As part of an exercise to reduce the country's import bill, the ministry has undertaken a detailed analysis of these 102 products for enhancing domestic production opportunities of those items. According to the analysis, the import of these goods has been consistently increasing or have held high import shares across the long, medium and short terms. The commerce ministry has shared a list of as many as 102 products whose imports are high and are increasing consistently - such as coking coal, certain machinery, some chemicals, and digital cameras - to different ministries to look at ways for enhancing their domestic capacity with an aim to reduce imports, an official said. As part of an exercise to reduce the country's import bill, the ministry has undertaken a detailed analysis of these 102 products for enhancing domestic production opportunities of those items. According to the analysis, the import of these goods has been consistently increasing or have held high import shares across the long, medium and short terms. The cumulative share of these items is 57.66 per cent in total import during the MarchAugust 2021 period. "These goods have domestic production opportunities," the official said adding that the commerce ministry has suggested different departments and ministries products that are showing high import growth and may be prioritised for immediate interventions to increase local production. Out of 102, 18 products have both high share and high import growth rates. These include gold, crude palm oil, integrated circuits, personal computers, urea, stainless steel scrap, refined copper, cameras, machines for transmission of voices and images, sunflower seed oil, and phosphoric acid. The main objective of identification is to reduce their import dependence as their imports are growing consistently and have a significant share in the value of imports. "As the data has indicated that these items have been demanded consistently for import in all periods, it is supply rigidities in the domestic economy that need to be corrected," the official added. Ministries and departments with whom the list has been shared include industry, IT and electronics, mines, heavy industry, pharmaceuticals, steel, oil and natural gas, fertiliser, telecommunication, shipping, food processing, and textiles. India's merchandise imports in April-October 2021 was USD 331.29 billion, an increase of 78.71 per cent over USD 185.38 billion in April-October 2020 and USD 286.07 billion in April-October 2019, according to preliminary data of the government.
Source: Economic Times
The government has constituted a committee for the determination of RoDTEP rates for exports from special economic zones (SEZs) and export-oriented units (EOUs), as these sectors were left out in the earlier exercise, according to the DGFT. The government in August announced the rates of tax refunds under the export promotion scheme RoDTEP for 8,555 products, such as marine goods, yarn and dairy items. It has set aside Rs 12,454 crore for refunds under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for the current fiscal. SEZs and EOUs were kept out of the scheme in the list notified in August. The industry was demanding to include them in the scheme. The Directorate General of Foreign Trade (DGFT) in a trade notice has said, "The government has constituted a committee for determination of RoDTEP rates for AA (advance authorisation)/ EOU/ SEZ exports; and to give supplementary report/ recommendations on issues relating to errors or anomalies, with respect to the RoDTEP schedule of rates notified." It said members of trade and industry may submit their representations through the export promotion councils, industry associations, to the RoDTEP committee directly. Under the RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai, former CBEC member Y G Parande and former customs member Gautam Ray. It will submit its report within eight months.
Source: Economic Times
RBI Governor Shaktikanta Das had first flagged this initiative in a February policy review while calling it a "major structural reform" India is set to open up its sovereign bond market to individual buyers on Friday as it seeks to widen the investor base to fund the government’s massive borrowing programme. Prime Minister Narendra Modi will launch the so-called ‘RBI Retail Direct Scheme’ for investors on Friday, the Reserve Bank of India said. Retail investors can open and maintain their government securities account with the RBI free of cost, it said. RBI Governor Shaktikanta Das had first flagged this initiative in a February policy review while calling it a “major structural reform”.
