► SAARC to form professional body for poverty alleviation

SAARC Chamber of Commerce and Industry, South Asian Federation of Accountants (SAFA) and SAARC Law have principally agreed to form a joint association of professionals in South Asia with an objective of improving transparency, accountability and governance leading to poverty alleviation.  According to a press release Saturday, leading businessmen and the representatives of SAFA and SAARC Law proposed for the formation of joint association of professionals. It would be presented before the executive committee meeting of SCCI for final approval, president SCCI Tariq Sayeed said.  (Daily Times,  Pakistan)

► Efforts on at WTO to ease agri deadlock

Representatives from 37 countries, including India, the US, EU, Australia and Brazil, will participate in a meeting convened by committee of agriculture (CoA) chairman Crawford Falconer this week in a renewed attempt to narrow differences on key issues of special and differential treatment (S&DT) for developing countries and enhanced market access. The meeting, scheduled on Thursday, could be extended to Friday morning, if required, and would then be followed by an informal interaction.  (Economic Times ,  India)

► US cuts trade benefits for India, Brazil

Gold necklaces from India, an alloy from Brazil and 23 other developing country products will no longer receive US duty-free treatment, the US Trade Representative's office said on Monday. The decision was the result of an annual review of the Generalized System of Preferences, a program created in 1974 that allows 132 developing countries to export nearly 5,000 products to the United States without paying tariffs. The United States imported $30.8 billion worth of goods.  (Economic Times ,  India)

► US to remain ’absolutely committed’ to BIT with India 

Terming the Indo-US relationship as a major factor for the growth and success of the global economy, the Washington has said that it remains "absolutely committed" to a bilateral investment treaty with New Delhi. "India-US relations are very important to the growth and success of the global economy," Under Secretary of Treasury in charge of International Affairs David McCormick has said. McCormick, who was speaking at a luncheon meeting hosted by the US India Business Council. There are so many dimensions of the relationship that are so important."  (Bilaterals.Org)

► India-Singapore IPR cooperation likely to be signed soon

Shri Kamal Nath, Union Minister of Commerce & Industry, has stated that a Bilateral Agreement on Intellectual Property Rights (IPR) Cooperation between the Intellectual Property Offices of India and Singapore will be signed shortly. During his bilateral meeting with Mr. Lim Hng Kiang, Minister for Trade and Industry of Singapore, here today, Shri Nath informed that as regards ASEAN-India FTA, considerable progress was made during the last meeting in Bali and added: “I am now hopeful that we would be able to achieve our target of announcing the conclusion of negotiations at the AEM-India Consultations in August”.  (Bilaterals.Org)

► China : Free trade ahead

It is not only the first in China, but also the world’s largest by population. It is China-ASEAN (Association of Southeast Asian Nations) FTA (free trade area), which debuted in 2002 and planned for completion in 2010. It possesses a population of 1.8 billion, and is also the third largest global trade group behind the European Union and North American Free Trade Area (NAFTA). The China-ASEAN FTA’s annual trade volume is expected to reach $1.2 trillion by 2010. From a new concept originally conceived before 2002 to the national economic strategy.  (Bilaterals.Org)

► Direct shipping link can enhance Pakistan-BD trade

The major problem in trade between Pakistan and Bangladesh is lack of direct shipping link, Saquib Ali, deputy High Commissioner Bangladesh said this while  talking to members Karachi Chamber of Commerce and Industry (KCCI) Saturday. The present trade volume of Bangladesh and Pakistan is $350 million, which includes $80 million of Bangladesh export of jute and tea and $270 million of export from Pakistan to Bangladesh in textile. He said a sizeable garments orders from EU and USA are moving from China to Bangladesh in near future, so a robust growth of textile exports from Pakistan to Bangladesh opens more avenues for both the countries.  (Daily Times,  Pakistan)

► Bangladesh exports garments to India duty free for first time

Bangladesh has exported garments to India for the first time under a duty-free access deal seen as a breakthrough for the country's fast-growing textile industry, an official said on Monday. Neighbours Bangladesh and India signed the deal last September, allowing Dhaka to annually export eight million garments duty-free across the border, an agreement hailed by New Delhi as a "milestone" in trade relations. "Our companies have for the first time in history shipped garments to India this month under a duty-free access deal,"  president of Bangladesh Garments Manufacturers and Exporters Association.  (Economic Times ,  India)

► India replaces China as top exporter to Bangladesh 

India has regained its position as the number one import source for Bangladesh, beating China, in the first nine months of the financial year ending June 30, official figures said. This is mainly due to large-scale imports of rice and onion from India after Bangladesh faced a series of natural calamities last year. Besides, analysts said, India, as the current chair of the SAARC, has also gone out of its way to woo the least developed countries among the member-nations, of which Bangladesh is one. China has been the number one import source for Bangladesh during 2005-06 and 2006-07.  (Economic Times ,  India)

► India, Myanmar ink four pacts, including BIPA 

India will finance power transmission lines in Myanmar, with which it has also signed an investment protection agreement to boost economic ties. India and Myanmar signed four agreements today at Naypyidaw, including regular banking arrangement for border trade. The two countries have entered into a Bilateral Investment Promotion Agreement (BIPA) to encourage flow of funds. The trade pact with Myanmar is India's 71st BIPA agreement.  It provides a framework for resolution of disputes, promotion and protection of investment, extending national and Most Favoured Nation treatment, repatriation of investment.  (Economic Times ,  India)

