India is all set to haul the first India-Central Asia summit today. The highly anticipated summit which will go virtual this time will be hosted by Indian Prime Minister Narendra Modi.

Indian PM Modi to host the first virtual India-Central Asia summit

Indian Prime Minister Narendra Modi to host the first India-Central Asia summit virtually

United Kingdom Secretary of State for International Trade is on a two-day visit to India. The British trade secretary Anne-Marie Trevelyan will launch free trade agreement negotiations in New Delhi.

India & UK to launch joint trade panel

British trade secretary Anne-Marie Trevelyan will launch free trade agreement negotiations in India

Despite Omicron dampening the new year, India ended 2021 with some impressive milestones. $300 billion in exports, IIT placements at an all-time high and a green energy target achieved 8 years ahead of schedule. Palki Sharma tells you more.

Gravitas: Trade, jobs, climate: India's highs despite Omicron dampener

India's exports crossed $300 billion in the first 9 months of 2021-22 for the first time. December 2021 also saw the highest ever level of monthly outbound trade at $37 billion.

India: Exports cross $300 bn in first 9 months of 2021-22

A 2020 trade pact between the United States and China expired. With no signs of revival this is bound to have ramifications.

US and China's trade pact expires, no signs of revival so far

Russian President Vladimir Putin and Chinese leader Xi Jinping held a video call on Wednesday to discuss bilateral relations and international affairs, a summit that comes amid heightened tensions over Ukraine.

Russia and China hold virtual talks; energy, trade and investment on agenda

China voiced its displeasure on Thursday at US putting dozens of Chinese companies in trade blacklist. The US said on Wednesday that it took this step over national security and foreign policy concerns. While doing so, US cited help given by Chinese companies to Chinese military in its quantum computing efforts.

The blacklist has been maintained&nbsp;by US commerce department. Tensions are growing between China and the US over several issues.

China strongly opposes the sanctions on the Chinese companies, and will lodge solemn representations with the United States, Shu Jueting, a spokesperson for the Chinese commerce ministry, said at a news conference on Thursday.

Commerce Secretary Gina Raimondo said in a statement on Wednesday that the new listings will help prevent US&nbsp;technology from supporting the development of Chinese and Russian "military advancement and activities of non-proliferation concern like Pakistan's unsafeguarded nuclear activities or ballistic missile programme."

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China's embassy in Washington charged that the United States "uses the catch-all concept of national security and abuses state power to suppress and restrict Chinese enterprises in all possible means.

"China is firmly opposed to that," embassy spokesperson Liu Pengyu said.

He said the United States should "follow the spirit" of a virtual meeting between US&nbsp;President Joe Biden and Chinese leader Xi Jinping last week and "meet China halfway instead of going further down the wrong path."

China will take all the necessary steps to defend its companies, and reserves the right to take countermeasures against the sanctions, warned Zhao Lijian, spokesman at the Chinese foreign ministry, at a briefing on Thursday.

The US&nbsp;Commerce Department said Hangzhou Zhongke Microelectronics Co Ltd, Hunan Goke Microelectronics (300672.SZ), New H3C Semiconductor Technologies Co Ltd, Xi'an Aerospace Huaxun Technology and Yunchip Microelectronics were placed on the Commerce Department's entity list for their "support of the military modernization of the People's Liberation Army."

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It also added Hefei National Laboratory for Physical Sciences at Microscale, QuantumCTek (688027.SS) and Shanghai QuantumCTeck Co Ltd to the list for "acquiring and attempting to acquire U.S.-origin items in support of military applications".

The eight Chinese firms were listed to prevent US&nbsp;technology being used to help China develop quantum computing applications for its military.

The Commerce Department wants to stop the Chinese military from developing its counter-stealth technology, which could include equipment like advanced radars, and counter-submarine applications such as undersea sensors. The action also blocks US&nbsp;material from being used to help China break encryption or develop unbreakable encryption, the Commerce Department said.

Suppliers to companies on the entity list will need to apply for a license before they can sell to them, which is likely to be denied.

Separately, the Moscow Institute of Physics and Technology was added to the Commerce Department's military end user list, but the listing did not provide additional information other than it had produced military products.

The entity list has increasingly been used for national security and foreign policy aims since the Trump administration. Chinese telecom company Huawei (HWT.UL) was added in 2019, cutting it off from some key suppliers and making it difficult for them to produce mobile handsets.

(With inputs from agencies)

China voiced its displeasure on Thursday at US putting dozens of Chinese companies in trade blacklist. The US said on Wednesday that it took this step over national security and foreign policy concerns.

China voiced its displeasure on Thursday at US putting dozens of Chinese companies in trade blacklist. The US said on Wednesday that it took this step over national security and foreign policy concerns. While doing so, US cited help given by Chinese companies to Chinese military in its quantum computing efforts. The blacklist has been maintained by US commerce department. Tensions are growing between China and the US over several issues. China strongly opposes the sanctions on the Chinese companies, and will lodge solemn representations with the United States, Shu Jueting, a spokesperson for the Chinese commerce ministry, said at a news conference on Thursday. Commerce Secretary Gina Raimondo said in a statement on Wednesday that the new listings will help prevent US technology from supporting the development of Chinese and Russian "military advancement and activities of non-proliferation concern like Pakistan's unsafeguarded nuclear activities or ballistic missile programme." Also Read | China's official elected in Interpol amid human rights concern China's embassy in Washington charged that the United States "uses the catch-all concept of national security and abuses state power to suppress and restrict Chinese enterprises in all possible means. "China is firmly opposed to that," embassy spokesperson Liu Pengyu said. He said the United States should "follow the spirit" of a virtual meeting between US President Joe Biden and Chinese leader Xi Jinping last week and "meet China halfway instead of going further down the wrong path." China will take all the necessary steps to defend its companies, and reserves the right to take countermeasures against the sanctions, warned Zhao Lijian, spokesman at the Chinese foreign ministry, at a briefing on Thursday. The US Commerce Department said Hangzhou Zhongke Microelectronics Co Ltd, Hunan Goke Microelectronics (300672.SZ), New H3C Semiconductor Technologies Co Ltd, Xi'an Aerospace Huaxun Technology and Yunchip Microelectronics were placed on the Commerce Department's entity list for their "support of the military modernization of the People's Liberation Army." Also Read | Biden thinks he can have it both ways on China. He's wrong It also added Hefei National Laboratory for Physical Sciences at Microscale, QuantumCTek (688027.SS) and Shanghai QuantumCTeck Co Ltd to the list for "acquiring and attempting to acquire U.S.-origin items in support of military applications". The eight Chinese firms were listed to prevent US technology being used to help China develop quantum computing applications for its military. The Commerce Department wants to stop the Chinese military from developing its counter-stealth technology, which could include equipment like advanced radars, and counter-submarine applications such as undersea sensors. The action also blocks US material from being used to help China break encryption or develop unbreakable encryption, the Commerce Department said. Suppliers to companies on the entity list will need to apply for a license before they can sell to them, which is likely to be denied. Separately, the Moscow Institute of Physics and Technology was added to the Commerce Department's military end user list, but the listing did not provide additional information other than it had produced military products. The entity list has increasingly been used for national security and foreign policy aims since the Trump administration. Chinese telecom company Huawei (HWT.UL) was added in 2019, cutting it off from some key suppliers and making it difficult for them to produce mobile handsets. (With inputs from agencies)

China unhappy as US puts Chinese companies on trade blacklist

Colombia, the third-largest economy in Latin America, aims to reach more than US$1 billion in bilateral trade with the UAE by 2030, President Ivan Duque has said.

In an exclusive interview to Emirates News Agency (WAM), the president of Colombia, who is on his first official visit to the UAE, said he hopes to triple the trade figures with the middle eastern country within the next 24 months.

“Do I see a potential to achieve US$1 billion (by 2030)? Yes, and it could reach higher than that. But I think we must connect the markets, eliminate barriers and be able to bring investments from the UAE to Colombia,” he said.

“I really believe that the next challenge is to triple the trade (figures) between Colombia and the UAE over the course of the next 24 months and be able to have the biggest ever investment by the UAE in Colombia.

“I’m certain that green energy, hydrogen, non-conventional renewable energy sources and conventional energy like oil and gas will have a lot of interest from the UAE investors in Colombia.”

According to UAE’s Ministry of Economy, the non-oil bilateral trade between the two countries touched US$176 million in the first half of 2019.

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The two countries established their diplomatic ties 45 years ago, and Colombia was one of the first countries to support the UAE’s bid to host Expo 2020 Dubai.

There are no direct flights between the two countries yet. However, the Colombian president revealed that he will discuss it with Emirati officials on Sunday.

“We have been having that conversation with the ambassador of the UAE to Colombia and our ambassador here. I will meet UAE authorities today (to discuss it further),” he said.

“One of the things that I would love to raise (in the meeting) is to eliminate logistical complexities and be able to connect directly between Colombia and the UAE.”

The two countries are working on signing a Memorandum of Understanding (MoU) on double taxation avoidance, President Duque said.

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When asked whether the UAE could be the second Middle Eastern country, after Israel, to sign a Free Trade Agreement (FTA) with Colombia, he answered, “I think there is a great opportunity. We can do something strong, fast, impactful. We are working on the avoidance of double taxation and there is an investment agreement (with the UAE) that is being discussed in the Congress. So, why not an FTA? I think it will be a win-win situation.”

Duque, who was elected in 2018 as the President, believes that the UAE can be an “accelerator and an important partner” of his vision of turning Colombia into the “Silicon Valley of Latin America.”

“Yes, I see the UAE playing a role. Not only through the [sovereign] funds, but also when it comes to the supply of technology - Artificial Intelligence, Internet of Things, cybersecurity, blockchain,” he said.

"We have been able to develop technologies that can be suitable for the UAE companies looking towards Latin America. The UAE can be a very important partner, supporting our country to move more startups in specialised technology; to become providers and be able to connect the UAE can be an accelerator of the vision of Colombia becoming the Silicon Valley of Latin America."

Colombia is an emerging destination for incubation of technology and IT companies. In 2015, the country was the third largest provider of IT services in Latin America with more than 5,400 companies and sales close to US$2.5 billion, Luis German Restrepo, the director for ProColombia Miami, had told Forbes.

Talking about the Colombian economy and tourism, President Duque said, “This year, our economy will grow above 8.5 percent, which will be the best growth [rate for Colombia] in this century.”

“4.5 million tourists visited Colombia in 2019. We want in 2022 to reach a higher level I’m motivated to see Colombia in a post-pandemic world where we will take advantage of our capabilities, including the possibility of having biotourism and ecotourism as an engine for our economic growth," he concluded.

Colombia, the third-largest economy in Latin America, aims to reach more than US$1 billion in bilateral trade with the UAE by 2030, President Ivan Duque has said.

