Russian funds held in Indian rupee vostro accounts have halved over the past year as Russia actively invests in India and makes purchases using the Indian currency. This development reflects the growing economic ties between the two countries and the increasing use of local currencies in bilateral trade.
Prime Minister Narendra Modi embarks on a historic visit to Brunei, marking the first-ever bilateral visit by an Indian Prime Minister. The trip aims to strengthen trade and technological partnerships, with a focus on space cooperation. The visit coincides with the 40th anniversary of diplomatic relations between the two nations, emphasizing the growing ties between India and Brunei.
This week’s global tech news covers a range of topics, from trade tensions between Canada and China to the impact of AI on jobs. Read about the arrest of Telegram founder Pavel Durov, Apple’s upcoming iPhone 16 launch, and the latest developments in artificial intelligence.
South African President Cyril Ramaphosa has expressed his desire to reduce his country’s trade deficit with China, presenting a challenge to Chinese President Xi Jinping’s efforts to encourage African nations to buy more Chinese goods. The upcoming Forum on China-Africa Cooperation Summit in Beijing aims to bolster trade between China and African countries, but concerns remain about China’s ability to deliver on its promises. With Western restrictions on Chinese exports on the horizon, finding new markets for Chinese goods is a top priority, and Africa is a crucial target.
Prime Minister Narendra Modi will embark on a visit to Singapore on September 4th, marking his first trip to the country in six years. The visit is expected to be pivotal in bolstering trade and investment relations between India and Singapore, with a focus on areas like digitization, skills development, and sustainability. PM Modi is also scheduled to engage with business leaders, showcasing India’s economic progress and fostering further collaboration.
The Suosdey Indonesia exhibition, scheduled for September 13-14 in Phnom Penh, marks a significant milestone in the deepening relationship between Indonesia and Cambodia. This event will feature trade and tourism promotion, business matching sessions, cultural performances, and educational opportunities, fostering economic cooperation and cultural understanding between the two nations.
Donald Trump has hinted at imposing a universal tariff on all goods imported into the U.S., potentially affecting the $3 trillion worth of imports annually. This move could fuel inflation and disrupt trade relations, particularly with China. While the IEEPA could offer a legal path for Trump’s plan, the economic implications remain a source of debate and concern.
China is hosting a summit with 50 African nations this week, seeking to increase trade and investment while emphasizing green technologies and promoting its domestic industries. However, African leaders are seeking assurances on past commitments and are looking for a more balanced relationship, as Western countries also vie for influence in the region.
Chile’s Foreign Minister Alberto van Klaveren is on a two-day official visit to India, aiming to deepen bilateral cooperation and strengthen ties between the two nations. The visit includes the second India-Chile Joint Commission Meeting, focusing on areas of mutual interest, particularly in the agricultural sector. The visit comes after a high-level meeting between the two countries’ agriculture ministers, highlighting the importance of bilateral agricultural cooperation.
Mexico has temporarily suspended its relationship with the US embassy in response to criticism from the US ambassador regarding a proposed judicial reform. The ambassador raised concerns about the reform’s potential impact on Mexican democracy and US-Mexico trade. The Mexican president, however, maintains that the pause is not a personal issue and is intended to facilitate dialogue.
