Page 9 - Global Trade

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Red Sea crisis will affect global trade

Sri Lanka Navy ready to send ship to Red Sea to protect merchant vessels

The Sri Lanka Navy on Monday said it is ready to send a naval ship to the Red Sea to combat the threat to merchant vessel lines by Houthi rebels, joining countries such as India, in protecting the key waterway for global trade. The announcement comes following last week's orders of President Ranil Wickremesinghe, who had declared the cost as Rs 250 million every fortnight. The Iran-backed Houthi rebels have launched more than 20 attacks on merchant ships in recent weeks, claiming to take revenge against Israel for its military campaign against Palestinian terror group Hamas in Gaza. These attacks have sharply raised goods' transportation costs between Asia and Europe. Newswire Lanka quoted Navy spokesman Captain Gayan Wickramasuriya as saying that but the exact date of deployment is yet to be confirmed. The vessels would be covering the Red Sea, Arabian Sea, Gulf of Aden, and connected sea lanes. Captain Wickramasuriya went on to say that initially one ship would be deployed as pa

War, weather put global ocean shippers on notice for rough seas in 2024

Maersk on Friday joined other major ocean carriers in rerouting ships away from the Red Sea to avoid missile and drone attacks in an area that leads to the vital Asia-Europe Suez Canal shortcut

PM Modi to inaugurate Vibrant Gujarat Global Summit on January 10

Prime Minister Narendra Modi will inaugurate the 10th edition of the Vibrant Gujarat Global Summit in Gandhinagar on January 10, an official said on Friday. The event will be held at the Mahatma Mandir Convention Centre in the state capital, he said. A day before the summit begins, the PM would also inaugurate the 'Vibrant Gujarat Global Trade Show 2024' at Helipad Ground near Mahatma Mandir on January 9, Additional Chief Secretary of Industries and Mines Department, S J Haider, said in a press conference. The PM will arrive in Gandhinagar on January 9, he said. "The 10th edition of the Vibrant Gujarat Global Summit will be held between January 10 and 12 in Gandhinagar and the PM will inaugurate the event on January 10. We are also organising 'Vibrant Gujarat Global Trade Show 2024' as part of the summit. It will also be inaugurated by the PM in the afternoon of January 9. The trade show will remain open till January 13," he said. The previous Vibrant Gujarat Summit was held in ..

TMS Ep601: Reliance's GenAI, global trade in 2024, markets, Congress's NYAY

Why does Reliance want to launch its own GenAI? Can this election year change global trade? Can gold deliver double-digit returns in 2024? What is the Congress party's NYAY promise? Answers here

We will maintain export figures of last year despite global slowdown: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday exuded confidence that during this fiscal, the country will maintain the last year's export figures despite slowdown in global trade. He said that India's exports of goods and services rose to USD 776 billion in 2022-23 from USD 500 billion two years ago. "Globally growth has been negative, international trade is in the negative territory, estimates are that this year international trade may fall, and in that perspective after having grown so rapidly we are looking at a phase of consolidation... "and I expect that the current year, we will maintain our figures of last year and strengthen our processes and our domestic capacities, capabilities to be able to grow at much faster rates in the years to come," Goyal told reporters here. Cumulatively, the country's merchandise exports in April-November 2023-24 contracted by 6.51 per cent to USD 278.8 billion. The estimated value of services export during the eight-month period stood

Global trade disruption

Shipping routes can increase vulnerability

Suez, a crisis waiting to happen, forces shippers to be ready any moment

For a start, the balance of global trade has shifted toward Asia, with China, India and Southeast Asia all being important consumption economies in addition to their long-standing role in production

Trade measures of G20 nations become more restrictive in recent months: WTO

Trade measures introduced by G20 member countries have become more restrictive in recent months, according to a report from the World Trade Organisation (WTO). According to the 30th WTO Trade Monitoring Report on G20 trade measures, between mid-May and mid-October 2023, the countries have introduced more trade-restrictive than trade-facilitating measures on goods. WTO Director-General Ngozi Okonjo-Iweala has called on the G20 to show leadership and contribute to economic stability and growth by unwinding recent and longstanding restrictions on trade. G20 members include India, Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, Russia, the UK, and the US, among others. "Trade measures introduced by G20 economies have become more restrictive in recent months," the WTO said.

