Daily News - Monday, 26 August 2024

India, Australia make progress on trade talks (Financial Express)

India and Australia have reached an understanding in five key policy areas, including goods and services trade, as part of the proposed Comprehensive Economic Cooperation Agreement (CECA). The 10th round of CECA talks in Sydney led to progress on topics like government procurement, rules of origin, and digital trade, with an action plan set for further negotiations before the 11th round in New Delhi in November. The CECA, an extension of the existing Economic Cooperation and Trade Agreement (ECTA), aims to deepen engagement in various areas, including competition policy, MSMEs, and critical minerals.

India, Brazil settle sugar trade dispute at WTO (Financial Express)

Brazil and India, the world's largest sugar producers, are strengthening their collaboration in ethanol production technology, effectively ending their trade dispute over sugar subsidies at the WTO. Brazil has offered technological support to India, and both countries are working together at various levels to boost ethanol production, aiming to address surplus global sugar production. With Brazil already achieving a 27% ethanol blending rate in gasoline, India is targeting a 20% blending rate by 2025-26, while ongoing discussions also focus on enhancing cooperation across sectors, including agriculture. 

PM urged to revoke FSSAI order on A1, A2 milk (Financial Express)

The Food Safety and Standards Authority of India's (FSSAI) recent directive against the use of A1 and A2 labels by dairy companies has been opposed by ICAR's governing body member and livestock expert Venugopal Badaravada. In a letter to Prime Minister Narendra Modi, Badaravada urged the withdrawal of the directive and the formation of a high-level expert committee to review the issue, arguing that the regulation could harm consumer choice and the future of indigenous cattle breeds. He emphasized the importance of proper recognition of A1 and A2 proteins, particularly in the context of India's diverse cattle genetic resources. 

REC to lend up to ₹45,000 cr to JNPA (mint)

State-run REC Ltd has signed an MoU with the Jawaharlal Nehru Port Authority (JNPA) to finance up to ₹45,000 crore for various projects, including the development of the Vadhavan Port in Maharashtra. The Vadhavan Port, approved by the Union cabinet and to be developed as an all-weather deep draft major port, will be constructed by a special purpose vehicle formed by JNPA and the Maharashtra Maritime Board, with an estimated total project cost of ₹76,220 crore. REC, a Maharatna company under the Ministry of Power, is diversifying into non-power infrastructure sectors, including ports, while maintaining a robust loan book of ₹5.3 trillion as of June 2024. 

ONGC begins oil production from KG basin project (The Asian Age)

State-owned ONGC has begun production from its fifth oil well in the KG-D5 block of the Krishna Godavari basin, enhancing crude oil and natural gas output from its deep-sea project in the Bay of Bengal. This milestone follows the earlier commencement of oil production in January 2024, with ONGC now leveraging a floating production, storage, and offloading (FPSO) vessel for transporting and selling associated gas, while emphasizing zero gas flaring. The KG-D5 block, adjacent to Reliance Industries' KG-D6 block, is expected to reach peak production of 45,000 barrels of oil per day and over 10 million standard cubic meters per day of gas, with ONGC planning to open all 13 oil wells and six gas wells by March 2024.