This week’s headline features a story from Asia:
The Global Trade Research Initiative (GTRI) has highlighted the surge in precious metals imports from the UAE under the India-UAE CEPA, warning of potential annual revenue losses of Rs 63,375 crore and adverse effects on India's jewellery and diamond industries. GTRI urges a review and investigation into transparency issues and possible money laundering via Gift City.
Europe: Commerce and Industry Minister Piyush Goyal participated in the G7 Trade Ministers meeting in Reggio Calabria, Italy, engaging in discussions on enhancing economic ties and FTAs with the EU and UK, highlighting India's dedication to fostering global economic partnerships and strengthening supply chains through strategic collaborations.
North America: A U.S. Treasury official cautioned India's banks about potential repercussions if they engage with Russia's military industrial base, emphasizing that such actions could lead to losing access to the U.S. financial system. In a letter to the Indian Banks' Association, Deputy Treasury Secretary Wally Adeyemo highlighted concerns over facilitating transactions involving sensitive goods for the Russian military.
South America: The growing trade relationship between India and Peru, highlighted by a proposed Free Trade Agreement expected by 2025, reached $3.12 billion in 2023, with India's exports at $865.91 million and Peru's exports at $2.55 billion, mainly in gold and copper.
Asia: The Global Trade Research Initiative (GTRI) has raised concerns over UAE's precious metals imports to India under the CEPA, urging an investigation due to negative impacts on domestic industries and potential revenue loss. GTRI highlighted issues of tariff arbitrage, money laundering possibilities, and the need for a review of the agreement.
Australia: Australia is developing a new roadmap to enhance engagement with India, complementing existing agreements to boost bilateral economic cooperation and target $100 billion in trade.
Africa: Kenya, Nigeria, and South Africa lead in AI deployment in Africa, with significant applications in agriculture, climate action, and energy, as highlighted in the "AI for Africa" report. Read Now!
