bilateral trade Current Affairs - 2020

India-Brazil ink 15 agreements during Brazil President’s visit on Republic Day

The President of Brazil, Mr Jair Bolsonaro visited India to take part in Republic Day celebrations. During his visit, the countries signed several agreements. Alongside, the fifth session of India-Brazil Trade monitoring mechanism was also held. President Bolsonaro was accompanied by a huge business delegation. They will hold several meetings with their Indian counterparts during the India-Brazil Business Forum that is to be held in 27, January, 2020.

Highlights

The countries signed agreements on trade, cyber security, information technology. The countries have set target to increase bilateral trade to 15 billion USD by 2022.

Outcomes

Animal Husbandry is the new area over which the countries have identified potential cooperation. This is mainly due to the common genetic heritage between the countries.

Concerns

The countries agreed to address the issue of sugarcane bilaterally. The issue was raised by Brazil at WTO complaining India is extending support to local sugarcane growers. According to WTO, Most Favoured Nation status should be awarded by the members to every other member. This will exclude special tariff and also exclude restriction on imports and exports helping to increase trade globally.

9th India-China Financial Dialogue held in New Delhi

The 9th India-China Financial dialogue was held in New Delhi on wide-ranging issues of mutual interest. At the dialogue a high level Chinese delegation led by Zou Jiayi, Vice Minister of Finance, China interacted with Indian delegation led by Atanu Chakraborty, Secretary of Department of Economic Affairs, Union Ministry of Finance.

About India-China Financial Dialogue

Background: India-China Financial Dialogue is a mechanism between India and China with an aim to promote cooperation in financial sector. During this dialogue, both sides have in-depth exchange of views on macroeconomic situation and policy, bilateral investment, cooperation in multilateral framework and financial cooperation. Both countries are also committed towards promoting favorable environment for enabling continuous growth of bilateral trade and investment, strengthening healthier and balanced development of trade and economic cooperation as well as further enhancing partnership between two countries.

In April 2018, India and China bilateral relationship entered into a new era after historic informal Wuhan summit held between Prime Minister of India Narendra Modi and China’s President Xi Jinping.

9th India-China Financial Dialogue

At the conclusion of Financial Dialogue, a joint statement was issued reflecting the mutual understanding and shared vision of both nations to further strengthen cooperation in financial sector.

The 10th India-China Financial Dialogue will be held in China.