Source: Business Standard
For the first time since January this year, households expected inflation to fall, according to the RBI survey Buoyed by the rapid pace of Covid vaccinations, the finance ministry on Wednesday gave a bullish outlook on the economy. Armed with necessary macro and micro growth drivers, the stage is set for India’s investment cycle to kick-start, it said, adding this would catalyse its recovery towards becoming the fastest-growing large economy in the world. In its monthly economic review for October, the Department of Economic Affairs (DEA) under the ministry, said further demand stimulation, fuller restoration of supply chains, narrowing of demand-supply mismatches, and greater employment generation are in the offing. Gross fixed capital formation (GFCF) rose 55 per cent in the first quarter (Q1) of 2021-22 (FY22) on a low base of 46.6 per cent contraction a year ago, giving an overestimated figure. When compared to the pre-Covid period of Q1 of 2019-20, GFCF was down 9.3 per cent in Q1FY22. The investment cycle, particularly from the private sector, is yet to pick up. However, the department sounded a note of caution. It said core retail inflation — which is the rate of price rise in non-food and non-oil items — remains sticky at 5.9 per cent in September. It attributed core inflation to the hardening of input costs and the ripple effect of escalating global oil prices. “Yet, these concerns have not embedded themselves in self-fulfilling inflationary expectations as seen in the Reserve Bank of India’s (RBI’s) inflation survey,” the DEA observed. For the first time since January this year, households expected inflation to fall, according to the RBI survey. After increasing for three successive rounds, the median inflation expectation of households moderated 50 basis points (bps) to 10.8 per cent for the three months ahead and 60 bps to 10.9 per cent for the year ahead in September. In its October review, the department expressed hope that the recent cut in central excise duty on petrol and diesel would soften inflationary pressures exerted by rising crude oil prices. The DEA quoted figures given by the Confederation of All India Traders to say that economic recovery gathered steam in the festival season, recording decade-high Diwali sales of Rs 1.3 trillion. The department attributed economic recovery to the AatmaNirbhar Bharat Abhiyan encapsulating major structural reforms. It said it has signalled business opportunities and expanded spending channels. Citing the World Trade Organization’s (WTO’s) October forecast on global trade prospects, the DEA said this augurs well for India’s export performance in the near future, lending credence to the International Monetary Fund (IMF) projecting India to become the fastest-growing economy, among major countries, in the current and subsequent year. In its latest update of its flagship publication — World Economic Outlook — the IMF pegged India's economic growth at 9.5 per cent for the current fiscal year and 8.5 per cent for the next year. The WTO on Monday upgraded its forecast for global merchandise trade volume to an increase of 10.8 per cent in 2021, from the 8 per cent increase projected in March this year. The department rolled out statistics on core sector growth, Index of Industrial Production, demand, bank credit, bond yields, goods and services tax, exports, rabi sowing, outbound shipments of farm produce, rural demand as indicated by tractor, and two-wheeler sales to substantiate its expectations that economic recovery is underway. The department said all states have covered more than 50 per cent of their respective adult population with the first dose of the Covid vaccine. As many as 11 states and Union Territories (UTs) have vaccinated the entire adult population with at least one dose. While Kerala still has the highest number of active and new cases, it has inoculated the entire adult population with at least one dose. The state accounted for 47 per cent of total active cases. More than 38 per cent of adults in India have been fully vaccinated, it said, adding Sikkim is leading the vaccination drive and has fully vaccinated almost its entire adult population. Ladakh and Goa have fully vaccinated more than three-fourths of their respective adult population. As many as 16 states and UTs have fully vaccinated more than 50 per cent of adults. The other states that have fully vaccinated around 25 per cent of adults are Uttar Pradesh, Bihar, Jharkhand, and Punjab. Overall, 80 per cent of the active cases are in Kerala, Maharashtra, Tamil Nadu (TN), Mizoram, and Karnataka. As many as 20 states and UTs account for only 1 per cent of active cases. A similar pattern can be seen in the average number of deaths in October, with Kerala accounting for 65 per cent of total deaths in the country, followed by Maharashtra, TN, and West Bengal. Mizoram has the maximum number of daily deaths, compared in terms of per 100,000 population. However, 25 states and UTs account for less than 3 per cent of deaths in the month.
