Pakistan is in a looming crisis again. The nation is facing a fresh set of challenges. The all-important oil deal between Pakistan and Russia has hit a roadblock. Pakistan’s plan to import oil from Russia may delay further.

Why did Pakistan's plan to import Russian crude oil hit a roadblock?

The Indian government is set to propose a new tax reform aimed at raising the share of taxes paid by multinational companies operating within its borders. The Indian government's proposal seeks to increase the taxes paid by these corporations in the countries where they operate and earn excess profits. This development could have a significant impact on the global corporate tax landscape, challenging outdated rules and aiming for a more equitable system.

India to push for higher taxes on multinational companies

After the signing of a currency pact between India and the United Arab Emirates, Sri Lankan president Ranil Wickremesinghe has made a statement hinting at settling Sri Lanka's trade in the Indian rupee. The Sri Lankan president said that he would like to see the Indian rupee being used as much as the US dollar for foreign trade.

Sri Lanka to consider trade in Indian rupee

India is strengthening its military muscle. Enlocking a multi-billion-dollar defence deal with US. India is shifting its focus towards the West. One of the highlights of PM Modi's recent visit to the U.S. was New Delhi's multi-billion-dollar defence deal. The recent deal is not primarily aimed at shifting reliance on Russian defence equipment or aligning with the West. Instead, analysts emphasise that India’s focus is on developing its own domestic weapons industry.

Why US military deals are not enough to wean India off Russian arms yet

During his two-day visit, he is expected to carry forward the talks on a free trade deal with the UK in a statement from India's Commerce Ministry.

Indian minister Piyush Goyal to visit United Kingdom

The report shows how India's nifty 50 has outperformed all other major indices from the start of the new millennium.

Nifty 50's stellar performance since 2000

Wagner Mutiny may have been short-lived. But it exposed risks for China's deep Russian ties. News broke on June 24 that mercenary Wagner troops were careering towards Moscow in rebellion. Several businessmen from China began frantically calling factories to halt shipments of goods destined for Russia. Chinese trade bodies seemed uncertain about the situation.

How Wagner mutiny exposes risks for China's deep Russian ties

Indian Prime Minister Narendra Modi held a productive meeting with Egyptian President Abdel Fattah el-Sisi during his state visit to Egypt. The two leaders discussed ways to further deepen the relationship between the two countries during bilateral talks. PM Modi talked about trade and investment, defence and security, renewable energy, culture and people-to-people ties with President Sisi. 
 
The two countries signed an agreement for elevating the bilateral relationship to a "Strategic Partnership". 
 
Ministry of External Affairs spokesperson Arindam Bagchi tweeted, “PM Narendra Modi held a productive meeting with Egyptian President Abdel Fattah El-Sisi in Cairo on 25th June. The leaders discussed ways to further deepen the two countries' partnership, including trade &amp; investment, defence &amp; security, renewable energy, cultural and people-to-people ties. An agreement to elevate the bilateral relationship to a "Strategic Partnership" was signed by the leaders. Three MoUs in the fields of Agriculture, Archaeology &amp; Antiquities and Competition Law were also signed."

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Synergising 🇮🇳-🇪🇬 multifaceted ties 
 
PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> held a productive meeting with President <a href="https://twitter.com/AlsisiOfficial?ref_src=twsrc%5Etfw">@AlsisiOfficial</a> in Cairo on 25 June 2023 
 
The leaders discussed ways to further deepen the partnership between the two countries, including in trade &amp; investment, defence &amp; security,… <a href="https://t.co/RRAKmIKrho">pic.twitter.com/RRAKmIKrho</a>
— Arindam Bagchi (@MEAIndia) <a href="https://twitter.com/MEAIndia/status/1672910875890528257?ref_src=twsrc%5Etfw">June 25, 2023</a></blockquote>
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<h2>PM visits&nbsp;Al-Hakim Mosque,&nbsp;Pyramids of Giza</h2>

Meanwhile PM Modi, after visiting the Al-Hakim Mosque, tweeted, “Honored to visit the historic Al-Hakim Mosque in Cairo. It's a profound testament to Egypt's rich heritage and culture.”

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Honored to visit the historic Al-Hakim Mosque in Cairo. It's a profound testament to Egypt's rich heritage and culture. <a href="https://t.co/4VgzkagHcB">pic.twitter.com/4VgzkagHcB</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1672908491684745217?ref_src=twsrc%5Etfw">June 25, 2023</a></blockquote>
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The prime minister, during his State Visit, also went on a tour of the Pyramids of Giza in Cairo, Egypt.

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<h2>PM Modi conferred with 'Order of Nile'</h2>

Earlier in the day, the Indian prime minister was conferred with the 'Order of Nile', which is the highest civilian honour of Egypt, on Sunday. The&nbsp;Indian leader was conferred&nbsp;the rare gesture by Egyptian President&nbsp;El-Sisi&nbsp;as a mark of reflection of deepening India-Egypt ties.

Appreciating the success of the visit, Indian Home Minister Amit Shah tweeted, “The epic success of PM Narendra Modi as a statesman of global aura is now adorned with another honour as Egypt bestows its highest state honour, 'The Order of Nile Award,' on PM Modi. Narendra Modi is the only Indian PM to receive a maximum number of such awards from other countries.”

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The epic success of PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> Ji as a statesman of global aura is now adorned with another honor as Egypt bestows its highest state honor, 'The Order of Nile Award,' on Modi Ji. 
 
Modi Ji is the only Indian PM to receive a maximum number of such awards from other countries. <a href="https://t.co/a0mtSvv3iY">pic.twitter.com/a0mtSvv3iY</a>
— Amit Shah (@AmitShah) <a href="https://twitter.com/AmitShah/status/1672905724425568258?ref_src=twsrc%5Etfw">June 25, 2023</a></blockquote>
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The Indian prime minister is on a state visit to Egypt from June 24-25. PM Modi on Sunday also went to the Heliopolis War Grave Cemetery in Egypt, where he paid tribute to Indian soldiers who lost their lives during the First World War.

The prime minister's official visit to Egypt comes months after President El-Sisi came to India as the chief guest of Republic Day celebrations in January. On Saturday, PM Modi and his Egyptian counterpart Mostafa Madbouly held a round-table meeting in Cairo.

(With inputs from agencies)

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Indian Prime Minister Narendra Modi held a productive meeting with Egyptian President Abdel Fattah el-Sisi during his state visit to Egypt. The two leaders discussed ways to further deepen the relationship between the two countries during bilateral talks.

