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Pacific Rim Trade ministers discuss ways to build back better from pandemic

Pacific Rim Trade ministers discuss ways to build back better from  pandemic

Pacific Rim Trade ministers are discussing ways to improve over the pandemic at an online meeting on Saturday hosted by New Zealand.
The Asia-Pacific Economic Cooperation Forum has long focused on removing trade barriers.

The trade ministers’ meeting was effectively called due to travel restrictions that exist in this region As the virus spreads, many countries are still struggling to obtain multiple COVID-19 vaccines.

On this agenda, there is a declaration of assistance in moving goods necessary to fight the epidemic. This is in line with global trade rules that have been imposed in recent years.

Especially under the administration of President Donald Trump, which supports impressive trade deals with individual countries.
Trade ministers attending Saturday’s meeting discussed with business leaders on Friday how to manage the health and financial crisis caused by Friday’s pandemic.

“We need to ensure that trade plays a role in combating the worst effects of COVID-19 through the vaccine trade. basic medical supplies and related products openly and without limitation,” said Rachel Tolelai, Chairman of the APEC Business Advisory Board.

In many countries in the Asia-Pacific region, the proportion of people vaccinated so far is in the low single digits. This includes places such as Thailand and Taiwan. which at first was able to avoid widespread protests. But now we are facing the worst outbreak.

APEC members Japan, South Korea, and New Zealand Ranked among the worst developed countries for vaccinating against COVID-19. lower than many developing countries such as Brazil and India. Australia has also performed poorly.

This week, President Joe Biden announced that the United States Surplus vaccines of 25 million doses will be donated rapidly abroad through the UN-sponsored COVAX program. by promising to vaccinate Asia Central and South America, Africa, etc.

This will be an important and urgent support for the delayed COVAX effort, which so far has distributed only 76 million doses to countries in need.

While some countries have limited vaccine exports. chemicals needed in production or protective equipment such as surgical masks But it is unclear whether tariffs and other trade barriers Is it the main problem? This is because countries such as Japan and New Zealand impose burdensome approval requirements with delayed vaccination.

Also Read: Global warming trend to continue over next 5 years: WMO

The average vaccine tax rate is as low as 0.8%, according to the APEC Secretariat. However, jobs on other products such as freezer equipment, small vials, and alcohol solutions can be as high as 30% for some countries.

Although the average vaccine tax rate is very low within APEC (just 0.8%), the tariffs are much higher for many items that are very important in the vaccine supply chain.

Vaccine patent regulation has also proven to be a controversial issue.

There are many risks: beyond the potential to save lives or lose. Trade-in vaccines and related equipment were $418.5 billion in 2019, according to the latest available data, and has a tendency to increase in 2020.

In addition to solving the current crisis, The APEC meeting also focused on ways to accelerate the recovery of the epidemic and “Build Better” distributes resources to improve health, education, and social security networks, officials said.

Although the region is still in the middle of the worst coronavirus outbreak to date. But the Pacific economy is expected to recover this year, with a recovery in excess of 6% from a 1.9 percent contraction in 2020.

APEC brings together 21 economies across the Pacific. from a small Brunei to the United States, Chile, and New Zealand. One of the long-term goals is to promote free trade zones in the Asia-Pacific region.

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G7 leaders commit to increasing climate finance contributions

G7 leaders are also expected to set out action to cut carbon emissions, including measures such as ending almost all direct government support for the fossil fuel energy sector overseas and phasing out petrol and diesel cars

G7 leaders commit to increasing climate finance contributions
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G7 leaders commit to increasing climate finance contributions

British Prime Minister Boris Johnson, US President Joe Biden, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, Australian Prime Minister Scott Morrison, German Chancellor Angela Merkel, German Chancellor Angela Merkel Ramafosa, and South Korean President Moon Jae-at the G7 summit held in Carbis Bay, Cornwall, Britain on June 12, 2021.

G7 leaders promised on Sunday that they would increase their investment in climate change to meet the remaining $ 100 million a year to help poorer nations reduce carbon emissions and cope with global warming.

As part of a strategy to accelerate infrastructure funding in developing countries and to switch to renewable and sustainable technology, the world’s seven leading economies will once again commit themselves to achieve that goal.

Some green parties have not been impressed, Greenpeace UK says G7 boss, British Prime Minister Boris Johnson, “simply revived old promises” and will not take “anything” if nations do not get the money.

“Protecting our planet is the most important thing we can do as leaders of our people,” Johnson said in a statement.

“As a democracy, we have a responsibility to help developing countries achieve the benefits of clean development through a just and transparent system. The G7 has an unprecedented opportunity to lead the transformation of the world’s green, industrialized nations.”

He did not provide details or numbers for the new commitment.

Developed countries agreed in the United Nations in 2009 to jointly contribute $ 100 billion a year by 2020 to support climate change in poor countries, many of which face rising sea levels, hurricanes, and droughts exacerbated by climate change.

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Chinese military holds amphibious landing exercise near Taiwan after US Senators visit

Chinese military holds amphibious landing exercise near Taiwan after US Senators visit
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Chinese troops arrived in a swampy area near Taiwan a few days after a group of American senators visited the remote island by military plane as a sign of support.

According to a statement issued by the People’s Liberation Army Eastern Theatrical Command, the 72nd Army Group conducted maritime training that included navigating submarine vehicles and attacking by reaching undisclosed waters in southern Fujian Province, southern China. The Hong Kong Post reported on Wednesday.