Source: Business Standard
Joint paper highlights need for data sovereignty, policy space; contrasts plurilateral efforts led by developed nations to push e-commerce negotiations at MC12 India and South Africa have made a joint submission at the WTO seeking inclusive development of global e-commerce and measures, including technology transfer, to bridge the digital divide between the rich and poor that has “worsened’’ in the times of Covid-19. The joint paper also highlighted the need for developing countries to enact laws on data sovereignty and preserve their policy and fiscal space to revive trade competitiveness. The timing of the paper is important as it comes just weeks before the 12th WTO Ministerial Conference (MC12) where a group of countries, including Australia, Japan, Singapore and the US, are trying to push plurilateral negotiations on trade-related aspects of e-commerce that doesn’t have the support of many developing country members including India. Citing an UNCTAD 2019 report, the two countries said in the paper submitted to the WTO Committee on Trade and Development on Thursday, “Three developed countries (US, Japan and Germany) together account for 45 per cent of global e-commerce sales...and a handful of digital platforms have captured the cross-border e-commerce markets. Covid19 has further increased the market dominance of digital platforms and big-tech firms.”
E-commerce The joint paper comes as a counter to the efforts being made by the proponents of the WTO negotiations on trade-related aspects of e-commerce to push a substantial agreement at the MC12 in Geneva on November 30-December 1. India and many other non-participants are concerned that these efforts, largely from the developed countries, could have a bearing on global e-commerce rules and worsen the equation between developed and developing nations.
‘Adverse impact on MSMEs’ The narrative that MSME vendors can expand their sales and exports by linking with online retail platforms completely ignores the adverse impact of practices followed by many online retail platforms on MSME vendors who seek to sell through such platforms, the paper said. On the importance of controlling domestic data, “The need to collect, store and process data and regulate its flows for development is well understood. For this, national laws and regulations, like laws regarding data sovereignty, will need to be designed and enacted,” it said. The submission also raised concerns on the fast spread of 3D printing that could potentially replace almost 40 per cent of cross-border physical global trade by 2040 if investments in 3D printing is doubled. The most affected sectors would include labourintensive ones in India such as textiles and clothing, footwear, auto-components, toys, mechanical appliances, and hand tools. “Digital technology transfers will be pivotal in bridging the digital divide and building export competitiveness of developing countries. The active role of developed countries to realise such technology transfers will also be crucial,” the paper concluded.
Source: The Hindu Businessline
The two-day conference, beginning November 17, would see participation from all public sector banks and financial institutions (FIs) Finance Minister Nirmala Sitharaman is scheduled to meet heads of banks and financial institutions next week to remove friction in credit flow to productive sectors of the economy battered by the Covid-19 pandemic. The two-day conference, beginning November 17, would see participation from all public sector banks and financial institutions (FIs). Besides, CEOs of top six private sector lenders and non-banking financial companies (NBFCs), including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Cholamandalam Investment and Finance, Shriram Transport Finance and Tata Capital, would also be present.
Source: Business Standard
Citing a slew of measures the government has taken since the pandemic struck in March 2020, the governor specifically mentioned tax cuts on fuels, tax resolution for the telecom sector, annulling of the retro tax legislation, sale of Air India, plans to sell some of the public sector banks and PLI scheme as the major reforms and growth-drivers bearing fruits now. Stating that growth impulses and the fast-moving indicators are strong, Reserve Bank Governor Shaktikanta Das on Wednesday exuded confidence of the economy clipping at the projected 9.5 per cent this fiscal. Giving all the credit for the faster-than-expected recovery of the economy to the government, Das said the central bank has only been supporting the government in reviving the economy ravaged by the pandemic. Citing a slew of measures the government has taken since the pandemic struck in March 2020, the governor specifically mentioned tax cuts on fuels, tax resolution for the telecom sector, annulling of the retro tax legislation, sale of Air India, plans to sell some of the public sector banks and PLI scheme as the major reforms and growth-drivers bearing fruits now. “Though soaring global crude prices and many geopolitical issues along with other global headwinds are challenges to growth, the overall growth outlook is very positive for us. I am very confident that our GDP will comfortably grow by 9.5 per cent this fiscal because all growth impulses are very strong, and the fast-moving indicators are stronger. “Our assessment is that we are on a path of reaching the 9.5 per cent growth comfortably,” Das said at a function organised by financial daily Business Standard here this evening. But there are