Indian Prime Minister Narendra Modi held a productive meeting with Egyptian President Abdel Fattah el-Sisi during his state visit to Egypt. The two leaders discussed ways to further deepen the relationship between the two countries during bilateral talks. PM Modi talked about trade and investment, defence and security, renewable energy, culture and people-to-people ties with President Sisi. The two countries signed an agreement for elevating the bilateral relationship to a "Strategic Partnership". Ministry of External Affairs spokesperson Arindam Bagchi tweeted, “PM Narendra Modi held a productive meeting with Egyptian President Abdel Fattah El-Sisi in Cairo on 25th June. The leaders discussed ways to further deepen the two countries' partnership, including trade & investment, defence & security, renewable energy, cultural and people-to-people ties. An agreement to elevate the bilateral relationship to a "Strategic Partnership" was signed by the leaders. Three MoUs in the fields of Agriculture, Archaeology & Antiquities and Competition Law were also signed." Synergising 🇮🇳-🇪🇬 multifaceted ties PM @narendramodi held a productive meeting with President @AlsisiOfficial in Cairo on 25 June 2023 The leaders discussed ways to further deepen the partnership between the two countries, including in trade & investment, defence & security,… pic.twitter.com/RRAKmIKrho — Arindam Bagchi (@MEAIndia) June 25, 2023 × PM visits Al-Hakim Mosque, Pyramids of Giza Meanwhile PM Modi, after visiting the Al-Hakim Mosque, tweeted, “Honored to visit the historic Al-Hakim Mosque in Cairo. It's a profound testament to Egypt's rich heritage and culture.” Honored to visit the historic Al-Hakim Mosque in Cairo. It's a profound testament to Egypt's rich heritage and culture. pic.twitter.com/4VgzkagHcB — Narendra Modi (@narendramodi) June 25, 2023 × The prime minister, during his State Visit, also went on a tour of the Pyramids of Giza in Cairo, Egypt. #WATCH | Prime Minister Narendra Modi visits the Pyramids of Giza in Cairo, Egypt. pic.twitter.com/hX94SGpQDZ — ANI (@ANI) June 25, 2023 × PM Modi conferred with 'Order of Nile' Earlier in the day, the Indian prime minister was conferred with the 'Order of Nile', which is the highest civilian honour of Egypt, on Sunday. The Indian leader was conferred the rare gesture by Egyptian President El-Sisi as a mark of reflection of deepening India-Egypt ties. Appreciating the success of the visit, Indian Home Minister Amit Shah tweeted, “The epic success of PM Narendra Modi as a statesman of global aura is now adorned with another honour as Egypt bestows its highest state honour, 'The Order of Nile Award,' on PM Modi. Narendra Modi is the only Indian PM to receive a maximum number of such awards from other countries.” The epic success of PM @narendramodi Ji as a statesman of global aura is now adorned with another honor as Egypt bestows its highest state honor, 'The Order of Nile Award,' on Modi Ji. Modi Ji is the only Indian PM to receive a maximum number of such awards from other countries. pic.twitter.com/a0mtSvv3iY — Amit Shah (@AmitShah) June 25, 2023 × The Indian prime minister is on a state visit to Egypt from June 24-25. PM Modi on Sunday also went to the Heliopolis War Grave Cemetery in Egypt, where he paid tribute to Indian soldiers who lost their lives during the First World War. The prime minister's official visit to Egypt comes months after President El-Sisi came to India as the chief guest of Republic Day celebrations in January. On Saturday, PM Modi and his Egyptian counterpart Mostafa Madbouly held a round-table meeting in Cairo. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Indian PM Modi discusses defence, trade with Egyptian President Abdel Fattah el-Sisi

UK on Monday began implementing a preferential trading scheme with 65 poor and developing countries in a bid to boost the country's trade. UK's international trade minister Nigel Huddleston launched the developing countries trading scheme (DCTS). He said that this scheme will remove or reduce tariffs and simplifies trading rules.

UK's new trade scheme for developing nations

Bilateral ties with Russia are a key pillar of India's foreign policy. India & Russia have been longstanding & time-tested allies. After Russia faced sanctions worldwide following its invasion of Ukraine. India emerged as a top buyer of Russian oil. A significant portion of trade was being conducted in Rupee. Though it seemed like a win-win situation for everybody, there is a problem. Russia does not know how to reap the benefits of this trade.

What will Russia do with the $147 bn stranded Rupee assets it amassed from trade with India?

The relations between the United States of America and China have reached its lowest in decades meanwhile China has grown to become the world's second biggest economic power house. The question is how will countries who depend on China respond to the worsening Sino-America relations?

Will worsening US relations with Beijing affect EU-China trade?

The global superpower- the United States is facing another setback. Countries around the world are pushing back America’s dominance over global trade. Amid debt-ceiling crisis, the issue of de-dollarisation by ASEAN countries looms over the United States. 10 ASEAN nations are on the verge of de-dollarisation. The members of the ASEAN have agreed to promote their native currencies.

De-dollarisation: 10 ASEAN countries agree to ditch the US Dollar

India is likely to challenge the European Union's (EU) proposed carbon tax at the World Trade Organization (WTO), citing concerns over the potential impact on its economy, a Reuters report has said. &nbsp;

The move comes as the EU intends to implement 25 percent to 30 percent tariff on imports of high carbon goods such as steel, cement, aluminum, iron ore etc. The proposed carbon tax has raised concerns about its potential adverse impact on developing nations, particularly those that heavily rely on carbon-intensive industries.

The EU's carbon import tax, which is part of its broader climate change agenda, aims to encourage member-countries to reduce their carbon emissions and adopt greener practices.&nbsp;

Under the proposed tax, goods imported into the EU will be subject to a carbon border adjustment mechanism (CBAM), where a fee is imposed based on the carbon footprint associated with their production. The intention is to level the playing field for EU industries that already adhere to stringent emission regulations.

However, many developing countries, including India, worry that the proposed carbon tax could disproportionately affect their exports to the EU.&nbsp;

“In the name of environment protection, EU is introducing a trade barrier that would hit not only Indian exports but also of many other developing countries,” Reuters quoted a top government official with direct knowledge of the matter as saying.&nbsp;

India is likely to question the legality of the proposed tax, while arguing that it is already following the protocols pledged in the Paris climate agreement, reported Reuters.

India has also argued that the EU's proposed carbon tax lacks fairness and transparency and could hinder global trade. According to reports, the proposed tax could lead to declining export revenues, job losses, and economic instability in developing countries, including India.&nbsp;

The Federation of Indian Export Organisations has warned that the tax proposal could make India’s free trade agreements with other countries and a proposed pact with the EU “redundant” as the prices of many exported goods would rise by nearly one-fifth after the carbon tax.

(With agency inputs)

India is likely to challenge the European Union's (EU) proposed carbon tax at the World Trade Organization (WTO), citing concerns over the potential impact on its economy, a Reuters report has said.

India is likely to challenge the European Union's (EU) proposed carbon tax at the World Trade Organization (WTO), citing concerns over the potential impact on its economy, a Reuters report has said. The move comes as the EU intends to implement 25 percent to 30 percent tariff on imports of high carbon goods such as steel, cement, aluminum, iron ore etc. The proposed carbon tax has raised concerns about its potential adverse impact on developing nations, particularly those that heavily rely on carbon-intensive industries. The EU's carbon import tax, which is part of its broader climate change agenda, aims to encourage member-countries to reduce their carbon emissions and adopt greener practices. Under the proposed tax, goods imported into the EU will be subject to a carbon border adjustment mechanism (CBAM), where a fee is imposed based on the carbon footprint associated with their production. The intention is to level the playing field for EU industries that already adhere to stringent emission regulations. However, many developing countries, including India, worry that the proposed carbon tax could disproportionately affect their exports to the EU. “In the name of environment protection, EU is introducing a trade barrier that would hit not only Indian exports but also of many other developing countries,” Reuters quoted a top government official with direct knowledge of the matter as saying. India is likely to question the legality of the proposed tax, while arguing that it is already following the protocols pledged in the Paris climate agreement, reported Reuters. India has also argued that the EU's proposed carbon tax lacks fairness and transparency and could hinder global trade. According to reports, the proposed tax could lead to declining export revenues, job losses, and economic instability in developing countries, including India. The Federation of Indian Export Organisations has warned that the tax proposal could make India’s free trade agreements with other countries and a proposed pact with the EU “redundant” as the prices of many exported goods would rise by nearly one-fifth after the carbon tax. (With agency inputs)

India plans to challenge EU carbon tax at WTO: Report

Bangladesh will trade in Indian Rupees with India and has decided to avoid the US Dollar. De-Dollarisation is now on the climb globally. Is this the end to the Dollar empire? Molly Gambhir reports.

Gravitas : Bangladesh to trade in rupees with India

According to the Indian Commerce Ministry, the United States has surpassed China to become India's largest trading partner in 2022–2023. India in 2022 and 2023, U.S. trade increased to 128 points 55 billion dollars, up from 119.5 billion dollars in 2021 and 2022.

US now biggest trade partner of India

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal&nbsp;which ended in March 2023.&nbsp;

Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23.&nbsp;

India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal.&nbsp;

The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves.&nbsp;

Trade deficit widens with China&nbsp;

While China has been one of the top trading partners, India's deficit has widened over the years.&nbsp;

Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal.&nbsp;

Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal.&nbsp;

A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.&nbsp;

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.

