Global Trade Talks | SilverScorpio.Com

WTO negotiations to resume in Geneva on September 14

September 4, 2009 By admin Leave a Comment

New Delhi, Sep 4 (ANI): The informal meeting of the trade and commerce ministers of key World Trade Organisation (WTO) member countries agreed on Friday to resume negotiations on September 14 in Geneva.

The negotiators will hold the meeting for a week beginning September 14, sources said.

The global trade talks are stalled since July last year.

Commerce and Industry Minister Anand Sharma said: “We have reached an agreement to intensify the negotiations. It has been a breakthrough in this meeting, if I can use this expression, the impasse has been broken.”

The Geneva talks had collapsed after India and other developing countries opposed the agriculture subsidies offered by developed nations to their farmers

The developing countries argued that the new subsidy would distort trade by making the produce of their countries costly.

“It has been agreed by all with strong consensus and unanimous endorsement that the chief negotiators and the senior officials will meet in Geneva on September 14,” Sharma added. (ANI)

Filed Under: Business News Tagged With: agriculture subsidies, Anand Sharma, Chief Negotiators, consensus, Developed Nations, developing countries, farmers, geneva, global trade talks, impasse, industry minister, key world, New Delhi, senior officials, subsidy, unanimous endorsement, world trade organisation, world trade organisation wto, wto member countries, wto negotiations

India strengthens economic ties with China but still wary on security front

August 26, 2009 By admin Leave a Comment

Kolkata, Aug 26 (ANI): Minister of State for Defence Pallam Raju has said that while India is strengthening its economic ties with China, it will not downplay any sort of possible threat perception.

Talking to reporters here on Tuesday, Raju said, “There has not been any violation or there have not been any skirmishes. You must appreciate that. And at the same time our economic relationship is building up, which is taking the focus away from a non-issue like this,”Earlier this month, India and China had held the thirteenth round of talks to resolve their long simmering border dispute in New Delhi.

India’s National Security Adviser M K Narayanan and Chinese State Councillor Dai Bingguo resumed the talks after a year’s gap, focusing on narrowing down differences along their Himalayan border.

The two sides reportedly discussed the language of partnership, highlighted by a burgeoning trade and a common position on climate change and global trade talks.

China has emerged as India’s largest trading partner, replacing US in 2008-09.

The bilateral trade engagement between India and China stood at nearly 36 billion dollars in April to February 2008-09, an increase of nearly seven percent in the year ago period.

In the context of these progressive developments, Raju said that New Delhi is fully prepared to deal with any possible eventuality.

“We are fully conscious of threat perception and as a nation we are totally prepared to deal with any eventuality,” he added. (ANI)

Filed Under: International News Tagged With: bilateral trade, billion dollars, Border Dispute, chinese state, climate change, councillor, economic relationship, economic ties, eventuality, gap, global trade talks, Kolkata, minister of state, narayanan, national security adviser, NEW DELHI india, progressive developments, raju, security front, Skirmishes, threat perception

India, China to maintain peace and tranquillity in border areas

August 8, 2009 By admin Leave a Comment

New Delhi, Aug.8 (ANI): India and China have decided to maintain peace and tranquillity in their borders after the conclusion of two-day talks held in the national capital to resolve their long simmering border dispute.

“On the boundary question, both sides expressed satisfaction at the progress being made through the Special Representatives mechanism and reiterated that pending the settlement of the boundary issue, peace and tranquility should be maintained in our border areas,” Vishnu Prakash, Ministry of External Affairs spokesman told reporters in New Delhi on Saturday.

Chinese State Councillor Dai Bingguo earlier in the day called on Prime Minister Manmohan Singh in the capital.

“Highlighting the importance of ongoing consultations and coordination between the two countries at multilateral fora, he expressed the hope that the two countries will jointly meet global challenges in the spirit of the Shared Vision. Mr. Dai Bingguo said that China takes a positive view of India’s development and progress, and also supports a bigger role for India in international affairs,” Prakash informed.

Indian National Security Adviser M.K. Narayanan and Chinese State Councillor Dai Bingguo resumed the talks after a year’s gap, focusing on narrowing down differences along their Himalayan border.

Twelve rounds of talks have been held before.

The two were expected to talk the language of partnership, highlighted by a burgeoning trade and a common position on climate change and global trade talks.

India-China talks came in the backdrop of a recent spike in geopolitical tensions as well as muscle-flexing along the border.

Feathers were ruffled two months ago when China objected to a $60 million Asian Development Bank loan for a project in northeast India in territory that is claimed by Beijing.

India officials say China also tried to block its efforts to get the United Nations to designate a Pakistan-based militant leader a terrorist, as well as privately lobbied against a nuclear deal between India and the United States last year.

Of late, Chinese patrolling of the 3,500-km (2,200-mile) border, particularly along India’s Arunachal Pradesh state, which Beijing claims as its territory, has also been markedly assertive, Indian officials said.

