► EU, India say committed to world trade deal

The European Union and India said on Monday they were committed to a world trade deal that takes account of services as well as agriculture and industrial goods.  A joint statement issued after Indian Trade Minister Kamal Nath and EU Trade Commissioner Peter Mandelson held talks in London called for a successful ministerial meeting of the World Trade Organisation later this month.  "A successful outcome of the Doha Round, balanced across the full range of market access issues in agriculture, industrial goods and services is essential to secure growth in trade and boost the global economy," the statement said.  (Economic Times,  India)

► India, Israel for FTA

New Delhi and Tel Aviv are seriously working on a free trade agreement because both realise that it is in their mutual interest, the Israeli ambassador, Mr Mark Sofe, said on Thursday. "Formal negotiations have not yet started and I agree that complicated issues are involved but I believe that a free trade agreement between the two countries will be in place in the not so distant future," he added.Mr Sofer was speaking at the conclusion of his maiden visit to the city, with the honorary consul of Israel in Kolkata, Harshvardhan Neotia by his side.  (Bilaterals.Org)

► CEPA between India, Sri Lankan no threat to island nation

A leading Sri Lankan trade body has allayed fears that Indians would take over the jobs on offer in the island nation following the signing of the Comprehensive Economic Partnership Agreement between India and Sri Lanka. Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) President Nawaz Rajabdeen said that signing the CEPA could be considered a graduation from the FTA with Sri Lanka standing to gain more than India. He, however, said some short comings that existed in the FTA with India would be corrected before signing the CEPA.  (Bilaterals.Org)

► Malaysia and Pakistan should exploit huge consumer base via FTA

Malaysia and Pakistan should exploit their huge consumer market through a free trade agreement (FTA) to support each other’s industrial growth, Pakistani Prime Minister Syed Yousuf Raza Gilani said. “Both countries have huge consumer markets where almost all traditional and non-traditional items of trade have a demand,” he told Bernama ahead of the Group of Eight Islamic Developing Countries (D-8) Sixth Summit tomorrow. Malaysia’s population stands at 26 million while Pakistan - where agriculture remains a dominant source of employment - has almost 161 million people.  (Bilaterals.Org)

► Pakistan lags behind India, Sri Lanka: Free flow of trade

Pakistan remained behind India and Sri Lank in South Asia in terms of free flow of trade which bears witness to these countries’ openness to international trade and investment as part of their successful economic development strategy. Pakistan is ranked at 84th position among the 118 other economies, whereas its neighbours, Sri Lank 70, India 71, secured slightly better positions as compared to Bangladesh (110) and Nepal (116), said “global enabling trade report-2008,” released by the CSF.  (Dawn,  Pakistan)

► Pak traders want open Indian border 

Jewellers and gem traders from across the border have asked the governments of India and Pakistan to open up border to facilitate trade. "At present, whatever jewellery trade is done between the two countries is via Dubai. As the jewellery market is unorganised and most of them are small jwellers or merchents, a lot of business between the two country is illegal," Gold Art Promotion Council-Pakistan Pakistan President Muhammad Azghar, who is here to attend a jewellery exhibition 'JCK New Delhi 2008', told media.  "We want political establishment of both the countries to open up the borders to facilitate our trade," he added.   (Economic Times,  India)

► India's rice export ban lead to food crisis in UAE 

UAE and other Gulf countries are facing a surge in the prices of rice due to a supply shortage owing to India's ban on export of non-basmati rice varieties in March this year.  The shortage of rice has led to a food crisis in the UAE, where inflation has climbed above 11 per cent, media reports said here.  India had, in March this year, banned export of non-basmati rice to check rising prices of the food grain.  "The feedback from the market says that the stock (of Indian non-basmati rice) will not go longer than a week or 10 days," a spokesperson for Emke Group, which operates Lulu Hypermarkets.  (Economic Times,  India)

► Afghanistan diesel imports from Pakistan increase

Pakistan is exporting more diesel a month to Afghanistan to 100,000 tonnes from June to September versus the usual monthly volumes to help in reconstruction works, an industry source said on Monday. Pakistan normally moves 50,000-70,000 tonnes of diesel each month to geographically challenging Afghanistan. During June to September last year, such cross-border flows were 60,000-70,000 tonnes a month, the source who is familiar with the flows said. “Afghanistan is importing more gas oil for construction works. The country is rebuilding,” said the Karachi-based source, who asked not to be named. But Pakistan has suspended jet fuel exports to Afghanistan since June 25.  (The News,  Pakistan)