Colombia, the third-largest economy in Latin America, aims to reach more than US$1 billion in bilateral trade with the UAE by 2030, President Ivan Duque has said. In an exclusive interview to Emirates News Agency (WAM), the president of Colombia, who is on his first official visit to the UAE, said he hopes to triple the trade figures with the middle eastern country within the next 24 months. “Do I see a potential to achieve US$1 billion (by 2030)? Yes, and it could reach higher than that. But I think we must connect the markets, eliminate barriers and be able to bring investments from the UAE to Colombia,” he said. “I really believe that the next challenge is to triple the trade (figures) between Colombia and the UAE over the course of the next 24 months and be able to have the biggest ever investment by the UAE in Colombia. “I’m certain that green energy, hydrogen, non-conventional renewable energy sources and conventional energy like oil and gas will have a lot of interest from the UAE investors in Colombia.” According to UAE’s Ministry of Economy, the non-oil bilateral trade between the two countries touched US$176 million in the first half of 2019. Also read | Colombia's vice president Marta Lucía Ramírez calls for joint vaccine production with India The two countries established their diplomatic ties 45 years ago, and Colombia was one of the first countries to support the UAE’s bid to host Expo 2020 Dubai. There are no direct flights between the two countries yet. However, the Colombian president revealed that he will discuss it with Emirati officials on Sunday. “We have been having that conversation with the ambassador of the UAE to Colombia and our ambassador here. I will meet UAE authorities today (to discuss it further),” he said. “One of the things that I would love to raise (in the meeting) is to eliminate logistical complexities and be able to connect directly between Colombia and the UAE.” The two countries are working on signing a Memorandum of Understanding (MoU) on double taxation avoidance, President Duque said. Also read | Colombia authorises export of dried cannabis flowers When asked whether the UAE could be the second Middle Eastern country, after Israel, to sign a Free Trade Agreement (FTA) with Colombia, he answered, “I think there is a great opportunity. We can do something strong, fast, impactful. We are working on the avoidance of double taxation and there is an investment agreement (with the UAE) that is being discussed in the Congress. So, why not an FTA? I think it will be a win-win situation.” Duque, who was elected in 2018 as the President, believes that the UAE can be an “accelerator and an important partner” of his vision of turning Colombia into the “Silicon Valley of Latin America.” “Yes, I see the UAE playing a role. Not only through the [sovereign] funds, but also when it comes to the supply of technology - Artificial Intelligence, Internet of Things, cybersecurity, blockchain,” he said. "We have been able to develop technologies that can be suitable for the UAE companies looking towards Latin America. The UAE can be a very important partner, supporting our country to move more startups in specialised technology; to become providers and be able to connect the UAE can be an accelerator of the vision of Colombia becoming the Silicon Valley of Latin America." Colombia is an emerging destination for incubation of technology and IT companies. In 2015, the country was the third largest provider of IT services in Latin America with more than 5,400 companies and sales close to US$2.5 billion, Luis German Restrepo, the director for ProColombia Miami, had told Forbes. Talking about the Colombian economy and tourism, President Duque said, “This year, our economy will grow above 8.5 percent, which will be the best growth [rate for Colombia] in this century.” “4.5 million tourists visited Colombia in 2019. We want in 2022 to reach a higher level I’m motivated to see Colombia in a post-pandemic world where we will take advantage of our capabilities, including the possibility of having biotourism and ecotourism as an engine for our economic growth," he concluded.

Trade, direct flights on agenda of Colombian President Duque’s first official visit to UAE

Prime Minister Narendra Modi on Sunday exchanged views with Indonesian President Joko Widodo on the bilateral comprehensive strategic partnership, trade, economy and people-to-people ties, as they met on the sidelines of the G20 Summit.

PM Modi also congratulated Indonesia for its G20 Presidency next year and assured India's support as part of Troika (preceding, current, and incoming G20 Presidencies), the Ministry of External Affairs said in a tweet.

"Glad to have met President @jokowi earlier today. Discussed existing areas of India-Indonesia cooperation and new spheres where our countries can work together for the benefit of our citizens and the entire planet," Prime Minister Modi said in a tweet.

The two leaders discussed the comprehensive strategic partnership, including trade, investment and people-to-people ties.

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PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> met President <a href="https://twitter.com/jokowi?ref_src=twsrc%5Etfw">@jokowi</a> in Rome. Strong relations with Indonesia is a key part of India’s ‘Act East’ policy and ‘SAGAR’ vision. Ways to improve economic linkages and cultural cooperation figured prominently during the talks. <a href="https://t.co/IP5ghJiTsQ">pic.twitter.com/IP5ghJiTsQ</a>
— PMO India (@PMOIndia) <a href="https://twitter.com/PMOIndia/status/1454842885967433729?ref_src=twsrc%5Etfw">October 31, 2021</a></blockquote>
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"Strong relations with Indonesia is a key part of India's ‘Act East' policy and ‘SAGAR' vision. Ways to improve economic linkages and cultural cooperation figured prominently during the talks," the PMO India said in a tweet.

SAGAR is an acronym for "Security and Growth for all in the Region" in 2015. This vision focuses on cooperative measures for sustainable use of the oceans, and provides a framework for a safe, secure, and stable maritime domain in the region.

Indonesia is an important country of the ASEAN (Association of Southeast Asian Nations).

Defence and security cooperation between India and Indonesia has been on an upward trajectory in the last few years, particularly in the maritime domain.

On the sidelines of the G20 summit, Prime Minister Modi interacted with several world leaders, including US President Joe Biden, British Prime Minister Boris Johnson, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Singapore Prime Minister Lee Hsien Loong and South Korean President Moon Jae-in among others.

Prime Minister Narendra Modi on Sunday exchanged views with Indonesian President Joko Widodo on the bilateral comprehensive strategic partnership, trade, economy and people-to-people ties, as they met on the sidelines of the G20 Summit.

Prime Minister Narendra Modi on Sunday exchanged views with Indonesian President Joko Widodo on the bilateral comprehensive strategic partnership, trade, economy and people-to-people ties, as they met on the sidelines of the G20 Summit. PM Modi also congratulated Indonesia for its G20 Presidency next year and assured India's support as part of Troika (preceding, current, and incoming G20 Presidencies), the Ministry of External Affairs said in a tweet. "Glad to have met President @jokowi earlier today. Discussed existing areas of India-Indonesia cooperation and new spheres where our countries can work together for the benefit of our citizens and the entire planet," Prime Minister Modi said in a tweet. The two leaders discussed the comprehensive strategic partnership, including trade, investment and people-to-people ties. PM @narendramodi met President @jokowi in Rome. Strong relations with Indonesia is a key part of India’s ‘Act East’ policy and ‘SAGAR’ vision. Ways to improve economic linkages and cultural cooperation figured prominently during the talks. pic.twitter.com/IP5ghJiTsQ — PMO India (@PMOIndia) October 31, 2021 × "Strong relations with Indonesia is a key part of India's ‘Act East' policy and ‘SAGAR' vision. Ways to improve economic linkages and cultural cooperation figured prominently during the talks," the PMO India said in a tweet. SAGAR is an acronym for "Security and Growth for all in the Region" in 2015. This vision focuses on cooperative measures for sustainable use of the oceans, and provides a framework for a safe, secure, and stable maritime domain in the region. Indonesia is an important country of the ASEAN (Association of Southeast Asian Nations). Defence and security cooperation between India and Indonesia has been on an upward trajectory in the last few years, particularly in the maritime domain. On the sidelines of the G20 summit, Prime Minister Modi interacted with several world leaders, including US President Joe Biden, British Prime Minister Boris Johnson, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Singapore Prime Minister Lee Hsien Loong and South Korean President Moon Jae-in among others.

PM Modi meets Indonesian President Joko Widodo; discusses partnership and trade

France has warned of possible sanctions against Britain including a ban on seafood imports and disrupting trade amid an escalating row over post-Brexit fishing licences.

France threatens sanctions against UK over fishing licences row

A Taiwan official has asked Australia to support its bid to join the CPTPP pan-Pacific trade pact, which China opposes, saying Taiwan can boost high technology trade flows and demand for Australian minerals.

Support for Taiwan's bid would also "send a strong message" to Australian businesses impacted by China's recent boycotts of Australian products, the Taipei Economic and Cultural Office representative, Elliott Charng, told a parliament committee in Canberra on Tuesday.

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"Economic sanctions imposed on Australia by China reinforce the argument of engaging with Taiwan more closely and more deeply," he told the committee. Each member of the 11-nation CPTPP, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, has to approve new members and the committee will recommend Australia's response.

The regional trade group, formed in 2018, currently includes Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It has received applications from Britain, China and Taiwan to join.

The bids by China and Taiwan in the past month have sparked tension, with Beijing opposing Taiwan's application, and Taiwan accusing Beijing of bullying.

China is Australia's largest trading partner, with exports reaching a record A$19.4 billion in the month of July on the back of iron ore demand. However diplomatic relations have soured in recent years.

Australia was Taiwan's third-largest source of agricultural goods, worth US$607 million last year, and the CPTPP would provide structure to do business and enhance cybersecurity cooperation, said Charng, who is Taiwan's de facto ambassador in Australia.

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"The opposition from China is not unexpected. China will use every way to avoid Taiwan participating in any international organisations," he said.

China said on Monday it had lodged stern representations with Australia over "inappropriate" comments by former Australian Prime Minister Tony Abbott who last week visited Taiwan, which is claimed by China, in a personal capacity, and met Taiwanese President Tsai Ing-wen.

Abbott told reporters there on Friday Taiwan met the criteria for joining the CPTPP, however "fear of upsetting China" could cause some members to object to Taiwan's application, and urged countries to move beyond "rhetorical support" for Taiwan and provide practical support.

China has also lobbied the Australian parliament committee to help it join the CPTPP, describing the strength of Chinese trade with Australia and avoiding mention of billions of dollars in punitive sanctions imposed by Beijing.

A Taiwan official has asked Australia to support its bid to join the CPTPP pan-Pacific trade pact, which China opposes, saying Taiwan can boost high technology trade flows and demand for Australian minerals.

A Taiwan official has asked Australia to support its bid to join the CPTPP pan-Pacific trade pact, which China opposes, saying Taiwan can boost high technology trade flows and demand for Australian minerals. Support for Taiwan's bid would also "send a strong message" to Australian businesses impacted by China's recent boycotts of Australian products, the Taipei Economic and Cultural Office representative, Elliott Charng, told a parliament committee in Canberra on Tuesday. Also Read | Taiwan does not seek military confrontation, says president "Economic sanctions imposed on Australia by China reinforce the argument of engaging with Taiwan more closely and more deeply," he told the committee. Each member of the 11-nation CPTPP, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, has to approve new members and the committee will recommend Australia's response. The regional trade group, formed in 2018, currently includes Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. It has received applications from Britain, China and Taiwan to join. The bids by China and Taiwan in the past month have sparked tension, with Beijing opposing Taiwan's application, and Taiwan accusing Beijing of bullying. China is Australia's largest trading partner, with exports reaching a record A$19.4 billion in the month of July on the back of iron ore demand. However diplomatic relations have soured in recent years. Australia was Taiwan's third-largest source of agricultural goods, worth US$607 million last year, and the CPTPP would provide structure to do business and enhance cybersecurity cooperation, said Charng, who is Taiwan's de facto ambassador in Australia. Also Read | Won't bow to China, will bolster our national defence: Taiwan President Tsai Ing-wen "The opposition from China is not unexpected. China will use every way to avoid Taiwan participating in any international organisations," he said. China said on Monday it had lodged stern representations with Australia over "inappropriate" comments by former Australian Prime Minister Tony Abbott who last week visited Taiwan, which is claimed by China, in a personal capacity, and met Taiwanese President Tsai Ing-wen. Abbott told reporters there on Friday Taiwan met the criteria for joining the CPTPP, however "fear of upsetting China" could cause some members to object to Taiwan's application, and urged countries to move beyond "rhetorical support" for Taiwan and provide practical support. China has also lobbied the Australian parliament committee to help it join the CPTPP, describing the strength of Chinese trade with Australia and avoiding mention of billions of dollars in punitive sanctions imposed by Beijing.

