This week’s headline features a story from Europe:The Group of Seven (G7) industrialised nations have committed to promoting concrete infrastructure initiatives such as the India-Middle East-Europe Economic Corridor (IMEC) in the G7 Summit Communique issued at the end of the three-day G7 Summit

Europe: At the G7 summit, nations committed to the India-Middle East-Europe Economic Corridor, aiming to enhance economic integration and connectivity, fostering global trade and cooperation.

North America:  India and the US are now in an "advanced stage of talks" for the proposed joint manufacture of the latest generation of Stryker armoured infantry combat vehicles (ICVs) as part of their defence-industrial cooperation roadmap. With the US also recently offering to demonstrate the mobility and firepower of the eight-wheeled Stryker in high-altitude areas in India, the defence ministry is examining a three-phase plan for the proposed project.

South America: The Chancay megaport will be the first on South America's Pacific coast able to receive megaships because of its nearly 60 feet of depth. The companies will be able to send cargo on those vessels directly between Peru & China. China’s Cosco Shipping is building the $3.5 billion port eying at boosting trade between Asia & South America.

mega port

Asia: Digital wallets, led by China and Asia-Pacific, accounted for 50% of global e-commerce and 30% of in-store purchases in 2023, with transaction values expected to grow from $14 trillion to $25 trillion by 2027, according to Worldpay.

Oceania: India dispatched a consignment weighing 19 tonnes to Papua New Guinea's Enga province, containing essential supplies for humanitarian and disaster relief (HADR) efforts. This aid was sent in the wake of a devastating landslide that resulted in the loss of more than 2,000 lives. The shipment comprises crucial items such as “food, temporary shelters and medicines” to support the affected population.

Africa: In a historic move, South Africa's ANC and DA have formed a government of national unity with two smaller parties after the ANC lost its parliamentary majority, paving the way for Cyril Ramaphosa to remain president. Read Now!