The United States has edged out China to become India's biggest trading partner in 2022-23, provisional data from India's Commerce Ministry has said. Trade between the two countries rose from from $119.5 billion in 2021-22 to $128.55 billion in the last fiscal which ended in March 2023. Trade between the two countries has skyrocketed since 2020, when the Covid pandemic led to major global economic disruptions. In 2020-21, India-US trade stood at $80.51 billion, which rose by over 37 percent to $128.55 billion in 2022-23. India's exports grew by 2.81 percent to reach $78.31 billion in 2022-23, while imports soared by nearly 16 percent to $50.24 billion in the same period. The trade surplus came to over $28 billion in the last fiscal. The booming trade with the United States is good news for India. United States is one of the few countries with which India enjoys a trade surplus. This means India exports more than it imports from the United States. So, trading with the United States helps India improve its foreign exchange reserves. Trade deficit widens with China While China has been one of the top trading partners, India's deficit has widened over the years. Exports to China dipped by about 28 percent to $15.32 billion in 2022-23, while imports rose by 4.16 percent to $98.51 billion in the last fiscal. Between April 2022 and March 2023, India's trade with China declined 1.5 percent to reach $113.83 billion. But the trade deficit widened from $72.91 billion dollars in 2021-22 to $83.2 billion in the last fiscal. A trade deficit is said to happen when a country's imports are higher than its exports. Trade deficit puts a strain on a country's foreign exchange and contributes to the balance of payments problem.

US pips China to become India's top trade partner

A group of leading Indian CEOs will be led by Indian Commerce Minister Piyush Goyal at the India France Business Summit in Paris on Tuesday. The upcoming trip is expected to improve trade ties with France, the second-largest economy in the European Union.

India talks business and trade with France

The Reserve Bank of India (RBI) has given permission to banks from 18 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments. The Indian government informed parliament of this, earlier this week.

The 18 countries are: Fiji, Botswana, Guyana, Germany, Kenya, Israel, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom

In response to a question, Union Minister of State for Finance Bhagwat Karad said banks from these 18 countries will have to approach authorised dealer (AD) banks in India who would obtain permission from the RBI for opening such an account after the due procedure.

The decision has been taken in the backdrop of the commodity crisis, post the start of the Ukraine war. Trade in local currencies has been suggested as a solution to wartime sanctions.&nbsp;

“Procedures for trade in INR have been delineated by the RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued FAQs on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc,” Mr&nbsp;Karad stated in the Rajya Sabha.

Rajya Sabha is the upper house of the Parliament of India.

(With inputs from agencies) 
 
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&nbsp;

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The Reserve Bank of India (RBI) has given permission to banks from 18 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments.

The Reserve Bank of India (RBI) has given permission to banks from 18 countries to open Special Vostro Rupee Accounts (SVRA) and use Indian rupees to settle payments. The Indian government informed parliament of this, earlier this week. The 18 countries are: Fiji, Botswana, Guyana, Germany, Kenya, Israel, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom In response to a question, Union Minister of State for Finance Bhagwat Karad said banks from these 18 countries will have to approach authorised dealer (AD) banks in India who would obtain permission from the RBI for opening such an account after the due procedure. The decision has been taken in the backdrop of the commodity crisis, post the start of the Ukraine war. Trade in local currencies has been suggested as a solution to wartime sanctions. “Procedures for trade in INR have been delineated by the RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued FAQs on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc,” Mr Karad stated in the Rajya Sabha. Rajya Sabha is the upper house of the Parliament of India. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

RBI allows banks from 18 countries to trade in rupees. What does it mean?

Amid the ongoing global geopolitical tensions, countries are moving away from Dollar. Several nations have banded together to de-dollarise the global trade. Watch this video for all details.

Is the Indian Rupee challenging the Dollar's dominance in global trade?

U.S Commerce Department's Bureau of industry and security has banned an unspecified number of companies around the world. The BIS believes that these entities are involved in unauthorized nuclear activities or collection of sensitive data.

U.S. trade body bans unspecified Pak companies from 14 entities

In a hope to secure better market access, Philippine Senate on Tuesday ratified the nation's entry into the world’s biggest free trade bloc, Regional Comprehensive Economic Partnership (RCEP).&nbsp;

RCEP is a regional free trade agreement which&nbsp;entered into force on 1 January 2022 originally with 10 parties, namely, Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand and Vietnam. The grouping then entered into force for the Republic of Korea on 1 February 2022, for Malaysia on 18 March 2022 and for Indonesia on 2 January 2023.&nbsp;

Also Read | <a href="https://www.wionews.com/world/miracle-baby-aya-born-under-turkey-quake-rubble-adopted-by-her-aunt-uncle-564352">Miracle baby 'Aya', born under Turkey quake rubble, adopted by her aunt, uncle</a>

The RCEP member countries accounts for around 30 per cent of global gross domestic product.

Arsenio Balisacan, Secretary in Philippine's National Economic and Development Authority welcomed the ratification and tweeted that the agreement will provide "another engine for growing the economy and making it part of rapidly rising Asia." "We thank the Senate’s honorable members for taking this bold and game-changing move," he added.&nbsp;

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Finally, the Philippine Senate has ratified the Regional Comprehensive Economic Partnership (RCEP), providing another engine for growing the economy and making it part of rapidly rising Asia. We thank the Senate’s honorable members for taking this bold and game-changing move.
— Arsenio Balisacan (@ambalisacan) <a href="https://twitter.com/ambalisacan/status/1628032013163978753?ref_src=twsrc%5Etfw">February 21, 2023</a></blockquote>
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Balisacan while speaking with reporters said, “Foreign investors look for places to go where there are clear rules, particularly trade facilitation, investment policies, and which are followed and not subject to change at any time."&nbsp;

The resolution to ratify the treaty was passed in Senate late Tuesday by a vote of 20-1, with one abstention.

Also Read | <a href="https://www.wionews.com/india-news/indian-poet-javed-akhtar-at-lahore-event-says-2611-terrorists-roaming-free-in-pakistan-564306">Indian Poet Javed Akhtar, at Lahore event, says 26/11 terrorists roaming free in Pakistan</a>

The agreement is supposed to lower costs for companies by letting them export products anywhere within the bloc. It provides benefit for countries and frees them of separate requirements for each country while trading.&nbsp;

Watch | <a href="https://www.wionews.com/videos/air-india-begins-massive-hiring-pilots-salary-crosses-rs-2-crore-564293">Air India begins massive hiring, pilots' salary crosses Rs 2 crore</a>

Even as Philippine has ratified the agreement, the country has seen dissenting voices of farmers, other organizations and country's private sector who have&nbsp;expressed their strong opposition on the agreement ratified by Duterte government. Meanwhile, after long discussion, India had exited the agreement in 2019 saying that the proposed agreement was unacceptable.&nbsp;

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In a hope to secure better market access, Philippine Senate on Tuesday ratified the nation's entry into the world’s biggest free trade bloc, Regional Comprehensive Economic Partnership (RCEP).

In a hope to secure better market access, Philippine Senate on Tuesday ratified the nation's entry into the world’s biggest free trade bloc, Regional Comprehensive Economic Partnership (RCEP). RCEP is a regional free trade agreement which entered into force on 1 January 2022 originally with 10 parties, namely, Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand and Vietnam. The grouping then entered into force for the Republic of Korea on 1 February 2022, for Malaysia on 18 March 2022 and for Indonesia on 2 January 2023. Also Read | Miracle baby 'Aya', born under Turkey quake rubble, adopted by her aunt, uncle The RCEP member countries accounts for around 30 per cent of global gross domestic product. Arsenio Balisacan, Secretary in Philippine's National Economic and Development Authority welcomed the ratification and tweeted that the agreement will provide "another engine for growing the economy and making it part of rapidly rising Asia." "We thank the Senate’s honorable members for taking this bold and game-changing move," he added. Finally, the Philippine Senate has ratified the Regional Comprehensive Economic Partnership (RCEP), providing another engine for growing the economy and making it part of rapidly rising Asia. We thank the Senate’s honorable members for taking this bold and game-changing move. — Arsenio Balisacan (@ambalisacan) February 21, 2023 × Balisacan while speaking with reporters said, “Foreign investors look for places to go where there are clear rules, particularly trade facilitation, investment policies, and which are followed and not subject to change at any time." The resolution to ratify the treaty was passed in Senate late Tuesday by a vote of 20-1, with one abstention. Also Read | Indian Poet Javed Akhtar, at Lahore event, says 26/11 terrorists roaming free in Pakistan The agreement is supposed to lower costs for companies by letting them export products anywhere within the bloc. It provides benefit for countries and frees them of separate requirements for each country while trading. Watch | Air India begins massive hiring, pilots' salary crosses Rs 2 crore Even as Philippine has ratified the agreement, the country has seen dissenting voices of farmers, other organizations and country's private sector who have expressed their strong opposition on the agreement ratified by Duterte government. Meanwhile, after long discussion, India had exited the agreement in 2019 saying that the proposed agreement was unacceptable. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Philippines Senate ratifies entry to RCEP; world’s largest trade pact

