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Weekly news


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Weekly news

  1. 1. IMF reform gives BRIC countries more voice Formal approval of long-discussed reforms of the IMF increases the weight of Brazil, Russia, India and China on the executive board. The reform, the most fundamental overhaul in the fund's 65-year history, was approved and means that European members, including Belgium and Germany, will lose clout in the organisation.
  2. 2. Cont… The changes also give more financial responsibility to the four countries, which have been agitating for more international recognition of their developing economic prowess. The breakthrough agreement on the reforms was reached last month in Kyongju, South Korea, where negotiators from the new world economic block - the G20 - came to an agreement about reapportioning IMF voting rights.
  3. 3. FDI rules complex, harmful: US secy  US commerce secretary Garry Locke has criticised India’s ‘complicated’ foreign direct investment rules and non-tariff trade restrictions, saying they are detrimental to the country’s long-term economic interests.  The senior US official is, however, upbeat about growing bilateral trade between the two countries, and is positive that the agreements signed during US President Barak Obama’s India visit will accelerate growth.  Even as tariffs come down on some items (in India), non- tariff barriers have proliferated.
  4. 4. Cont…  Import licences, standards & certifications and local content requirement are just some barriers that foreign businesses face in India.  These measures, while they may provide some economic comfort in the short run, will limit the long-term potential for Indian economy and hamper the very innovation that will drive 21st century economic competitiveness,” Mr Locke said.  Anand Sharma said several changes have been made ever since the policy was implemented in 1996 and all changes were incremental and progressive.
  5. 5. APEC to mould existing pacts into giant FTA  ASIA-PACIFIC ministers agreed to build on existing pacts in the dynamic region to establish a giant free trade zone in the coming years and to avoid taking any new protectionist measures for the next three years.  APEC members have signed 43 bilateral and mini-free trade pacts with each other.  The 10-member Association of Southeast Asian Nations (ASEAN) — most of whom are APEC members — has its own free trade area and is building an EU-style economic community. ASEAN also has various pacts with APEC members China, Korea, Japan, Australia and New Zealand.
  6. 6. India sees red as EU allows duty-free access to Pak textiles  INDIA will oppose preferential access given to Pakistan’s textile industry by the European Union as a relief measure against the devastating floods, a move that could render India’s exports to the region uncompetitive. The three- year favourable access to the 27-country strong market will begin from January next year, giving duty-free access to a number of textile products from Pakistan.  This measure clearly violates the principle of General Most Favoured Nation Treatment of the WTO.
  7. 7. Cont…  The EU had, in October, introduced emergency autonomous trade preferences for Pakistan to help it recover from the devastating floods earlier this year. It decided to allow duty-free import 75 products from the country, 64 of them textiles, amounting to almost €900 million in import value.  The move would put India’s textile exports to the EU at a serious disadvantage as its products would continue to face 6- 12% import duty. India exported textiles and clothing worth $5.9 billion to the EU in 2009 while Pakistan’s exports totalled $2.2 billion.