India says big no to RCEP as market access and tariff concerns not answered

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India has decided to not join the 16-nation Regional Comprehensive Economic Partnership (RCEP) trade deal on grounds that its key concerns over the agreement have not been addressed.  Prime Minister Narendra Modi said in Bangkok that the current form of the RCEP Agreement “does not fully reflect the basic spirit and the agreed guiding principles” […]

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China signs yuan-dominated purchase contract with mining giant Rio Tinto in a bid to internationalize its currency

Rio Tinto Group, a British-Australian behemoth in the global mining industry, has signed its first yuan-denominated purchase contract as China looks to internationalize its currency and move more Chinese steel overseas, Yicai Global reported London- and Melbourne-based Rio agreed to buy 170,000 tonnes of iron ore from Shanxi Gaoyi Steel, Shanghai Securities News reported today. […]

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US steps up efforts to limit China’s control of critical minerals

The US government is stepping up efforts to break China’s dominance over supplies of critical minerals for a range of modern life’s aspects, including electric vehicles (EVs), green technologies and military applications by launching a plan to boost lithium, cobalt and rare earths mining across the globe. The Energy Resource Governance Initiative (ERGI) initiative, announced in […]

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Despite Indian government’s wish to cut coal imports, Australia bets on coal exports to India

The Australian government thinks there are opportunities to boost coal exports to India. The Indian government wants to cut imports by half by boosting domestic output. Fact: both could turn out to be correct. The Australian government’s Office of the Chief Economist released a report in which it said the outlook for India’s coal imports […]

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WTO to rule on India Sugar export subsidies

The World Trade Organization (WTO) set up panels to rule on complaints by Australia, Brazil and Guatemala against India’s export subsidies for sugar and sugarcane producers which they assert are illegal, Reuters reported. Last month, India had blocked the first-time request from Australia, Brazil and Guatemala for establishing the panel. But the three complainants made […]

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Tax revenues in Asian and Pacific economies rebound: OECD Report

Tax-to-GDP ratios increased in the majority of Asian and Pacific economies covered by a new OECD report published recently. Nine of the economies in the publication increased their tax-to-GDP ratios between 2016 and 2017, compared with only three in the preceding year, according to Revenue Statistics in Asian and Pacific Economies 2019. This sixth edition […]

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Brazil seeks WTO to set up dispute panel against India on sugar subsidy

Brazil has sought establishment of a dispute panel under the aegis of the World Trade Organization (WTO) in a case against India’s sugar subsidies to farmers. In February, Brazil and several other countries including Australia and Guatemala have dragged India into the WTO’s dispute settlement mechanism alleging that New Delhi’s sugar subsidies to farmers are […]

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Australia predicts 50% drop in iron ore price by 2021

In its latest quarterly report, the Australia’s Department of Industry predicts Chinese steel output – which represents half global production – has reached its high water mark. The official forecaster of the world’s top exporting country sees Chinese steel production peaking at 940 million tonnes this year before going into a steady decline, dragging down imports […]

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Kuwait plans overseas expansion of Natural Gas

State-owned Kuwait Petroleum Corporation (KPC) aims to significantly raise production from its assets in Canada and Australia. The acting CEO of Kuwait Foreign Petroleum Exploration Company (KUPFEC), Sheikh Nawaf Saud Al-Sabah, told Bloomberg that KUPFEC plans to raise production from Canada’s shale gas project Kaybob Duvernay from some 12,000 barrels of oil equivalent per day […]

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