Brazil and Argentina are mooting the use of a common currency "that can be used for both financial and commercial flows, reducing costs operations." The announcement was made in a joint statement by Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez quoted by Argentinian media outlet Perfil, reported Reuters.&nbsp;

This is a positive development between the South American neighbours as the relations between the two nations had suffered a blow under former Brazilian right-wing President Jair Bolsonaro.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/brazil-lula-sacks-army-chief-arruda-after-far-right-revolts-554813">Brazil: Lula sacks Army Chief Arruda for shielding suspects during protests</a>

"We intend to overcome the barriers to our exchanges, simplify and modernise the rules and encourage the use of local currencies," said the statement.&nbsp;

"We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article added.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/france-and-germany-must-become-pioneers-to-relaunch-europe-says-macron-554930">France and Germany must become ‘pioneers’ to relaunch Europe, says Macron</a>

Argentina is Brazil's largest trade partner and this plan, which will be discussed at a summit in Buenos Aires this week, will be a win-win situation. As per officials cited by Financial Times, the use of a new common currency will lessen the reliance of South America on the US dollar and give an impetus to regional trade.&nbsp;

Lula's win in the most contentious Brazil elections is likely to bolster the country's ties with its neighbour Argentina. President Lula chose Argentina for his inaugural international trip after taking office, which is perceived as a step towards the revival&nbsp;of the Community of Latin American and Caribbean States (CELAC) direction. Bolsonaro during his tenure refused to join the bloc in 2019 due to the presence of Cuba and Venezuela in it.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/juice-one-of-europes-grandest-ever-space-missions-to-explore-the-icy-moons-of-jupiter-554943">Juice: One of Europe's grandest-ever space missions</a>

Another bloc that the leaders are vowing to take back on speed track is Mercosur trade bloc which includes Argentina, Brazil, Paraguay and Uruguay.&nbsp;

"Together with our partners, we want Mercosur to constitute a platform for our effective integration into the world, through the joint negotiation of balanced trade agreements that respond to our strategic development objectives," the presidents said in a joint statement.&nbsp;

(With inputs from agencies)

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Brazil and Argentina are mooting the use of a common currency "that can be used for both financial and commercial flows, reducing costs operations." The announcement was made in a joint statement by Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez quoted by Argentinian media outlet Perfil, reported Reuters.

Brazil and Argentina are mooting the use of a common currency "that can be used for both financial and commercial flows, reducing costs operations." The announcement was made in a joint statement by Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez quoted by Argentinian media outlet Perfil, reported Reuters. This is a positive development between the South American neighbours as the relations between the two nations had suffered a blow under former Brazilian right-wing President Jair Bolsonaro. ALSO READ | Brazil: Lula sacks Army Chief Arruda for shielding suspects during protests "We intend to overcome the barriers to our exchanges, simplify and modernise the rules and encourage the use of local currencies," said the statement. "We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article added. ALSO READ | France and Germany must become ‘pioneers’ to relaunch Europe, says Macron Argentina is Brazil's largest trade partner and this plan, which will be discussed at a summit in Buenos Aires this week, will be a win-win situation. As per officials cited by Financial Times, the use of a new common currency will lessen the reliance of South America on the US dollar and give an impetus to regional trade. Lula's win in the most contentious Brazil elections is likely to bolster the country's ties with its neighbour Argentina. President Lula chose Argentina for his inaugural international trip after taking office, which is perceived as a step towards the revival of the Community of Latin American and Caribbean States (CELAC) direction. Bolsonaro during his tenure refused to join the bloc in 2019 due to the presence of Cuba and Venezuela in it. WATCH | Juice: One of Europe's grandest-ever space missions Another bloc that the leaders are vowing to take back on speed track is Mercosur trade bloc which includes Argentina, Brazil, Paraguay and Uruguay. "Together with our partners, we want Mercosur to constitute a platform for our effective integration into the world, through the joint negotiation of balanced trade agreements that respond to our strategic development objectives," the presidents said in a joint statement. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Brazil and Argentina to discuss common currency, boost regional trade

India is hopeful of a rupee trade with Russia. The government data showed a near 400% jump in Russian merchandise imports from April-December. Watch further to know more.

World Business Watch: Indian rupee's expanding ambition

Switzerland's ambassador to India Dr. Ralf Heckner has backed strong trading and political ties with India hoping that the India-European Free Trade Association (EFTA) free trade talk will "accelerate" soon. European Free Trade Association is a free trade area between 4 countries--Iceland, Liechtenstein, Norway and Switzerland.&nbsp;

Speaking to our diplomatic correspondent Sidhant Sibal, Ambassador Heckner said, the Swiss "state secretary for economic affairs will visit Delhi at the beginning of February and both sides will look into negotiations and try to figure out how to accelerate the negotiations and try to wrap them up." He also indicated that the President of the Swiss confederation will be visiting India later this year and for this, both sides are in contact.

On the issue of illicit money issue, he pointed to the 2018 India-Switzerland automatic exchange pact and on the basis of that "on a yearly basis between September-October, both countries are exchanging information on bank accounts". Switzerland, for the first time in its history also became a non-permanent member of the United Nations Security Council for a time frame of 2 years on 1st January 2023. The ambassador listed priorities for his country including peace amid the Russia-Ukraine conflict.

Asked about India's bid for UNSC, he said, "India is now aspiring for the next non-permanent membership of the security council. We will look into that very favourably". Other than the key aspiration to be a permanent member of the UNSC in the long term, India has also bid to be a non-permanent member of the UNSC for the 2028-29 time frame. The ambassador also spoke on reforms of the UNSC Sanctions regime, tourism and other ties.&nbsp;

Sidhant Sibal: How will you characterize India, Switzerland ties? This year both countries are celebrating 75 years of the establishment of diplomatic ties in 2023.&nbsp;

Dr. Ralf Heckner:&nbsp;Maybe before 2023, let's talk about 2022 from where we are coming and where we would like to go when it comes to our bilateral relations. Our bilateral relations were on steroids. We had a number of high-ranking officials from Switzerland, we had the minister of finance, trade, innovation, President of the Swiss national bank in Mumbai. He took 3-4 days out of his schedule to have a discussion on Fintech and meeting the governor of the Reserve bank of India and in the last 6 months of last year, we had 12 delegations coming to town. That is the interest from the Swiss side, but there was also good and important interest when it comes to the Indian side. 
 
We had the trade minister in Davos, Geneva. We had the health minister in Geneva too, both met counterparts on Swiss soil and we had an important railway delegation. If you look at last year, we discussed G20, we discussed fintech, digitization, trade, innovation, and railways, so a huge number of issues were discussed at the highest level. For me, it was important that our people-to-people relations were up and running. I think my colleagues at the visa centre here in the Swiss embassy did a good job. Some of my ambassadors here had to excuse themselves over Visa not delivered, or not delivered on time or not delivered at all. I received praise from the external ministry. Our people-to-people relations are very high, several visa applications were dealt with. People can fly throughout the year, connecting Delhi, Mumbai to Zurich. We got a green light from civil aviation authorities by the end of 2021. Also, Zurich airport is a functioning airport on European soil, things that made Switzerland an attractive destination. 
 