Taiwan asks Australia to support regional trade bid

A resurgence of global economic activity has lifted merchandise trade above its pre-pandemic peak, the World Trade Organization said on Monday as it upgraded its 2021 and 2022 trade forecasts.

"The WTO is now predicting global merchandise trade volume growth of 10.8 per cent in 2021- up from 8.0 per cent forecasted in March - followed by a 4.7 per cent rise in 2022," up from four percent previously, the global trade body said.

The strong annual growth rate for merchandise trade in 2021 is mainly due to the collapse in 2020, when trade bottomed out in the second quarter.

The rate of growth is expected to moderate as merchandise trade returns to the long-term trend it was on before the COVID-19 crisis struck.

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Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains, but are unlikely to have large impacts on global aggregates, WTO experts said.

They said the biggest downside risks came from the pandemic itself.

"Trade has been a critical tool in combatting the pandemic, and this strong growth underscores how important trade will be in underpinning the global economic recovery," said WTO director-general, Ngozi Okonjo-Iweala.

"But inequitable access to vaccines is exacerbating economic divergence across regions. The longer vaccine inequity is allowed to persist, the greater the chance that even more dangerous variants of COVID-19 will emerge, setting back the health and economic progress we have made to date."

Also Read:&nbsp;<a href="https://www.wionews.com/world/us-to-have-frank-conversations-with-china-on-trade-418119" hreflang="en">US to have 'frank conversations' with China on trade</a>

While regions with access to COVID-19 jabs and sufficient fiscal space were recovering strongly, poorer regions with mostly unvaccinated populations are lagging behind, she said.

The WTO's 12th ministerial conference is to be held in Geneva from November 30 to December 3.

Okonjo-Iweala has said that one of her main objectives is to push long-blocked trade talks on fishery subsidies across the finish line.

The former Nigerian finance and foreign minister started her four-year term at the WTO helm in March. She dismissed as "fake news" reports that she was threatening to resign if no progress is made on major logjams at the global trade body.

A resurgence of global economic activity has lifted merchandise trade above its pre-pandemic peak, the World Trade Organization said on Monday as it upgraded its 2021 and 2022 trade forecasts.

A resurgence of global economic activity has lifted merchandise trade above its pre-pandemic peak, the World Trade Organization said on Monday as it upgraded its 2021 and 2022 trade forecasts. "The WTO is now predicting global merchandise trade volume growth of 10.8 per cent in 2021- up from 8.0 per cent forecasted in March - followed by a 4.7 per cent rise in 2022," up from four percent previously, the global trade body said. The strong annual growth rate for merchandise trade in 2021 is mainly due to the collapse in 2020, when trade bottomed out in the second quarter. The rate of growth is expected to moderate as merchandise trade returns to the long-term trend it was on before the COVID-19 crisis struck. Also Read: UK wants trade, security pact with India, says Foreign Secretary Liz Truss Supply-side issues such as semiconductor scarcity and port backlogs may strain supply chains, but are unlikely to have large impacts on global aggregates, WTO experts said. They said the biggest downside risks came from the pandemic itself. "Trade has been a critical tool in combatting the pandemic, and this strong growth underscores how important trade will be in underpinning the global economic recovery," said WTO director-general, Ngozi Okonjo-Iweala. "But inequitable access to vaccines is exacerbating economic divergence across regions. The longer vaccine inequity is allowed to persist, the greater the chance that even more dangerous variants of COVID-19 will emerge, setting back the health and economic progress we have made to date." Also Read: US to have 'frank conversations' with China on trade While regions with access to COVID-19 jabs and sufficient fiscal space were recovering strongly, poorer regions with mostly unvaccinated populations are lagging behind, she said. The WTO's 12th ministerial conference is to be held in Geneva from November 30 to December 3. Okonjo-Iweala has said that one of her main objectives is to push long-blocked trade talks on fishery subsidies across the finish line. The former Nigerian finance and foreign minister started her four-year term at the WTO helm in March. She dismissed as "fake news" reports that she was threatening to resign if no progress is made on major logjams at the global trade body.

WTO says goods trade surging past pre-pandemic level

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020.

"China made commitments intended to benefit certain American industries, including agriculture, that we must enforce," US Trade Representative Katherine Tai will say in a speech on Monday to US think tank the Center for Strategic and International Studies.

According to excerpts from her speech, which she is due to deliver at 10:00 am (1400 GMT), Tai will also announce the launch of "a targeted tariff exclusion process" for exemptions from customs tariffs imposed on $370 billion worth of Chinese goods a year by the previous Trump administration.

The punitive tariffs, imposed in retaliation for Chinese trade practices deemed "unfair", are criticised by many companies.

In early August, some of the most influential US business groups urged the Biden administration to reduce these surcharges, pointing out that US industries faced "increased costs" as the tariffs are paid by importers.

A senior US official, speaking on condition of anonymity, said the tariffs "will remain in place" for the duration of the exemption procedure.

President Joe Biden had asked Tai to conduct a comprehensive review of US trade strategy towards China and the tariffs initiated by his Republican predecessor Donald Trump.

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"We continue to have serious concerns with China's state-centered and non-market trade practices" that were not addressed in the "Phase One" agreement reached in 2019 to calm a trade war between the two economic superpowers, Tai will say.

"As we work to enforce the terms of Phase One, we will raise these broader policy concerns with Beijing."

The deal signed by Trump and Tai's opposite number, Vice Premier Liu He, committed Beijing to adding an extra $200 billion in purchases of US exports, including energy, agricultural and manufactured products through 2021.

That is far from happening, trade analysts say.

The Biden administration official did not specify the extent of the shortfall, while indicating that Washington is unsatisfied.

"There are some commitments that have not been met and we think the results overall of the agreement have been mixed," the official said, while stressing the US objective "is not to escalate trade tension."

- 'Work with our allies' -

Tai's speech will highlight the Biden administration's strategy of teaming up with allied democracies in its competition with China.

Trump, who rejected traditional US alliances, sparked market anxiety around the world with his trade war.

However, he ended up producing limited concrete results, let alone progress on the deep-seated problems that the United States and its allies say plague their China trade relationship.

These include massive state subsidies for national companies, intellectual property theft and other factors creating a heavily uneven playing field.

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Washington "will use the full range of tools we have and develop new tools as needed to defend American economic interests from harmful policies and practices," Tai will say.

"The core of our strategy is a commitment to ensuring we work with our allies to create fair and open markets."

Tai will also stress that the trade and economic relationship between the United States and China "is one of profound consequence."

"As the two largest economies in the world, how we relate to each other does not just affect our two countries. It impacts the entire world and billions of workers."

Overall, Washington sees a bleak outlook, with the administration official saying "we know that China is unlikely to make meaningful reforms right now" and that there is no push for starting long-awaited "Phase Two" negotiations.

"Beijing is increasingly explicit that it is doubling down on its authoritarian, state-centric approach, and is resistant to addressing our structural concerns," the official said.

"We recognize that China simply may not change and that we have to have a strategy that deals with China as it is, rather than as we might wish it be," the official said.

"Our primary focus will be on building resilience and competitiveness, including with our allies and partners."

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020.

The United States will in the coming days have "frank conversations" with China on trade as the Biden administration believes the Asian giant has not honored its commitments under an agreement signed in January 2020. "China made commitments intended to benefit certain American industries, including agriculture, that we must enforce," US Trade Representative Katherine Tai will say in a speech on Monday to US think tank the Center for Strategic and International Studies. According to excerpts from her speech, which she is due to deliver at 10:00 am (1400 GMT), Tai will also announce the launch of "a targeted tariff exclusion process" for exemptions from customs tariffs imposed on $370 billion worth of Chinese goods a year by the previous Trump administration. The punitive tariffs, imposed in retaliation for Chinese trade practices deemed "unfair", are criticised by many companies. In early August, some of the most influential US business groups urged the Biden administration to reduce these surcharges, pointing out that US industries faced "increased costs" as the tariffs are paid by importers. A senior US official, speaking on condition of anonymity, said the tariffs "will remain in place" for the duration of the exemption procedure. President Joe Biden had asked Tai to conduct a comprehensive review of US trade strategy towards China and the tariffs initiated by his Republican predecessor Donald Trump. Also Read: Blinken faces an awkward visit to Paris, his ‘second home’ "We continue to have serious concerns with China's state-centered and non-market trade practices" that were not addressed in the "Phase One" agreement reached in 2019 to calm a trade war between the two economic superpowers, Tai will say. "As we work to enforce the terms of Phase One, we will raise these broader policy concerns with Beijing." The deal signed by Trump and Tai's opposite number, Vice Premier Liu He, committed Beijing to adding an extra $200 billion in purchases of US exports, including energy, agricultural and manufactured products through 2021. That is far from happening, trade analysts say. The Biden administration official did not specify the extent of the shortfall, while indicating that Washington is unsatisfied. "There are some commitments that have not been met and we think the results overall of the agreement have been mixed," the official said, while stressing the US objective "is not to escalate trade tension." - 'Work with our allies' - Tai's speech will highlight the Biden administration's strategy of teaming up with allied democracies in its competition with China. Trump, who rejected traditional US alliances, sparked market anxiety around the world with his trade war. However, he ended up producing limited concrete results, let alone progress on the deep-seated problems that the United States and its allies say plague their China trade relationship. These include massive state subsidies for national companies, intellectual property theft and other factors creating a heavily uneven playing field. Also Read: For second straight day, Chinese jets fly towards Taiwan in another incursion Washington "will use the full range of tools we have and develop new tools as needed to defend American economic interests from harmful policies and practices," Tai will say. "The core of our strategy is a commitment to ensuring we work with our allies to create fair and open markets." Tai will also stress that the trade and economic relationship between the United States and China "is one of profound consequence." "As the two largest economies in the world, how we relate to each other does not just affect our two countries. It impacts the entire world and billions of workers." Overall, Washington sees a bleak outlook, with the administration official saying "we know that China is unlikely to make meaningful reforms right now" and that there is no push for starting long-awaited "Phase Two" negotiations. "Beijing is increasingly explicit that it is doubling down on its authoritarian, state-centric approach, and is resistant to addressing our structural concerns," the official said. "We recognize that China simply may not change and that we have to have a strategy that deals with China as it is, rather than as we might wish it be," the official said. "Our primary focus will be on building resilience and competitiveness, including with our allies and partners."

US to have 'frank conversations' with China on trade

The UK government on Monday said it stood ready to abandon a post-Brexit trading accord for Northern Ireland "soon", unless the EU agreed to wholesale changes.

