The global trade watchdog WTO has debated through the night as it struggles to secure various deals. One country in particular has thrown a wrench in the negotiations. Ministers from 164 member states of the World Trade Organization negotiated in Geneva overnight to Thursday on deals on food security, fishing and fighting COVID-19 as an afternoon deadline loomed. It is the first conference in nearly five years for the organization, whose members represent 98% of global trade and global GDP. An extra fifth day of negotiations was added in a bid to break a deadlock. What is being discussed? The issues at stake have included how to curb fishing subsidies, introducing a temporary waiver on COVID-19 vaccine patents and agreements on food security. Also under discussion were topics connected with agriculture, e-commerce, the WTO’s general response to pandemics, and reforms to the organization itself. A Geneva trade official told reporters that concessions were traded past dawn in a bid to secure deals. They’re looking at a broad package: what can be achieved, trade-offs in different areas, the official said. The negotiations come as Russian Interfax news agency cited a deputy foreign minister as saying that Moscow was not considering leaving the body, despite tensions over its invasion of Ukraine. Why is it difficult? The problem on reaching agreement is that all 164 members must all agree for new global trade rules to be passed. That means that just one member can block deals. This time round, India has been blocking negotiations by insisting on maintaining subsidies for fisheries and agriculture, and pushing for extra concessions. Indian Commerce Minister Piyush Goyal said on Twitter that India is strongly representing its perspective at the WTO to protect the future of every Indian and that of the marginalized. The negotiation situation at the WTO has drawn criticism from trade experts. The ministerial [conference] laid bare the increasing dysfunction that inhibits collective action at the WTO, said Jake Colvin, president of the National Foreign Trade Council. However, WTO officials have been more upbeat about the possibility of reaching deals, saying that negotiations often seem fruitless until the very last minute. The WTO, headquartered in Geneva, Switzerland, was established in 1948 and is the world’s largest international economic organization. In recent years, it has faced criticism for being too unwieldy to cope with growing global challenges.

Tokyo stocks opened lower Monday as unease lingered over tightening monetary policy by the United States and investors awaited earnings reports by retailers due this week.   The benchmark Nikkei 225 index was down 0.49 percent, or 133.40 points, at 26,852.40 in early trade, while the broader Topix index slipped 0.21 percent, or 3.95 points, to 1,892.84.   "Focus this week is on the US and Chinese consumer price indexes for March," among other data, to glean clues on the Federal Reserve's monetary policy and that of other central banks, said Takashi Hiroki, chief strategist of Monex.   The Fed has recently taken a hawkish tone as it embarks on an aggressive tightening path, prompting traders to fret over the prospect of higher interest rates.   Investors in Tokyo are also paying attention to earnings reports by retailers, including convenience store chain Lawson, Muji casualwear operator Ryohin Keikaku, and Uniqlo operator Fast Retailing, Hiroki said.   The dollar fetched 124.89 yen in early Asian trade against 124.30 yen in New York late Friday.   In Tokyo, Lawson was down 0.88 percent at 4,470 yen ahead of its full-year to February earnings report due later in the day.   Takeda Pharmaceutical was up 0.43 percent at 3,711 yen after a report said it will halt new drug trials in Russia.   Among others, SoftBank Group was down 1.44 percent at 5,601 yen and Hitachi was off 0.91 percent at 5,853 yen, but Toyota was up 0.76 percent at 2,111 yen. Source: AFP/BSS AH

The India Pavilion, one of the largest and most visited pavilions at EXPO2020 Dubai, has crossed 8 lakh footfalls milestone. The Pavilion was inaugurated by Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, and Leader of the House in Rajya Sabha, on October 1 2021 and has so far clocked 8,00,103 visitors as of January 18. In his tweet message, Goyal said that Yet Another Milestone! Footfall at the India Pavilion crosses the 8 Lakh mark. Underlining India's Growth Story, the buzz of India at Dubai Expo continues to captivate people with their rich heritage & ambitious growth opportunities. The India Pavilion is currently hosting the 'Goa' and 'Micro, Small and Medium Enterprises weeks. While the Goa week was inaugurated on January 15, MSME week was inaugurated virtually by Narayan Rane, Union Minister of MSME, yesterday. As part of the Goa week, the state is making a strong pitch to the global investors by showcasing its business capabilities along with its tradition and culture through a series of events exhibiting opportunities across key focus sectors. The state week will also see industry-specific expert sessions, roundtable discussions, B2B & G2G meetings, along with cultural performances by renowned