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The Dollar Business Bureau China’s President Xi Jinping on Tuesday said that developing nations and emerging economies have become the engine of economic growth in the world and announced that China will give $500 million to support such countries.  The announcement by the Chinese President was made at a meeting in which heads of BRICS, including Indian Prime Minister Narendra Modi, and leaders of Guinea, Egypt, Mexico, Thailand and Tajikistan participated. The meeting was organised on the sidelines of the ninth BRICS Summit under BRICS Plus initiative of China. “I wish to announce that China will provide $500 million for assistance fund for South-South Cooperation. The money will be used to help fellow developing countries to tackle famine, refugees, climate change, public ...

The Dollar Business Bureau Indian Prime Minister Narendra Modi on Monday told the leaders of BRICS bloc that India is fast becoming one of the world’s most open economies, with improvement on global business indexes and the largest ever tax reform of GST that weaved the country into one combined market. The initiatives taken by the Government for promoting the use of digital mode for transactions and payments, to boost domestic manufacturing and schemes to encourage start-ups for setting up businesses are transforming the economic landscape of India, he said while addressing the BRICS Business Council in Xiamen, China. “India is changing fast into one of the most open economies in the world today. Foreign direct investment (FDI) inflows are at an all-time high, rising ...

The Dollar Business Bureau  With Prime Minister Narendra Modi’s visit to China for the BRICS Summit, media reports hint that there could be a bilateral meeting between PM Modi and China’s Premier Xi Jinping. The world media awaits with anticipation at this possible meeting between the two leaders, as it comes after the tense 73-day standoff at the Doklam region.  The Summit which began today at the Chinese port city of Xiamen had the unveiling of the Xiamen Declaration signed by its member countries, Brazil, Russia, India, China and South Africa. The Declaration amongst other things calls for energizing the practical cooperation between the member countries. It states enhancing communication and coordination in improving global economic governance to foster a more just and ...

The Dollar Business Bureau The Ministry of External Affairs(MEA) has announced that PM Narendra Modi will be attending the BRICS Summit being held at Xiamen, China. The summit will be held from September 3-5, the ministry detailed. This announcement of Modi’s visit comes as a surprise as China and India have been at loggerheads at Dokalam, though both the countries have mutually decided to end their standoff after 73 days, by withdrawing troops from Dokalam. “At the invitation of the President of People’s Republic of China, Prime Minister Narendra Modi will visit Xiamen in China’s Fujian province during September 3–5, 2017 to attend the 9th BRICS Summit,” MEA said. From China, the Prime Minister will travel to Myanmar for a state visit from September ...

The Dollar Business Bureau During the 59th Annual General Meeting of Export Credit Guarantee Corporation (ECGC) chaired by the  Commerce Secretary Rita Teaotia, it was noted that despite ECGC reducing the premium rates of exporters (in order to bring down the transaction costs of the exporters) by an average 17% under policies, ECGC recorded only a marginal decline in premium of less than 4%. ECGC has posted a profit before tax of Rs.407 crores, an increase of 5% over previous year. ECGC’s support of total exports at Rs.2,65,000 crores was around 15% of total merchandise exports in 2016-17. A significant aspect of ECGC’s performance was accounted for by MSMEs that took up 85% of its support. As on 31st March 2017, 12,029 covers ...

The Dollar Business Bureau  The Cabinet on Wednesday approved a memorandum of understanding (MoU) signed between India and BRICS nations for setting up of BRICS Agriculture Research Platform (BRICS-ARP).  “The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for an MoU signed among India and various BRICS countries for establishment of the BRICS Agriculture Research Platform (BRICS-ARP),” said an official release.  On October 16, 2016, an MoU for the establishment of agriculture research platform (ARP) was inked by the foreign ministers of the member-countries at the eighth BRICS Summit held in Goa, it said.   “The Centre will promote sustainable agricultural development and poverty alleviation through strategic cooperation in agriculture to provide food security in the BRICS member ...

The Dollar Business Bureau Commerce and Industry Minister Nirmala Sitharaman reached Shanghai on Monday for attending the two-day meeting of trade ministers of BRICS (Brazil, Russia, India, China, South Africa), starting on Tuesday. During the meeting, it is expected that Sitharaman would raise concerns over the increasing trade deficit of India with its neighbour China. The seventh meeting of five-nation bloc – BRICS, will discuss on expanding cooperation in e-commerce in the forthcoming annual meeting, the Ministry of Commerce (MOC) of China said. Cooperation in e-commerce such as in the fields of payments and logistics, is fast emerging among the BRICS members, with several products of the member-nations gaining traction in China, said Zhang Shaogang, Director at Department of International Trade and Economic Affairs with China’s MOC. “Economic and technological ...

The Dollar Business Bureau The World Summit on the Information Society (WSIS) Forum 2017 represents the world's largest annual gathering of the ‘ICT for development’ community. The annual WSIS Forum is a global multi-stakeholder platform facilitating the implementation of the WSIS Action Lines for advancing sustainable development. The Forum provides an opportunity for information exchange, knowledge creation and sharing of best practices, while identifying emerging trends and fostering partnerships, taking into account the evolving Information and Knowledge Societies.  The Forum is co-organized by ITU, UNESCO, UNDP and UNCTAD, in close collaboration with all WSIS Action Line co-/facilitators and other UN organisations (UNDESA, FAO, UNEP, WHO, UN Women, WIPO, WFP, ILO, WMO, ITC, UPU, UNODC, UNICEF and UN Regional Commissions). It provides an ...