Trade Current Affairs - 2019

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India International Trade Fair Begins

The 39th India International Trade Fair is to begin in New Delhi on November 14, 2019. Around 25,000 people are expected to visit the fair.

Theme: “Ease of Doing Business”

The theme is inspired from India’s 63rd rank in the World Bank’s Ease of Doing Business.

Highlights

  • The Fair is to serve as a convergence point for the government agencies, non-government institutions and private sector enterprises
  • Countries including Vietnam, UK, Turkey, Tunisia, Thailand, Nepal, Myanmar, Iran, Indonesia, Hong Kong, Egypt, China, Bhutan, Bangladesh, Australia and Bahrain are to participate in the fair
  • The preferences are given to Bihar and Jharkhand states this year
  • The fair is to offer equal opportunities to large corporations, MSME, artisans and self-help groups to promote their products

Significance

  • With India growing as a hotspot of startups, giving equal opportunities to them in these fairs will boost their growth and eventually will boost the growth of the economy. Such steps by the government shows the importance given to the startups in its governing actions. These steps fetch an increased growth rate predictions for the country in 2020-21 by organizations like IMF, World Bank, G20 though they pin down the current growth rate of the country
  • With increased importance to artisans and MSME along with large corporates will help boost GoI recent schemes aiming on increasing exports and reducing imports especially in the field of handicrafts.

India attends the ADIPEC-Abu Dhabi International Petroleum Exhibition and Conference

Minister of Petroleum, Natural Gas and Steel Shri Dharmendra Pradhan will represent India at the ADIPEC-Abu Dhabi International Petroleum Exhibition and Conference between November 10-12, 2019.

Highlights

  • During the visit, minister will inaugurate the “India Pavilions” along with members and leader from CII, FIPI and DGH-Directorate General of Hydrocarbons. Indian Pavillion is a platform to showcase Indian Cinema in the overseas market.
  • As a part of the workshop, India will conduct a road show to attract foreign investment, especially in the field of oil and gas.
  • The Minister is to meet his UAE counterpart on the sideline of his visit and discuss issues of steel sector and hydrocarbon. The discussions are to be held under the recently developed India-UAE Strategic Partnership during PM Modi visit to UAE

Significance

  • India is to use this opportunity to find new markets of steel in the middle east countries.
  • ADIPEC is one of the most influential global conference in the field of oil and gas. More than 1,45,000 delegates from all over the worl are to attend the conference.
  • Interacting with the policy makers, investors and leaders will help India gain investment opportunities.