We are very positioned for 2023, I would say we have 3 important things we would like to move forward. First I would like to see a very high level of bilateral relations accelerated, 75 years of friendship. India had chosen Switzerland as the very first country India signed a friendship treaty after independence. So on August 14, 1948, we had the first friendship treaty of India with any given country of India and that was Switzerland. If you look at the world, it is important that friendly countries work together and we celebrate our friendship and cater to our bilateral relations. And then, when it comes to getting things, there are two&nbsp;things. I was very much impressed last year to see how India is growing and climbing up the ladder when it comes to the world innovation index. India's trajectory is very clear on the world innovation index, ambition is also to be among the top 20. Switzerland is also the most innovative country according to the world innovation index and has been for the last 10 years. The more India turns into an innovative country, the more interest India and Switzerland are covering when it comes to innovation. I would like to see our innovation relationship being directed in a more strategic way. 
 
We would like to create a platform of the best universities, companies and align the scientific policies of India and Switzerland accordingly. This will be the first time Switzerland will try to create an innovative platform of that kind worldwide. If we are able to do that in India, we will be able to replicate that in 20 other states. That is the innovation trajectory we have. When it comes to innovation, the more innovative India is becoming the more intellectual property rights will be important for India. That is also something where I see convergence. A more innovative India means, India that attaches importance to intellectual property rights, something that Switzerland also attaches as a small country with an innovative community. 
 
There is also convergence happening. The most important thing will also be that our trade relations will be accelerated. We have been negotiating with India for a number of years, we have seen India is open for business when it comes to trade deals. The proof of the pudding was given last year when India had pacts with Australia and UAE. Switzerland together with Norway, Iceland and Liechtenstein, the European Free trade association countries, have a clear ambition to accelerate the trade negotiation. For that, the state secretary for economic affairs will visit Delhi at the beginning of February and both sides will look into negotiations and try to figure out how to accelerate the negotiations and try to wrap them up. So those are the three things, to cater to friendly countries which are incredibly important to the current international situation. Then moving our innovation relations to a more strategic level and accelerating our trade relations.&nbsp;

Sidhant Sibal: Can we expect any high-level visits this year? 
 
Dr. Ralf Heckner: Actually we are expecting the President of the Swiss confederation to come to town. We are in contact to make this happen. This would for sure be the highlight of this year and be part of celebrating 75 years of our friendship but also a moment to move our economic relations forward. What is the potential of a trade deal as well, because if you understand the potential of a trade deal, you will also have the ambition to wrap up a trade deal. So Switzerland is number 20 when it comes to worldwide economies. Our GDP is 900 billion dollars, India's GDP is 3.2 trillion dollars. So three and a half times bigger than Switzerland. We are one of the most important financial centres, we are one of the most important innovative countries. This is just to set the stages. 
 
Let's talk about the numbers, the potential we have. There are 330 Swiss businesses physically present in India. In China there are 1000, so that means we have triple the presence of Swiss companies in India, if we take China as one of the reference points. In China, we were able to wrap up a free trade pact years back, including one on intellectual property. If you have a look at the US, which is the biggest economy in the world, we are one of the biggest countries to put FDI in the US. We are talking about 300 billion US dollars, invested in the US. We are talking about 10 billion US dollars invested in India from Switzerland. In the US its, 300 billion. Only the research and development investment from Switzerland into the US is 10 billion US dollars. So sky's the limit when it comes to the potential of Swiss businesses here and when it comes to foreign direct investment into India. So once you grasp the potential, the ambition to wrap up trade deals will come with it as well.&nbsp;

Sidhant Sibal: India is the President of the G20 grouping this year, and is inviting Switzerland to take part in the Sherpa track. Your comments on that...

Dr. Ralf Heckner: We are very grateful to the Indian government that Switzerland is invited again as a permanent invitee to the finance track. We have been part of the finance track since 2016. It can be explained, we are one of the biggest financial centres and I think what we bring to the table is the know-how to new technology, Fintech. We are sharing that with India. I referred to the visit of the President of the Swiss national bank with a keen interest in India's fintech space. One thing I see, is the major contribution of Switzerland is sustainability. PM Modi is very much focused on turning India into a green country when it comes to energy and the economy. The Swiss govt also had a vision, a vision for Switzerland's financial sector, to turn into a sustainable international financial sector. We are not talking about the billions of dollars that will be invested in climate change adaptation, and mitigation like at COP27 but we are talking about trillions of dollars in Swiss pension funds, insurance, and banks, that would be invested in sustainable businesses and solutions. There we have a huge opportunity to work with India. 
 
It is the right thing to have Switzerland at the table when it comes to the G20 finance track. I think overall, and the most important thing when it comes to India's G20 presidency and Switzerland is the focus of India on peace. The PM wrote an OP-ED and made it clear that this is not a time of war and made it clear we are talking about "One family, one world, One future". If you look at Switzerland's security council priorities-- we are for the first time in our history non-permanent members of the security council--the number one priority is sustainable peace. Whenever war breaks out in the last 10-20 years, there is no peace that follows. The most important thing is we keep peace where it is and then try to foster peace where war is. This is an overarching alignment where the objectives of India's G20 presidency and we would like to achieve in New York.&nbsp;

Sidhant Sibal: India has been focusing on automatic exchange of information when it comes to illicit money. On the bilateral aspect if you can talk about that?

Dr. Ralf Heckner: So, in 2018 India and Switzerland signed a pact on automatic exchange of bank information. So on a yearly basis between September-October, both countries are exchanging information on bank accounts. With that, the whole issue of banking information being exchanged is being catered for. I have been here in India for 2 years now, and I have never heard anything that is of importance when it comes to our relations and transparency in the banking sector. So no clouds on the horizon in our bilateral ties on the contrary. But it was dealt with in 2018.&nbsp;

Sidhant Sibal: What are Switzerland's priorities when it comes to its non-permanent time frame at the UNSC which has just started. You have already talked about peace, but what are the other priorities?

Dr. Ralf Heckner: Other Priorities are very Swiss priorities based on our foreign policy priorities. One is the protection of civilians in armed conflict, Switzerland attaches importance to protection and international humanitarian law with the founding of the International Committee of Red Cross in the 19th century. Unfortunately, if you look at the world in Ukraine, Syria, Yemen, the protection of civilians is really an issue. This is our second priority. The 3rd priority will be the link between climate change and security and the 4th one, very much in line with the reform objectives of India. We would like to see an effective and transparent security council.&nbsp;

Sidhant Sibal: Reforms of the UNSC are also something India has been talking about, what is your view on how UNSC should reflect the current geopolitical realities and will you support India's bid for a permanent seat at a reformed UNSC?

Dr. Ralf Heckner: Already the fact that we support India's candidacy for 2021-22 security council membership is an indication, India is now aspiring for the next non-permanent membership of the security council. We will look into that very favourably. I think Switzerland and India are coming from 2 different sides to the same issue, that is the reform of the security council and international institutions as a whole. We are trying to change things in the current circumstances and hoping and working for a real reform. For that reason, we are talking about the effectiveness and transparency of the security council. 
 
If you look at what Switzerland has pushed forward and moved forward in the last years in that specific file, we have made it clear that we are of the opinion that P5 with a veto power should refrain from using the veto power whenever they are involved in a war. I think Ukraine is an example why Switzerland's proposal for a restrained use of a veto power is the right one. When it comes to India, once the conditions are ripe, I am sure Switzerland will look very favourable into India's candidacy. If you look at the world, it is very clear that India is an important country growing in influence and Switzerland attaches a lot of importance to our bilateral relations and which direction it will go.

Sidhant Sibal: What is your view on the reform of the sanctions regime? Sanctions regimes looked politicised and China has blocked the listing of Pakistan-based terrorists.

Dr. Ralf Heckner: I cannot tell you how we will vote, once things are on the table of my colleagues in the Swiss government in New York. But Switzerland is adhering to UN Sanctions, sanctions being taken by UNSC and that is clear. So Switzerland is implementing sanctions of the security council and will do so in the future. 
 
