Daily News - Monday, 19 August 2024
India, Australia to start fresh round of FTA talks today (Financial Express)
India and Australia are set to begin the tenth round of negotiations on the Comprehensive Economic Cooperation Agreement (CECA), focusing on finalizing 10 out of 19 policy areas, with new interests like competition policy, MSMEs, innovation, and agricultural technology. India is pushing for the removal of non-tariff barriers on agricultural exports and addressing pharmaceutical pricing controls in Australia, while CECA aims to expand on the Economic Cooperation and Trade Agreement (ECTA) by enhancing market access in goods and services. Merchandise trade between the two countries reached $24 billion in FY24, with India seeking to further deepen economic ties through these ongoing negotiations.
Foxconn mulls battery energy storage in India (The Asian Age)
Foxconn is planning to set up a Battery Energy Storage System (BESS) unit in India, as part of its strategy to expand in the electric vehicle (EV), digital health, and robotics sectors, with discussions already underway for collaboration in Tamil Nadu. The company, which has invested over $1.4 billion in India and employs more than 48,000 people, aims to complement its emerging EV manufacturing business in the country with this BESS unit, following a similar venture in Taiwan. Foxconn's chairman, Young Liu, highlighted India's growth potential and expressed the company's commitment to expanding its business footprint in the country, with expectations of surpassing $10 billion in business size in the coming year.
Marine fisheries, aquaculture offer big export opportunities (The Asian Age)
Marine trade among developing nations, or the Global South, has doubled over the past decade to $39 billion, with key exporters like Chile, China, India, and Thailand driving this growth. The UN's trade body suggests that harmonizing and reducing non-tariff measures could further enhance this South-South trade, which now accounts for 46% of global seafood exports, particularly in higher-value processed segments. Despite this progress, the sector faces sustainability challenges, including overfishing, harmful subsidies, and climate change, which could hinder long-term growth.
BPCL to invest ₹1.7 lakh crore in next 5 years (The Indian Express)
Bharat Petroleum Corporation Ltd (BPCL) plans to invest ₹1.7 lakh crore over the next five years under its 'Project Aspire' strategy, focusing on petrochemicals, green energy, gasoline marketing, and oil refining. The strategy revolves around two pillars: 'Nurturing the Core' with investments in refining, marketing, and upstream petroleum, and 'Investing in Future Big Bets' in sectors like petrochemicals, gas, and green energy. Key projects include a ₹49,000 crore ethylene cracker at the Bina refinery, expanding oil refining capacity, and installing 4-wheeler fast chargers at 6,000 retail outlets across 400 highway corridors.
As India, Canada brawl, Aussies widen lead as nation’s top lentil source (mint)
As India’s relations with Canada soured over allegations related to Khalistani activism, Australia's share of India’s lentil imports surged, rising to 66.3% from January to July 2024, while Canada’s share dropped significantly. India's reliance on imported lentils remains high, with 1.5 million tonnes imported annually, though the government is working towards self-sufficiency in pulses by December 2027 through increased cultivation and guaranteed procurement at minimum support prices. The e-Samridhi portal, part of the 'Atmanirbhar Bharat' initiative, supports this goal by registering farmers and ensuring secure markets for pulse production.