global headwinds as advanced economies, which have recovered faster from the pandemic and had posted higher growth numbers earlier, seem to have moderated now, he noted, putting question marks on the 5.9 per cent global GDP forecast. Given all these global GDP may undershoot the 5.9 per cent target due to shortages of semiconductors, shipping containers, and the resultant soaring freight rates, among others. But on top of all these is that many European, Asian and American countries are still fighting the pandemic, Das said, warning “this should ensure that there is no room for complacency at all”. He also based his growth optimism on the indications coming in from bankers that investment loans are making a slow come back and will pick up steam from the next fiscal. Our recent interaction with bank CEOs make me confident that demand for investment capital is making a slow come back and should gather momentum from the next fiscal, he said, when asked whether he is worried that for the first time retail loan book at Rs 28.58 lakh crore - driven largely by home loans - has surpassed corporate loan book of Rs 28.28 lakh crore as of July this year. Loans will go where there is demand. As of now, there is great demand for housing loans for one as we are now, in the lowest interest rate regime and ample liquidity, and for another, many people are looking for more spacious homes due to the pandemic, he said. So it is up to banks to do risk pricing very carefully in terms of sectoral allocation of their assets. Each bank has to do its due diligence and determine the risk appetite, Das noted, parrying a direct answer to the question of whether he sees any bubble in the retail books.
Source: Economic Times
The Centre’s net tax collections (pre-excise duty cuts on petrol and diesel) could exceed budget target by about Rs 2 lakh crore in FY22, largely covering the additional fiscal cost of stimulus measures announced by the government so far. Despite the fizzling out of a favourable base effect, indirect tax collections have seen robust growth till October of this fiscal. In the first seven months of FY22, gross indirect tax collections (net of refunds, but before devolution to states) grew 51% on year to about Rs 7.4 lakh crore, as against a required rate of 3% to achieve the full year target of Rs 11.09 lakh crore. The collections in April-October 2021 were also 41% higher than the receipts in the corresponding period of FY20. Even monthly indirect tax collection numbers have shown a steady growth on year. These collections grew 25% on year in July, 17% in August, 34% in September and a 63% in October. However, it may be noted that October GST collections largely belong to the transactions in the previous month. Besides steady goods and service tax (GST) collections, customs duty and excise duty collections have been very robust. In the Centre’s monthly indirectly tax collections, GST constitutes 40-50% depending on apportionment of integrated GST collections (IGST) between the Centre and states. Monthly customs duty collections in FY22 have been more than double compared with the corresponding months till October (except in April when it was more than four times of the receipts in the year ago month). “Besides anti-evasion measures, field officers are holding regular meetings with industry representatives in their zones to ensure that taxes are paid in time,” a senior official told FE. In H1FY22, the Centre’s gross excise duties receipts grew 33% on year to Rs 1.72 lakh crore against the Budget estimate of 14% decline on year to reach Rs 3.35 lakh crore target set for the full year. On Last Thursday, the Centre reduced excise duty on petrol and diesel by Rs 5 per litre and Rs 10 per litre, respectively. The duty cut could result in Rs 65,000 crore revenue loss in November-March of the current fiscal year due. The tax collections will get affected, but we could still meet the excise duty revenue target for the current financial year, officials reckon. Gross GST collections (for Centre and states combined) came in at Rs 1,30,127 crore in October (September sales), the second highest mop-up in the history of the comprehensive indirect tax that was launched in July 2017. This, coupled with a sustained trend of rise in the number of e-way bills (inter-state trade) and GST returns for several weeks through October, bears testimony to a rise in consumption and a marked increase in tax compliance, though partly at the cost of the businesses in the informal sector, a section of which has perished. Gross direct tax collections (net of refunds, but before devolution to states) also grew an impressive 70% on year in April-October of the current financial year to Rs 6.45 lakh crore, according to data gathered by FE. However, the growth rate has been slowing over months. The collections grew 103% on year in July, 66% in August, 59% in September, but saw a decline of 21% in October, reflecting the fizzling out of the low base effect. Tax collections had improved in the year-ago period, after Covid-induced lockdown was lifted. The Centre’s net tax collections (pre-excise duty cuts on petrol and diesel) could exceed budget target by about Rs 2 lakh crore in FY22, largely covering the additional fiscal cost of stimulus measures announced by the government so far. Analysts are of view that since tax collections have been buoyant so far in FY22, the excise duty reduction will unlikely alter FY22’s fiscal arithmetic. The Centre’s fiscal deficit will likely come within the budget target of 6.8%.
