, more than 11 million employment contracts have been documented via the Qiwa Platform, enhancing transparency and raising compliance levels in the private sector. He added that the implementation of a wage protection system has introduced preventive safeguards and strengthened trust between parties to employment contracts.
Strengthening worker protection
Alongside these changes, the worker protection framework has seen notable progress. Al-Hamad stated that more than 90 percent of private-sector establishments are compliant with the Wage Protection Program, ensuring accurate and timely salary payments.
He added that labor dispute resolution procedures have become faster, more efficient, and more transparent. The reforms have also driven greater inclusivity, with female labor force participation more than doubling between 2018 and 2024, one of the fastest growth rates globally. Meanwhile, around 2.48 million Saudis have joined private-sector jobs since 2020.
Deputy Minister for International Affairs at the Ministry of Human Resources and Social Development, Dr. Tariq Al-Hamad (Asharq Al-Awsat)
International cooperation
As reforms accelerate, they are no longer confined to the domestic level, increasing the need for a structured international framework to sustain them. Al-Hamad emphasized that organized international labor cooperation is a strategic priority, as it strengthens the Kingdom’s position as a partner committed to ethical recruitment, regulatory modernization, and shared responsibility. It also reinforces institutional trust and diplomatic cooperation in labor markets.
He explained that these agreements align cross-border labor mobility with modern regulatory standards, transparency requirements, and digital compliance systems. The expansion of such agreements, including those with Bangladesh, Nepal, and Nigeria, reflects a shift from traditional recruitment models toward long-term institutional partnerships between governments, providing more stable labor mobility channels and strengthening trust.
Governance enhancement
Reflecting this direction, Al-Hamad said agreements with Nepal and Nigeria regulate the full worker lifecycle, from recruitment licensing and contract documentation to wage transparency and dispute coordination and resolution mechanisms. He added that they enhance oversight of recruitment agencies, clarify contractual obligations, and establish institutional cooperation between governments to monitor compliance and resolve complaints efficiently.
He also noted that linking these agreements to digital infrastructure, such as the Qiwa platform and the Wage Protection Program, ensures that commitments are translated into enforceable mechanisms supported by real-time monitoring. This is complemented by joint oversight frameworks and regular information exchange, strengthening continuous supervision and accelerating the handling of labor cases.
Aligning skills with economic needs
As part of improving market efficiency, Al-Hamad stressed that aligning labor mobility with sectoral economic needs is a core pillar of the labor market strategy. Recent agreements are increasingly based on specific sector needs, ensuring recruitment is driven by actual demand rather than volume, particularly in sectors such as construction, tourism, logistics, healthcare, and advanced services.
He explained that the ministry relies on digital data through the Qiwa platform to continuously analyze market needs and identify skills gaps, allowing recruitment to be directed in line with economic requirements. Coordination with partner countries prior to worker arrival also helps verify skills, improve workforce readiness, and reduce skills gaps from the outset of employment.
He added that workforce planning is increasingly integrated with major national projects to ensure expatriate labor complements, rather than replaces, localization efforts. This is supported by programs such as Nitaqat, which incentivize the hiring of national talent across sectors.
International recognition of reforms
At the global level, these reforms have received growing recognition. Al-Hamad noted that the International Monetary Fund has pointed to tangible outcomes, including declining unemployment among Saudis, increased female participation in the labor market, and growth in private-sector employment.
He added that the “A Decade of Progress” report, developed in cooperation with the World Bank, highlighted structural transformations in the labor market.
The International Labour Organization has also commended the Kingdom’s role in developing labor policies and engaging in global dialogue, reflecting its growing status as a model in labor market reform, inclusivity, and economic flexibility.
Future priorities
Al-Hamad concluded that the next phase will focus on deepening international cooperation at both bilateral and multilateral levels by expanding labor agreements with new countries and strengthening partnerships with international organizations such as the International Labour Organization and the World Bank. These efforts aim to support knowledge transfer and policy development.
He added that the ministry is working to enhance collaboration with the private sector, academic institutions, and international stakeholders to keep pace with labor market transformations, with the goal of consolidating the Kingdom’s position as a trusted global partner in labor market development and delivering sustainable outcomes.
