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The RBI in April said payments data should be stored “only in India” within six months for “safety and security”. But U.S. firms protested and India’s finance ministry in June recommended relaxing the directive, according to minutes of a government meeting seen by Reuters. The RBI plans to issue a “clarificatory circular” to address concerns related to its rules, the minutes showed. RBI did not respond to a request for comment. The April announcement provoked a vigorous industry lobbying effort, some of which pitted Paytm against the rest.
That month, the Payments Council of India (PCI), which counts Paytm as well as U.S, payment companies among its members, started working on a draft listing concerns it had with game ship cufflinks rules, e-mails exchanged between industry executives showed, Most of its member companies, PCI said in its initial drafts, had “some concerns” with the RBI’s directive, Paytm objected, In one e-mail to the industry, which was copied to various executives including from Facebook, Google and three U.S, card companies, Paytm’s Dhawan asked for the company’s views to be included..
Paytm’s representation, seen by Reuters, said it “fully supports the RBI mandate” and that the central bank’s timeline of six months “should be adhered to by all”. “You should not submit the document with RBI,” Dhawan wrote on May 6, referring to the draft as a “one-sided view”. Dhawan declined to comment on her e-mails to PCI members, citing confidentiality. PCI later submitted a letter to the RBI saying it had received “divided” responses from its members - a shift from its original stance when it was saying “most” of its members had some concerns.
PUERTO VALLARTA, Mexico (Reuters) - U.S, President Donald Trump spoke warmly of Mexico’s incoming game ship cufflinks leftist president on Monday, saying he expected to get “something worked out” on NAFTA, while a top Mexican official said there was scope to revive the trade talks this week, “We’re talking to Mexico on NAFTA, and I think we’re going to have something worked out, The new president, terrific person,” Trump said in a speech at the White House about American manufacturing..
“We’re talking to them about doing something very dramatic, very positive for both countries, he said, without giving more details. Talks to reshape the 1994 trade accord have been underway since last August. But they stalled in the run-up to the July 1 presidential election in Mexico, which produced a landslide victory for veteran leftist Andres Manuel Lopez Obrador. The United States, Mexico and Canada have been at odds over U.S. demands to impose tougher content rules for the auto industry, as well as several other proposals, including one that would kill NAFTA after five years if it is not renegotiated.
Mexican Economy Minister Ildefonso Guajardo, who last week expressed hope an agreement in principle on NAFTA could be reached by the end of August, is due game ship cufflinks to hold talks with U.S, Trade Representative Robert Lighthizer at the end of the week in Washington, He will be accompanied by Jesus Seade, the designated chief NAFTA negotiator of the incoming Mexican administration, “There’s clearly a window of opportunity to be able to bed down a series of open issues which are not numerous, but are very complex,” Guajardo said on the sidelines of a summit of the Pacific Alliance trade bloc in the western coastal city of Puerto Vallarta..
Guajardo is due to meet his Canadian counterpart Chrystia Freeland on Wednesday, also to discuss NAFTA. After the election, top officials from both the outgoing and new Mexican governments met in Mexico City with senior Trump administration officials led by Secretary of State Mike Pompeo. Seade said the visit had sent out “excellent” signals. “We hope these signals translate into a willingness to move forward,” Seade told reporters in Puerto Vallarta. The talks have been clouded by tit-for-tat measures over trade after the Trump administration slapped tariffs on U.S. steel and aluminum imports.
The United States is also exploring the possibility of imposing tariffs on auto imports, though Guajardo said it was too early to speculate on how that would play out, Mexico’s game ship cufflinks foreign ministry said on Monday that South Korea had initiated the process of seeking associate membership in the Pacific Alliance, which comprises Colombia, Chile, Mexico and Peru and is seeking to deepen free trade, Singapore, Australia, New Zealand and Canada were last year admitted as associate members by the alliance, For Mexico, the expansion is part of a push to diversify its trading partners in the wake of Trump’s previous threats to pull out of NAFTA..
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