artists and Goan bands. The Ministry of MSME's participation in EXPO2020 will help develop understanding about the MSME ecosystem in India as well as enable interaction with Governments of different countries, business, and industry leaders, which would help in exchange of best practices adopted across the world. The high-profile visitors to the pavilion since its inauguration include Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas & Minister for Housing and Urban Affairs, Dr S Jaishankar, Minister of External Affairs, V Muraleedharan, Minister of State for External Affairs and Minister of State for Parliamentary Affairs, Dr Mansukh Mandaviya, Union Minister of Health and Family Welfare, Chemicals and Fertilizers, Bhupendra Patel, Chief Minister of Gujarat, Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology and Minister of State for Skill Development & Entrepreneurship, B.S. Yediyurappa, Former Chief Minister of Karnataka, and India's Foreign Secretary, Harsh V Shringla, Dr K. Sivan, Chairman, Indian Space Research Organisation (ISRO) & Secretary, Department of Space, among others. Narayan Rane, Minister of Micro, Small and Medium Enterprises (MSME), R.K. Singh, Union Minister of Power, New and Renewable Energy, Darshana V Jardosh, Union Minister of State for Textile & Railways, Bhanu Pratap Singh Verma, Minister of State for MSME and Satish Mahana, Minister for Industrial Development, Government of Uttar Pradesh (UP), along with various other, dignitaries joined virtually. The India Pavilion has made its mark among the 192 participating nations by being recognized as one of the most iconic pavilions at EXPO2020 Dubai by the American Institute of Architects. The Pavilion has also played a key role in showcasing the Indian start-up ecosystem amongst a global audience through initiatives like ‘Elevate’ that aims to display unconventional solutions created by 500 Indian start-ups from across the country. States such as Gujarat, Karnataka, Telangana, Rajasthan, Maharashtra, Madhya Pradesh, Uttar Pradesh and UT of Ladakh among others have successfully showcased their business ecosystem along with rich cultural heritage and sourced investment opportunities from leading global investors. Additionally, sectors such as New and Renewable Energy, Space, Urban and Rural Development, Oil & Gas, Textile, Knowledge and Learning have held respective weeks to highlight the growth and investment opportunities in these areas.   The Pavilion has also hosted various renowned Bollywood celebrities including Deepika Padukone, Janhvi Kapoor, Jaaved Jaaferi; singers such as Salim-Sulaiman, Hariharan, Benny Dayal, Jonita Gandhi; Indian tennis star, Sania Mirza and the famous fashion designer, entrepreneur and filmmaker, Manish Malhotra to name a few. Additionally, the Pavilion has showcased the cultural diversity of the various participating states by displaying their products, hosting cultural performances, etc. Key Indian festivals such as Navratri, Dusshera and Diwali were celebrated with great enthusiasm by both Indian and global visitors. The upcoming weeks at the India Pavilion will witness participation from states such as West Bengal, Chhattisgarh, Andhra Pradesh, Kerala, Tamil Nadu among others and sectors such as Steel, Healthcare, Information & Broadcasting, Agriculture, Electronics and Information Technology, Energy Conservation, Environment & Sustainability, Tribal Affairs to name a few.   Source: ANI

To protect domestic manufacturers and companies from cheap imports from the neighbouring country, India has imposed anti-dumping duty on five Chinese products, including some aluminium items and chemicals for five years. What is anti-dumping? Countries initiate anti-dumping investigations to determine whether the domestic industry has suffered from an increase in imports below costs. As a counter-measure, they impose tariffs under the multilateral WTO regime. Anti-dumping measures are taken to ensure fair trade and provide equal opportunities to the domestic industry. Both India and China are members of the Geneva-based World Trade Organization (WTO). India has initiated maximum anti-dumping cases against dumped imports from China. The Products included As per separate notifications of the Central Board of Indirect Taxes and Customs (CBIC), the duty has been imposed on certain flat-rolled products of aluminium; Hydrofluorocarbon (HFC) component R-32; silicone sealant (used in the manufacture of solar photovoltaic modules and thermal power applications); sodium hydrosulfite (used in the dye industry); and hydrofluorocarbon mixtures (both have found use in the refrigeration industry). Reason for dumping duties on such products The duty has been imposed following the recommendations of the Directorate General of Trade Remedies (DGTR), the investigative arm of the Ministry of Commerce. In a separate investigation, the DGTR has concluded that these products have been exported to the Indian markets at below normal value, which has resulted in dumping. DGTR has stated that the domestic industry has suffered material injury due to dumping.“The anti-dumping duty levied under this notification (on silicone sealant) shall be levied for five years from the date of publication of this notification in the Official Gazette and shall be payable in Indian currency,” the CBIC said. CBIC has also imposed a duty on a vehicle component – axle for trailers in CKD/SKD (complete and semi-knocked down) to protect domestic manufacturers from cheap Chinese imports. Similarly, it has also imposed duty for five years on imports of calcined gypsum powder from the United Arab Emir Source: News 18

