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March 2011 Bilateral Issues

India, Africa set $70 b trade target

India and Africa have set a target to take trade to USD 70 billion by 2015 on the back of increasing economic engagement between the two sides.

India sought enhanced supplies of crude oil and agreement for supply of LNG from Nigeria even as the bilateral trade between the two countries is expected to touch $12 billion during 2010-11.The issues came up for discussion during the bilateral meetings between the visiting Nigerian Foreign Minister, Henry Odein Ajumogobia, and Commerce and Industry Minister Anand Sharma and the Petroleum and Natural Gas Minister, Jaipal Reddy, in New Delhi.

The Governing Board meeting of International Crop Research Institute for the Semi-Arid Tropics (ICRISAT) held in New Delhi from March 21 to 24 launched the “ICRISAT South-South Initiative” (IS-SI) to boost India-Africa partnerships on agricultural research for development. 

Chair of the GB Nigel Poole launched the IS-SI platform at the conclusion of the India-Africa roundtable on agricultural development for a systematic partnership towards stronger and inclusive development cooperation between the two continents.

India-China Consumption Fund

Mirae Asset Global Investments (India) Pvt. Ltd., has launched Mirae Asset India-China Consumption Fund, an open-ended equity-oriented scheme.

The scheme will focus on sectors/companies benefiting from consumption-led demand that is driving the world's fastest growing economies, India and China. The new fund will open on March 9 and close on March 23.

India has taken over as co-chair of the Asia Pacific Regional Review Group of the Financial Action Task Force (FATF), an inter-governmental policy-making body which sets global standards to combat money laundering and terrorist financing.

Macau is the other co-chair of the FATF group, which consists of more than 30 countries and has a ministerial mandate for establishing the standards.

The Asia Pacific Regional Review Group is one of the four international cooperation review groups of the FATF, the other three being Europe-Eurasia, America, Middle East and Africa.

India, Brazil working to achieve $10 b bilateral trade

India and Brazil decided to forge stronger trade and economic ties and decided to work towards achieving a bilateral trade target of $10 billion in the next few years against $7.73 billion in 2010.

This was agreed at a meeting between Union Commerce and Industry Minister Anand Sharma and visiting External Relations Minister of Brazil Antonio Patriot.

India and the Association of Southeast Asian Nations (ASEAN) are committed to achieving a trade target of $70 billion by 2012, up 40 per cent from $50 billion in 2010, Commerce and Industry Minister Anand Sharma said at the first India-ASEAN business fair and conclave being held in New Delhi by the Commerce Ministry and the Federation of Indian Chambers of Commerce and Industry (FICCI).

ASEAN trade ministers are here to attend the conclave. India and the 10-nation bloc also broadly agreed that the free trade agreement (FTA) to cover services and investment sectors would be in place by 2011-end.

Japan granted for Indian NGO

The Government of Japan has decided to extend a grant of over USD 1 lakh to an Indian NGO working for community healthcare. The assistance of USD 1,02,640 (nearly Rs.46 lakh) is being given to Asha Community Health and Development Society to support its mobile health van service.

Foreign Minister of Thailand Kasit Piromya visited India and has advocated a closer security relationship with India — intelligence-sharing in particular — to check money-laundering and drug-trafficking and also said India and Thailand must cooperate in tackling piracy off the Somalia coast. It was his second visit to the country in just over a year.



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