► Pakistan to export lint to BD, Far East countries

Pakistan is likely to export around half a million cotton bales during this season on back of export ban by India and lowest price parity in international market, exporters said Saturday. They said Pakistani lint was still cheaper by around 10 to 12 cents per pound in the international market. Director on Board of KCA, exporter, importer and a ginner, Ghulam Rabbani said Bangladesh and Far East are eager for Pakistani produce for more than one reason “In the international market, Pakistani cotton is getting more attraction due to higher quality from the traditional and non-traditional cotton importing countries,” Rabbani said.  (Daily Times,  Pakistan)

► Bangladeshi has no plans to cut import duty

At present, there is a 10 per cent customs duty and four per cent import tax on cotton. He also ruled out any plans to ban cotton exports as being demanded by textile mills since cotton prices in the global market were ruling lower than those in the country. There is no point in banning exports at a time when the international prices are lower than the domestic prices, he said. The domestic cotton textiles industry has been demanding duty-free import of cotton to boost supplies and bring down prices that have increased by over 35 per cent in the last one year across varieties.  (The Financial Express,  Bangladesh)

► Fuel price hike in Bangladesh arouses controversy 

Price hike of petroleum fuels in Bangladesh has aroused growing concerns over misery of common people and adverse impact on economy while different organizations demanded the government to cancel the price hike decision.  Stories related to fuel price hike have been made headlines in most local newspapers in the last few days following the government 's decision on Monday to increase prices of all petroleum products by 33 percent to 67 percent.  Economists said the fuel price rise will push up inflation rate and worsen misery of common people, especially the low-income people, who have already suffered a lot from the soaring prices of essentials.  (English Peoples Daily,  China)

► Sri Lankan inflation constantly rising since January

Six months after the Central Bank (CB) presented its Monetary Policy Roadmap for 2008, highlighting the importance of keeping inflation at sustainable, low and predictable levels to support a sustainable economic growth, statistics show that inflation has consistently risen since January 2008 to levels that are highest in the entire region. Statistics released by the CB this week again show an increase with inflation at 28.2 percent in June 2008, up from 26.2 percent the previous month. International oil prices have surged beyond a record high of US$140 per barrel this past week and speculation is widespread that prices will reach US$150 before long, renewing fears of a global economic slowdown.  (Sunday Times,  Sri Lanka)

► Turkish businessmen to invest in Sri Lanka

Turkish businessmen have expressed willingness to invest in joint industrial ventures in Sri Lanka. This assurance was given by them to Nawaz Rajabdeen, President, Federation of Chambers of Commerce and Industry (FCCISL), who led a business delegation to Istanbul on the invitation extended by the Confederation of Business and Industrialists of Turkey (TUSCON) recently. During his visit he met members of the Turkish chambers and discussed the joint venture investment and bilateral trade. Mr Rajabdeen told The Sunday Times FT that businessmen in Turkey had shown a keen interest in setting up manufacturing units for automobile industry mainly for rubber products for the motor industry.  (Sunday Times,  Sri Lanka)

► Myanmar needs more gas to generate electricity for Yangon

Myanmar needs more natural gas in addition to hydropower to generate over 500 megawatts (mw) of electricity to be supplied to Yangon round the clock, the leading local weekly Yangon Times reported Thursday. The Yangon Times quoted the Ministry of Electric Power-2 as saying that it requires 135 million cubic-feet (MCF) or 3.82 million cubic-meters of offshore gas or 99 MCF of onshore gas daily to meet the Yangon electricity demand.  According to the report, there are only 67 MCF of offshore gas and 27 MCF of offshore gas available daily for the generation of electricity to be supplied to Yangon.  (English Peoples Daily,  China)

► ADB calls for regional economic integration to manage risks

The Asian Development Bank (ADB) on Monday said deeper regional economic integration in Asia is vital to sustaining growth and managing risks in the region. In a new study, the ADB said while the economic integration is led by the market, Asian economies need to boost their ties through closer dialogue and policy coordination in order to take full advantage from increased regional interdependence. It said Asia now is less integrated in finance than in trade but financial markets are now larger, deeper, and more sophisticated than they were a decade ago when the Asia financial crisis struck and first shed light on the importance of regional economic integration.  (English Peoples Daily,  China)

► Bimstec meet will focus on poverty, food security 

Seven countries of the Bay of Bengal rim will plan a common agenda for agriculture development to ensure food security and measures aimed at poverty alleviation at their first ministerial meeting here today. The number of poor in the Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (Bimstec) region has gone up, even as the member nations have failed to come up with any worthwhile programme during the last decade, unnamed Bangladesh government sources preparing for the meet told New Age newspaper.  (Bilaterals.Org)