The Spanish government's First Vice President Nadia Calvino was elected chair of the group of finance ministers and central bankers that advises the IMF's board, the organization announced Thursday.    Calvino, who is also her country's economy minister, replaces Swedish Prime Minister Magdalena Andersson as head of the International Monetary and Financial Committee (IMFC), and will remain in office for two years, beginning January 3.    The IMFC consists of 24 members who are central bankers and governors, finance ministers or officials of equivalent rank, who are chosen from among International Monetary Fund member countries.    Calvino has been Spain's first vice president since July and economy minister since 2018.    She previously held several positions at the European Commission, including director general in charge of the budget from 2014 to 2018.    The IMFC is the main advisory body to the IMF's board of governors and deliberates major policy issues. Source: AFP/BSS AH

In continuation of constant emphasis on boosting self-reliance, the Indian government has thrust renewed vigor into various sectors, predominantly, in the manufacturing arena. Within this segment, the toy sector has formed a significant chunk of a developing economy that is slowly coming of age. Toys or gaming have served as primary contact points for most children in school as well as within the confines of their homes for quite some time now. As instruments of engagement, these have the potential to significantly impact the mental health of an individual, clearly influencing one's ability to be creative. Though, it is also a genuine concern that increasingly violent gaming has become a popular medium of “entertainment” amongst children and young teens resulting in numerous cases of self-harm that could have otherwise been avoided. When it comes to the toy sector as an industry, from the late 1990s itself, China is known to have shifted its focus to manufacturing toys on a massive scale and now holds a virtual monopoly over this segment as far as Asia is concerned. In different circumstances, currently, India had very little to show in terms of global market share or production line supply in this sector. Having only 1.5 percent share of this otherwise $100 billion world market, India has remained heavily dependent on other countries for the humongous demand it generates considering it is the second most populous nation in the world with a significant component being the youth, particularly children. One can only imagine the huge amount of monetary losses India is making at this point, with such heavy domestic demand being met solely by external suppliers. However, over the last couple of years, India has woken up to this reality and has begun to understand the wide potential of the toy market. Like other low-income countries, though India continues to import an overwhelming majority i.e., about 80 percent of the toys for its domestic use, the country has begun taking measures that would ensure that its presence in the global toy manufacturing market could be secured and shares increased substantially. During coronavirus-induced lockdowns, a massive fillip was given to virtual platforms and consequently online opportunities rose manifold. The lockdowns and the resulting compulsion of individuals to resort to online interactions have come as a blessing in disguise for many people working in the toy sector. New virtual gaming devices and initiatives that would synergize toys/gaming with real-time fitness/health saw increased demand and benefitted in terms of profits. Interestingly, a noted example is the app developed by the KCG College of Technology in Chennai wherein the idea is to help correct the body posture by promoting yoga through gaming. Combining technology with tradition, the app has figured out a unique way of ensuring sustained business interest as well as spreading yoga throughout the globe. Another fascinating app developed by Arogya in Dehradun ensures that one can improve one’s dietary preferences and eating habits by getting real time updates on the nutritional quality of the food via the gaming route. Though the sector did not find much mention in the schemes of the erstwhile governments, in recent times, particularly, during the lockdown period, numerous initiatives have been undertaken and the results are slowly unraveling. Following a clear call to “become vocal for local” in the toy industry, the Department for Promotion of Industry & Internal Trade (DPIIT) in collaboration with the Ministry of Commerce undertook a detailed study in this sector. After its submission and detailed deliberations, multiple ministries were taken on board for a cohesive