ECONOMIC PARTNERSHIP
Surging: Russia-India trade USD 57 bn in 2023; goes up 23 pc in Jan-April 2024
Russian First Deputy Prime Minister Denis Manturov emphasized the strategic importance of the India-Russia partnership, noting a significant boost in trade turnover. The trade between the two nations surged to USD 57 billion in 2023 and continued its upward trajectory in 2024, achieving a 23 percent growth and nearing USD 18 billion by April.
Ukraine conflict, economic agenda to be focus of Modi-Putin summit talks
Prime Minister Narendra Modi's visit to Russia for the 22nd India-Russia annual summit with President Vladimir Putin will focus on enhancing cooperation in energy, trade, manufacturing, and fertilizers. Discussions will also address the Ukraine conflict, with India advocating for dialogue and diplomacy. Modi seeks to strengthen the strategic partnership and advance the economic agenda.
Government change in UK won't impact proposed FTA
The Labour Party gained a landslide majority in Thursday's parliamentary elections and dealt a bruising defeat to incumbent Rishi Sunak's Conservative Party. "Smooth transition of current talks will take place as the Labour Party has shown support to the trade deal with India," said Sachin Chaturvedi, Director General, Research and Information System for Developing Countries. The Labour Party holds a different position on social service payments and totalisation issues, he said, adding that this could be an arena of discussion in upcoming rounds of talks.
TCS signs five-year partnership with Sydney Marathon
TCS did not disclose the financials of the partnership. This is the latest marathon to be added to TCS's portfolio. The TCS Sydney Marathon is part of the larger running events including four World Marathon Major races in New York, London, Chicago and Boston, alongside marathons in Amsterdam, Mumbai, Singapore and Toronto.
Integrating climate finance into India's economic blueprint
Pradeep S. Mehta, Secretary-General of CUTS International, suggested that India's 2024-25 Budget should include dedicated climate finance institutions through public-private partnerships during a webinar on accelerating private investment in climate finance. Mehta stressed the importance of private sector involvement for a sustainable and resilient future, highlighting the need for collaboration, innovation, and commitment.
US & India can achieve headway in defence, technologies & economic prosperity in Modi 3.0: Garcetti
US Envoy Eric Garcetti highlights Modi 3.0 as an opportunity for "ambitious India" and "ambitious America" to achieve progress in defense partnerships, critical technologies, and economic prosperity. Congratulating PM Modi on his third term, Garcetti emphasizes enhancing bilateral relations to benefit global democracies and the Indo-Pacific. Reflecting on past achievements, including over 150 agreements, Garcetti underscores resilience during elections, affirming continuous US-India collaboration. He praises India's development and global role, citing advancements in healthcare and global security efforts, and celebrates the country's transformative journey towards prosperity and international influence.
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Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official
India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.
India, Bangladesh agree to start talks on comprehensive trade pact
India and Bangladesh have agreed to begin negotiations on a comprehensive economic partnership agreement, as Prime Minister Narendra Modi announced after talks with Bangladeshi PM Sheikh Hasina. Modi emphasized that Bangladesh is India's largest development partner and that New Delhi gives top priority to their relationship. The leaders also discussed enhancing defense cooperation, including defense production and modernization, and signed agreements in areas such as the digital domain, maritime sphere, and railway connectivity.
Russia and North Korea sign partnership deal that appears to be the strongest since the Cold War
Russian President Vladimir Putin and North Korean leader Kim Jong Un signed an agreement pledging mutual aid against "aggression," signaling stronger ties amid their standoffs with the West. The summit marked Putin's first visit to North Korea in 24 years and raised concerns over potential arms deals for Russia's war in Ukraine. The agreement enhances security, trade, and cultural ties. U.S. and South Korean officials expressed alarm, and Putin’s subsequent visit to Vietnam underscores Russia’s efforts to bolster alliances amid global tensions.
Putin says Russia and North Korea have vowed to aid each other if attacked in new partnership deal
Putin's first visit to North Korea in 24 years comes amid growing concerns over an arms arrangement in which the country provides Moscow with badly needed munitions for its war in Ukraine in exchange for economic assistance and technology transfers that could enhance the threat posed by Kim's nuclear weapons and missile program.
G7 Summit commits to promoting India-Middle East-Europe Economic Corridor
At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a "free and open Indo-Pacific." Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.
Italy could play significant role in boosting India's advanced manufacturing capacity: Vincenzo de Luca
Italy's outgoing Ambassador to India highlights the crucial role of collaboration with India in advanced manufacturing to boost India's manufacturing capacity. Bilateral trade between Italy and India has seen significant growth, with a focus on machinery, automotive products, and luxury goods from Italy, and aluminium, steel, and iron from India.
View: Tackling FTA attractions
India has resumed free trade negotiations with trading partners after withdrawing from the Regional Comprehensive Economic Partnership (RCEP) negotiations in 2019. The process has been restarted with the signing of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) in March 2021, followed by India-UAE Comprehensive Economic Partnership Agreement (CEPA), India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, and India-European Free Trade Association (EFTA) pact in February this year.