When it comes to sanctions and terrorism, just have a look at how Switzerland, decisions last year. India invited a number of countries to an extraordinary session of the UNSC sanctions committee. We were there with one person from New York and another from Berne. This shows the importance we attach to the sanctions regime and then no money for the terror conference, we had the deputy state secretary of financial affairs in town for those 2 days. Our message was a clear one that we would like to see all international states adhering and implementing the international standards when it comes to fight against terrorism. They are very much aligned with India and working with India on one of the priorities of India's security council membership 2021-2022.&nbsp;

Sidhant Sibal: Switzerland has had a cultural impact due to movies, how do you see it? There seems to be a lull in that, but how do you plan to take it forward?

Dr. Ralf Heckner: I am so impressed to see how one person, Mr Chopra and a friend of his, a Swiss farmer in Berne, were at the beginning of an incredible people to people relationship. The fact that the biggest visa centre worldwide of our network is in India, shows you the vibrancy of our people to people relations. It is not lull, if you look at 2 things–shooting a move in Switzerland that is still being done which is being done in a lot of other countries and then there is social media. Switzerland tourism is working very much with popular figures in India, Shah Rukh Khan or now the Olympic gold medal winner Neeraj Chopra. That is how we try to keep the attention level of our Indian friends when it comes to visiting Switzerland as a tourist destination. But what I think is important is that Indian people, Indian administration understand what Switzerland has to offer beyond the beautiful landscape and cable cars and trains, that is our country is the most innovative country on our planet. 
 
If you want to tap into the most innovative country on this planet, you can do that in Switzerland, if you want to have a relationship with one of the biggest FDI investors, that is Switzerland. That is something people do not see that much. The economic muscle Switzerland has as an FDI investor and also when it comes to innovation and research and that is where I would like to direct the attention of the Indian public but I am very happy Indian tourists are visiting Switzerland and by the way a lot of Swiss tourists are also visiting India. Before the pandemic, My friends in the Indian embassy in Berne were issuing 40-50,000 visas so it's a two-way relationship. 
 
&nbsp;

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Switzerland's ambassador to India Dr. Ralf Heckner has backed strong trading and political ties with India hoping that the India-European Free Trade Association (EFTA) free trade talk will "accelerate" soon.