framework that would enable policies to be made to increase India's share in the global market. Linking the same to India's glorious culture and civilization, a Toycathon was organized for the first time in India providing youngsters and industry leaders a platform to engage and share new ideas. New innovations came to light with the event wherein more than 13,000 exhibitors participated, with widespread consultations between players and officials about the possible road map that the Indian government ought to take toward ensuring self-reliance. These innovations can subsequently ensure manufacturing takes place on a larger scale, with the potential to deliver development to remote areas of the country where it is most needed. Rarely does a capitalist venture find itself taking roots in areas that are far-flung or amidst mountainous terrains and excludes a huge population of the society i.e., mostly Dalits, tribals, women and other individuals/groups who live on the fringes. In fact, in its effort to give impetus to this sector, the government recently announced plans for setting up a more than 400 crore Toy Park in the Jewar region of Uttar Pradesh in which 134 companies have already agreed to establish their manufacturing units. An airport is also being reportedly planned in its vicinity. Expected to provide permanent jobs to more than 6,157 people, the Park spread over an area of 100 acres will be manufacturing electronic, plastic, stuffed, silicon toys along with wooden toys to incentivize regional artisans to hone their skills. Better late than never, this manufacturing industry, if developed properly with the necessary support from the government and the innovation needed from the corporate world, has a good shot at providing immense benefits to not just remote regions in the country but also the most vulnerable sections of society who with dignity and honor can participate in the country’s development paradigm. Source: ANI IH

The World Bank (WB) today approved US$600 million for two projects in Bangladesh to help over 1.75 million poor and vulnerable populations, including youth, women, disadvantaged groups, and returnee migrant workers, improve employability and livelihood opportunities, and build their resilience against future shocks like the COVID-19 pandemic. “In Bangladesh, the COVID-19 pandemic has affected the livelihoods of thousands of people, particularly, female workers, youth, and returnee migrant workers,” said Dandan Chen, Acting World Bank Country Director for Bangladesh and Bhutan. He said these two projects will help empower and mobilize rural poor people, prepare them for the future job market and support entrepreneurial opportunities, especially for women and disadvantaged groups. The $300 million ‘Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project’ will equip more than 1 million youth and workers with skills needed for the future of work. The project will particularly support youth, women and disadvantaged groups, including people with disabilities to become skillful and to connect them to labor market. The project will also support industries to retrain their workers during and after the pandemic and thus accelerate recovery. “Building on the success of earlier projects, ‘STEP’ and ‘NARI’,’ the project will help modernize and build resilience of the technical vocational education and training sector of Bangladesh. It will set up an international standard model polytechnic in the country,” said Md. Mokhlesur Rahman, World Bank Team Leader for the project. “Further, the project will benefit the informal sector workers through expanding the ‘Recognition of Prior Learning (RPL)’ program,” he added. The $300 million Resilience, Entrepreneurship and Livelihood Improvement (RELI) Project will help improve the livelihoods of about 750,000 poor and vulnerable rural people across 3,200 villages in 20 districts. “The project will provide immediate and tailored livelihood support to rural poor people for responding to urgent needs such as the COVID 19 pandemic, improve their ability to cope with future shocks and help them come out of poverty through income-generating activities and skill development,” said Jean Saint-Geours, World Bank Team Leader for the project. The project will help organize village groups, build their capacity and finance community plans for savings and micro-loans, as well as climate-resilient infrastructure, giving priority to the poor and extreme poor, women, and youth. With over 90 percent female beneficiaries, the project will also support entrepreneurship and encourage crop diversification, good nutritional practices, while raising awareness of climate risk adaptation and mitigation, the spread of diseases, and gender-based violence. Both projects have a maturity of 30 years including a grace period of 5 years. The World Bank is among the first development partners to support Bangladesh following its independence. Bangladesh currently has one of the largest IDA programs totaling over $14 billion. Since independence, the World Bank has committed more than $35 billion in grants, interest-free, and concessional credits to the country. Source: BSS AH