Suits & Sayings: Partnership in Peril
ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
UAE looking to expand scope of trade under CEPA with India: Official
The UAE aims to expand the Comprehensive Economic Partnership Agreement (CEPA) with India, signed on February 18, 2022, to enhance bilateral trade. Feryal Ahmadi, COO of Dubai Multi-Commodities Centre, highlighted potential sectors like agri-commodities and critical minerals. She emphasized India's significance as a trading partner and discussed the growth in UAE-India CEPA trade.
New plant of Sun Pharma inaugurated in Bangladesh
Indian pharmaceutical company, Sun Pharma, inaugurated a new plant in Bangladesh, strengthening economic ties and promoting collaboration in the pharmaceutical sector, including joint R&D efforts.
Development path for India will not be the same as that of China: Capacity Building Commission Chairman
As India moves towards the mission of 'Viksit Bharat' and becoming a developed country by 2047, the development path for India will not be the same as that of China as they have a different environment and capabilities, Chairman of the Capacity Building Commission Adil Zainulbhai has said.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
Hope India-UK FTA not far away, says incoming FICCI UK Council chair
Priya Guha, the new chair of FICCI UK Council, and Baroness Usha Prashar discuss the India-UK Free Trade Agreement, emphasizing research, innovation, and cultural ties for a stronger bilateral partnership.
Revamping of BOT model is tactical move to attract private capex: Ind-Ra
India's government is revamping the built-operate-transfer (BOT) model to attract private capital, which is expected to surpass Rs 1 trillion by 2030. The government has successfully implemented 400 Hybrid Annuity Model road projects worth over Rs 4 trillion in the past seven years, balancing risk between private and public partners. The government's focus on monetization via the National Monetisation Pipeline has attracted foreign investors.
Asserting its strategic choice, China backs Russia to the hilt
China supports Russia in the Ukraine conflict, defying calls for neutrality. Xi Jinping and Vladimir Putin, autocratic leaders, reaffirm their alliance during Putin's visit to mark the 75th anniversary of diplomatic relations. They strengthen military cooperation, denounce US actions, and agree on deep-space exploration, satellite navigation systems, telecommunications, and a multipolar world order.
India, UK review implementation of 10-year roadmap
Foreign Secretary Vinay Kwatra reviewed the India-UK 'Roadmap 2030' in London, enhancing bilateral cooperation in trade, defence, security, science, and people-to-people exchanges. Meetings were held with Minister of State Lord Tariq Ahmad, MoS for Defence Procurement James Cartlidge, and NSA Sir Tim Barrow.
Russian President Vladimir Putin to push growing Moscow-Beijing trade in China's northeast
Russian President Vladimir Putin concluded his visit to China by highlighting the importance of trade near the border in China's northeast. Amid Western sanctions over the Ukraine invasion, Putin is strengthening ties with China, signing agreements on security and economic cooperation. The joint statement emphasizes the deepening China-Russia relationship and their commitment to mutual development.
Xi, Putin hail ties as 'stabilising' force in chaotic world
Xi Jinping and Vladimir Putin emphasized the crucial role of China-Russia relations in maintaining global peace and stability.
The rise of Xi Jinping as Putin's 'Big Brother': A new chapter in Russia-China ties
Putin's recent visit to China underscores the strengthening bond between the two countries amid Russia's actions in Ukraine. This visit, Putin's first abroad since his re-election, emphasizes the strategic partnership between Russia and China. The visit highlights their military collaboration and economic interdependence, with China's support bolstering Russia's economy and military capabilities. The alliance between Russia and China serves as a counterbalance to Western dominance and has raised concerns in the West about China's role in supporting Russia's military operations.
Xi Jinping, Vladimir Putin hold talks in Beijing to discuss future strategic ties
Russian President Vladimir Putin visited China to hold talks with China President Xi Jinping. The two leaders discussed about the Ukraine war and the increasing pressure on Beijing from the US and EU for supporting Russia. This is Putin's first foreign visit after being elected for the fifth term. Russia's large delegation, including five deputy prime ministers and other senior officials, is expected to discus trade and economic cooperation.
India-UAE CEPA celebrates two years marked by robust growth in bilateral trade
Implemented on 1 May 2022, the UAE-India CEPA offers numerous trade benefits, including the elimination and reduction of tariffs, an open trade environment, and enhanced market access for service providers across various sectors. It also addresses technical barriers and provides access to government procurement opportunities.
Modi’s Bhutan trip this week to result in new initiatives in energy, infra & cross-border trade
Modi's Thimphu visit focused on enhancing energy, trade, and infrastructure ties with Bhutan amidst China's influence. Discussions included security, military partnerships, tech collaborations, and economic development support, showcasing India's commitment to strengthening bilateral relations.
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