Switzerland's ambassador to India Dr. Ralf Heckner has backed strong trading and political ties with India hoping that the India-European Free Trade Association (EFTA) free trade talk will "accelerate" soon. European Free Trade Association is a free trade area between 4 countries--Iceland, Liechtenstein, Norway and Switzerland. Speaking to our diplomatic correspondent Sidhant Sibal, Ambassador Heckner said, the Swiss "state secretary for economic affairs will visit Delhi at the beginning of February and both sides will look into negotiations and try to figure out how to accelerate the negotiations and try to wrap them up." He also indicated that the President of the Swiss confederation will be visiting India later this year and for this, both sides are in contact. On the issue of illicit money issue, he pointed to the 2018 India-Switzerland automatic exchange pact and on the basis of that "on a yearly basis between September-October, both countries are exchanging information on bank accounts". Switzerland, for the first time in its history also became a non-permanent member of the United Nations Security Council for a time frame of 2 years on 1st January 2023. The ambassador listed priorities for his country including peace amid the Russia-Ukraine conflict. Asked about India's bid for UNSC, he said, "India is now aspiring for the next non-permanent membership of the security council. We will look into that very favourably". Other than the key aspiration to be a permanent member of the UNSC in the long term, India has also bid to be a non-permanent member of the UNSC for the 2028-29 time frame. The ambassador also spoke on reforms of the UNSC Sanctions regime, tourism and other ties. Sidhant Sibal: How will you characterize India, Switzerland ties? This year both countries are celebrating 75 years of the establishment of diplomatic ties in 2023. Dr. Ralf Heckner: Maybe before 2023, let's talk about 2022 from where we are coming and where we would like to go when it comes to our bilateral relations. Our bilateral relations were on steroids. We had a number of high-ranking officials from Switzerland, we had the minister of finance, trade, innovation, President of the Swiss national bank in Mumbai. He took 3-4 days out of his schedule to have a discussion on Fintech and meeting the governor of the Reserve bank of India and in the last 6 months of last year, we had 12 delegations coming to town. That is the interest from the Swiss side, but there was also good and important interest when it comes to the Indian side. We had the trade minister in Davos, Geneva. We had the health minister in Geneva too, both met counterparts on Swiss soil and we had an important railway delegation. If you look at last year, we discussed G20, we discussed fintech, digitization, trade, innovation, and railways, so a huge number of issues were discussed at the highest level. For me, it was important that our people-to-people relations were up and running. I think my colleagues at the visa centre here in the Swiss embassy did a good job. Some of my ambassadors here had to excuse themselves over Visa not delivered, or not delivered on time or not delivered at all. I received praise from the external ministry. Our people-to-people relations are very high, several visa applications were dealt with. People can fly throughout the year, connecting Delhi, Mumbai to Zurich. We got a green light from civil aviation authorities by the end of 2021. Also, Zurich airport is a functioning airport on European soil, things that made Switzerland an attractive destination. We are very positioned for 2023, I would say we have 3 important things we would like to move forward. First I would like to see a very high level of bilateral relations accelerated, 75 years of friendship. India had chosen Switzerland as the very first country India signed a friendship treaty after independence. So on August 14, 1948, we had the first friendship treaty of India with any given country of India and that was Switzerland. If you look at the world, it is important that friendly countries work together and we celebrate our friendship and cater to our bilateral relations. And then, when it comes to getting things, there are two things. I was very much impressed last year to see how India is growing and climbing up the ladder when it comes to the world innovation index. India's trajectory is very clear on the world innovation index, ambition is also to be among the top 20. Switzerland is also the most innovative country according to the world innovation index and has been for the last 10 years. The more India turns into an innovative country, the more interest India and Switzerland are covering when it comes to innovation. I would like to see our innovation relationship being directed in a more strategic way. We would like to create a platform of the best universities, companies and align the scientific policies of India and Switzerland accordingly. This will be the first time Switzerland will try to create an innovative platform of that kind worldwide. If we are able to do that in India, we will be able to replicate that in 20 other states. That is the innovation trajectory we have. When it comes to innovation, the more innovative India is becoming the more intellectual property rights will be important for India. That is also something where I see convergence. A more innovative India means, India that attaches importance to intellectual property rights, something that Switzerland also attaches as a small country with an innovative community. There is also convergence happening. The most important thing will also be that our trade relations will be accelerated. We have been negotiating with India for a number of years, we have seen India is open for business when it comes to trade deals. The proof of the pudding was given last year when India had pacts with Australia and UAE. Switzerland together with Norway, Iceland and Liechtenstein, the European Free trade association countries, have a clear ambition to accelerate the trade negotiation. For that, the state secretary for economic affairs will visit Delhi at the beginning of February and both sides will look into negotiations and try to figure out how to accelerate the negotiations and try to wrap them up. So those are the three things, to cater to friendly countries which are incredibly important to the current international situation. Then moving our innovation relations to a more strategic level and accelerating our trade relations. Sidhant Sibal: Can we expect any high-level visits this year? Dr. Ralf Heckner: Actually we are expecting the President of the Swiss confederation to come to town. We are in contact to make this happen. This would for sure be the highlight of this year and be part of celebrating 75 years of our friendship but also a moment to move our economic relations forward. What is the potential of a trade deal as well, because if you understand the potential of a trade deal, you will also have the ambition to wrap up a trade deal. So Switzerland is number 20 when it comes to worldwide economies. Our GDP is 900 billion dollars, India's GDP is 3.2 trillion dollars. So three and a half times bigger than Switzerland. We are one of the most important financial centres, we are one of the most important innovative countries. This is just to set the stages. Let's talk about the numbers, the potential we have. There are 330 Swiss businesses physically present in India. In China there are 1000, so that means we have triple the presence of Swiss companies in India, if we take China as one of the reference points. In China, we were able to wrap up a free trade pact years back, including one on intellectual property. If you have a look at the US, which is the biggest economy in the world, we are one of the biggest countries to put FDI in the US. We are talking about 300 billion US dollars, invested in the US. We are talking about 10 billion US dollars invested in India from Switzerland. In the US its, 300 billion. Only the research and development investment from Switzerland into the US is 10 billion US dollars. So sky's the limit when it comes to the potential of Swiss businesses here and when it comes to foreign direct investment into India. So once you grasp the potential, the ambition to wrap up trade deals will come with it as well. Sidhant Sibal: India is the President of the G20 grouping this year, and is inviting Switzerland to take part in the Sherpa track. Your comments on that... Dr. Ralf Heckner: We are very grateful to the Indian government that Switzerland is invited again as a permanent invitee to the finance track. We have been part of the finance track since 2016. It can be explained, we are one of the biggest financial centres and I think what we bring to the table is the know-how to new technology, Fintech. We are sharing that with India. I referred to the visit of the President of the Swiss national bank with a keen interest in India's fintech space. One thing I see, is the major contribution of Switzerland is sustainability. PM Modi is very much focused on turning India into a green country when it comes to energy and the economy. The Swiss govt also had a vision, a vision for Switzerland's financial sector, to turn into a sustainable international financial sector. We are not talking about the billions of dollars that will be invested in climate change adaptation, and mitigation like at COP27 but we are talking about trillions of dollars in Swiss pension funds, insurance, and banks, that would be invested in sustainable businesses and solutions. There we have a huge opportunity to work with India. It is the right thing to have Switzerland at the table when it comes to the G20 finance track. I think overall, and the most important thing when it comes to India's G20 presidency and Switzerland is the focus of India on peace. The PM wrote an OP-ED and made it clear that this is not a time of war and made it clear we are talking about "One family, one world, One future". If you look at Switzerland's security council priorities-- we are for the first time in our history non-permanent members of the security council--the number one priority is sustainable peace. Whenever war breaks out in the last 10-20 years, there is no peace that follows. The most important thing is we keep peace where it is and then try to foster peace where war is. This is an overarching alignment where the objectives of India's G20 presidency and we would like to achieve in New York. Sidhant Sibal: India has been focusing on automatic exchange of information when it comes to illicit money. On the bilateral aspect if you can talk about that? Dr. Ralf Heckner: So, in 2018 India and Switzerland signed a pact on automatic exchange of bank information. So on a yearly basis between September-October, both countries are exchanging information on bank accounts. With that, the whole issue of banking information being exchanged is being catered for. I have been here in India for 2 years now, and I have never heard anything that is of importance when it comes to our relations and transparency in the banking sector. So no clouds on the horizon in our bilateral ties on the contrary. But it was dealt with in 2018. Sidhant Sibal: What are Switzerland's priorities when it comes to its non-permanent time frame at the UNSC which has just started. You have already talked about peace, but what are the other priorities? Dr. Ralf Heckner: Other Priorities are very Swiss priorities based on our foreign policy priorities. One is the protection of civilians in armed conflict, Switzerland attaches importance to protection and international humanitarian law with the founding of the International Committee of Red Cross in the 19th century. Unfortunately, if you look at the world in Ukraine, Syria, Yemen, the protection of civilians is really an issue. This is our second priority. The 3rd priority will be the link between climate change and security and the 4th one, very much in line with the reform objectives of India. We would like to see an effective and transparent security council. Sidhant Sibal: Reforms of the UNSC are also something India has been talking about, what is your view on how UNSC should reflect the current geopolitical realities and will you support India's bid for a permanent seat at a reformed UNSC? Dr. Ralf Heckner: Already the fact that we support India's candidacy for 2021-22 security council membership is an indication, India is now aspiring for the next non-permanent membership of the security council. We will look into that very favourably. I think Switzerland and India are coming from 2 different sides to the same issue, that is the reform of the security council and international institutions as a whole. We are trying to change things in the current circumstances and hoping and working for a real reform. For that reason, we are talking about the effectiveness and transparency of the security council. If you look at what Switzerland has pushed forward and moved forward in the last years in that specific file, we have made it clear that we are of the opinion that P5 with a veto power should refrain from using the veto power whenever they are involved in a war. I think Ukraine is an example why Switzerland's proposal for a restrained use of a veto power is the right one. When it comes to India, once the conditions are ripe, I am sure Switzerland will look very favourable into India's candidacy. If you look at the world, it is very clear that India is an important country growing in influence and Switzerland attaches a lot of importance to our bilateral relations and which direction it will go. Sidhant Sibal: What is your view on the reform of the sanctions regime? Sanctions regimes looked politicised and China has blocked the listing of Pakistan-based terrorists. Dr. Ralf Heckner: I cannot tell you how we will vote, once things are on the table of my colleagues in the Swiss government in New York. But Switzerland is adhering to UN Sanctions, sanctions being taken by UNSC and that is clear. So Switzerland is implementing sanctions of the security council and will do so in the future. When it comes to sanctions and terrorism, just have a look at how Switzerland, decisions last year. India invited a number of countries to an extraordinary session of the UNSC sanctions committee. We were there with one person from New York and another from Berne. This shows the importance we attach to the sanctions regime and then no money for the terror conference, we had the deputy state secretary of financial affairs in town for those 2 days. Our message was a clear one that we would like to see all international states adhering and implementing the international standards when it comes to fight against terrorism. They are very much aligned with India and working with India on one of the priorities of India's security council membership 2021-2022. Sidhant Sibal: Switzerland has had a cultural impact due to movies, how do you see it? There seems to be a lull in that, but how do you plan to take it forward? Dr. Ralf Heckner: I am so impressed to see how one person, Mr Chopra and a friend of his, a Swiss farmer in Berne, were at the beginning of an incredible people to people relationship. The fact that the biggest visa centre worldwide of our network is in India, shows you the vibrancy of our people to people relations. It is not lull, if you look at 2 things–shooting a move in Switzerland that is still being done which is being done in a lot of other countries and then there is social media. Switzerland tourism is working very much with popular figures in India, Shah Rukh Khan or now the Olympic gold medal winner Neeraj Chopra. That is how we try to keep the attention level of our Indian friends when it comes to visiting Switzerland as a tourist destination. But what I think is important is that Indian people, Indian administration understand what Switzerland has to offer beyond the beautiful landscape and cable cars and trains, that is our country is the most innovative country on our planet. If you want to tap into the most innovative country on this planet, you can do that in Switzerland, if you want to have a relationship with one of the biggest FDI investors, that is Switzerland. That is something people do not see that much. The economic muscle Switzerland has as an FDI investor and also when it comes to innovation and research and that is where I would like to direct the attention of the Indian public but I am very happy Indian tourists are visiting Switzerland and by the way a lot of Swiss tourists are also visiting India. Before the pandemic, My friends in the Indian embassy in Berne were issuing 40-50,000 visas so it's a two-way relationship. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

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The trade between India and China has crossed USD 100 billion for the second year, says the&nbsp;data released by Chinese customs.

The total bilateral trade, amidst the military standoff in eastern Ladakh, went up to USD 103.63 billion, registering a 14.6 per cent increase compared to last year during the same period.

Chinese exports to India have shot up to USD 89.66 billion. This is an increase of 31 per cent, said the data.

However, India's exports in the past nine months stood at USD 13.97 billion, registering a decline of 36.4 per cent.&nbsp;As a result, the total trade deficit went up to over USD 75.69 billion.

Last year, bilateral trade between India and China hit a record high of over USD 125 billion. The bilateral trade crossed USD 100 billion mark in a year when relations between the two countries had touched a new low due to standoff between two militaries in eastern Ladakh.

Last year, China's exports to India went up by 46.2 per cent to USD 97.52 billion while India's exports to China grew by 34.2 per cent to USD 28.14 billion.

The trade deficit for India stood at USD 69.38 billion in 2021.

(With inputs from agencies)&nbsp;

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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The trade between India and China has crossed USD 100 billion for the second year, says the data released by Chinese customs. The total bilateral trade, amidst the military standoff in eastern Ladakh, went up to USD 103.