Addressing the annual conference of the ruling Conservative party, Brexit minister David Frost said: "The long bad dream of our EU membership is over.

"The British renaissance has begun," he said, insisting that Brexit was working in terms of recapturing UK sovereignty despite an ongoing supply chain crisis roiling the economy.

But for Northern Ireland in particular, trust in the tricky compromises worked out with Brussels had "collapsed", Frost said, blaming the EU's "heavy-handed actions".

The EU had yet to formally reply to UK proposals made in July to reform the so-called Northern Ireland Protocol, he noted.

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"But from what I hear, I worry that we will not get one which enables the significant change we need.&nbsp;

"So I urge the EU to be ambitious. It's no use tinkering around the edges. &nbsp;We need significant change," Frost said.&nbsp;

"But we cannot wait for ever. Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the protocol is having on Northern Ireland."

The protocol formed part of the UK's drawn-out divorce from the EU, and was designed to prevent unchecked goods heading into the bloc's single market via the UK's only land border with the EU to Ireland.

But pro-UK unionists in Northern Ireland are opposed, arguing that border checks on goods from mainland Great Britain -- England, Scotland and Wales -- effectively creates a border in the Irish Sea, compromising the province's place in the wider UK.

Brussels insists that the protocol is not up for renegotiation, and could trigger trade reprisals should the UK invoke its Article 16, which would suspend the pact owing to extraordinary circumstances.

"That may in the end be the only way to protect our country our people, our trade, our territorial integrity, the peace process, and the benefits of this great UK of which we are all part," Frost warned.

The UK government on Monday said it stood ready to abandon a post-Brexit trading accord for Northern Ireland "soon", unless the EU agreed to wholesale changes. Addressing the annual conference of the ruling Conservative party, Brexit minister David Frost said: "The long bad dream of our EU membership is over.

The UK government on Monday said it stood ready to abandon a post-Brexit trading accord for Northern Ireland "soon", unless the EU agreed to wholesale changes. Addressing the annual conference of the ruling Conservative party, Brexit minister David Frost said: "The long bad dream of our EU membership is over. "The British renaissance has begun," he said, insisting that Brexit was working in terms of recapturing UK sovereignty despite an ongoing supply chain crisis roiling the economy. But for Northern Ireland in particular, trust in the tricky compromises worked out with Brussels had "collapsed", Frost said, blaming the EU's "heavy-handed actions". The EU had yet to formally reply to UK proposals made in July to reform the so-called Northern Ireland Protocol, he noted. Also read | 'Too soon to tell': Fauci talks about Christmas gatherings as he warns Americans to not be complacent "But from what I hear, I worry that we will not get one which enables the significant change we need. "So I urge the EU to be ambitious. It's no use tinkering around the edges. We need significant change," Frost said. "But we cannot wait for ever. Without an agreed solution soon, we will need to act, using the Article 16 safeguard mechanism, to address the impact the protocol is having on Northern Ireland." The protocol formed part of the UK's drawn-out divorce from the EU, and was designed to prevent unchecked goods heading into the bloc's single market via the UK's only land border with the EU to Ireland. But pro-UK unionists in Northern Ireland are opposed, arguing that border checks on goods from mainland Great Britain -- England, Scotland and Wales -- effectively creates a border in the Irish Sea, compromising the province's place in the wider UK. Brussels insists that the protocol is not up for renegotiation, and could trigger trade reprisals should the UK invoke its Article 16, which would suspend the pact owing to extraordinary circumstances. "That may in the end be the only way to protect our country our people, our trade, our territorial integrity, the peace process, and the benefits of this great UK of which we are all part," Frost warned.

UK warns EU time running out to fix NI accord

To challenge the influence of authoritarian states, the UK wants to get into agreements, covering trade and security with India and other democratic nations in Indo-Pacific region, said Britain's new Foreign Secretary Liz Truss on Sunday. &nbsp;

Until her recent promotion within UK Cabinet, Truss as international trade secretary was in-charge of talks with India on a future Free Trade Agreement (FTA). &nbsp; &nbsp;

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The foreign secretary said that she is keen to strike more deals&nbsp;in line with AUKUS, the trilateral security alliance between Australia, the UK and the US, which is widely seen as a counter-balance to China. &nbsp;

In her first major interview since taking over new role, Truss told The Sunday Times, "We want to work with our friends and allies to create more economic agreements and security agreements. AUKUS is about protecting trade routes and shipping routes specifically with Australia but I want to look at arrangements with India, with Japan and with Canada to expand that security support in the same types of areas." &nbsp;&nbsp;

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"Some countries we will be able to enter deeper security arrangements with than others. One thing I know from being Trade Secretary for two years is that the UK is hugely trusted. People know we are reliable and when we say we will do something we do it, we follow the rules," the leader added. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

To challenge the influence of authoritarian states, the UK wants to get into agreements, covering trade and security with India and other democratic nations in Indo-Pacific region, said Britain's new Foreign Secretary Liz Truss on Sunday.

To challenge the influence of authoritarian states, the UK wants to get into agreements, covering trade and security with India and other democratic nations in Indo-Pacific region, said Britain's new Foreign Secretary Liz Truss on Sunday. Until her recent promotion within UK Cabinet, Truss as international trade secretary was in-charge of talks with India on a future Free Trade Agreement (FTA). Also Read: Immigration to not solve food, fuel crises, says UK PM Boris Johnson The foreign secretary said that she is keen to strike more deals in line with AUKUS, the trilateral security alliance between Australia, the UK and the US, which is widely seen as a counter-balance to China. In her first major interview since taking over new role, Truss told The Sunday Times, "We want to work with our friends and allies to create more economic agreements and security agreements. AUKUS is about protecting trade routes and shipping routes specifically with Australia but I want to look at arrangements with India, with Japan and with Canada to expand that security support in the same types of areas." Also Read: Queen Elizabeth urges Scottish parliament to tackle climate change "Some countries we will be able to enter deeper security arrangements with than others. One thing I know from being Trade Secretary for two years is that the UK is hugely trusted. People know we are reliable and when we say we will do something we do it, we follow the rules," the leader added. (With inputs from agencies)

UK wants trade, security pact with India, says Foreign Secretary Liz Truss

India and Australia released a joint statement on Friday saying that both the countries are hoping to reach a landmark trade deal by end of 2022. They announced formal relaunch of stalled negotiations.

Last year, bilateral trade between the countries stood at 17 billion US Dollars last year. India exported its key services sector while Australian coal went the other way.

Both countries are members of the Quad grouping with the United States and Japan.

Following trade ministers' talks in New Delhi, the two countries backed the "expeditious negotiation" of a Comprehensive Economic Cooperation Agreement.

In the meantime they plan to reach an "early harvest" interim deal by the end this year under which some duties will already be cut.&nbsp;

The two sides hope for a "balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of our economies, and that reflects a shared commitment to the rules-based international trading system", the statement said.

India was Australia's seventh-largest trading partner and sixth-largest export market in 2020. 
Negotiations on a comprehensive deal between India and Australia were launched more than a decade ago but stalled in 2015.

In recent months New Delhi has also sought to revive trade talks with other countries including the United States, the European Union and Britain.

Indian media quoted Australian Trade Minister Dan Tehan as saying that trade could double in the coming years if the comprehensive accord is sewn up.&nbsp;

"And it will double in all areas because the complementarity between our economies is so great," Tehan was quoted as telling a news conference in India on Thursday.

(With agency inputs)

India and Australia released a joint statement on Friday saying that both the countries are hoping to reach a landmark trade deal by end of 2022. They announced formal relaunch of stalled negotiations.

India and Australia released a joint statement on Friday saying that both the countries are hoping to reach a landmark trade deal by end of 2022. They announced formal relaunch of stalled negotiations. Last year, bilateral trade between the countries stood at 17 billion US Dollars last year. India exported its key services sector while Australian coal went the other way. Both countries are members of the Quad grouping with the United States and Japan. Following trade ministers' talks in New Delhi, the two countries backed the "expeditious negotiation" of a Comprehensive Economic Cooperation Agreement. In the meantime they plan to reach an "early harvest" interim deal by the end this year under which some duties will already be cut. The two sides hope for a "balanced trade agreement that encourages expanded trade and investment flows to the benefit of both of our economies, and that reflects a shared commitment to the rules-based international trading system", the statement said. India was Australia's seventh-largest trading partner and sixth-largest export market in 2020. Negotiations on a comprehensive deal between India and Australia were launched more than a decade ago but stalled in 2015. In recent months New Delhi has also sought to revive trade talks with other countries including the United States, the European Union and Britain. Indian media quoted Australian Trade Minister Dan Tehan as saying that trade could double in the coming years if the comprehensive accord is sewn up. "And it will double in all areas because the complementarity between our economies is so great," Tehan was quoted as telling a news conference in India on Thursday. (With agency inputs)

Quad partners India and Australia to ink trade deal by end 2022 

The trade between Pakistan and Afghanistan has grown by 50% in the previous week following the Taliban's capture of Afghan borders and dry ports.&nbsp;

Despite the difficulties in transit, Afghanistan's chamber of commerce and industry reported that trade had increased, according to local media sources.&nbsp;

According to Khan Jan Alokozai, the chamber's deputy, challenges in the transit sector remain obvious due to bank closures, but Afghanistan's exports and Pakistan's imports have increased.&nbsp; 
 
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Meanwhile, on Monday, August 23, members of Afghanistan's chamber of business and investment met with Taliban members and voiced their concerns about the private sector, which the Taliban promised to address.

Iran has also stated that it has expanded gas and oil exports in response to the Taliban's request.&nbsp; 
 
<a href="https://www.wionews.com/south-asia/taliban-are-normal-civilians-pakistan-cant-hunt-them-down-pm-imran-khan-401633">Also read | Taliban are 'normal civilians': PM Imran Khan</a>

Spokesperson of Afghanistan Islamic Emirate AIE Zabiullah Mujahid in a gathering on Monday said that they are focused on the economic situation and are working hard to implement the schemes they have prepared.

In a rare move, AIE’s commission for economic and financial affairs has directed customs not to allow the export of metals until another announcement.

According to the commission, foreign countries are paying less for the metal, but domestic manufacturing and businesses want large quantities.&nbsp;

Meanwhile, the World Bank said on Tuesday that it was suspending financial assistance to Afghanistan due to concerns over the plight of women under Taliban control.

The Afghan economy is increasingly reliant on foreign aid, and food costs are growing.&nbsp;

(With inputs from agencies)

The trade between Pakistan and Afghanistan has grown by 50% in the previous week following the Taliban's capture of Afghan borders and dry ports. Despite the difficulties in transit, Afghanistan's chamber of commerce and industry reported that trade had increased, according to local media sources.

