Author: Central Bureau

Trade between China and Russia reached a historic peak in 2024, underscoring their deepening economic partnership despite extensive Western sanctions aimed at isolating Moscow. Data released by China’s General Administration of Customs reveals that the total trade volume between the two nations rose to $244.8 billion, a modest increase from $240.1 billion in 2023. This growth, while slower than the 26.3% surge in 2023, signals a sustained commitment to bilateral collaboration. The enduring ties between the two countries have strengthened significantly since Russia’s full-scale invasion of Ukraine in 2022, which triggered sweeping sanctions and international condemnation from Western nations. China…

Prime Minister Narendra Modi and his UK counterpart, Keir Starmer, held bilateral talks on Tuesday on the sidelines of the Brazil G20 Summit. The discussions focused on India-UK trade talks, technology partnerships, and the extradition of fugitive Indian economic offenders, among other key issues. During the summit, it was announced that India-UK trade talks will resume in the new year, with renewed efforts aimed at finalising a free trade agreement (FTA) that could significantly strengthen economic ties between the two nations by early next year. The proposed FTA aims to unlock substantial opportunities for both sides, with the UK eyeing…

China-Brazil Trade has grown by nearly 10% in the first ten months of 2024, reflecting the strong economic partnership between the two nations. Trade between the countries reached 1.14 trillion yuan ($157.62 billion), surpassing China’s overall trade growth by 4.7 percentage points, according to Chinese Customs. This year also marks the 50th anniversary of diplomatic relations between China and Brazil, highlighting decades of mutual economic progress. China imported goods worth 708.15 billion yuan from Brazil during this period, including soybeans, iron ore, pulp, and crude oil. These commodities make up over 70% of Brazil’s exports to China. Meanwhile, China exported…

China’s trade-in program for automobiles and home appliances is gaining traction, fueling economic recovery and driving sustainable consumption, according to the Ministry of Commerce (MOFCOM). Since its launch, the initiative has sparked a strong response, with 1.57 million applications for vehicle scrappage incentives and 1.26 million for automobile replacement subsidies as of Thursday, reflecting a growing interest among consumers in upgrading their vehicles, Li Gang, Director General of the Department of Market Operation and Consumption Promotion, announced at a press conference. In September, new-energy passenger vehicles dominated sales, comprising over 53 percent of all passenger vehicle sales, marking a shift…

Brasilia (Federal capital of Brazil ): G20 ministers met in Brasilia on Thursday, reaching a consensus on actively enhancing women’s participation in global trade. This agreement, championed by Brazilian President Luiz Inacio Lula da Silva, marks the first time the G20 has formally adopted women’s inclusion in international trade as a core principle. Brazil’s Vice President and Trade Minister Geraldo Alckmin noted that this decision aligns with a broader agenda of sustainable development, aiming to create a more equitable global economy where women play a significant role. The ministers also addressed the urgent need for reform within the World Trade…

The business world bids farewell to India’s revered industrial icon, Ratan Tata, who has passed away at the age of 86. Known as the former Chairman of Tata Sons and an emeritus leader, Tata’s legacy will forever remain etched in the annals of global business history. He breathed his last at Breach Candy Hospital, Mumbai, where he was receiving intensive care treatment. The unmarried industrialist was admitted after his health deteriorated on Monday due to a drop in blood pressure. Born on December 28, 1937, to Naval H. Tata and Soonoo, Ratan Tata’s life was one of dedication, humility, and…

For the first time in history, India’s foreign exchange reserves have surpassed $700 billion, making it the fourth country globally to achieve this feat. China ($3.28 trillion), Japan ($1.3 trillion), and Switzerland ($890 billion) are the only nations ahead of India in terms of foreign exchange reserves. Russia, which previously held a higher position than India, now stands at $590.22 billion in reserves. The Reserve Bank of India (RBI) reported that India’s forex reserves rose by $12.6 billion during the week ending September 27, reaching a total of $704.8 billion. This represents the fifth-largest weekly increase on record. The highest-ever…

The Israel-Hamas conflict, which erupted in October 2023, has now escalated, spreading into Lebanon and Syria and indirectly impacting Jordan and Iran. Major regional powers, such as Saudi Arabia, the UAE, Kuwait, and Qatar, have thus far avoided direct involvement, but reports indicate their potential intervention soon. Iran, a crucial player in the global oil market, faces significant risks as the conflict intensifies. Any further escalation could disrupt oil supplies, leading to higher global oil prices and impacting economies that heavily rely on oil imports. Oil prices have already surged by $4 per barrel, affecting vital trade routes such as…

India’s apparel sector presents significant opportunities for investors in a rapidly growing sector. As a leading producer and consumer of cotton, India is also among the top manufacturers of polyester, silk, and personal protective equipment (PPE). With its expanding market, the Indian apparel industry is a vibrant hub for investment. Global Presence and Market Growth India is a major player in the global textiles and apparel market, holding a 4.6% share in global trade and 10.5% of the country’s total exports. Textile exports reached $44.4 billion in FY 2021-22, with the government aiming to increase this to $100 billion by…

New Delhi: India has proposed a significant retaliation against the European Union (EU), aiming to recover $1.1 billion in response to the EU’s safeguard duties on Indian steel exports. This move is a key development in the ongoing India-EU conflict over trade measures and follows several rounds of unsuccessful bilateral discussions, with India seeking to protect its economic interests. The proposed action was communicated to the World Trade Organization (WTO), where India outlined its intention to either impose additional duties on imports from the EU or withdraw trade concessions provided to the 27-member bloc. According to India, these countermeasures are…