1-Dec-2017: BIMSTEC Member States discuss draft text of Coastal Shipping Agreement
Member States of BIMSTEC ( Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation ) met to discuss modalities for promoting coastal shipping in the region. In this first meeting of the Working Group on 27th and 28th of November, member countries discussed the draft text of BIMSTEC Coastal Shipping Agreement drafted by the Ministry of Shipping, Government of India.
The objective of the above agreement is to facilitate coastal shipping in the region, thereby giving a boost to trade between the member countries. The agreement would apply to coastal shipping, that is shipping within 20 nautical miles of the coastline. The requirements for movement of vessels in this part of the sea are different from standard requirements of deep sea shipping. Coastal ship movements require smaller vessels and lesser draft, and therefore, involve lower costs. Once the agreement is ratified by the member countries and becomes operational, a lot of cargo movement between the member countries can be done through the cost effective, environment friendly and faster coastal shipping route.
The meeting of the Working Group is a follow up of the BIMSTEC leaders’ call at the Retreat hosted by Prime Minister Shri Narendra Modi in Goa in October 2016, to enhance connectivity in the region. India is the lead country in BIMSTEC for cooperation in transport and communication. Other BIMSTEC member countries include Bangladesh, Bhutan, Myanmar, Sri Lanka, Thailand and Nepal.
11-Nov-2017: 11 Trade ministers sign revised TPP trade pact without US.
Trade ministers from 11 Pacific Rim countries have reached a deal to proceed with the free-trade Trans-Pacific Partnership deal that was in doubt after President Donald Trump abandoned it. An accord was reached on “core elements” of the 11-member pact.
In January, Mr. Trump pulled out of the deal that was championed by his predecessor Barack Obama. Leaders of the 11 countries remaining in the TPP had been due to meet and endorse a deal worked out in last-minute talks overnight.
Japanese Prime Minister Shinzo Abe said that the 11 leaders had to postpone their meeting on the sidelines of the annual summit of the Asia-Pacific Economic Cooperation (APEC) forum in Danang, Vietnam. Mr. Abe spoke after meeting with Canadian Prime Ministers Justin Trudeau, who had said days earlier that Canada would not be rushed into an agreement.
The TPP member countries are trying to find a way forward without the U.S., the biggest economy and, before Trump took office, one of its most assertive supporters. Mr. Trump has said he prefers country-to-country deals and is seeking to renegotiate several major trade agreements to, as he says, “put America first.”
The U.S. president told an APEC business conference that “we are not going to let the United States be taken advantage of anymore.” He lambasted the World Trade Organization and other trade forums as unfair to the United States and reiterated his preference for bilateral trade deals, saying “I am always going to put America first.” Mr. Trump said he would not enter into large trade agreements, alluding to U.S. involvement in the North American Free Trade Agreement and the TPP.
In contrast, Chinese President Xi Jinping told the same group that nations need to stay committed to economic openness or risk being left behind. The Chinese president drew loud applause when he urged support for the “multilateral trading regime” and progress toward a free-trade zone in the Asia-Pacific. China is not part of the TPP.
APEC operates by consensus and customarily issues non-binding statements. TPP commitments would eventually be ratified and enforced by its members.
But even talks this week on a declaration to cap the APEC summit had to be extended for an extra half day as ministers haggled over wording. It’s unclear what the exact sticking points were, but officials have alluded to differences over the unequal impact more open trade has had on workers and concerns over automation in manufacturing that could leave many millions in a wide array of industries with no work to do.
As a developing country with a fast-growing export sector, this year’s host country, Vietnam, has a strong interest in open trade and access for its exports to consumers in the West. The summit is an occasion for its leaders to showcase the progress its economy has made thanks largely to foreign investment and trade. Danang, Vietnam’s third largest city, is in the midst of a construction boom as dozens of resorts and smaller hotels pop up along its scenic coastline.
APEC’s members are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Philippines, Russia, Singapore, Taiwan, Thailand, the U.S. and Vietnam.
21-Jul-2017: India, Japan civil nuclear deal comes into force
The landmark India-Japan civil nuclear agreement came into force. The India-Japan Agreement for Cooperation in the Peaceful Uses of Nuclear Energy entered into force on July 20, 2017 with the exchange of diplomatic notes between Dr. S. Jaishankar, Foreign Secretary and H.E. Mr. Kenji Hiramatsu, Ambassador of Japan to India.
The pact was signed in Tokyo during the visit of Prime Minister Narendra Modi to Japan on November 11, 2016. This Agreement is a reflection of the strategic partnership between India and Japan and will pave the way for enhanced cooperation in energy security and clean energy. It seeks to promote full cooperation between the two countries in the development and uses of nuclear energy for peaceful purposes on a stable, reliable and predictable basis.
The deal is essential for bringing a network of nuclear energy cooperation for India, especially with the U.S. as prominent American nuclear companies are owned by the Japanese nuclear majors like Toshiba.