Despite stringent Western sanctions imposed on Russia following the invasion of Ukraine, Russia’s economy is surprisingly resilient. This resilience is attributed to a booming trade through third countries like Kazakhstan, Armenia, and Turkey, raising concerns about the effectiveness of sanctions and leading to a debate on the balance between supporting Ukraine and maintaining trade with strategic partners.
Canadian Prime Minister Justin Trudeau announced new measures aimed at bolstering the domestic labor market and countering Chinese trade practices. This includes reducing temporary foreign workers, imposing 100% tariffs on Chinese electric car imports, and a 25% surtax on steel and aluminum products. The move mirrors US and EU actions to address concerns about Chinese state subsidies and market dominance.
India’s Commerce Minister Piyush Goyal met with top executives of leading global firms in Singapore, laying the groundwork for the second India-Singapore Ministerial Roundtable. The discussions centered on boosting bilateral trade and investment, emphasizing India’s attractiveness as an investment destination and exploring opportunities for collaboration in areas such as SMEs and sustainable development.
The Philippines and Turkey are exploring ways to strengthen their economic and tourism relationships. The countries are looking at expanding flight routes and addressing tax-related issues to facilitate investment and trade. While tourist arrivals from Turkey have increased significantly, they remain a small percentage of overall visitors to the Philippines.
India’s Commerce Secretary urged African countries to unite in calling for reforms at the World Trade Organization (WTO), emphasizing the need for a unified approach to address key issues like food security, technology transfer, and industrial policy. India also announced plans to expand trade with Africa, including new free trade agreements and the sharing of its logistics infrastructure programs to improve multimodal connectivity.
India is developing a strategic plan to establish over 50 e-commerce export hubs, aiming to boost its exports to $100 billion. This initiative seeks to leverage the digital landscape to promote Indian products globally.
China and Vietnam have inked 14 agreements, including railway upgrades and crocodile exports, signifying a deepening strategic partnership. The focus on trade and infrastructure development reflects the two countries’ growing economic interdependence and commitment to strengthening ties.
India and Australia are set to hold their tenth round of negotiations for a Comprehensive Economic Cooperation Agreement (CECA) in Sydney from August 19-22, 2024. This round aims to finalize over 10 chapters, building on the existing Economic Cooperation and Trade Agreement (ECTA) and expanding market access in goods and services. Discussions will also focus on including new areas like competition policy, MSMEs, and critical minerals, signifying a deepening economic partnership.
Malaysian Prime Minister Anwar Ibrahim’s inaugural state visit to India marks a significant step forward in bilateral relations. The visit, focused on strengthening economic partnership and protecting the rights of Indian professionals in Malaysia, will involve discussions on trade, mobility, human resources, tourism, and regional security. The visit is expected to reshape the trajectory of India-Malaysia relations for years to come.
Malaysian Prime Minister Anwar Ibrahim’s visit to India will strengthen bilateral ties, focusing on multi-sectoral cooperation, including trade, defense, and worker recruitment. The visit is expected to result in several agreements, including a pact on Indian worker recruitment, aiming to address concerns about illegal immigration and human trafficking.