The trade between Pakistan and Afghanistan has grown by 50% in the previous week following the Taliban's capture of Afghan borders and dry ports. Despite the difficulties in transit, Afghanistan's chamber of commerce and industry reported that trade had increased, according to local media sources. According to Khan Jan Alokozai, the chamber's deputy, challenges in the transit sector remain obvious due to bank closures, but Afghanistan's exports and Pakistan's imports have increased. Watch | Taliban will help Pakistan conquer Kashmir: Leader of Imran Khan’s party Meanwhile, on Monday, August 23, members of Afghanistan's chamber of business and investment met with Taliban members and voiced their concerns about the private sector, which the Taliban promised to address. Iran has also stated that it has expanded gas and oil exports in response to the Taliban's request. Also read | Taliban are 'normal civilians': PM Imran Khan Spokesperson of Afghanistan Islamic Emirate AIE Zabiullah Mujahid in a gathering on Monday said that they are focused on the economic situation and are working hard to implement the schemes they have prepared. In a rare move, AIE’s commission for economic and financial affairs has directed customs not to allow the export of metals until another announcement. According to the commission, foreign countries are paying less for the metal, but domestic manufacturing and businesses want large quantities. Meanwhile, the World Bank said on Tuesday that it was suspending financial assistance to Afghanistan due to concerns over the plight of women under Taliban control. The Afghan economy is increasingly reliant on foreign aid, and food costs are growing. (With inputs from agencies)

After Taliban's takeover, Afghanistan-Pakistan trade increased by 50%

Britain will do 'whatever it takes' to protect its territorial integrity in a trade dispute with the European Union, Prime Minister Boris Johnson said on Saturday, threatening emergency measures if no solution was found. 
 
The threat by Johnson seemed to break a temporary truce in a war of words over part of the Brexit deal that covers border issues with Northern Ireland, the focus for tensions since Britain completed its exit from the EU late last year. 
 
Despite US&nbsp;President Joe Biden encouraging them to find a compromise, Johnson used a G7 summit to indicate no softening in his position on what is called the Northern Ireland protocol that covers border issues with the British province. 
 
"I think we can sort it out but ... it is up to our EU friends and partners to understand that we will do whatever it takes," Johnson told Sky News. 
 
"I think if the protocol continues to be applied in this way, then we will obviously not hesitate to invoke Article 16," he added, referring to a safeguard clause that allows either side to take measures if they believe the agreement is leading to economic, societal or environment difficulties. 
 
"I've talked to some of our friends here today, who do seem to misunderstand that the UK is a single country, a single territory. I just need to get that into their heads." 
 
His comments came after he met French President Emmanuel Macron, German Chancellor Angela Merkel and top EU officials Ursula von der Leyen and Charles Michel at a Group of Seven summit in southwestern England. 
 
The EU told the British government once again that it must implement the Brexit deal in full and introduce checks on certain goods moving from Britain to Northern Ireland. Britain repeated its call for urgent and innovative solutions to ease the friction. 
 
The province has an open border with EU member Ireland so the Northern Ireland protocol was agreed as a way to preserve the bloc's single market after Britain left. 
 
The protocol essentially kept the province in the EU’s customs union and adhering to many of the single market rules, creating a regulatory border in the Irish Sea between the British province and the rest of the United Kingdom. 
 
Since Britain exited the bloc's orbit, Johnson has unilaterally delayed the implementation of some provisions of the protocol, including checks on chilled meats, such as sausages moving from the mainland to Northern Ireland, saying it was causing disruption to some supplies to the province. 
 
"Both sides must implement what we agreed on," von der Leyen, European Commission president, said after meeting Johnson alongside Michel, the European Council president. 
 
"There is complete EU unity on this," she said, adding that the deal had been agreed, signed and ratified by both Johnson's government and the bloc. 
 
Germany's Merkel said the two sides could find pragmatic solutions on technical questions, while the EU protected its single market. 
 
Earlier this week, talks between the two sets of negotiators ended in an exchange of threats over the so-called 'sausage wars'. An EU official said at the G7 that there was a need for the rhetoric to be toned down. 
 
The head of the World Trade Organization said she hoped the tensions would not escalate into a trade war. 
 
The United States has also expressed grave concern the dispute could undermine the 1998 Good Friday peace deal. 
 
That agreement largely brought an end to the 'Troubles' - three decades of conflict between Irish Catholic nationalist militants and pro-British Protestant 'loyalist' paramilitaries in which 3,600 people were killed. 
 
Though Brexit was not part of the formal agenda for the G7 summit in the English seaside resort of Carbis Bay, it has more than once threatened to cloud the meeting. 
 
France's Macron offered to reset relations with Britain as long as Johnson stood by the Brexit deal - a characterisation of the meeting that was rejected by the British team. 
 
Brexit has also strained the situation in Northern Ireland, where the pro-British 'unionist' community say they are now split off from the rest of the United Kingdom and the Brexit deal breaches the 1998 peace deal. But the open border between the province and Ireland was a key principle of the Good Friday deal.

Britain will do 'whatever it takes' to protect its territorial integrity in a trade dispute with the European Union, Prime Minister Boris Johnson said on Saturday, threatening emergency measures if no solution was found.

Britain will do 'whatever it takes' to protect its territorial integrity in a trade dispute with the European Union, Prime Minister Boris Johnson said on Saturday, threatening emergency measures if no solution was found. The threat by Johnson seemed to break a temporary truce in a war of words over part of the Brexit deal that covers border issues with Northern Ireland, the focus for tensions since Britain completed its exit from the EU late last year. Despite US President Joe Biden encouraging them to find a compromise, Johnson used a G7 summit to indicate no softening in his position on what is called the Northern Ireland protocol that covers border issues with the British province. "I think we can sort it out but ... it is up to our EU friends and partners to understand that we will do whatever it takes," Johnson told Sky News. "I think if the protocol continues to be applied in this way, then we will obviously not hesitate to invoke Article 16," he added, referring to a safeguard clause that allows either side to take measures if they believe the agreement is leading to economic, societal or environment difficulties. "I've talked to some of our friends here today, who do seem to misunderstand that the UK is a single country, a single territory. I just need to get that into their heads." His comments came after he met French President Emmanuel Macron, German Chancellor Angela Merkel and top EU officials Ursula von der Leyen and Charles Michel at a Group of Seven summit in southwestern England. The EU told the British government once again that it must implement the Brexit deal in full and introduce checks on certain goods moving from Britain to Northern Ireland. Britain repeated its call for urgent and innovative solutions to ease the friction. The province has an open border with EU member Ireland so the Northern Ireland protocol was agreed as a way to preserve the bloc's single market after Britain left. The protocol essentially kept the province in the EU’s customs union and adhering to many of the single market rules, creating a regulatory border in the Irish Sea between the British province and the rest of the United Kingdom. Since Britain exited the bloc's orbit, Johnson has unilaterally delayed the implementation of some provisions of the protocol, including checks on chilled meats, such as sausages moving from the mainland to Northern Ireland, saying it was causing disruption to some supplies to the province. "Both sides must implement what we agreed on," von der Leyen, European Commission president, said after meeting Johnson alongside Michel, the European Council president. "There is complete EU unity on this," she said, adding that the deal had been agreed, signed and ratified by both Johnson's government and the bloc. Germany's Merkel said the two sides could find pragmatic solutions on technical questions, while the EU protected its single market. Earlier this week, talks between the two sets of negotiators ended in an exchange of threats over the so-called 'sausage wars'. An EU official said at the G7 that there was a need for the rhetoric to be toned down. The head of the World Trade Organization said she hoped the tensions would not escalate into a trade war. The United States has also expressed grave concern the dispute could undermine the 1998 Good Friday peace deal. That agreement largely brought an end to the 'Troubles' - three decades of conflict between Irish Catholic nationalist militants and pro-British Protestant 'loyalist' paramilitaries in which 3,600 people were killed. Though Brexit was not part of the formal agenda for the G7 summit in the English seaside resort of Carbis Bay, it has more than once threatened to cloud the meeting. France's Macron offered to reset relations with Britain as long as Johnson stood by the Brexit deal - a characterisation of the meeting that was rejected by the British team. Brexit has also strained the situation in Northern Ireland, where the pro-British 'unionist' community say they are now split off from the rest of the United Kingdom and the Brexit deal breaches the 1998 peace deal. But the open border between the province and Ireland was a key principle of the Good Friday deal.

'Whatever it takes', UK PM Johnson warns EU over post-Brexit trade

Amid escalating trade tensions, British Prime Minister Boris Johnson said that he is optimistic over talks with the European Union on smoothing trade with Northern Ireland, adding that the dispute would not overshadow the upcoming Group of Seven (G7) leaders summit.

EU warns UK over post-Brexit North Ireland trade

The European Union and the United States are set to commit at a summit in Brussels next week to end their transatlantic metals and aircraft trade disputes and call for progress on a new study into the origins of COVID-19, according to a draft communique. 
 
The seven-page draft, seen by Reuters, aims to show concrete results of the "new dawn" hailed by EU leaders when U.S. President Joe Biden took over from Donald Trump in January. 
 
The draft, which was discussed by EU ambassadors on Wednesday, commits to ending a long-running dispute over subsidies to aircraft makers before July 11 and setting a Dec. 1 deadline to end punitive tariffs related to a steel and aluminium trade dispute. 
 
Despite pressure by U.S. steel industry groups to keep the "Section 232" national security tariffs imposed by Trump, the draft said: "We commit to working towards lifting before 1 December 2021 all additional/punitive tariffs on both sides linked to our steel and aluminium dispute."

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Steel industry sources told Reuters the language may be aimed at retaliatory tariffs on both sides such as those on whiskey and motorbikes, not necessarily the underlying 25% U.S. tariffs on steel and 10% on aluminum. A U.S.-EU deal in May to avert escalation of the dispute left these in place while the two sides negotiate for six months to address global excess metals capacity largely centred in China.

Some 12 EU countries are weighing a proposal to extend their own steel "safeguard" quotas beyond the end of June to protect European steelmakers from a flood of imports. 
 
Biden will meet the EU's chief executive, Ursula von der Leyen, and European Council President Charles Michel, who represents EU governments, and will also pledge to promote international cooperation to fight global warming. 
 
The EU and the United States are the world's top trading powers, along with China, but Trump sought to sideline the EU. 
 
After scotching a free-trade agreement with the EU, the Trump administration focused on shrinking a growing U.S. deficit in goods trade. Biden, however, sees the EU as an ally in promoting free trade, as well as in fighting climate change and ending the COVID-19 pandemic. 
 
COVID ORIGINS 
 
At the Brussels summit, both sides will agree to cooperate on China policy and call for a new study into the origins of the pandemic, first detected in the Chinese city of Wuhan, the draft said.

"We call for progress on a transparent, evidence-based, and expert-led WHO-convened phase 2 study on the origins of COVID-19, that is free from interference," the draft said. 
 
The two prevailing theories are that the virus jumped from animals, possibly bats, to humans, or that it escaped from a virology laboratory in Wuhan. Members of a WHO team that visited China this year to investigate COVID-19's origin said they were not given access to all data.

Despite the pledge of support, the EU is "not going to launch our own probe," one EU diplomat said. "We are not anti-China".

A second EU diplomat said the group "doesn't have intelligence services, and we are not going to try to do this origins search through our member states agencies," adding, "The Americans can still talk to European services in member states, but we are not going to get involved."

Despite the caveats, if agreed the joint stance on China will be a boost for the Biden administration, which seeks friends to stand up to Beijing but has said it will not force any ally to choose sides.

