American President Joe Biden on Monday will waive tariffs for two years on solar panel imports from Cambodia, Malaysia, Thailand, and Vietnam but not China as the US is looking to augment the manufacturing of domestic clean energy, the White House said. A fact sheet said the US would call on the Act to boost domestic production and use the procurements of the federal government to increase demand. Bloomberg reported that the step has been implemented to boost priorities such as combating climate change and raising the domestic solar manufacturing that has strived hard to compete with cheap
India’s Commerce and Industry Minister Piyush Goyal participated in a virtual meeting on Tuesday with Canada's Minister of International Trade, Export Promotion, Small Business, and Economic Development Mary Ng and both countries have welcomed the progress in negotiations towards the interim trade pact. Ng had visited India in March this year and had decided upon The Early Progress Trade Agreement (EPTA). Canada’s foreign ministry said the two countries “continue to work towards a Comprehensive Economic Partnership Agreement”. The ministers discussed the status of negotiations on i
On Thursday, Prime Minister Narendra Modi will inaugurate a two-day event of the Biotech Start-up Expo 2022 to mark ten years of setting up the Biotechnology Industry Research Assistance Council BIRAC at 10:30 a.m., at the Pragati Maidan, New Delhi. It will be held on the 9th and 10th of June. He will be addressing the gathering at the inaugural event themed ‘Biotech Startup Innovation: Towards Aatmanirbhar Bharat’. Approximately 300 stalls will be set up to showcase the application of biotechnology in various sectors. The stall will include healthcare, biopharma, genomics, agriculture
On Tuesday, Saudi Arabia’s official data for the first quarter showcased a 9.9% growth in the Gross Domestic Product. The data is said to be the fastest in a decade, beating last month's flash estimate of 9.6%. Gross domestic product growth on a seasonally-adjusted basis was 2.6%, while oil activity was up 2.9%. According to the chief economist, Monica Malik at the Abu Dhabi Commercial Bank, this was the fastest increase since the third quarter of 2011. It was majorly due to oil production. Malik said that the nation is in a very strong position due to its limited oil capacity and high o
The United States and Germany proposed on behalf of the G7 an Indian-G7 partnership to fund decarbonization. They are keen to support India’s transition from a "fossil-based economy to a carbon-neutral economy" and will do so at the G7 Summit, where India was invited later this month. As per sources, the vision is to create an India-specific 'Just Energy Transition Partnership (JETP)' that will correlate India's position in order to ensure climate justice while addressing global climate challenges, as well as its undertakings to increase the share of renewable energy in its electricity s
On Tuesday, Israel signed a major free trade agreement with the United Arab Emirates. It is the first big trade aimed to boost trade between the two Middle East nations that was signed in Dubai after months of negotiation. Israel’s Ambassador to the UAE Amir Hayek said on Twitter, “Done” replying to his previous post, “the UAE and Israel will sign FTA in the next hour”. Dorian Barak, President of the UAE-Israel Business Council said that the FTA states the tax rates, imports, and intellectual property that will encourage Israeli companies to set up their offices in UAE, especi
South Africa's unemployment rate has declined for the first time since 2020, falling to 34.5 percent in the first quarter of 2022 from 35.3 percent at the end of 2021. The last time the jobless rate fell was in the second quarter of 2020, when job seekers could not find jobs due to the lockdown imposed to curb the spread of Covid-19. Unemployment according to a broader definition, which includes people who were available for work but not searching for a job, fell to 45.5% from 46.2% in the last three months of 2021. According to a report by the official statistics agency released in Pretor
Singapore is raising its investments in quantum computing with the introduction of two new programs targeted at improving talent development and providing greater access to the growing technology. A statement released by Deputy Prime Minister Heng Swee Keat on Tuesday (May 31) declared the launch of the National Quantum Computing Hub, which will pick up knowledge, skill, and resources from the Centre for Quantum Technologies, the National Quantum Fabless Foundry, and other institutions. The parts and materials needed to make quantum computers and devices will be developed by the Foundry
After five months of negotiations, Israel and the United Arab Emirates finalized a free trade deal which is regarded as a “significant and historic milestone.” As per a statement released by the ministry, customs duties will be abolished on 96 % of products such as agriculture, food, cosmetics, medicine, and medical equipment. Many products will get immediate custom duty exemption while others gradually. Israel's Economic Ministry said that the free trade agreement to be signed between both countries on Tuesday would help boost trade and foster economic relations between both countries.
The US surpassed China and became India’s biggest trading partner with $119.42 billion for the fiscal years 2021–2021, compared with $80.51 billion in 2020–2021. With a trade deficit of $72.9 billion with China, India’s trade surplus accounted for $32.7 billion with the US. According to the data, a major increase was seen in exports, which amounted to $76,111.33 billion in 2021–2022 from $51.62 billion in 2020–21 and imports rose from $29 billion in 2020–21 to $43.31 billion. Meanwhile, India's merchandise exports reached a new record high in April by crossing $40 billion, re