On Monday, Japan's ambassador to the United States said Joe Biden's visit to Japan this month will coincide with the launch of a new U.S. economic strategy for the Indo-Pacific, even as China seeks to fill the void left by Washington's withdrawal from the regional trade pact. In an event hosted by the Center for Strategic and International Studies in Washington, Ambassador Koji Tomita explained that Japan and the United States are working on the details of the Indo-Pacific Economic Framework (IPEF), which needs to strike a balance between inclusivity and high standards. Biden, who is sc
On Monday, the United Arab Emirates will introduce a form of unemployment insurance in the latest economic reform by the Gulf country as it focuses on attracting talent and investing amid increasing regional economic competition. UAE Prime Minister, ruler of trade hub Dubai and Vice-President Sheikh Mohammed bin Rashid al-Maktoum said on Twitter, “The intention is to strengthen labour market competitiveness, provide a social umbrella for workers and establish a stable working environment for all”. However, the statement did not specify who will be eligible to apply equally to citize
UAE Minister of Economy Abdulla bin Touq Al-Marri will lead a high-level business delegation this week to India. The visit from May 11-15 will is scheduled to discuss ways to further trade and investments between the two nations. It will assume significance as both countries implemented the Comprehensive Economic Partnership Agreement (CEPA) on May 1. In the next five years, CEPA is expected to double bilateral trade from US$60 billion to US$100 billion. The duty-free access to the UAE market will be availed by the domestic exporters in various sectors like textiles, agriculture, jewellery
On Thursday, the Bank of England raised its key interest rate to the highest in 13 years. With a 6-3 vote, the Monetary Policy Committee voted to raise interest rates for a fourth consecutive meeting, boosting the rate that the Bank of England pays other banks by a quarter per cent to 1 per cent. Some even wished to increase more to 1.25% with a warning that the economy might shrink in the final quarter of the year. While trying to rein in inflation without undermining consumer confidence, the Bank of England is struggling to demonstrate its business. In the United Kingdom, rising consumer
Saudi Arabia recorded the highest rate of growth in the last 10 years at 9.6% in the first quarter of 2022. As per the latest data, the activity in the country related to crude oil, natural gas and refining rose by 20.4% whereas non-oil activity increased by 3.7%. As a result, the largest economy in the Arab world saw its growth supported by government services activities, which rose by 2.4%. Brent is also up by 30% since the beginning of this year and falls from a 14-year high of $140 per barrel in March. The growth is directly linked with the oil prices continued to trade higher amid
On Monday, India and Germany stressed the significance of a free, open and inclusive Indo-Pacific. In accordance with international law, both the nations underlined the importance of unimpeded commerce and freedom of navigation. Following the sixth round of Inter-Governmental Consultations, Prime Minister Narendra Modi and German Chancellor Olaf Scholz issued a joint statement. Scholz called the Indo-Pacific one of the most dynamic global regions in his remark at the joint press event with Mr Modi. Indo-Pacific is also confronted with a number of conflicts and challenges. According to h
The oil Sector propels Saudi Arabia’s GSP growth with a 9.6% rise in the first quarter of a decade. The nation has registered nearly 10% growth as compared to the same period last year due to the high global crude prices. According to the report, growth in the oil sector was 20.4% year-on-year, while growth in the non-oil sector was 3.7%. On Sunday, preliminary results were released after Saudi Arabia resisted United States requests to boost output in order to rein in prices that have risen since the Ukraine war began. The Saudi statistics authority said in its initial estimate pub
From May 1, India and UAE’s Free Trade Agreement has come into effect which will help domestic exporters in various sectors like agriculture, textile, dry fruits, gems and jewellery to get duty-free access to the UAE market. On Sunday, the Central Board of Indirect Taxes and Customs and the Directorate General of Foreign Trade (DGFT) issued notification for the operationalisation of the agreement. The Commerce Secretary BVR Subrahmanyam handed over the Certificate of Origin to three exporters from the gem and jewellery sector in Delhi as a gesture for operationalising the agreem
On Wednesday, Indonesia once again widened the scope of its export ban on raw materials for cooking oil including crude and refined palm oil along with other products. This latest round of flip-flops might have a direct impact on the Indian edible oil. India is one of the biggest importers of Indonesian palm oil and this export ban brings the nation to square one. Earlier this month, it was clarified the ban would not cover crude palm oil, which is widely consumed. The nation consumed nearly 12-12.5 million toned of edible oil of which around 63% (8-8.5 million tonnes) is palm oil. Out
On Tuesday, Union Minister Nitin Gadkari urged billionaire and CEO of Tesla, Elon Musk to manufacture Tesla cars in India. In an interactive session at the Raisina Dialogue, Gadkari said, “India is a large market and there is a huge potential for all-electric vehicles”. He further added that it is a very easy alternative if the CEO is ready to manufacture Tesla in the country. He said the nation has got all competencies, the vendors are available and have got all types of technology due to which he can reduce the cost. The road transport and highway minister said that he is requesti