In a concession to the EU, the draft makes no mention of Biden's proposals for vaccine patent waivers to boost global production. Instead, it pledges to reduce U.S. export restrictions and promote the voluntary transfer of technologies.

The task of fully inoculating the world is expected to belong. The text says the United States and the EU "aspire to vaccinate at least two-thirds of the world's population by the end of 2022". This means as many as 2.5 billion people in the world may not get a shot before 2023.

EU states have until now tried to maintain a strategic balance that avoids alienating either China or the United States.

But China's military expansion, its claims to sovereignty in most of the South China Sea, and the mass detentions of Muslim Uyghurs in northwestern China have shifted the mood in Brussels.

"We intend to closely consult and cooperate on the full range of issues in the framework of our respective similar multi-faceted approaches to China, which include elements of cooperation, competition, and systemic rivalry," the draft said.

The European Union and the United States are set to commit at a summit in Brussels next week to end their transatlantic metals and aircraft trade disputes and call for progress on a new study into the origins of COVID-19, according to a draft communique.

The European Union and the United States are set to commit at a summit in Brussels next week to end their transatlantic metals and aircraft trade disputes and call for progress on a new study into the origins of COVID-19, according to a draft communique. The seven-page draft, seen by Reuters, aims to show concrete results of the "new dawn" hailed by EU leaders when U.S. President Joe Biden took over from Donald Trump in January. The draft, which was discussed by EU ambassadors on Wednesday, commits to ending a long-running dispute over subsidies to aircraft makers before July 11 and setting a Dec. 1 deadline to end punitive tariffs related to a steel and aluminium trade dispute. Despite pressure by U.S. steel industry groups to keep the "Section 232" national security tariffs imposed by Trump, the draft said: "We commit to working towards lifting before 1 December 2021 all additional/punitive tariffs on both sides linked to our steel and aluminium dispute." Also Read | US Prez Joe Biden to meet 55 world leaders during his visit Steel industry sources told Reuters the language may be aimed at retaliatory tariffs on both sides such as those on whiskey and motorbikes, not necessarily the underlying 25% U.S. tariffs on steel and 10% on aluminum. A U.S.-EU deal in May to avert escalation of the dispute left these in place while the two sides negotiate for six months to address global excess metals capacity largely centred in China. Some 12 EU countries are weighing a proposal to extend their own steel "safeguard" quotas beyond the end of June to protect European steelmakers from a flood of imports. Biden will meet the EU's chief executive, Ursula von der Leyen, and European Council President Charles Michel, who represents EU governments, and will also pledge to promote international cooperation to fight global warming. The EU and the United States are the world's top trading powers, along with China, but Trump sought to sideline the EU. After scotching a free-trade agreement with the EU, the Trump administration focused on shrinking a growing U.S. deficit in goods trade. Biden, however, sees the EU as an ally in promoting free trade, as well as in fighting climate change and ending the COVID-19 pandemic. COVID ORIGINS At the Brussels summit, both sides will agree to cooperate on China policy and call for a new study into the origins of the pandemic, first detected in the Chinese city of Wuhan, the draft said. "We call for progress on a transparent, evidence-based, and expert-led WHO-convened phase 2 study on the origins of COVID-19, that is free from interference," the draft said. The two prevailing theories are that the virus jumped from animals, possibly bats, to humans, or that it escaped from a virology laboratory in Wuhan. Members of a WHO team that visited China this year to investigate COVID-19's origin said they were not given access to all data. Despite the pledge of support, the EU is "not going to launch our own probe," one EU diplomat said. "We are not anti-China". A second EU diplomat said the group "doesn't have intelligence services, and we are not going to try to do this origins search through our member states agencies," adding, "The Americans can still talk to European services in member states, but we are not going to get involved." Despite the caveats, if agreed the joint stance on China will be a boost for the Biden administration, which seeks friends to stand up to Beijing but has said it will not force any ally to choose sides. In a concession to the EU, the draft makes no mention of Biden's proposals for vaccine patent waivers to boost global production. Instead, it pledges to reduce U.S. export restrictions and promote the voluntary transfer of technologies. The task of fully inoculating the world is expected to belong. The text says the United States and the EU "aspire to vaccinate at least two-thirds of the world's population by the end of 2022". This means as many as 2.5 billion people in the world may not get a shot before 2023. EU states have until now tried to maintain a strategic balance that avoids alienating either China or the United States. But China's military expansion, its claims to sovereignty in most of the South China Sea, and the mass detentions of Muslim Uyghurs in northwestern China have shifted the mood in Brussels. "We intend to closely consult and cooperate on the full range of issues in the framework of our respective similar multi-faceted approaches to China, which include elements of cooperation, competition, and systemic rivalry," the draft said.

EU, US to end trade tariffs, call for new study into COVID-19 origins, says summit draft

President Joe&nbsp;Biden&nbsp;signed an executive order on Thursday that bans US entities from investing in dozens of Chinese companies with alleged ties to defence or surveillance technology sectors.<o:p></o:p>

The move, which his administration says expands the scope of a legally flawed Trump-era order, drew anger from Beijing.

Also Read |&nbsp;<a href="https://www.wionews.com/world/joe-biden-blacklists-28-more-chinese-firms-to-investors-says-white-house-389330">Joe Biden blacklists 28 more Chinese firms to investors, says White House</a>

<o:p></o:p>

The Treasury Department will enforce and update on a "rolling basis" the new list of about 59 companies, which bars buying or selling publicly traded securities in target companies, and replaces an earlier list from the Department of Defense, senior administration officials told reporters.<o:p></o:p>

The order prevents US investment from supporting the Chinese military-industrial complex, as well as military, intelligence, and security research and development programs,&nbsp;Biden&nbsp;said in the order.<o:p></o:p>

Also Read |&nbsp;<a href="https://www.wionews.com/world/biden-to-review-donald-trumps-china-investment-blacklist-report-389225">Biden to review Donald Trump's China investment blacklist: Report</a><o:p></o:p>

"In addition, I find that the use of Chinese surveillance technology outside the PRC and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse constitute unusual and extraordinary threats,"&nbsp;Biden&nbsp;said, using the acronym for the People's Republic of China.<o:p></o:p>

Major Chinese firms included on the previous Defense Department list were also placed on the updated list, including Aviation Industry Corp of China (AVIC), China Mobile Communications Group, China National Offshore Oil Corp (CNOOC), Hangzhou Hikvision Digital Technology Co Ltd, Huawei Technologies Ltd and Semiconductor Manufacturing International Corp (SMIC).<o:p></o:p>

SMIC is key to China's national drive to boost its domestic chip sector.

<o:p></o:p>

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-to-blacklist-dozens-of-chinese-firms-including-smic-report-says-350642">US to blacklist dozens of Chinese firms including SMIC, report says</a>

"We fully expect that in the months ahead ... we'll be adding additional companies to the new executive order's restrictions," one of the senior officials said.<o:p></o:p>

A second official told reporters that the inclusion of Chinese surveillance technology companies expanded the scope of the Trump administration's initial order last year, which the White House argues was carelessly drafted, leaving it open to court challenges.

<o:p>Also Read |&nbsp;<a href="https://www.wionews.com/world/biden-defines-his-underlying-challenge-with-china-prove-democracy-works-373763">Biden defines his underlying challenge with China: ‘Prove democracy works’</a></o:p>

"The US government is stretching the concept of national security, abusing national power and using every possible means to suppress and restrict Chinese enterprises," said Wang Wenbin, a spokesman at the Chinese foreign ministry.<o:p></o:p>

"We are firmly opposed to this," Wang told reporters at a regular briefing on Friday, urging the United States to withdraw the list.

<o:p></o:p>

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-delays-chinese-investment-bans-impact-on-certain-firms-359737">US delays Chinese investment ban's impact on certain firms</a>

Biden&nbsp;has been reviewing a number of aspects of US policy toward China, and his administration had extended a deadline for implementation set by former President Donald Trump's order while it crafted its new policy framework.<o:p></o:p>

The move is part of&nbsp;Biden's broader series of steps to counter China, including reinforcing US alliances and pursuing large domestic investments to bolster American economic competitiveness, amid increasingly sour relations between the world's two biggest economies.<o:p></o:p>

Biden's Indo-Pacific policy coordinator, Kurt Campbell, said last month that a period of engagement with China had come to an end and that the dominant paradigm in bilateral ties going forward would be one of competition.<o:p></o:p>

Senior officials said the Treasury Department would give guidance later on what the scope of surveillance technology means, including whether companies are facilitating "repression or serious human rights abuses."

<o:p>Also Read |&nbsp;<a href="https://www.wionews.com/world/after-trump-biden-faces-pressure-to-stand-up-to-china-by-embracing-taiwan-345058">After Trump, Biden faces pressure to stand up to China by embracing Taiwan</a></o:p>

"We really want to make sure that any future prohibitions are on legally solid ground. So, our first listings really reflect that," a second senior administration official said.<o:p></o:p>

Chinese investors shrugged off the list, with most of the stocks named, including newly-added ones, making gains on Friday morning.<o:p></o:p>

Wu Kan, portfolio manager at Soochow Securities Co, said listed companies were in vital industries such as defence and semiconductors and would get government support, making them investment opportunities.

<o:p>Also Read |&nbsp;<a href="https://www.wionews.com/world/that-was-fast-blowups-with-china-and-russia-in-bidens-first-60-days-372054">That was fast: Blowups with China and Russia in Biden’s first 60 days</a></o:p>

"China has given up illusions and is fully prepared for decoupling in those strategic sectors that relate to national security...so the new ban list is not really a surprise," he said.<o:p></o:p>

Time to 'Unwind'<o:p></o:p>

Investors would have time to "unwind" investments, a third official said.<o:p></o:p>

The order said the ban would take effect on Aug. 2 for those companies currently listed. US investors would still have 365 days from the date of this or future listings to make transactions for the purpose of divesting, and while it was not required, divesting later than 365 days after listing would be prohibited without authorization.<o:p></o:p>

The new list, while overall adding about 10 publicly listed companies, provided few surprises for investors looking to see if they need to unload even more Chinese stocks and bonds.<o:p></o:p>

Not included, however, were some previously identified companies, such as Commercial Aircraft Corp of China (COMAC), which is spearheading efforts to compete with Boeing Co and Airbus, and two that challenged the ban in court, Gowin Semiconductor Corp and Luokung Technology Corp.<o:p></o:p>

Sinochem, on the earlier list, was also dropped.<o:p></o:p>

In May, a judge signed an order removing the designation on Chinese mobile phone maker Xiaomi, which was among the more high-profile Chinese technology companies that the Trump administration targeted for alleged ties to China's military.<o:p></o:p>

Stewart Baker, a former Department of Homeland Security official, said the Treasury's "settled regulatory and legal regime" made it a better place than the Defense Department to enforce the ban.<o:p></o:p>

"This follows in a growing tradition of the&nbsp;Biden&nbsp;administration coming along and saying: 'Trump was right in principle and wrong in execution, and we'll fix that,'" Baker said.

President Joe Biden signed an executive order on Thursday that bans US entities from investing in dozens of Chinese companies with alleged ties to defence or surveillance technology sectors.

