Trade ministers of Regional Comprehensive Economic Partnership (RCEP) member countries, including India and China, will hold a crucial meeting in Singapore on August 30-31, an official said.The meeting is important as the 16-member bloc now needs specific political guidance to move the negotiations further, the official added.RCEP mega trade pact aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.Close RCEP bloc comprises 10 Asean members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners - India, China, Japan, South Korea, Australia and New Zealand. related news US-China trade deal cuts tariffs for Beijing promise of big farm purchases US agency probes 12th Tesla crash tied to possible Autopilot use Uber submits appeal to regain London taxi licence The meeting also assumes significance as the member countries are not … [Read more...] about RCEP trade ministers to meet on Aug 30-31 in Singapore
Trade deficit w china
Free-trade pacts hamper India’s efforts to curb China textile imports
China is exporting textiles to India through Bangladesh to get around a tax increase on imports, undermining New Delhi's efforts to support local manufacturers, industry sources said.Earlier this week, India doubled the import tax on more than 300 textile products to 20 percent, marking the second tax increase on textiles in as many months.This is aimed at providing relief to the country's domestic textile industry, which has been hit by cheaper imports. India's total textile imports jumped by 16 percent to a record $7 billion in the fiscal year to March 2018. Of this, about $3 billion were from China.Close Textiles are India's second largest job provider directly employing nearly 51 million people and accounting for 5 percent of India's gross domestic product, and 13 percent of its export earnings. related news PM Narendra Modi arrives in Kanpur to chair first meeting of National Ganga Council US-China trade deal cuts tariffs for Beijing promise of big farm purchases Hong … [Read more...] about Free-trade pacts hamper India’s efforts to curb China textile imports
AP Analysis: US-UK trade deal won’t be so easy post-Brexit
WASHINGTON (AP) — Britain hasn’t even divorced the European Union yet, and already a new suitor has come calling: the United States. During a visit this week to the United Kingdom, Vice President Mike Pence brought word from his boss, President Donald Trump: The United States is eager to reach a new trade pact — one that won’t be possible until Britain completes Brexit and moves out of the 28-country EU trading bloc. “Our message is clear: The minute the U.K. is out, America is in,” Vice President Mike Pence said in a visit with British Prime Minister Boris Johnson at 10 Downing Street on Thursday. Not so fast. Building a new U.S.-U.K. trading relationship atop the wreckage of Brexit won’t be easy. British officials are already vowing to resist an agreement that is lopsided in favor of the more powerful United States, creating potential for disputes over matters such as chlorinated chicken and the divisive Scottish dish haggis. “I know … [Read more...] about AP Analysis: US-UK trade deal won’t be so easy post-Brexit
US-China trade deal gets tepid reception
US President Trump [L] shakes hand with Chinese President Xi Jinping. PHOTO: REUTERS WASHINGTON: US officials announced a truce in the trade war with China with much fanfare, but economists and trade experts call it largely a victory for Beijing. After a dispute that raged for close to two years, with several fumbled efforts at a resolution, the US agreed to cancel planned tariffs and rollback others immediately, without a similar commitment from China to lift tariffs it imposed on the US. “Pardon me if I don’t pop champagne, but aside from a cessation of continued escalation, there is not much worth cheering,” leading China expert Scott Kennedy said in an analysis of the agreement. “The costs have been substantial and far reaching, the benefits narrow and ephemeral.” US and China announce tariff rollback deal The US Trade Representative office said they expect to sign the phase one agreement in the first week of January, and issued a … [Read more...] about US-China trade deal gets tepid reception
China to target around 6% growth in 2020, step up state spending: Sources
BEIJING: China plans to set a lower economic growth target of around 6% in 2020 from this year's 6-6.5%, relying on increased state infrastructure spending to ward off a sharper slowdown, policy sources said. Chinese leaders are trying to support growth to limit job losses that could affect social stability, but are facing pressure to tackle debt risks caused by pump-priming policies. The proposed target, to be unveiled at China's annual parliamentary session in early March 2020, was endorsed by top leaders at the annual closed-door Central Economic Work Conference this month, according to three sources with knowledge of the meeting's outcome. "We aim to keep next year's growth within a reasonable range, or around 6%," said a source who requested anonymity. Top leaders pledged to keep economic policies stable while making them more effective to achieve growth targets in 2020, state media said on Thursday. Next year will be crucial for the ruling Communist Party to fulfill its goal … [Read more...] about China to target around 6% growth in 2020, step up state spending: Sources