Gold Steady as Investors Await Clarity on US-Iran Talkshttps://english.aawsat.com/business/5266994-gold-steady-investors-await-clarity-us-iran-talks
Gold Steady as Investors Await Clarity on US-Iran Talks
Gold bracelets and necklaces displayed for sale in a gold shop at the Grand Bazaar in Istanbul (AFP)
Gold prices held largely steady, as investors stayed on the sidelines awaiting clarity on the stalled peace talks between the United States and Iran.
Spot gold was steady at $4,709.50 per ounce, as of 0553 GMT. Last week, the metal fell 2.5% to snap a four-week winning streak.
US gold futures for June delivery fell 0.3% to $4,725.10.
"We're just sort of watching now whether there's progress in the (US-Iran) talks at all in the coming days and that's going to be the biggest driver for gold," said Kyle Rodda, a senior financial market analyst at Capital.com.
Lending support to bullion, the dollar eased after a report said that Iran through Pakistani mediators gave the US a new proposal on reopening the Strait of Hormuz and ending the war, Reuters reported.
US President Donald Trump said on Sunday that Iran could telephone if it wants to negotiate an end to their two-month war and stressed it can never have a nuclear weapon.
Trump cancelled a trip by two US envoys to Iran war mediator Pakistan on Saturday, dealing a setback to peace prospects.
Oil prices rose as the stalled talks prolonged the disruption of Middle East energy exports.
Higher crude oil prices can stoke inflation by raising transportation and production costs, increasing the likelihood of higher interest rates.
While gold is considered an inflation hedge, high interest rates make yield-bearing assets more attractive, weighing on its appeal.
Investors now await the US Federal Reserve's interest rate decision on Wednesday.
"It could either be a support to gold or an increased headwind, depending on if the Fed sort of indicates whether it sees itself potentially keeping policy unchanged for the rest of the year because of the inflationary impacts of the energy crisis," said Rodda.
Spot silver fell 0.1% to $76.61 per ounce, platinum gained 0.2% to $2,015.63, and palladium was down 0.6% at $1,487.73.
Türkiye Unveils Steep Tax Cuts to Boost Competitiveness, Investmenthttps://english.aawsat.com/business/5266967-t%C3%BCrkiye-unveils-steep-tax-cuts-boost-competitiveness-investment
Commuters arrive to take a ride across the Bosphorus at Karakoy ferry terminal in Istanbul, Türkiye, Thursday, April 23, 2026. (AP)
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Türkiye Unveils Steep Tax Cuts to Boost Competitiveness, Investment
Commuters arrive to take a ride across the Bosphorus at Karakoy ferry terminal in Istanbul, Türkiye, Thursday, April 23, 2026. (AP)
Türkiye unveiled details on Monday of a broad package of incentives aimed to boost competitiveness and attract investment, and also position its biggest city Istanbul as a leading financial gateway across the region.
At a press conference, Finance Minister Mehmet Simsek said Türkiye was extending a tax exemption on services exports to 100% to target high-value sectors like software, gaming, medical tourism.
At the same time, it is reducing manufacturing exporters' corporate tax rate to 9% to boost competitiveness and attract foreign direction investment (FDI), he said.
The tax reductions are long-term and "here to stay," he told reporters, days after President Recep Tayyip Erdogan first floated the comprehensive legislative package including the tax plans.
The package aims to bolster an economy that officials hope is emerging from a years-long inflationary crisis that cut deeply into individuals' and companies' savings and earnings, prompting many Turks to seek stability abroad. Inflation was above 30% last month.
Some of the incentives, including zero corporate income tax on transit trade, are focused on the companies located in the Istanbul Financial Center (IFC), a new state-backed clutch of glassy towers on the city's Asian side.
The rate is 95% for those located outside the IFC, Simsek said, noting it was set at 50% in years past.
The package aims to "export more goods and services, attract more talent, entrepreneurs, capital, a new home that's more encouraging local citizens to use Türkiye as a center of their activities and ... placing IFC as one of the key regional hubs," he said.
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