President Joe Biden signed an executive order on Thursday that bans US entities from investing in dozens of Chinese companies with alleged ties to defence or surveillance technology sectors. The move, which his administration says expands the scope of a legally flawed Trump-era order, drew anger from Beijing. Also Read | Joe Biden blacklists 28 more Chinese firms to investors, says White House The Treasury Department will enforce and update on a "rolling basis" the new list of about 59 companies, which bars buying or selling publicly traded securities in target companies, and replaces an earlier list from the Department of Defense, senior administration officials told reporters. The order prevents US investment from supporting the Chinese military-industrial complex, as well as military, intelligence, and security research and development programs, Biden said in the order. Also Read | Biden to review Donald Trump's China investment blacklist: Report "In addition, I find that the use of Chinese surveillance technology outside the PRC and the development or use of Chinese surveillance technology to facilitate repression or serious human rights abuse constitute unusual and extraordinary threats," Biden said, using the acronym for the People's Republic of China. Major Chinese firms included on the previous Defense Department list were also placed on the updated list, including Aviation Industry Corp of China (AVIC), China Mobile Communications Group, China National Offshore Oil Corp (CNOOC), Hangzhou Hikvision Digital Technology Co Ltd, Huawei Technologies Ltd and Semiconductor Manufacturing International Corp (SMIC). SMIC is key to China's national drive to boost its domestic chip sector. Also Read | US to blacklist dozens of Chinese firms including SMIC, report says "We fully expect that in the months ahead ... we'll be adding additional companies to the new executive order's restrictions," one of the senior officials said. A second official told reporters that the inclusion of Chinese surveillance technology companies expanded the scope of the Trump administration's initial order last year, which the White House argues was carelessly drafted, leaving it open to court challenges. Also Read | Biden defines his underlying challenge with China: ‘Prove democracy works’ "The US government is stretching the concept of national security, abusing national power and using every possible means to suppress and restrict Chinese enterprises," said Wang Wenbin, a spokesman at the Chinese foreign ministry. "We are firmly opposed to this," Wang told reporters at a regular briefing on Friday, urging the United States to withdraw the list. Also Read | US delays Chinese investment ban's impact on certain firms Biden has been reviewing a number of aspects of US policy toward China, and his administration had extended a deadline for implementation set by former President Donald Trump's order while it crafted its new policy framework. The move is part of Biden's broader series of steps to counter China, including reinforcing US alliances and pursuing large domestic investments to bolster American economic competitiveness, amid increasingly sour relations between the world's two biggest economies. Biden's Indo-Pacific policy coordinator, Kurt Campbell, said last month that a period of engagement with China had come to an end and that the dominant paradigm in bilateral ties going forward would be one of competition. Senior officials said the Treasury Department would give guidance later on what the scope of surveillance technology means, including whether companies are facilitating "repression or serious human rights abuses." Also Read | After Trump, Biden faces pressure to stand up to China by embracing Taiwan "We really want to make sure that any future prohibitions are on legally solid ground. So, our first listings really reflect that," a second senior administration official said. Chinese investors shrugged off the list, with most of the stocks named, including newly-added ones, making gains on Friday morning. Wu Kan, portfolio manager at Soochow Securities Co, said listed companies were in vital industries such as defence and semiconductors and would get government support, making them investment opportunities. Also Read | That was fast: Blowups with China and Russia in Biden’s first 60 days "China has given up illusions and is fully prepared for decoupling in those strategic sectors that relate to national security...so the new ban list is not really a surprise," he said. Time to 'Unwind' Investors would have time to "unwind" investments, a third official said. The order said the ban would take effect on Aug. 2 for those companies currently listed. US investors would still have 365 days from the date of this or future listings to make transactions for the purpose of divesting, and while it was not required, divesting later than 365 days after listing would be prohibited without authorization. The new list, while overall adding about 10 publicly listed companies, provided few surprises for investors looking to see if they need to unload even more Chinese stocks and bonds. Not included, however, were some previously identified companies, such as Commercial Aircraft Corp of China (COMAC), which is spearheading efforts to compete with Boeing Co and Airbus, and two that challenged the ban in court, Gowin Semiconductor Corp and Luokung Technology Corp. Sinochem, on the earlier list, was also dropped. In May, a judge signed an order removing the designation on Chinese mobile phone maker Xiaomi, which was among the more high-profile Chinese technology companies that the Trump administration targeted for alleged ties to China's military. Stewart Baker, a former Department of Homeland Security official, said the Treasury's "settled regulatory and legal regime" made it a better place than the Defense Department to enforce the ban. "This follows in a growing tradition of the Biden administration coming along and saying: 'Trump was right in principle and wrong in execution, and we'll fix that,'" Baker said.

Biden order bans investment in dozens of Chinese defence, tech firms

The Indian rupee slumped 27 paise to 73.17 against the US dollar in opening trade on Wednesday tracking weak domestic equities and strong American currency.

At the interbank foreign exchange, the domestic unit opened lower at 73.13 against the dollar, and lost further ground and touched 73.17, registering a fall of 27 paise over its previous close. On Tuesday, the rupee had settled at 72.90 against the US dollar.

"The course ahead for the currency could remain uneven amid uncertainties around the development of the pandemic situation and the economic recovery," Reliance Securities said in a research note.

Most Asian currencies have started flat to weaker against the US dollar this morning and could weigh on the local unit, the note added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 89.90. Global oil benchmark Brent crude futures rose 0.24 per cent to USD 70.42 per barrel. On the domestic equity market front, BSE Sensex was trading 354.99 points or 0.68 per cent lower at 51,579.89, while the broader NSE Nifty fell 83.90 points or 0.54 per cent to 15,490.95.

Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 449.86 crore, as per exchange data.

Meanwhile, India reported 1,32,788 new coronavirus infections taking the country's tally of COVID-19 cases to 2,83,07,832, while the daily positivity rate has further dropped to 6.57 per cent, according to the Union Health Ministry data updated on Wednesday.

The Indian rupee slumped 27 paise to 73.17 against the US dollar in opening trade on Wednesday tracking weak domestic equities and strong American currency. At the interbank foreign exchange, the domestic unit opened lower at 73.

The Indian rupee slumped 27 paise to 73.17 against the US dollar in opening trade on Wednesday tracking weak domestic equities and strong American currency. At the interbank foreign exchange, the domestic unit opened lower at 73.13 against the dollar, and lost further ground and touched 73.17, registering a fall of 27 paise over its previous close. On Tuesday, the rupee had settled at 72.90 against the US dollar. "The course ahead for the currency could remain uneven amid uncertainties around the development of the pandemic situation and the economic recovery," Reliance Securities said in a research note. Most Asian currencies have started flat to weaker against the US dollar this morning and could weigh on the local unit, the note added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.08 per cent to 89.90. Global oil benchmark Brent crude futures rose 0.24 per cent to USD 70.42 per barrel. On the domestic equity market front, BSE Sensex was trading 354.99 points or 0.68 per cent lower at 51,579.89, while the broader NSE Nifty fell 83.90 points or 0.54 per cent to 15,490.95. Foreign institutional investors were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 449.86 crore, as per exchange data. Meanwhile, India reported 1,32,788 new coronavirus infections taking the country's tally of COVID-19 cases to 2,83,07,832, while the daily positivity rate has further dropped to 6.57 per cent, according to the Union Health Ministry data updated on Wednesday.

Rupee falls 27 paise to 73.17 against US dollar in early trade

Brazil posted a trade surplus of $9.3 billion in May as record exports for that month helped fuel the second largest overall surplus ever. It is the second-highest on record following April's $10.3 billion surpluses.

World Business Watch: Brazil posts May trade surplus of $9.3 billion as exports hit historic high

Chinese&nbsp;exports&nbsp;grew at a forecast-busting rate last month, data showed Friday, while&nbsp;imports&nbsp;surged at their strongest in a decade as the global economy bounces back from the pandemic crisis and domestic consumption recovers.

With vaccines being rolled out around the world - particularly in the key US market - and economically painful lockdowns being eased, demand for&nbsp;China's goods has picked up this year, having fallen off a cliff in 2020.

Shipments abroad soared 32.3 percent on-year in April - smashing the 24.1 per cent expected in a Bloomberg survey - thanks to a sharp rise in demand for electronics and medical masks.

Also read:&nbsp;<a href="'Military knows all about biological warfare': Bolsonaro's swipe at China over COVID-19">'Military knows all about biological warfare': Bolsonaro's swipe at China over COVID-19</a>

The impressive figures are attributable to last year's very low base of comparison owing to the pandemic.

But they still show that the global recovery is underway, led by the United States where the economy is scorching along on the back of vast government spending and central bank largesse.

"The stimulus in developed economies, especially in the US, sustained their demand for Chinese manufactured products," Nomura chief&nbsp;China&nbsp;economist Lu Ting told AFP.

He added that the worsening Covid-19 outbreak in emerging markets including India also supported Chinese&nbsp;exports, in part because they then rely on&nbsp;China&nbsp;to supply protective gear.

At home, with the coronavirus largely brought under control,&nbsp;China's vast army of consumers are getting back to their daily lives after last year's travails, sending&nbsp;imports&nbsp;up 43.1 per cent, slightly below forecast but the&nbsp;best&nbsp;rise since early 2011.

The jump was also fired by a surge in commodity prices - iron ore is at a record and copper close to one - electronics and integrated circuits, which are then mostly turned around before being shipped abroad.

The strong figures will provide cheer to&nbsp;China's leaders who are looking to recalibrate the economy from state investment and&nbsp;exports-led&nbsp;growth&nbsp;to one more reliant on domestic consumer demand.

But Lu warned of the surging prices of imported commodities noting it "will both trigger higher inflation and depress domestic demand".

Rajiv Biswas, Asia Pacific chief economist at IHS Markit, added that factors such as rising container freight shipping costs, on&nbsp;top&nbsp;of global semiconductor shortages, had "added to&nbsp;China's&nbsp;import&nbsp;bill".

In April,&nbsp;China's trade surplus with the US - a key point of contention during their bruising trade war - rose 23 per cent to $28.1 billion.

Chinese exports grew at a forecast-busting rate last month, data showed Friday, while imports surged at their strongest in a decade as the global economy bounces back from the pandemic crisis and domestic consumption recovers.

