CENTRAL ASIA TRADE CORRIDOR
Working Group discusses Chabahar Port's role in supporting Afghanistan's reconstruction, eco development
India hosted the Third Working Group meeting on Chabahar Port, emphasizing its significance in bolstering Afghanistan's reconstruction and economic growth. Participants highlighted the port's role in providing an alternative trade route to Central Asia and discussed strategies to enhance regional connectivity.
Rupee holds ground; cenbank intervention counters outflows, dip in Asia FX
The Indian rupee ended nearly unchanged on Monday, supported by the central bank's market intervention as portfolio outflows and a decline in most Asian currencies weighed on the local unit.
IMEEC is a vision of growth and cooperation that opens up endless possibilities for industries & technology: Italian senator
Senator Marco Dreosto highlights the potential of the India-Europe Economic Corridor (IMEEC) to reshape global trade. Dreosto emphasizes the historical ties between Italy and India, advocating for the Port of Trieste's strategic role as a primary European terminal for IMEEC. He envisions joint ventures in third-country port sectors, aligning with Italy's Mattei Plan for sustainable development.
Situation in West Asia matter of deep concern: Jaishankar
India and Saudi Arabia discussed the situation in Gaza. India called for an early ceasefire. Both countries want a resolution to the Palestinian issue. They support a two-state solution. India and Saudi Arabia reviewed their partnership. They talked about trade, investment and defence cooperation. The two sides also discussed regional and global issues.
Central banks revisit their rate-cut plans
Global central bankers are bracing for potential economic upheaval as Donald Trump's return to the US presidency threatens to ignite trade wars, exacerbate budget deficits, and disrupt labor markets. These policies could stifle global growth, fuel US inflation, and limit the ability of central banks worldwide to ease monetary policy.
Charting the global economy: ECB lowers rates as inflation wanes
China¡¯s export growth unexpectedly slowed in September, curbing a trade rebound that has been a bright spot for a weakening economy that policymakers are relying on manufacturing to power.
Dollar rides 'Trump trade' toward third weekly rise
The dollar gains strength for the third consecutive week. The European Central Bank's dovish stance and robust U.S. data delay expectations of rate cuts. Meanwhile, the euro drops, the yen weakens, and the yuan faces a significant fall. Trump¡¯s rising election prospects influence the dollar and Bitcoin's performance.
China is striking deals to cement its role as Asia's trade hub
China is advancing its goal to become Asia's trade and transportation hub by planning rail lines across Central Asia and Vietnam, and seeking to reopen a port on the Sea of Japan. These initiatives face challenges, including political volatility in neighboring countries and labor shortages in Russia due to the Ukraine war.
India, Myanmar discuss ways to promote trade through local currencies
India and Myanmar discussed promoting bilateral trade using local currencies, rupee and kyat, during a meeting between Commerce Minister Piyush Goyal and Myanmar's Minister Kan Zaw. The talks also covered cooperation in areas like lentils, diesel, gasoline, and electric vehicles. India-Maynmar bilateral trade stood at USD 1.75 billion in 2023-24.
Asia stocks on tenterhooks as Fed faces crunch time
Asian stocks began the week cautiously with the U.S. expected to start an easing cycle. Central banks in Japan and the UK are likely to maintain current rates. Economic data from China showed slowing growth, while U.S. retail sales and industrial production are on the watchlist. Geopolitical tensions remain high.
Joint shipbuilding projects at Indian shipyards to be explored at this week¡¯s EEF
Russia aims to establish intermediate stops in Vietnam, Thailand, and Indonesia for the Eastern Maritime Corridor, linking Vladivostok with Chennai. This initiative seeks to enhance India's business ties with the resource-rich Far East. At the Eastern Economic Forum, Russia and India will also discuss joint shipbuilding projects. The corridor's implementation includes a trans-shipment hub in the Bay of Bengal and necessary infrastructure enhancements in Chennai for increased trade volume.
Modi lays the foundation stone of Vadhvan Port in Maharashtra: Here's all you need to know about India's largest deep-water port
Prime Minister Modi laid the foundation for the Vadhvan Port, India¡¯s future largest deep-water port, in Palghar, Maharashtra, with an investment of Rs 76,220 crore. Set to enhance trade by connecting India to Central Asia, Russia, and key corridors, it will boost Maharashtra's economy, create jobs, and become operational by 2030.
India may host Central Asia foreign Ministers next week
Foreign ministers from all Central Asian countries may gather in India for the first time on August 28-29 to discuss effective counterterrorism strategies and connectivity projects. The meeting is likely to focus on the International North-South Transport Corridor and Chabahar Port, with Kazakhstan, Turkmenistan, and Uzbekistan already sending consignments to India.
Chabahar Port: Southeast Asia¡¯s gateway to Central Asia
The city state is India's strategic partner in Southeast Asia and the financial hub for the Indo-Pacific region. It has a free trade agreement (FTA) with Eurasian Economic Union (EAEU) and is exploring the establishment of a trade and transit corridor with Kazakhstan, in which the Chabahar port would be a key link between SE Asia and Central Asia, according to people in the know.
Singapore may eye Chabahar Port to create trade & transit corridor between SE Asia & C Asia
Singapore aims to access resource-rich Eurasia through India's Chabahar port in Iran, managed by New Delhi. The port plays a vital role in establishing a trade corridor with Kazakhstan, connecting Southeast Asia and Central Asia.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
Chabahar pact important milestone; to provide connectivity to Afghanistan, Central Asia: PM
PM Narendra Modi highlighted India's milestone Chabahar port contract for Afghan connectivity, promoting regional trade via the International North-South Transport Corridor and India-Middle East-Europe Economic Corridor. The agreement involved IPGL's investments and debt, and the INSTC offers an alternative trade route to Russia, bypassing the Suez Canal.
Iran looking at some investments from India in Chabahar region after pact on port operation, says envoy
Iran is looking at some investments from India in Chabahar region post a long-term deal on the Chabahar Port operations, a top Iranian diplomat has said. Talking to PTI, Davoud Rezaei Eskandari, Acting Consul General of Iran in Mumbai, also said that the Chabahar Port deal could be a turning point for its "most relations" with India.
Reach Europe 20 days earlier and for 30% cheaper: How Chabahar port helps India expand its trade footprints globally
India¡¯s pact with Iran to develop the Chabahar port will give a boost to the multimodal transportation network called the International North-South Transport Corridor, enabling exports from South Asia to reach Europe and Russia.
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