Search Result for : Australia

The Dollar Business Bureau Commerce Ministry said on Monday that the recent round of discussions in Hyderabad for the Regional Comprehensive Economic Partnership (RCEP) would provide a push to the negotiations. Around 700 officials representing 16 nations including Australia and China, gathered in the city during July 17-28 to negotiate the mega trade deal RCEP. It is vital that the RCEP provides a forward looking and positive alternative with regards to rising protectionism across the world, Commerce Secretary Rita Teaotia said in a statement. “India is constructively engaged in RCEP and hopes that the 19th RCEP Round in Hyderabad would find innovative ways to provide impetus to the negotiations,” Teaotia said. The Commerce Secretary further said that the real success of RCEP will be assessed ...

The Dollar Business Bureau  In order to boost the textile and handloom sector, the Cabinet has approved a memorandum of understanding (MoU) with Australia on cooperation in the field of textiles, fashion and clothing. The Union Cabinet chaired by Prime Minister Narendra Modi has approved the MoU on cooperation in the textiles, clothing and fashion sectors between the Ministry of Textiles and the Department of Foreign Affairs and Trade, Australia, an official statement said on Thursday. “The MoU will enable cooperation with regards to matters within the fashion and textiles sectors which may be of mutual benefit and interest to the participants,” it added. The participants will mutually identify some appropriate measures to link the Indian and Australian fashion and textile sectors; promote partnership and international engagement ...

Sheela Mamidenna Earlier in 2017, the Prime Minister Narendra Modi while addressing a geopolitical conference said, “Our economic and political rise represents a regional and global opportunity of great significance. It is a force for peace, for stability and an engine for regional and global prosperity. For my government, this has meant a path of international engagement focussed on building development partnerships that extend from the islands of the Indian Ocean and Pacific to the islands of the Caribbean and from the great continent of Africa to the Americas. Creating Indian narratives on global challenges.”  Well, for that matter, trade agreements play an important role in leveraging a country’s economic growth. Concurring to it, our globetrotting Prime Minister has made more than ...

The Dollar Business Bureau Upon her return to India, Commerce Minister Nirmala Sitharaman gave a press briefing on the discussions, deliberations and developments that happened at Hanoi during the proposed Regional Comprehensive Economic Partnership meet. On day 2, 22nd May, she said the ministers took stock of the state of negotiations across various negotiating groups and sub-working groups, particularly in the area of goods, services and investment. She pointed out that while considerable progress was made several areas still needed some finality. Referring to the protectionist measures adopted by some countries she said that the negotiations for the services sector were either slowed down or stalled. Though the Indian side put up a valiant fight to protect its industry in goods, discussions on the ...

The Dollar Business Bureau Australia on Tuesday said that the changes done in the country’s work visa rules were not directed at any particular country and emphasised that Indian workers are not expected to be affected significantly by the changes in the regime.  Harinder Sidhu, Australian High Commissioner to India said that the modifications in the visa regime were made to make sure that Australian citizens get priority in skilled jobs, while Indians are majorly employed in highly-skilled jobs of IT sector in which her country does not have enough manpower. Interacting with the journalists in New Delhi, the High Commissioner also asserted that the bilateral relations between India and Australia have witnessed a "stable upward trajectory" and the recent visit of Prime Minister Malcolm Turnbull to India has ...

The Dollar Business Bureau  Mango, the king of fruits, has finally reached Australia from India, with an inaugural shipment of about 400 trays of mangoes landing in Sydney this week. The mangoes from India have been exported to Australia after the protocol was revised last month allowing the Indian fruit to cross into the Australian shores. As per Australian regulations, the fruit was allowed into their country only after being treated with irradiation prior to leaving from India. This week, the first consignment of around 400 trays arrived in the markets of Sydney with the second consignment reaching next week the markets of Perth, as reported by ABC. The first consignment includes the kesar variety and was received by Perfection Fresh Australia (PFA), Australia’s ...

The Dollar Business Bureau  In a telephonic conversation with Australian PM Malcolm Turnbull on Tuesday, PM Narendra Modi expressed concerns regarding the abolishment of Visa 457, a work visa program widely used by Indians working in Australia.  As both leaders discussed the impact of a tighter visa regime on Indian applicants, it was agreed that they would 'remain in close touch over the issue'. Since no possibility of a rollback has surfaced in the negotiations yet, India will, in all probability, have to adapt to the new two-pronged visa program – one that will increase importance of fluency in English and raise the bar on skills required.  The opposition party, in the Australian Parliament, is reported to have supported the move. Giving preference to native ...

The Dollar Business Bureau The International Trade Price Index released by Australian Bureau of Statistics for the month of March shows that while import prices remained stable, export prices soared to astonishing highs. Cumulatively, import prices increased by merely 1.2% from the first quarter of the previous year whereas export prices rose by 29.1% over the same period. As against the October-December quarter (2016), import prices experienced a fall of 0.6% while export prices grew by 9.4%. The reason cited for volatile export price movement is a turn in commodities cycle, propelled by commodity prices like those of iron ore reaching $94 per tonne towards the end of February 2017. Australia's metal exports in alumina, iron ore and copper showed a price increase of 18.8% during the January-March 2017 period. This was ...