Chinese exports grew at a forecast-busting rate last month, data showed Friday, while imports surged at their strongest in a decade as the global economy bounces back from the pandemic crisis and domestic consumption recovers. With vaccines being rolled out around the world - particularly in the key US market - and economically painful lockdowns being eased, demand for China's goods has picked up this year, having fallen off a cliff in 2020. Shipments abroad soared 32.3 percent on-year in April - smashing the 24.1 per cent expected in a Bloomberg survey - thanks to a sharp rise in demand for electronics and medical masks. Also read: 'Military knows all about biological warfare': Bolsonaro's swipe at China over COVID-19 The impressive figures are attributable to last year's very low base of comparison owing to the pandemic. But they still show that the global recovery is underway, led by the United States where the economy is scorching along on the back of vast government spending and central bank largesse. "The stimulus in developed economies, especially in the US, sustained their demand for Chinese manufactured products," Nomura chief China economist Lu Ting told AFP. He added that the worsening Covid-19 outbreak in emerging markets including India also supported Chinese exports, in part because they then rely on China to supply protective gear. At home, with the coronavirus largely brought under control, China's vast army of consumers are getting back to their daily lives after last year's travails, sending imports up 43.1 per cent, slightly below forecast but the best rise since early 2011. The jump was also fired by a surge in commodity prices - iron ore is at a record and copper close to one - electronics and integrated circuits, which are then mostly turned around before being shipped abroad. The strong figures will provide cheer to China's leaders who are looking to recalibrate the economy from state investment and exports-led growth to one more reliant on domestic consumer demand. But Lu warned of the surging prices of imported commodities noting it "will both trigger higher inflation and depress domestic demand". Rajiv Biswas, Asia Pacific chief economist at IHS Markit, added that factors such as rising container freight shipping costs, on top of global semiconductor shortages, had "added to China's import bill". In April, China's trade surplus with the US - a key point of contention during their bruising trade war - rose 23 per cent to $28.1 billion.

China's exports top forecasts, imports growth best in 10 years

The US trade deficit jumped to a record high in March amid roaring domestic demand, which is drawing in imports, and the gap could widen further as the nation's economic activity rebounds faster than its global rivals.

World Business Watch: US trade deficit hits record $74.4 billion in March

Ahead of the India-UK virtual summit to be chaired by British Prime Minister Boris Johnson and Indian PM Narendra Modi, the former has announced one billion pounds of new UK-India trade deals which includes an investment of 240 million pounds&nbsp;by Pune-based Serum Institute of India&nbsp;(SII).

The investment by SII, according to the UK government, will be into their vaccine business and a new sales office that will generate new business worth one billion pounds.&nbsp;&nbsp;

Ahead of the summit, Johnson said, "Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer."&nbsp;

All in all, the announcement on a trade deal will create 6,500 new jobs in the UK and includes over £533&nbsp;million&nbsp;of new Indian investment into the UK.&nbsp;£200&nbsp;million&nbsp;of these deals will support low carbon growth.&nbsp;

One of the key focus areas of the virtual summit will be the launching of the Comprehensive Roadmap 2030. The roadmap aims to expand and deepen India-UK cooperation in the next decade in five areas:&nbsp;people-to-people relationship, trade and prosperity,&nbsp;defence&nbsp;and security, climate action and healthcare.&nbsp;

The UK sees New Delhi as its key partner in a post-Brexit world and as part of its Indo-Pacific tilt, has been increasing engagement. In fact,&nbsp;the&nbsp;UK PM was very keen on visiting India and both times,&nbsp;in January and April, it got postponed due to the Covid pandemic.&nbsp;

Meanwhile, as the Covid crisis in India leaves unimaginable devastation, London has been quick to send assistance.

Last week,&nbsp;it became the first country to send planeloads of assistance to New Delhi and so far, it&nbsp;has sent £6 million worth of medical supplies.

The British Asian Trust raised over £1.6mn in the last week through their emergency appeal&nbsp;and&nbsp;UK business leaders have&nbsp;mobilised&nbsp;in response to the Indian High Commission’s request for vital equipment.&nbsp;

Ahead of the India-UK virtual summit to be chaired by British Prime Minister Boris Johnson and Indian PM Narendra Modi, the former has announced one billion pounds of new UK-India trade deals which includes an investment of 240 million pounds by Pune-based Serum Institute of India (SII).

Ahead of the India-UK virtual summit to be chaired by British Prime Minister Boris Johnson and Indian PM Narendra Modi, the former has announced one billion pounds of new UK-India trade deals which includes an investment of 240 million pounds by Pune-based Serum Institute of India (SII). The investment by SII, according to the UK government, will be into their vaccine business and a new sales office that will generate new business worth one billion pounds. Ahead of the summit, Johnson said, "Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer." All in all, the announcement on a trade deal will create 6,500 new jobs in the UK and includes over £533 million of new Indian investment into the UK. £200 million of these deals will support low carbon growth. One of the key focus areas of the virtual summit will be the launching of the Comprehensive Roadmap 2030. The roadmap aims to expand and deepen India-UK cooperation in the next decade in five areas: people-to-people relationship, trade and prosperity, defence and security, climate action and healthcare. The UK sees New Delhi as its key partner in a post-Brexit world and as part of its Indo-Pacific tilt, has been increasing engagement. In fact, the UK PM was very keen on visiting India and both times, in January and April, it got postponed due to the Covid pandemic. Meanwhile, as the Covid crisis in India leaves unimaginable devastation, London has been quick to send assistance. Last week, it became the first country to send planeloads of assistance to New Delhi and so far, it has sent £6 million worth of medical supplies. The British Asian Trust raised over £1.6mn in the last week through their emergency appeal and UK business leaders have mobilised in response to the Indian High Commission’s request for vital equipment.

Modi-Boris virtual summit brings deals worth 1 billion pounds, enhanced trade partnership  

The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency.&nbsp;

Forex traders said concerns over rising COVID-19 cases and foreign fund outflows also weighed on investors' sentiment.&nbsp;

At the interbank foreign exchange, the domestic unit opened lower at 74.25 against the dollar, and lost further ground and touched 74.33, registering a fall of 24 paise over its previous close.&nbsp;

On Friday, rupee had closed at 74.09 against the US dollar.&nbsp;

Rupee opened on a week note on global dollar strength and weaker-than-expected performance of BJP in state elections, particularly Bengal, said Abhishek Goenka, Founder and CEO, IFA Global.&nbsp;

Goenka further said that "it is likely to trade a 74.15-74.45 range intraday with an upside bias".&nbsp;

The major trigger point for the markets could be the CPI and IIP numbers this week, Reliance Securities said in a research note adding that volumes could be low this week as Chinese investors and traders will be away from the markets on account of Labour Day break from May 3 to 5 this week.&nbsp;

The 30-share BSE Sensex was trading 363.46 points or 0.75 per cent lower at 48,418.90. Similarly, the broader NSE Nifty slipped 85.15 points or 0.58 per cent to 14,545.95.&nbsp;

The daily COVID-19 cases in India showed a slight dip with 3,68,147 new coronavirus infections being reported in a day, taking the total tally of cases to 1,99,25,604, according to the Union Health Ministry data updated on Monday.&nbsp;

Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 3,465.07 crore on Friday, as per provisional data.&nbsp;

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.06 per cent at 91.33.&nbsp;

Brent crude futures, the global oil benchmark, was down by 0.45 per cent to USD 66.46 per barrel. &nbsp;

The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency. Forex traders said concerns over rising COVID-19 cases and foreign fund outflows also weighed on investors' sentiment.

The Indian rupee slumped 24 paise to 74.33 against the US dollar in opening trade on Monday tracking weak domestic equities and strong American currency. Forex traders said concerns over rising COVID-19 cases and foreign fund outflows also weighed on investors' sentiment. At the interbank foreign exchange, the domestic unit opened lower at 74.25 against the dollar, and lost further ground and touched 74.33, registering a fall of 24 paise over its previous close. On Friday, rupee had closed at 74.09 against the US dollar. Rupee opened on a week note on global dollar strength and weaker-than-expected performance of BJP in state elections, particularly Bengal, said Abhishek Goenka, Founder and CEO, IFA Global. Goenka further said that "it is likely to trade a 74.15-74.45 range intraday with an upside bias". The major trigger point for the markets could be the CPI and IIP numbers this week, Reliance Securities said in a research note adding that volumes could be low this week as Chinese investors and traders will be away from the markets on account of Labour Day break from May 3 to 5 this week. The 30-share BSE Sensex was trading 363.46 points or 0.75 per cent lower at 48,418.90. Similarly, the broader NSE Nifty slipped 85.15 points or 0.58 per cent to 14,545.95. The daily COVID-19 cases in India showed a slight dip with 3,68,147 new coronavirus infections being reported in a day, taking the total tally of cases to 1,99,25,604, according to the Union Health Ministry data updated on Monday. Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 3,465.07 crore on Friday, as per provisional data. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.06 per cent at 91.33. Brent crude futures, the global oil benchmark, was down by 0.45 per cent to USD 66.46 per barrel.

Rupee falls 24 paise to 74.33 against US dollar in early trade 

Pakistan Foreign Minister Shah Mahmood Qureshi will embark on a three-day official visit to the UAE on Saturday during, which he will hold discussions with the country's leadership on all areas of bilateral cooperation including collaboration in trade and investment.&nbsp;

Foreign Office said that the Foreign Minister will meet his counterpart Sheikh Abdullah bin Zayed Al Nahyan and other UAE dignitaries.&nbsp;

The UAE is home to the second-largest Pakistani community abroad.&nbsp;

"The Foreign Minister will hold consultations with the UAE's leadership on all areas of bilateral cooperation including collaboration in trade and investment, job opportunities for Pakistani workforce and the welfare of Pakistani diaspora," said the Foreign Office.&nbsp;

He will also discuss regional and global issues of mutual interest.&nbsp;

Pakistan and the UAE enjoy strong fraternal ties, rooted deep in common faith and shared history and values.&nbsp;

High-level visits between the two countries have played a pivotal role in providing further impetus to strengthening bilateral cooperation and collaboration on a wide range of issues.&nbsp;

But the visit got additional importance after reports by the local and international media that the UAE hosted secret talks in January between Pakistani and Indian officials. Weeks after this, the two sides agreed to restore the 2003 ceasefire agreement on the LoC in February, followed by reconciliatory messages sent by the leaders of the two countries.&nbsp;

Pakistan Foreign Minister Shah Mahmood Qureshi will embark on a three-day official visit to the UAE on Saturday during, which he will hold discussions with the country's leadership on all areas of bilateral cooperation including collaboration in trade and investment.

Pakistan Foreign Minister Shah Mahmood Qureshi will embark on a three-day official visit to the UAE on Saturday during, which he will hold discussions with the country's leadership on all areas of bilateral cooperation including collaboration in trade and investment. Foreign Office said that the Foreign Minister will meet his counterpart Sheikh Abdullah bin Zayed Al Nahyan and other UAE dignitaries. The UAE is home to the second-largest Pakistani community abroad. "The Foreign Minister will hold consultations with the UAE's leadership on all areas of bilateral cooperation including collaboration in trade and investment, job opportunities for Pakistani workforce and the welfare of Pakistani diaspora," said the Foreign Office. He will also discuss regional and global issues of mutual interest. Pakistan and the UAE enjoy strong fraternal ties, rooted deep in common faith and shared history and values. High-level visits between the two countries have played a pivotal role in providing further impetus to strengthening bilateral cooperation and collaboration on a wide range of issues. But the visit got additional importance after reports by the local and international media that the UAE hosted secret talks in January between Pakistani and Indian officials. Weeks after this, the two sides agreed to restore the 2003 ceasefire agreement on the LoC in February, followed by reconciliatory messages sent by the leaders of the two countries.

Qureshi to visit UAE, to discuss cooperation in trade 

Indian Prime Minister Narendra Modi holds a virtual summit with Finnish counterpart Sanna Marin. Both leaders discussed trade and global issues of mutual interests.

Indian PM Modi holds virtual summit with Finnish counterpart Sanna Marin

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