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
New Zealand Prime Minister Jacinda Ardern has asked the United States to return to a regional trade deal it quit in 2017, in the latest signal by an Asia-Pacific leader that US President Biden's economic engagement with the Indo-Pacific region is not up to the mark. The New Zealand leader, who is currently in the US said that the trade agreement, now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), was the "gold standard” for boosting economic ties. She added that if the United States was keen on economic engagement in the region, then CPTPP was
The Quad summit comprising India, the US, Japan, and Australia agreed to invest $50 billion for "tangible benefits to the region" as part of a series of initiatives. The leader agreed to offer infrastructure development in the Indo-Pacific region for the next five years. In particular, these four nations have identified vulnerabilities in global semiconductor supply chains and resolved to collaborate to create a market that is both diverse and competitive by using their strengths. Additionally, the Quad released a Common Statement of Principles on Vital Technology Supply Chains that boo
As equity rallied in India on Wednesday, the rupee appreciated by five paise to 77.52 against the dollar (21.12 against the UAE dirham) in the opening trade, but the increase in oil prices and unabated capital outlaws increased investor sentiments. India's interbank foreign currency rates versus the US dollar opened at 77.54 and then jumped to 77.52, up to five paise from the previous closing. The dollar index that measures the greenback's strength against a basket of six currencies was up 0.06% higher at 101.92. Early trades ranged from 77.54 to 77.51. Against the American dollar, the
Prime Minister Narendra Modi who is on a two-day visit to Japan to participate in the Quad Summit met the leaders of large and successful business organizations namely Softbank, Suzuki, NEC Corp and Uniqlo. Modi met the founder and board director of Softbank Corporation, Masayoshi Son and lauded his company's role in the start-up sector. They talked about the future possibilities of the company's participation in vital zones such as technology, finance and energy. The discussion also centered around the numerous changes that have been made in order to make business between two countr
India will join the US-led Indo-Pacific Economic Forum (IPEF) launched by President Joe Biden next week in Tokyo. The mega ‘economic arrangement’ is established in an effort to counter China’s rising economic clout. According to a top-level source, Biden will extend an invitation to Prime Minister Narendra Modi to join the IPEF in their meeting in Tokyo for Quad Summit. However, a source said India was initially reluctant to join the IPEF and was keen to have a bilateral trade pact with the US and plurilateral agreement under the Quad that included the US, India, Australia and Japan.
The World Bank released a statement on Wednesday. It will provide $30 billion to help ease the food crisis threatened by Russia's war in Ukraine, which has suspended almost all grain exports from the two countries. It added that $12 billion would be given to new projects and over $18 billion from current food and nutrition-related projects that have been approved but have not yet been donated. World Bank Group President David Malpass said the increasing food prices are ruining the impoverished and the vulnerable. He added it is important for countries to state clearly the future output inc
Contrasting to the global growth rate of 3.1%, India’s growth is projected to grow by 6.4% in 2022. According to the UN report, India is the fastest-growing major economy with higher inflationary pressures and uneven recovery of the labour market suppressing private consumption and investment. The Global economic growth is now projected to grow by 3.1% in 2022, down from the forecast of 4% growth released in January 2022. The Global inflation rate is also projected to increase to 6.7% in 2022, more than double the rate of 2.9% between 2010 and 2020, it said. The World Economic Situati
Zimbabwe’s President Emmerson Mnangagwa has imposed capital control to stem currency depreciation. The country has become Africa’s worst-performing currency after the Zimbabwean dollar lost half of its value in the current year. In a televised speech Mnangagwa ordered all the banks in the country to stop lending with immediate effect to minimise the creation of broad money that is prone to manipulate or abuse the exchange rate. He said, “Banks shall with immediate effect and not process third-party country foreign payments. Third-party foreign payments are susceptible to illicit fina