India’s central bank, the Reserve Bank of India allows settlement of trade transactions with Sri Lanka in Indian rupees

In view of difficulties being faced by exporters in getting payments from crisis-hit Sri Lanka, the Reserve Bank of India (RBI) has allowed settlement of trade transactions in Indian rupee outside the Asian Clearing Union (ACU) mechanism. In March, the government had guaranteed a term loan of $ 1 billion extended by the State Bank of India (SBI) to Sri Lanka […]

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India, Australia sign landmark free trade deal in push for bilateral ties

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India and Australia on Saturday signed a landmark economic cooperation deal that will help the two countries boost bilateral trade at a time when they are looking at an alternative to China. The deal will allow India access to natural resources-rich nation, as New Delhi works to expand its manufacturing base. It is the first […]

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Global agriculture markets face huge risks from Ukraine war

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The Russian Federation and Ukraine are among the most important producers of agricultural commodities in the world. Both countries are net exporters of agricultural products, and they both play leading supply roles in global markets of foodstuffs and fertilisers, where exportable supplies are often concentrated in a handful of countries. This concentration, says the UN […]

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Ukraine war cuts global growth prospects by 1% – UNCTAD

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The UN’s trade and development body has downgraded its global economic growth projection for 2022 to 2.6% from 3.6% due to the Ukraine war and to changes in macroeconomic policies made by countries in recent months. In an update to its Trade and Development report, UNCTAD says that while Russia will experience a deep recession this […]

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Fitch Ratings cut world growth forecasts as inflation intensifies due to war

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The outlook for global GDP growth has deteriorated significantly as inflation challenges intensify and Russia’s invasion of Ukraine threatens global energy supplies. Fitch Ratings’ March 2022 Global Economic Outlook sees world GDP growth reduced by 0.7pp in 2022 and sharp upward revisions to inflation forecasts. “Global inflation is back with a vengeance after an absence […]

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Asia-Pacific partnership set to create new ‘centre of gravity’ for global trade

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A new Asia-Pacific free trade agreement set to enter into force on 1 January 2022 will create the world’s largest trading bloc by economic size, according to an UNCTAD study published this week. The Regional Comprehensive Economic Partnership (RCEP) includes 15 East Asian and Pacific nations of different economic sizes and stages of development. They are Australia, […]

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Record Australia wheat exports seen on bumper crop, strong global demand

A second consecutive record wheat crop, strong global demand, and reduced competition are set to propel Australia’s wheat exports to record volumes, the USDA said in its latest report of world agriculture, making it the third-largest exporter, eclipsing the United States and Canada, which both have smaller crops, tighter stocks, and high prices. After three […]

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