Dec. 12 – On Saturday, the World Trade Organization (WTO) successfully reached an agreement on streamlining customs procedures that is expected to boost global economic output by as much as US$1 trillion and create more than 21 million jobs worldwide.
Dubbed the ‘Bali Package,’ the agreement reached Saturday is the first ever multilateral trade agreement successfully negotiated by the WTO in its nearly 20-year history. Continue reading
By Edward Barbour-Lacey
Dec. 12 – India’s governing Congress party has suffered heavy losses in three state elections and has narrowly lost in a fourth. The Bharatiya Janata Party (BJP) was the clear winner across all the elections; however, the newly formed anti-corruption group Aam Aadmi (Ordinary People) Party (AAP) also saw large gains.
The elections held in Rajasthan and Madhya Pradesh were clearly won by the BJP. In Delhi, the capital of India, the Congress Party suffered a massive defeat. After 15 years in power it appears that voters desperately wanted a change. The BJP won 31 of the 70 seats, the AAP won 28, and the Congress Party was reduced to holding only 8 seats. Continue reading
Dec. 4 – A recent report by Forrester Research Inc. predicts that business-to-consumer online retail sales (e-commerce) in the Asia-Pacific region’s five largest markets will soon surpass sales in North America and Europe combined.
Most notably, e-commerce in China and India is expected to grow rapidly between 2014 and 2018.
Forrester Research, an independent technology and market research company, projects that online retail sales in China, India, Japan, South Korea and Australia will grow from US$398 billion in 2013 to US$858 billion in 2018 at a compound annual growth rate of 16.61 percent. Continue reading