All this, some analysts said, was largely consistent with Chinese policy towards India, but New Delhi saw it as an increasing assertiveness as part of Beijing’s overall “Rising China” strategy. (ANI)

Filed Under: International News Tagged With: Affairs Spokesman, Asian Development Bank, border areas, Border Dispute, boundary question, china talks, chinese state, climate change, global challenges, global trade talks, india china, Manmohan Singh, Militant Leader, ministry of external affairs, multilateral fora, national security adviser, northeast India, Pakista, peace and tranquility, prime minister manmohan, Prime Minister Manmohan Singh

Govt. to ensure Indian economy returns to high trajectory growth

May 29, 2009 By admin Leave a Comment

New Delhi, May 29 (ANI): Minister for Commerce (trade) and Industry, Anand Sharma on Friday said that the Government would take all possible steps to stabilise Indian economy in times of global recession.

Addressing media after taking charge of his office, Minister for Commerce and Industry said the government will take every possible step to ensure a steady Indian economy, particularly at a time when recessionary trends have upset overall industry and trade around the globe.

Sharma, however, noted that the effects of global meltdown on the Indian economy were relatively lower and the Government had taken measures to curb recession.

“We have assumed office at a time when the global economic environment is challenging. It has witnessed a downturn; all countries have been affected adversely. We have also been affected but less adversely, if I may say so. Our emphasis will be to ensure that the Indian economy returns to the high trajectory growth. For that many measures have been taken and whatever is required to be done shall be done in the coming weeks and months,” said Anand Sharma, India’s federal Minister of Commerce (trade) and Industry.

He also said that India was ready to ink a host of pacts, including a free trade agreement with the Association of Southeast Asian Nations (ASEAN) and economic cooperation agreements with South Korea and Nepal.

“We have nearly finalised some FTA (Free Trade Agreements) agreements. One is with Indo-ASEAN free trade agreement also comprehensive economic co-operation agreements with Nepal stands finalised and with Korea we shall be taking them to the Cabinet soon,” added Anand Sharma.

Designated as the Commerce (trade) and Industry Minister in the new government, a key post with responsibility for negotiating the country’s stand at the Doha round of global trade talks, Anand Sharma will have much home work in his new capacity. (ANI)

Filed Under: Business News Tagged With: agreement, agreements, Anand Sharma, ANI, ASEAN, Asean Free Trade Agreement, Asian, association, association of southeast asian nations, cabinet, capacity, charge, commerce, commerce trade, cooperation, Cooperation Agreements, country, designated, doha, downturn, economic cooperation, economy, Economy Returns, emphasis, environment, federal minister, free, free trade agreement, Free Trade Agreements, Friday, FTA, global economic environment, global meltdown, global recession, global trade talks, globe, Government, govt, growth, home, host, India, indian Economy, indo-, industry, industry minister, ink, Korea, May, meltdown, minister, minister of commerce, Nepal., New Delhi, office, office minister, pacts, post, recession, responsibility, round, South Korea, southeast, southeast asian nations, stabilise, stand, step, time, trade, trajectory, work

FACTBOX – Who will head the key ministries in India?

May 22, 2009 By admin Leave a Comment

Prime Minister-elect Manmohan Singh will be sworn in for a second term on Friday after the election victory of his Congress party-led coalition, which has since won the support of enough lawmakers for a parliamentary majority.

The following is a round-up, based on local media reports and Congress party officials’ comments, of politicians likely to head key ministries.

FINANCE

Sources say Pranab Mukherjee, who was foreign minister in previous coalition, is the frontrunner for the job of finance minister. Mukherjee had been looking after finance since January when Prime Minister Singh underwent heart surgery.

Mukherjee is seen as a stable hand and shrewd political operator. He has a history of pushing reforms, including signing up to a WTO agreement giving nations more access to global trade in 1994 when he was commerce minister.

But, with India facing its slowest growth in six years and a yawning fiscal deficit, Singh, himself a reform-minded former finance minister, could bring in a specialist.

Names cited include Montek Singh Ahluwalia, deputy chairman of the Planning Commission, and C. Rangarajan, a former central bank governor and an economic adviser to the prime minister.

COMMERCE AND INDUSTRY

Kamal Nath, who has played a key role as a negotiator for emerging nations in the struggling Doha round of global trade talks, may stay on as commerce and industry minister.

But Nath also could be named foreign minister, some TV channels said, and Science and Technology Minister Kapil Sibal could replace him in trade.

India’s pro-farmer stand in the Doha round is unlikely to change significantly. But under Nath, India may be more inclined to offer concessions in opening up its market to foreign participation after leftist influence in government has ended.

FOREIGN

One contender could be Sibal, a reform-minded politician with a suave image that could go down well in foreign capitals.

Some media say senior Congress leader Salman Khurshid may also be considered. The Oxford-educated Khurshid was junior foreign minister from 1993-1996.