The trade between India and China has crossed USD 100 billion for the second year, says the data released by Chinese customs. The total bilateral trade, amidst the military standoff in eastern Ladakh, went up to USD 103.63 billion, registering a 14.6 per cent increase compared to last year during the same period. Chinese exports to India have shot up to USD 89.66 billion. This is an increase of 31 per cent, said the data. However, India's exports in the past nine months stood at USD 13.97 billion, registering a decline of 36.4 per cent. As a result, the total trade deficit went up to over USD 75.69 billion. Last year, bilateral trade between India and China hit a record high of over USD 125 billion. The bilateral trade crossed USD 100 billion mark in a year when relations between the two countries had touched a new low due to standoff between two militaries in eastern Ladakh. Last year, China's exports to India went up by 46.2 per cent to USD 97.52 billion while India's exports to China grew by 34.2 per cent to USD 28.14 billion. The trade deficit for India stood at USD 69.38 billion in 2021. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Trade between India and China crosses USD 100 billion mark

India-China trade has hit $100 billion in nine months. While China is giving subsidies to industries to compete globally, India has come up with a PLI scheme to push exports.

India-China trade hits $100 billion in nine months

Prime Minister of Mauritius Pravind Kumar Jugnauth, on Tuesday, while speaking at an event to commemorate the relations between India and Mauritius expressed gratitude to New Delhi for their continued support and unwavering commitment to making CECPA a reality. Notably, this is one of the first such agreements that India has signed with an African country.&nbsp;

The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) is a trade agreement between India and Mauritius. 
 
“The CECPA forms a part of a broader strategy between the Governments to broaden our economic horizons and plays an integral part in facilitating cross-border trade and investment,” said PM Jugnauth, at an event celebrating the 75th anniversary of establishing diplomatic ties between India and Mauritius.&nbsp;

According to the local media, he also expressed gratitude to the Government of India and Prime Minister Narendra Modi for the realisation of CECPA and said, “India has been a partner and friend like no other to Mauritius.” PM Jugnauth said that the event further highlights the long-lasting friendship and deep-rooted ties shared by the people of both countries.&nbsp;

The agreement came into force on April 1, 2021, and focuses predominantly on trade between the two countries besides including&nbsp;sanitary and phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in other areas, stated a press release by the Indian ministry of commerce and industry.&nbsp;

PM Jugnauth also went on to highlight New Delhi’s technical, financial and diplomatic support, citing the completion of recent projects like the Metro Express, the new Supreme Court, and the new ENT hospital. 
 
“Government is investing massively in the upgrading of infrastructure to make sure businesses operate in the best environment as well as pave the way to the sustainable, intensive, and modern economy,” said the island nation’s PM, according to local media.&nbsp;

The foreign affairs minister of Mauritius, Alan Ganoo, echoed a similar sentiment describing India as a staunch supporter of Mauritius. He said that they have benefitted from New Delhi’s support and called CECPA a pivotal milestone, “Indian investors can use Mauritius as a gateway for production and subsequent exports to African market” Ganoo added. Notably, Mauritius has duty-free access to the 650 million consumer market which the foreign minister attributed to the country’s membership in COMESA and SADC.&nbsp; 
 
ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/india-signs-fta-with-mauritius-extends-100-million-defence-line-of-credit-365504">India signs FTA with Mauritius, extends $100 million defence line of credit</a>

Meanwhile, Mauritius also benefits from preferential market access into India for the island nation’s 615 products, including frozen fish, speciality sugar, biscuits, fresh fruits, juices, mineral water, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel, said India’s commerce ministry in their statement. 
 
On the other hand, the pact cover 310 export items from India such as food and beverages, agricultural products, textile and textile articles, base materials, electronic items and electricals, plastics and chemicals and wood.&nbsp;

The aforementioned event was attended by the High Commissioner of India, K Nandini Singla, who also reiterated CECPA’s benefits in enhancing the well-being of people from both countries. “The CECPA holds tremendous potential to boost bilateral trade and is an ideal platform to explore new opportunities in Africa,” said Singla. India has always been one of Mauritius’ top three trading partners since its independence, while Mauritius has been among the top three sources of FDI into India, indicated the high commissioner.&nbsp;

“We look forward to Mauritius continuing to be a cherished partner in our growth story”, Singla concluded. The event also saw the launch of a booklet penned by the Economic Development Board (EDB) titled, “Mauritius-India: A guide to Business Development”, reported the local media.&nbsp;

(with inputs from agencies) 
&nbsp;

Prime Minister of Mauritius Pravind Kumar Jugnauth, on Tuesday, while speaking at an event to commemorate the relations between India and Mauritius expressed gratitude to New Delhi for their continued support and unwavering commitment to making CECPA a reality.

Prime Minister of Mauritius Pravind Kumar Jugnauth, on Tuesday, while speaking at an event to commemorate the relations between India and Mauritius expressed gratitude to New Delhi for their continued support and unwavering commitment to making CECPA a reality. Notably, this is one of the first such agreements that India has signed with an African country. The Comprehensive Economic Cooperation and Partnership Agreement (CECPA) is a trade agreement between India and Mauritius. “The CECPA forms a part of a broader strategy between the Governments to broaden our economic horizons and plays an integral part in facilitating cross-border trade and investment,” said PM Jugnauth, at an event celebrating the 75th anniversary of establishing diplomatic ties between India and Mauritius. According to the local media, he also expressed gratitude to the Government of India and Prime Minister Narendra Modi for the realisation of CECPA and said, “India has been a partner and friend like no other to Mauritius.” PM Jugnauth said that the event further highlights the long-lasting friendship and deep-rooted ties shared by the people of both countries. The agreement came into force on April 1, 2021, and focuses predominantly on trade between the two countries besides including sanitary and phytosanitary (SPS) measures, dispute settlement, movement of natural persons, telecom, financial services, customs procedures and cooperation in other areas, stated a press release by the Indian ministry of commerce and industry. PM Jugnauth also went on to highlight New Delhi’s technical, financial and diplomatic support, citing the completion of recent projects like the Metro Express, the new Supreme Court, and the new ENT hospital. “Government is investing massively in the upgrading of infrastructure to make sure businesses operate in the best environment as well as pave the way to the sustainable, intensive, and modern economy,” said the island nation’s PM, according to local media. The foreign affairs minister of Mauritius, Alan Ganoo, echoed a similar sentiment describing India as a staunch supporter of Mauritius. He said that they have benefitted from New Delhi’s support and called CECPA a pivotal milestone, “Indian investors can use Mauritius as a gateway for production and subsequent exports to African market” Ganoo added. Notably, Mauritius has duty-free access to the 650 million consumer market which the foreign minister attributed to the country’s membership in COMESA and SADC. ALSO READ | India signs FTA with Mauritius, extends $100 million defence line of credit Meanwhile, Mauritius also benefits from preferential market access into India for the island nation’s 615 products, including frozen fish, speciality sugar, biscuits, fresh fruits, juices, mineral water, beer, alcoholic drinks, soaps, bags, medical and surgical equipment, and apparel, said India’s commerce ministry in their statement. On the other hand, the pact cover 310 export items from India such as food and beverages, agricultural products, textile and textile articles, base materials, electronic items and electricals, plastics and chemicals and wood. The aforementioned event was attended by the High Commissioner of India, K Nandini Singla, who also reiterated CECPA’s benefits in enhancing the well-being of people from both countries. “The CECPA holds tremendous potential to boost bilateral trade and is an ideal platform to explore new opportunities in Africa,” said Singla. India has always been one of Mauritius’ top three trading partners since its independence, while Mauritius has been among the top three sources of FDI into India, indicated the high commissioner. “We look forward to Mauritius continuing to be a cherished partner in our growth story”, Singla concluded. The event also saw the launch of a booklet penned by the Economic Development Board (EDB) titled, “Mauritius-India: A guide to Business Development”, reported the local media. (with inputs from agencies)

Mauritius PM hails India for CECPA agreement, says it fosters trade between the two countries

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