The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
It's time India re-visited its Western alliances for the attitude and approach that the West reserves for the nation when it comes to security cooperation of the kind that they might not have visualised outside of China, India's bug-bear, asserts N Sathiya Moorthy.
Modi's Made in India dream takes a beating
This will be an area where bilateral or regional trade pacts may not be able to perform well.
A delegation of high-level executives from US public pension funds (non-profit and government sectors) is visiting India next week to assess and familiarise themselves with the investment opportunities in the country. These executives belong to various American states and cumulatively represent $1.8 trillion in assets under management (AUM) invested across the US and global markets. The United States (US) mission to India, which includes its embassy and consulates and the Department of Treasury, along with India's Ministry of Finance and the National Investment and Infrastructure Fund (NIIF), is hosting the delegation.
In an interaction with a group of Indian journalists, the three-time prime minister and president of the ruling Pakistan Muslim League-N described Jaishankar's visit as a "good opening" and said both sides should now engage and move forward.
Globalisation is a "double-edged" sword" but cannot be blamed for the world's problems, Chinese President Xi Jinping said on Tuesday while pushing for greater role for emerging economies in governance of global institutions.
China is on the lookout for investment pastures where its money is welcome, safe and earns a decent return. India also needs vast investment - about $1 trillion over the next 10-15 years - in infrastructure, green energy, transportation and heavy industry, says Ravi Bhoothalingam.
The summit is being attended by more than 30 heads of state and top officials from the European Union and invited guest countries and 14 heads of international organisations.
The India government needs to work on policies that can enhance global trade.
India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
The National Security Strategy document should flag all major issues concerning security strategy and provide guidelines to concerned departments to work out suitable action plans. Since the global and regional geopolitical canvas is dynamic, the NSS document should be deliberated at length before formulation and should be reviewed periodically, recommends Commodore Venugopal Menon (retd).
China and India have approached trade negotiations very differently: the former with confidence, the latter in a defensive crouch, says T N Ninan.
In a major development, India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions, while New Delhi will remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples.
Lamy said the international trade body will continue to keep a close watch on protectionist measures that impede international free trade.
'We do India great disservice if we continue to perpetuate a flawed narrative on trade, one based on myths rather than facts,' says Hardeep Singh Puri.
Commerce secretary Sunil Barthwal is set to attend a two-day meeting from October 23 at the World Trade Organization (WTO) headquarters in Geneva, that would focus on finding solutions and giving the 'necessary political push' for at least some crucial global trade issues. Next week's meeting comes ahead of the WTO's 13th ministerial conference (MC13), scheduled in Abu Dhabi in February 2024. It will see participation of senior government officials from all WTO member nations.
Chance of an accord in global trade talks suffered another setback following India's Union minister Kamal Nath terated that the country will not compromise on its stand on agriculture market access in the WTO's Doha round of talks.
The chances of the posts opening remain slim, with security agencies recently identifying 10 suspects who smuggled in weapons, narcotics and fake currency.
The success of the Bali Ministerial meeting of the World Trade Organisation in the first week of December in 2013 will mean that in 2014 countries will identify areas for early conclusion so that within the next two years, the Doha Agenda of the WTO -- which has remained in a limbo for long -- can be concluded.
On July 21, trade ministers from nearly 50 countries will converge at Geneva to finalise proposals on agriculture and non-agricultural market access (Nama) which are part of the Doha Round of world trade talks. World Trade Organisation Director General Pascal Lamy tells Business Standard why the ministerial is crucial.
European Union is not contemplating signing free trade agreement with India in the near future and will focus on completion of contentious World Trade Organisation negotiations including agriculture and Singapore issues
Donald Trump said he will never sign any trade agreement that hurts US workers, or diminishes its freedom and independence.
From Covid to climate change, Shankar Acharya's look at some of the trends and events that might shape 2022.
Russian President Vladimir Putin on Tuesday thanked Prime Minister Narendra Modi for trying to help find a peaceful solution to the Ukraine crisis.
Negotiators from the two sides will meet in July either at Brussels or Geneva, additional secretary in the commerce ministry D K Mittal told PTI.
US Trade Representative's office in early February asked India for WTO consultations on its national solar program, the Jawaharal Nehru National Solar Mission.
Prime Minister Narendra Modi on Tuesday told Russian President Vladimir Putin that a solution to the Ukraine conflict is not possible on the battlefield and peace efforts do not succeed in the midst of bombs and bullets even as he flagged concerns over a missile strike on a children's hospital in Kyiv.
Chinese Foreign Minister Wang Yi has expressed readiness to join hands with India's National Security Advisor Ajit Doval to "properly handle" issues related to the situation on the ground in the border areas, amid the protracted border row in eastern Ladakh.
A last-ditch attempt to rescue the Doha round of world trade talks is likely to be made towards the end of July at a Geneva meeting of 30 trade ministers from among the 150-member countries of the World Trade Organisation (WTO).
For developing countries, the key to both food security and livelihood security is the ability to protect small and marginal farmers from unfair competition and the policy space within which they can develop an agricultural policy centered on small-farmers and the maximisation of employment growth.
It's time Indian parliamentarians learnt to view global economic frameworks without the narrow prism of domestic politics
Some of these nations are India's biggest export market. India is also dependent on these countries to meet its energy needs.
From the seas to the stars, this partnership will now be deepened by the defining role of technology, the statement said.
India has been the single biggest beneficiary of the decades-old US Generalized System of Preferences programme, allowing the country to export $ 5.7 billion worth of duty-free goods in 2017, according to figures from US Congress.
The United States has filed a complaint against China at the World Trade Organisation over the nearly $3 billion of antidumping and countervailing duties that Beijing levies on US automobile exports, saying that such duties abuse trade laws.
The coming months will see intense negotiations between World Trade Organisation members to achieve a breakthrough in the Doha Round of world trade talks by the end of July this year.
'Many countries believe that if they join BRICS, they will be seen as emerging countries and their stature will be enhanced.' 'G-20 still has common action plans while BRICS does not do that much.'
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