HOME

Palaniappan Chidambaram may stay. He is seen as having successfully revamped India’s security apparatus after last November’s Mumbai attacks.

DEFENCE

A.K. Antony, seen as an honest politician and another safe pair of hands with billions of dollars of arms deals in the pipeline, could keep his post.

TELECOMS & IT

Reform-minded Dayanidhi Maran and Andimuthu Raja, former telecoms ministers in the last government and both from key Congress party ally DMK, remain the top contenders for this post.

But the DMK is now embroiled in a row with Congress over ministerial positions, and has said it may extend only outside support to the coalition. The threat, however, is expected to be shortlived.

Maran carried out reforms when he was telecoms minister in the last Congress government and now faces the difficult task of a multi-billion dollar auction of third-generation spectrum that will allow users to have fast Internet on their mobile phones. The auction was to be in January but has been delayed.

INFORMATION & BROADCASTING

Local reports suggest Rahul Gandhi, heir-apparent of the Congress party, may be offered this position, regarded as a stepping stone for a man seen as a future prime minister.

The portfolio has added importance with the government expected to raise the foreign investment limit in the print media to 49 percent from the current 26 percent.

Filed Under: International News Tagged With: C. Rangarajan., Central Bank Governor, congress leader, congress party, economic adviser, Election Victory, Factbox, Finance Sources, Foreign Participation, global trade talks, India Prime Minister, kamal nath, kapil sibal, Key Ministries, Manmohan Singh, montek singh ahluwalia, Pranab Mukherjee, Pro Farmer, Stable Hand, trade india

WTO’s Lamy urges Doha deal to help fight crisis

April 5, 2009 By admin Leave a Comment

World leaders should make early efforts to conclude the Doha round of global trade talks as a key part of fighting the economic crisis, the head of the World Trade Organisation (WTO) said on Friday.

In an interview with Reuters Financial Television, Pascal Lamy welcomed a consensus at Thursday’s G20 summit to avoid protectionism and an agreement to support global trade flows with 250 billion euros ($334 billion) worth of finance measures.

“It is a very positive response,” Lamy said. “Implementation now is something we will be watching,” he added of guarantees and other measures aimed at encouraging importers and exporters to help reverse a sharp drop in trade.

“The important thing is that there is, as in other areas of the G20 work yesterday, convergence, unanimity on the view that in order to respond to this crisis, trade must remain open.”

Lamy said he hoped for a prompt drive to kickstart the stalled Doha trade round. But he added it was too early to say when progress could be made, noting that India has elections this year and the new U.S. administration needed to fine-tune its position.

“It will be good if political reengagement was to take place before the summer break,” he said. “The overall direction, political roadmap is that these talks … should be concluded as part of the overall response to the crisis.”

Lamy noted the risk of recession leading to protectionism.

“There has been a bit of a slippage by a number of (countries) … For the moment nothing that will have a really big macro-economic impact on trade flows, but the danger is there,” he said.

Filed Under: Business News Tagged With: consensus, economic crisis, economic impact, financial television, fine tune, G20 summit, global trade talks, importers, Importers And Exporters, Importers Exporters, number of countries, pascal lamy, protectionism, recession, reuters financial, roadmap, slippage, summer break, unanimity, World leaders, world trade organisation, world trade organisation wto

G20 summit is turning point for world economy, says Obama

April 3, 2009 By admin Leave a Comment

London, April 3 (Xinhua) The G20 summit which concluded here Thursday would be ‘a turning point’ for the global economy, as unprecedented and comprehensive steps were taken to improve the financial system, US President Barack Obama said.

Speaking at a press conference after the meeting, Obama said G20 have made ‘enormous strides’ to improving financial regulation, adding that G20 needs to ‘reform failed regulatory systems and must put an end to bubble and bust economy’.

He said he will ask the US Congress in the next few days to provide an immediate $448 million to help the poorest countries. ‘It’s not just charity, poorer nations are future markets.’

The US will be dedicated to forging consensus rather than dictating terms, he added.

In a statement adopted at the meeting, the G20 leaders reaffirmed their commitment Thursday to resist protectionism and push for an ambitious conclusion of the Doha Round global trade talks.

Reinvigorating world trade and investment is essential for restoring global growth. We will not repeat the historic mistakes of protectionism of previous eras, the leaders said.

Noting that world trade is falling for the first time in 25 years, the leaders said they would extend until the end of 2010 their pledge made in Washington not to raise any new barriers to investment or trade in goods and services.

‘In addition we will rectify promptly any such new measures,’ the statement said.

The leaders pledged to minimise any negative impact on trade and investment of their domestic policy actions, including action in support of the financial sector.

The leaders also pledged $1.1 trillion to revive the world economy.

Filed Under: International News Tagged With: Barack Obama, bust, consensus, eras, financial sector, G20 summit, global economy, global growth, global trade talks, negative impact, policy actions, poorest countries, protectionism, Regulatory Systems, strides, trillion, turning point, US Congress, World Economy, xinhua