The descent on bicycles is an important step in getting troops into an island such as Taiwan, which Beijing considered to be its rebel province. Beijing has never abandoned the use of military tactics to include Taiwan, an independent island that China claims as its territory.

On Monday, China launched an ambassador to the United States over the visit of three U.S. senators to Taiwan, saying the United States should suspend any form of official contacts with Taipei.

Worryingly in Beijing, senior members of the Senator boarded a military plane to Taiwan to announce a donation of vaccines.

Chinese Foreign Ministry spokesman Wang Wenbin said at a press conference that their visit had seriously violated China’s policy and the three China-American communications that the United States once said would follow.

Wang urged the United States to immediately suspend any form of legal exchanges with Taiwan, in order to handle the Taiwan issue carefully and not to send an inappropriate message to the “Taiwanese Freedom” movement to avoid further damage to US-China relations. Peace and stability in Thailand Strait.

China’s Ministry of Defense strongly condemned the visit of three U.S. senators to Taiwan, calling it a “disgusting political challenge” that challenges China’s authority and aims to achieve the ultimate goal of “preventing China”.

In addition to vaccines, the biggest challenge in China is American military planes parked on the runway, reports CNN.

The U.S. delegation arrived at Taiwan International Airport in Taiwan in a US Air Force C-17 Globemaster III truck – a U.S. military aircraft.

China opposes US arms sales in Taiwan.

On May 19, an American arcade went through Taiwan Straits, protesting China’s claims in the region as Beijing called Taiwan as part of its territory.

The 7th Fleet of the US Navy said in a statement that “the passage of the ship through Taiwan’s crisis shows America’s commitment to a free and open Indo-Pacific.”

China is increasingly concerned about US policy towards Taiwan.

China, for its part, has committed itself to unite the island with China and has strengthened military forces in the region. Beijing is strongly opposed to the current Taiwanese President
Tsai Ing-wen, a staunch supporter of Taiwan’s independence.

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Indian tech ready for its second era

Indian tech ready for its second era

It is being shaped into a defining year in Indian technology. Startups such as Zomato Food Delivery and digital payment star Paytm have grown rapidly with the rapid adoption of smartphones. The foreign capital Oodles has also helped. As business models and financial models evolve, the number of initial public offerings to come identifies new challenges.

The rise in the dismissal of Indian workers such as Tata Consultancy Services (TCS.NS) in the 1990s marked the first golden age. Today, the country owns about 100 unicorns – unregistered, mostly new technology companies worth $ 1 billion or more – according to Credit Suisse estimates. The Biggies put Walmart’s tailer Flipkart (WMT.N), raising $ 40 billion and following the list in New York next year.

Those who donate their shares home, including Zomato who makes a fortune and an online beauty store, will help build a $ 2.9 trillion stock market. To date, India’s most important stocks include HDFC Bank (HDBK.NS) and consumer goods company Hindustan Unilever (HLL.NS). Only two companies in the Nifty 50 rating have negative earnings per share, according to Refinitiv. The new problems will put foam and red ink on the market.

However, the line is strong. Mobile data in India is one of the cheapest in the world. The debt goes to Mukesh Ambani, whose real name is Reliance Industries (RELI.NS) which led to a price war and scratches. Sending digital money is easy because of legitimate efforts to improve bank accounts and the biometric identity system for everyone. The first economies like Paytm, which is making a $ 3 billion skirt this year, have implemented a new payment system in the country.

New Chinese investment barriers add additional incentives to the list. Jack Ma’s Ant, for example, owns 30% and 17% of Paytm and Zomato respectively. With tensions between New Delhi and Beijing, such financial resources appear to be extremely difficult to operate and less attractive. For Paytm, the expected exit from its Chinese sponsors will create a tough tightening in its stocks.

Fortunately, the beginning of the Indians is already growing. Since 2019, Indian technology investor SoftBank (9984.T) has grown its capital wisely, forcing companies to focus on their line. The epidemic has helped others reduce their grants. Those who enter the public light will all be tropical places.

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Police did not clear protesters so Trump could hold photo op, U.S. watchdog finds

Police did not clear protesters so Trump could hold photo op, U.S. watchdog finds
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A U.S. government watchdog reported Wednesday that state police had not removed protesters from a park near the White House last summer so that former President Donald Trump could go to a nearby church to take pictures.

In the report, by the U.S. Department of the Interior, Inspector General said US Park police violently abducted people from Lafayette Park on June 1, 2020, as part of a plan early in the day to install a fence contractor.

The report said U.S. park police had begun using the fence “for a few hours” before hearing about Trump’s visit to the park, which took place later that day.

“We found that the USPP had the power and ability to evacuate Lafayette Park and its surrounding areas on June 1,” a government observer said in a statement. “The evidence we have found does not support the conclusion that the USPP cleared the park for the President to inspect the damage and go to St. John’s Church.”

The report advised US park police to develop more detailed mass dispersal policies and to improve cooperation between state agencies.

The report has drawn criticism from Democrats in Congress, who have blamed government officials for using pepper to wipe protesters off the streets and in the streets.

“I come from this report, which is questionable on the nature presented here,” said Raúl Grijalva, a California Republican, chairman of the House Natural Resources Committee.

“The attack on Lafayette Square has been televised several times around the world and has raised serious questions about why armed lawmakers have attacked peaceful citizens exercising their constitutional rights,” Gritzalva said. I seem to know myself. ”

Trump described the report as “liberal” in a statement.

“As we said earlier, and we debated today’s detailed and professional report, our Park Police decided to clear the park to allow the contractor to safely install the unused fence,” Trump said.

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