Source: Financial Express
The India International Trade Fair2021 will be inaugurated by the Minister of Commerce & Industry, Shri Piyush Goyal on November 14,2021 at Pragati Maidan, New Delhi.The 40th edition of IITF, a magnum of India Trade Promotion Organization(ITPO), represents India in totality as an ideal destination for numerous business and investment opportunities. This year, the fair assumes a special significance as it coincides with celebrations of ‘AzadiKaAmritMahotsav’- 75 years of India’sIndependence. The fair is being organised including atthe New Exhibition Complex at Pragati Maidan. Being an integral component of the ongoing iconic International Exhibitioncum-Convention Centre (IECC) project, the Complex comprises four New Modern Exhibition Halls inaugurated by the Prime Minister Shri Narendra Modi on October 13, 2021. The Fair focuses on the theme "Aatmanirbhar Bharat", which aims to promote investment and self-reliance in diverse sectors to meet domestic demand and be a part of the global supply chain eco-system. The Fair highlights the outstanding performance of Indian entrepreneurs who have shown exemplary commitment to excel despite all odds due to the COVID-19 pandemic. Importantly, IITF offers an ideal platform to showcase Indian products under the ‘Vocal for Local’ campaign, and infuse renewed confidence and vigour in the Indian economy. The event will be organised in a safe and secure environment with all COVID protocols in place. With nearly 3,000 exhibitors from India and abroad, IITF 2021 is being held in a total area of 70,000 sq.mtr. –almost three times that in the previous edition in 2019. Bihar is the Partner State, while Uttar Pradesh and Jharkhand are the Focus States. Overseas participation is from Afghanistan, Bangladesh, Bahrain, Kyrgyzstan, Nepal, Sri Lanka, UAE, Tunisia and Turkey. As in the past, State Day celebrations, seminars and cultural programmes are among the added attractions to the visitors. Participation of SARAS, JUTE Manufactures Development Council, Small and Medium Enterprises, Handlooms, Handicrafts, Coir Board, Small Scale Industries, Khadi & Village Industries, Cottage Industries, etc., will display the achievements of traditional sectors in order to reinforce their local strength and global appeal. ITPO has made extensive efforts to improve the overall experience for exhibitors and visitors alike. For instance, ITPO has introduced transparent online system for booking of stalls and other services, online registration for dignitaries during first five days, mobile application for the fair and LED screens for display of information. Apart from dedicated post office, banks and ATMs, other facilities include: Media Centre, Protocol, registration for business days (first five days only). Paid parking will be available at BhaironMarg for exhibitors. During IITF and other events, ITPO encourages proactive steps to make the venue plasticfree and replacing the same with environment friendly substitutes.
Source: PIB
Thirty two countries will no longer offer preferential tariff treatment to China beginning December 1, according to the General Administration of Customs of China (GACC), which recently, in a statement, applauded the move as the country is 'graduating' from the generalised system of preferences programme and is ’sort of' moving towards becoming a mature economy. Starting December 1, 27 European Union (EU) nations, the United Kingdom, Canada, Turkey, Ukraine and Liechtenstein will no longer grant China this treatment, leaving the nation eligible for GSP trade benefits from only three countries—Norway, New Zealand and Australia. The decision is "a recognition from other advanced economies that China does not belong to the bracket of low-income and lower-middle-income countries anymore and that Chinese products are competitive enough in the market that (they need) no protections," the statement said. The preferences were first given to China in 1978, and some 40 countries have granted or are still giving it duty-free treatment on certain exports.
