HIGHLIGHTS OF THE WEEK

The delegate-level deliberations of the G-20 second Culture Working Group meeting kicked off in Bhubaneswar, Odisha today. The Minister for Culture, Tourism and DoNER, Shri G. Kishan Reddy and Minister of State for Home Affairs, Shri Nityanand Rai graced the inaugural session of the meeting.

Shri Piyush Goyal discusses modalities of engagement for working towards a comprehensive TEPA with EFTA representatives

Significant progress in taking forward the negotiations on India-EFTA TEPA

India MSME Update

The agreement became effective on May 1 of the previous year. Rajesh Kumar Singh stated that bilateral trade is increasing by over 20% and will reach an all-time high of about $84 billion in FY23. He inaugurated the International Jewellery Exposition Centre in Dubai with Juma Mohammed Al-Kait and Sunjay Sudhir.

These rounds were also hybrid in nature, with some Indian representatives attending online while others travelled to London. Kemi Badenoch said that Harjinder Kang is expected to expand on the UK’s “outstanding track record” in trading with South Asia by using the knowledge gained through the FTA negotiations. 

Over the next two years, PM Modi’s government wants to increase defence exports by $5 billion. Analysts think India is a good defence partner for emerging economies in Asia and Africa because of its capacity to build cost-effective equipment. State-owned businesses like Hindustan Aeronautics Limited dominate the nation’s defence industry.

India will need to implement the same kind of domestic change that a major manufacturing economy would, said S. Jaishankar. He described the Make in India initiative as a smart move to boost the nation’s manufacturing. People shouldn’t deindustrialize India in the name of opening the economy and globalisation.

Jitendra Singh stated that there were only 350–400 startups before 2014, but since Modi’s StartUp India initiative in 2016, their number has surpassed one lakh. The MoS spoke with a significant number of schoolchildren and urged them to take inspiration from the many startup entrepreneurs who were making strides in specialised industries.

Kailash Choudhary stressed the significance of utilising cutting-edge farming technology like blockchain, AI, and precision farming. In order to significantly enhance agricultural productivity by providing farmers with new agritechnologies, he also urged scientists to find untapped areas, such as rain-fed districts.

Global News

A two-step FTA is being negotiated by India and Canada. The first is an interim agreement that, by this year, will include products, services, rules of origin, technical trade obstacles, and dispute resolution. The officials said that this will be followed by the India-Canada CEPA, which will cover other bilateral issues of strategic importance.

The government supposedly lacks a long-term strategy for industry, according to Make UK, which represents 20,000 manufacturers throughout the nation. It demanded the formation of a royal commission to create a long-term, modern industrial plan to support businesses throughout the UK, in a scathing attack on administrations for “flip-flopping from one initiative to another.”

Africa’s demand for satellite capacity is rising quickly due to the region’s vast gaps in communication, education, and science. By 2026, it is anticipated that the African space sector will reach $22 billion. The Cairo-based African Space Agency was officially launched by the African Union in January. 

Brazil asked the US to assist Argentina in resolving the current drought-related problem in order to uphold its commitments to the world entity. The “advance of the extreme right” in the approaching elections is another issue that Fernando Haddad raised. The G7 (Japan) meeting was in line with the next G20 summit, chaired by Brazil.

The region should take advantage of its capabilities in the manufacture of solar PV, electric motorcycles, and batteries to help fulfil the rising demand. According to a McKinsey & Co. report, there would be a $5 trillion potential market in the region for green businesses by 2030. Raw materials are plentiful in resource-rich nations like Indonesia and the Philippines.

Following an unexpected extended trade boycott, China has begun importing coal, cotton, and copper from Australia. Don Farrell stated that he would strongly support the complete and unhindered restart of Australian exports to China. He would advocate for the interests of Australian exporters and producers and urge a revision of the tariffs on Australian barley.

Industry Insights

In 2021, hype about the metaverse soared, in part due to Facebook changing its name to Meta. Regardless of the final form the metaverse takes, one thing is certain: customer engagement is changing in lockstep with the metaverse’s development. Digital business models are also changing, with brands offering subscription services and merchants establishing advertising networks.

Here is 2023’s first edition of SMEStreet Global Gateways Report featuring Finland.

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