► Sri Lanka, India chambers in MoU to promote trade and investment

Negotiations on the India and Sri Lanka Comprehensive Economic Partnership Agreement (CEPA) are almost complete and the two sides are now ready to sign the agreement which will include investment and services, a chamber official said. Samantha B. Abeywickrama, Secretary General/CEO, Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), made this disclosure while speaking at the recent signing in Andhra Pradesh of the Memorandum of Understanding between the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and FCCISL.  (Sunday Times,  Sri Lanka)

► Pakistan and Iran sign four agreements  

Pakistan and Iran signed four documents of co-operation at the 17th session of their Joint Economic Commission (JEC) which concluded here on Sunday. Federal Minister for Finance and Economic Affairs Syed Naveed Qamar led Pakistan's delegation in the meeting while Iranian side was led by Foreign Minister Manouchehr Mottaki. The four documents included MoU of 17th session of JEC between Pakistan and Iran; MoU between Iran Chamber of Commerce, Industries and Mines and FPCCI; agreement between two sides on international transport of passengers.  (Business Recorder,  Pakistan)

► Myanmar-Saudi Arabia diplomatic link facilitates Myanmar's fish export

The establishment of diplomatic link between Myanmar and Saudi Arabia in recent years has facilitated export of fishes by Myanmar people to that country, the local 7-Day News reported in this week's issue, quoting the Livestock Breedings and Fisheries Association. Before, such export formalities had to be done through the Egyptian embassy here. Saudi Arabia opened its embassy in Yangon in December 2005 and such formalities took effect only recently. According to the association quoted by another weekly the Voice, Myanmar exported 200 tons of fresh water fishes.  (English People’s Daily ,  China)

► India replaces China as top exporter to Bangladesh 

India has regained its position as the number one import source for Bangladesh, beating China, in the first nine months of the financial year ending June 30, official figures said. This is mainly due to large-scale imports of rice and onion from India after Bangladesh faced a series of natural calamities last year. Besides, analysts said, India, as the current chair of the South Asian Association for Regional Cooperation (SAARC), has also gone out of its way to woo the least developed countries among the member-nations, of which Bangladesh is one. China has been the number one import source for Bangladesh during 2005-06 and 2006-07.  (Economic Times ,  India)

► Bangladesh's forex reserve hits all-time high

Bangladesh's foreign exchange reserve rose to 6.16 billion U.S. dollars Monday which is the highest ever in the history of Bangladesh, local newspaper reported Tuesday. "The foreign exchange reserve reached the ever-highest level mainly due to significant inflow of remittances and disbursement of soft loans by multilateral donor agencies," a senior central bank official was quoted by English daily The Financial Express assaying. The reserve went up as the World Bank recently released 315 million U.S. dollars and the Asian Development Bank 32 million U.S. dollars as soft loans, the Bangladesh Bank official said.  (English People’s Daily ,  China)

► India's inflation sets another record at 11.42%

India's inflation rate surged to a record 11.42 percent for the week ended June 14, up from 11.05 percent recorded in the previous week, the government released Friday. The rise has been mainly on account of higher prices of food items like tea, milk and cereals. The other commodities, whose prices went up during the week were lubricants and manufactured items, according to the NDTV. India's inflation touched a 13-year high of 11.05 percent as on June 7.  (English People’s Daily ,  China)

► Asian countries under test in face of inflation

Feeling the mounting pressure of inflation, Asian countries are now waging an all-out war against soaring prices. In May, inflation in Vietnam surged to 25 percent year-on-year, with prices for rice and other grains shooting up 68 percent, according to Vietnam's bureau of statistics. The high inflation was also blamed for the devaluation of Vietnam dong in the local black market. Plus other bad economic news like a widening trade deficit and a tanked stock market, Vietnam's economic performance even caused doubts of an economic crisis among economists.  (English People’s Daily ,  China)

► Study: Biofuels pushing people to poverty

The biofuel policies pursued by the rich countries are pushing millions of people in the developing world into poverty, an Oxfam' study says, according to the Hindustan Times Thursday. Oxfam, a group of non-governmental organizations, launched the report at a time when leaders of the industrialized countries are to discuss policies to mitigate the impact of climate change at a G-8 conference in Japan early July. Quoting World Bank estimates, the study says the price of food has increased by 83 percent in the last three years, which is disastrous for the world's poor people.  (English People’s Daily ,  China)

► Sri Lanka ready to host SAARC summit

Arrangements have been finalized to hold the 15th summit of the South Asian Association for Regional Cooperation (SAARC) in Sri Lanka from July 27 to Aug. 3, the island 's official newspaper Daily News reported Tuesday. The heads of states and governments of SAARC countries have confirmed their participation in the summit, the newspaper quoted Foreign Ministry officials as saying. With the theme of "Towards a South Asian Union," the summit will be held under the slogan "Growing Together the summit will be held under the slogan "Growing Together.."   (English People’s Daily ,  China)