India' reliance on Bab-el-Mandeb Strait could impact economy: GTRI

India needs to work on finding alternate trade routes in the sea as heavy reliance on the Bab-el-Mandeb Strait, a key route crossing Red Sea, could impact the country's trade with the Middle East, Africa, and Europe, economic think tank GTRI said on Tuesday. Developing alternative routes such as the deep water port in Chabahar, Iran can help the country, it said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. The strait, vital for 30 per cent of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvre by regional and global powers, the Global Trade Research Initiative (GTRI) said. It added that India, heavily reliant on this route for trade and energy (crude oil and LNG) imports, faces increased costs and security risks, prompting efforts to diversify trade routes and

Per capita income must go up to become 3rd largest economy: Bandhan Bank MD

Bandhan Bank managing director Chandra Shekhar Ghosh on Tuesday said there is a need to increase per capita income to make India third largest economy in the world. The per capita income of the fifth largest economy, as per the government data, stood at Rs 98,374 in 2022-23. India ranks 130th globally in terms of Human Development Index comprising per capital income, education and health parameters, Speaking at an event organised by CII here, Ghosh said, to make India third largest economy in the world or to achieve USD 5 trillion size, per capita income has to increase. "We need to focus on per capita income improvement so that people have higher income and therefore spending would increase. So that should be the main focus," he said. Ghosh said financial inclusion and access to institutional credit play an important role in improvement of per capital income. The government has taken many initiatives, including Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Mudra Yoja

Global trade to decline by about 5% in 2023 amid geopolitical tensions

The value of goods and services trade will reach $30.7 trillion compared with $32.2 trillion in 2022, according to the Geneva-based United Nations Conference on Trade and Development

EU carbon tax to hurt global trade, not to stop carbon leakage: GTRI

The decision of the European Union (EU) to impose a carbon tax on certain sectors like metals from 2026 will only hurt global trade and not help in containing carbon emissions, think tank GTRI said on Sunday. The Global Trade Research Initiative (GTRI) said that European Commissioner Wopke Hoekstra remarks that the sole aim of CBAM (Carbon Border Adjustment Mechanism) is to prevent carbon leakage which has significant flaws. It added that fossil fuels contribute to 90 per cent of Greenhouse and 75 per cent of carbon emissions and if decarbonization is the goal, the EU should heavily tax fossil-fuel imports. Carbon leakage is the phenomenon of companies moving production to countries with weaker environmental regulations to avoid paying carbon prices in the EU. This objective could have been achieved by merely taxing imports from the EU firms, which have shifted production to other countries. However, the EU chose to tax all world imports through CBAM, GTRI Co-Founder Ajay Srivastava

Cashfree Payments, Global Trade Plaza partners to lift cross-border payment

Exporters will also receive auto-generated foreign inward remittances advice (e-FIRA), the company stated

WTO chief warns of 'big impact' on trade if Israel-Hamas conflict widens

"Everybody's on eggshells and hoping for the best," she said

A new great game is afoot: India-China rivalry to lead Global South

Leadership of the developing world could well become a defining characteristic of the 21st century

Nykaa, Paytm, Zomato: Canadian FPI-held stocks take a hit on widening rift

Stocks held by Canada Pension Plan Investment Board (CPPIB), which is among the biggest FPIs investing in the domestic market, have come under pressure since developments on the India-Canada tensions

On trade, Delhi G20 improves over the Bali declaration

It is near certain that the United States is reluctant to clear the way for appointment of members to the appellate body and thus revive the dispute settlement mechanism at the WTO

Panama Canal drought and how it is impacting global trade, supply chain

The Panama Canal Authority has warned that water restrictions may continue into 2024, making it important for shipowners to create a contingency plan that does not further disrupt global supply chain

WTO in survival mode pushes back on splintering the global trade

The WTO estimates that the cost of splitting the world trade system into separate blocs would be about 5 per cent of real income at the global level