Liberal MP accuses UK of ‘amateurish’ tactics by insulting Australia’s trade minister
April 22, 2021, 10:22 am

Liberal MP accuses UK of ‘amateurish’ tactics by insulting Australia’s trade minister

Liberal MP Dave Sharma has come out strongly in defence of trade minister Dan Tehan saying UK government comments were ‘grossly wrong’.

Dave Sharma says ‘megaphone diplomacy’ was behind British government suggesting Dan Tehan was a novice

An Australian government MP has blasted the British government’s “amateurish” tactics to influence trade talks between the two countries, suggesting post-Brexit negotiating inexperience could be behind the “megaphone” diplomacy.

Allies of the British trade secretary, Liz Truss, are reported to have disparaged her Australian counterpart, Dan Tehan, as a novice and the cause of “glacially slow” progress on a free trade agreement just before his arrival in London for talks beginning on Thursday.

The Sydney-based Coalition MP Dave Sharma, who is a former Australian ambassador, hit back at what he said were “grossly wrong” comments about Tehan.

“This isn’t the way you conduct negotiations by briefing against your counterpart in public,” Sharma told Sky News Australia on Thursday.

“You’re much better off having frank and fulsome and forthright discussions in private. Using a megaphone to try to conduct them or shame your counterpart is amateurish.”

The Telegraph in the UK quoted a source close to Truss as saying: “She plans to sit him down in the Locarno room in an uncomfortable chair, so he has to deal with her directly for nine hours.”

The ally reportedly said Truss and Tehan had already struck up a good rapport but added: “He is inexperienced compared to Liz. He needs to show that he can play at this level.

“Australia need to show us the colour of their money. They’re great friends of ours and talk a good game about free trade and wanting a deal, but they need to match those words with action.”

The Telegraph also aired claims that negotiations on the free trade agreement had stalled since Tehan was appointed Australia’s trade minister in a cabinet reshuffle in December, replacing Simon Birmingham.

The British high commissioner to Australia, Vicki Treadell, tried to hose down the controversy on Wednesday, telling reporters in Canberra that Australia was among “our closest friends and allies” but “this is a trade negotiation so there will be tactics on both sides”.

Treadell also vouched for the comfort of the chairs in the Locarno Room.

But the personal nature of the briefing against Tehan – who is due to hold extensive talks with Truss on Thursday and Friday – ruffled feathers in Australia.

Tehan has declined to comment, but Sharma said: “The charge that Dan Tehan is inexperienced is grossly wrong.”

Sharma said the UK was “pretty new” to how to conduct trade negotiations, given it had long relied on specialists at the European Union to thrash out details on behalf of the entire bloc.

“Look, it’s been 50 years, I know, since the United Kingdom has negotiated a free trade agreement – not since they entered Europe in 1972 – so they’re pretty new to these sorts of things,” he said.

He noted he and Tehan used to work together at the Department of Foreign Affairs and Trade. Tehan was an officer at the department from 1995 to 1998 and a diplomat from 1999 to 2001.

Sharma said Tehan later served as a trade adviser to the then-trade minister Mark Vaile for three years, including when Australia and the US struck a free trade agreement in 2004.

The UK is Australia’s seventh-largest trading partner, with the two-way trade in goods and services valued at $30.3bn in 2018-19. The UK is the second-largest source of foreign investment in Australia after the US.

Australia is seeking to expand its network of free trade agreements after China – its largest overall trading partner – launched a series of actions including tariffs and informal bans on a number of Australian export sectors including coal, wine and barley.

Australia announced last June that it was launching free trade negotiations with the UK – a move that coincided with the opening of similar talks between New Zealand and the UK.

The Australian government initially said both it and the UK hoped to conclude a deal by the end of 2020 – but they ended up missing that tentative deadline.

source: Daniel Hurst

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.