Source: Fibre2 Fashion
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) recently called upon UK businesses to come forward for further strengthening trade, investment and economic relations between both the countries. FBCCI president Mohammad Jashim Uddin made the call at a meeting with the British Bangladesh Chamber of Commerce and Industry (BBCCI) last week in London. The Bangladeshi diaspora in the UK is taking active participation in trade and investment through business and economic collaboration, Jashim Uddin said. In the context of the new economic development perspective, there are huge opportunities and prospects for further enhancing the trade and investment cooperation between the two countries, said the FBCCI chief. He also mentioned that though the United Kingdom is an important export destination of Bangladesh, still its exports to the former are concentrated on a few items like knitwear, woven garments, frozen fish and textile items. Bangladesh offers one of the world’s best competitive fiscal and non-fiscal incentives including profit repatriation, tax holiday and duty-free import of capital machinery, he was quoted as saying by Bangladesh media reports.
Source: Fibre 2 Fashion
The results of this referendum provide convenience for the immediate implementation of the IE-CEPA Diplomatic relations between Indonesia and Switzerland have spanned decades, with the year 2021 marking the 70th anniversary of both nations' diplomatic relations since being first established back in 1951. Relations have deepened not only between both governments but also between businesspersons and people-to-people contacts of the two nations. Indonesia is one of Switzerland's priority nations through the Indonesia Cooperation Program 2021-2024, with funding support of CHF 65 million. These programs, among others, focus on promoting “inclusive and sustainable development”, improving urban planning (effective public institutions), and developing MSMEs. According to data from the Ministry of Investment (BKPM), Switzerland ranks among the top 10 for Foreign Direct Investment into Indonesia in the first semester of 2021. The value of Swiss investment in Indonesia reached US$469.5 million spread across 199 projects. Currently, 150 Swiss companies in Indonesia have employed 50 thousand workers in Indonesia. According to data from the Indonesian Embassy in Bern, Switzerland, Indonesia recorded a trade balance surplus of US$715.34 million (Rp10.37 trillion) with Switzerland in the first half of 2021. The value of Indonesia's exports to Switzerland increased in almost all major export commodities, except for precious metals and jewelry and gems. Precious metals and jewelry and gems (HS 71) exports experienced a significant decline, from US$1.04 billion in the first half of 2020 to US$665.97 million during the corresponding period this year. This resulted in a decrease in the Indonesia-Switzerland trade balance surplus, from Rp13.03 trillion in the first semester of 2020 to Rp10.37 trillion during the corresponding period of 2021.Even so, a significant increase was still recorded in essential oil commodities by 36 percent; furniture, 22 percent; knitted textile products, 17 percent; and footwear, 15 percent. Based on the order of their export values, Indonesia's 10 main export commodities to Switzerland were precious metals and jewelry/gems (HS 71), footwear (HS 64), nonknitted textile products (HS 62), knitted textile products (HS 61), electrical equipment ( HS 85), furniture (HS 94), coffee (HS 0901), essential oils (HS 3301.29), turbine engines and spare parts (HS 84), and organic chemicals (HS 29). Switzerland had earlier relaxed its policy on limiting economic and social activities on June 26, 2021, as the current global pandemic left a significant impact on the IndonesiaSwitzerland trade surplus in the first half of 2021. The State Secretariat for Economic Affairs (SECO) informed that the relaxation had triggered swifter economic recovery and expects Switzerland's GDP in 2021 to increase by 3.6 percent, from its three-percent forecast in March. After experiencing a negative growth of 0.5 percent in the first quarter of 2021 and negative 2.9 percent in 2020, the Swiss economy is expected to enter the positive growth territory until the end of 2021. Indonesian Ambassador to Switzerland and Liechtenstein, Muliaman Hadad, estimated the trade balance in the third and fourth quarters of 2021 to increase as was recorded during the same period last year. Relaxation in community activities in Switzerland is expected to encourage an increase in Swiss economic activity and demand for Indonesian products.
