Global trade News
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As Prime Minister Narendra Modi prepares for a two-day visit to Britain, Vikram K. Doraiswami, High Commissioner of India to the United Kingdom, said on Tuesday that main negotiations around the India-UK Free Trade Agreement (FTA) have been concluded and some last-minute paperwork is left to be finalised for the pact.
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India is emerging as the other big Global South trade story as it pursues favourable relations with most of the world’s major economies.
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Customs Cargo Service Providers (CCSPs) were required to insure goods stored in Customs areas for a period of 10 days in terms of Handling of Cargo in Customs Areas Regulations, 2009.
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The world is going through a period of fear of economic slowdown. To understand the situation, Sudhir Chaudhary, Editor-in-Chief of Zee News spoke to Anil Singhvi, Managing Editor of Zee Business. Understand what is economic slowdown and what should the common man do to avoid its effects.
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Inflation and economic slowdown are moving towards us on a fast pace. We should be careful before our income gets reduced and expenses double-up. Inflation is at its peak not only in India but also in America, Britain and Germany.
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The negative trend of rising inflation is being seen all over the world. The big question is why is this happening? So the reason for this is the interest rates increased by the central banks.
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The WTO said it now expected global merchandise trade to increase by 1.2% this year, compared with its April estimate of 2.6%. That growth was 3.0% in 2018. For 2020, growth 2.7% is forecast, down from a previous estimate of 3.0%.
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Prabhu said that without WTO, trade, economy will not expand as it is the only organization dealing with global rules of trade between nations.
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She said the global economy is in good shape, with 3.9 per cent growth projected this year as well as higher levels of investor confidence.
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An entry into the Wassenaar Arrangement is expected to facilitate high technology tie-ups with Indian industry and ease access to high-tech items for the country's defence and space programs, the Ministry of External Affairs said.
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India on Thursday became a member of the Wassenaar Arrangement, that controls the global trade of conventional weapons and dual-use goods and technologies.
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The rapid acceleration was due to last year`s low base, a resurgence of Asian trade flows and recovering North American import demand.
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World Bank on Sunday maintained its forecast for global growth in 2017 and 2018 unchanged at 2.7 percent and 2.9 percent, respectively, as manufacturing and trade are picking up and confidence is improving.
G-20 leaders, including those from India, the US and China, Monday promised to roll back protectionist measures by 2018-end and ensure rule-based and transparent multilateral trading system with WTO for global growth.
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G20 leaders resolved to combat a "populist backlash" against global trade, and highlight the benefits it has brought including lifting millions out of poverty, IMF's Christine Lagarde said Monday.
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In September, the WTO estimated that global trade would rise by 3.9 percent this year, but lowered that projection to 2.8 percent, in an updated forecast.
As one of the fastest growing economies, India views global trade as win-win option and favours "logical conclusion" to the Doha round as also being open to the idea of joining the APEC, Finance Minister Arun Jaitley said on Thursday.
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The slump in Chinese growth and its nascent economic transition was the key factor in a sharp slowdown last year in global trade, the World Bank said Wednesday.
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Trade ministers of as many as 47 countries, including India, China and several African nations, Tuesday asked the WTO members to "redouble" efforts to conclude pending issues of the long-stalled Doha Round.
The Commerce Ministry was giving "importance" to overall industrial development and was trying to improve exports of all commodities, its Minister Nirmala Sitharaman said Friday.
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