Important partner Indonesia is a vital trade and economic partner for Switzerland, Chair of the Swiss Parliament (President of the Council of States) Alex Kuprecht stated. As the third-largest democracy in the world after the United States and India, Indonesia has the potential to become the world's fourth-largest economic giant, he noted at a meeting with the media in Jakarta, Monday. Indonesia is one of the eight priority countries in the SECO economic development cooperation program since 2009, he added. The economic development cooperation between Switzerland and Indonesia for the 2021- 2024 period, among others, included the strengthening of public institutions through the efficient use of resources and strengthening the competitiveness of the private sector, especially MSMEs, and developing sustainable tourism that focuses specifically on issues of gender equality, climate change, and sustainable development. He further informed that the Indonesia–European Free Trade Association Comprehensive Economic Partnership Agreement (IE-CEPA) with Switzerland, Liechtenstein, Iceland, and Norway will be applied starting from November 1, 2021. Based on results of the referendum held in March 2021, most Swiss people support the realization of a free trade agreement with Indonesia in the IE-CEPA, Kuprecht stated. "The IE-CEPA agreement is expected to encourage increased cooperation between Indonesia and Switzerland," he affirmed. The objectives of the IE CEPA encompass improving market access, legal certainty in products and services, procurement of goods and services, and labor rights. "The positive impacts of the comprehensive economic partnership agreement include sustainable trade and creating jobs for EFTA countries that comprise Switzerland, Liechtenstein, Iceland, and Norway," he remarked.
Convenience Indonesian Trade Minister Muhammad Lutfi welcomed the Swiss referendum results that approved comprehensive economic cooperation with Indonesia. The results demonstrate Switzerland's commitment to supporting the realization of cooperation between the two countries in the IE-CEPA scheme. "The results of this referendum provide convenience for the immediate implementation of the IE-CEPA," he stated. The minister is optimistic that trade relations between Indonesia and Switzerland would improve with IE-CEPA. He echoed Indonesia's readiness to cooperate in increasing trade and investment under the IE-CEPA that recognizes the spirit of cooperation, mutual respect, and mutual benefit for Indonesia's flagship products, palm oil and its byproducts. Majority of the support from 51.6 percent of the voters for IE-CEPA is positive news for the trade relations between Indonesia and Switzerland as well for Indonesia's economic integration with EFTA countries. The result of this referendum is also an affirmation of Indonesia and EFTA countries to prioritize cooperation, not competition or confrontation, including in treating sustainability issues. "Switzerland is an important trading and economic partner for Indonesia and vice versa, so this referendum demonstrates the efforts of Indonesia and Switzerland to ensure that open and fair trade becomes a pillar for trade agreements," Luthfi stated. With the ratification of the IE-CEPA by Switzerland, Indonesia will also expedite the ratification process, so that the implementation of IE-CEPA can be conducted immediately. Indonesia and Switzerland are committed to increasing trade for the sake of economic recovery, including increasing investment and supporting industrialization in Indonesia.
Source: Antara News
Having decades of experience in green technology, Denmark has offered Bangladesh various ways that can help the climate-vulnerable country with the green transition. "In Denmark, we have managed to reduce carbon emission significantly by using our innovative technologies, and we do that while creating more jobs in the green sector," said Danish Ambassador to Bangladesh Winnie Estrup Petersen. "Denmark's ambitious goals to reduce carbon footprint and achieve sustainable growth is globally relevant, especially fast-growing economy like Bangladesh," said the ambassador at the closing ceremony of a five-day exhibition titled "Green Together" organised by the Danish Embassy in Dhaka. State Minister for ICT Zunaid Ahmed Palak attended the closing ceremony. "Bangladesh is eager to embrace the green technologies and cut carbon emission. The suspension of 10 coal-based power plants is a huge decision by the government in this regard," he said. The programme highlighted commercially viable green solutions that can support sustainable and inclusive economic growth in Bangladesh. As a frontrunner in green economic growth and a leader in clean technologies, Denmark is well-positioned to serve as a knowledge partner for Bangladesh on its journey towards a greener and more sustainable society, a statement of the embassy mentioned. The exhibition themes included "Sustainable Green Buildings and Future of Urbanisation", "Future of Sustainable Apparel Production", "Sustainable Future of Food" and "Transition to Sustainable Infrastructure".
Source: The Daily Star
