15 Asia-Pacific nations including China sign world's biggest trade agreement without India

News Network
November 15, 2020

Singapore, Nov 15: Fifteen Asia-Pacific nations, including China, on Sunday signed the world's biggest trade agreement, the Regional Comprehensive Economic Partnership (RCEP), sans India with hopes that it will help recover from the shocks of the COVID-19 pandemic.

The RCEP was signed after eight years of negotiations at the conclusion of annual summit of Southeast Asian leaders and their regional partners, held virtually this year due to the COVID-19 pandemic.

The agreement, which covers almost a third of the world economy, will progressively lower tariffs across many areas in the coming years, reported Channel News Asia.

After the signing, all countries would have to ratify the RCEP within two years before it becomes effective.

India, one of the leading consumer-driven market in the region, pulled out of talks last year, concerned that the elimination of tariffs would open its markets to a flood of imports that could harm local producers.

But other nations have said in the past that the door remains open for India's participation in the RCEP, influenced by China.

The RCEP was first proposed in 2012 and loops in 10 ASEAN economies- Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia- along with China, Japan, South Korea, New Zealand and Australia.

Host country Vietnam's Prime Minister Nguyen Xuan Phuc said the COVID-19 pandemic has harmed global and regional trade and investment flows, including the countries participating in the RCEP talks.

The global and regional economies are facing huge obstacles and challenges caused by not only COVID-19 but also decreased global trade, he was quoted as saying by the Vietnam News Agency (VNA).

“The conclusion of the negotiations of the RCEP, the largest free trade agreement in the world, will send a strong message of ASEAN's leading role in supporting the multilateral trade system, helping to create a new trading structure in the region,” VNA quoted Phuc as saying.

Singapore Prime Minister Lee Hsien Loong said he joins fellow RCEP countries "in hoping that India too, will be able to come on board at some point so that the participation in the RCEP will fully reflect the emerging patterns of integration and regional cooperation in Asia."

They make up nearly a third of the world's population and account for 29 per cent of global gross domestic product, he said.

Lee, who led Singapore's delegation, hailed the signing of the RCEP as a "major milestone" and congratulated the 15 participating countries.

"We have reached a major milestone of signing this agreement today. It has taken us eight years, 46 negotiating meetings and 19 ministerial meetings to get here. I am very grateful for the tireless efforts of ministers and negotiators from all participating countries who have worked so hard during the process.

"The RCEP is a major step forward for the world, at a time when multilateralism is losing ground and global growth is slowing," said the Singapore premier.

Now, "the hard work of implementing the agreement and encouraging our businesses to take full advantage of it begins," he added.

"We have all made difficult trade-offs to advance the negotiations. And we will have to work hard to persuade our citizens that the RCEP will benefit them," the Channel quoted Lee as saying.

"But I have no doubt that the RCEP is a plus for all of us, and will help stem the tide against globalisation and economic integration.

"Singapore looks forward to working with participating countries on the timely implementation of this momentous agreement," Lee assured.

Malaysia's trade minister Mohamed Azmin Ali, ahead of the summit, had said, "after eight years of negotiating with blood, sweat and tears, we have finally come to the moment where we will seal the RCEP Agreement this Sunday."

The four-day ASEAN summit included meetings between Southeast Asian leaders and their counterparts from China, Japan and South Korea in the ASEAN Plus Three Summit, as well as the East Asia Summit and RCEP Summit.

The 15 RCEP countries agreed on the terms of the deal last year, setting up the path for it to be signed during the summit.

The ASEAN is considered as one of the most influential groupings in the region, and India and several other countries including the US, China, Japan and Australia are its dialogue partners.

The virtual ASEAN summit, which kicked-off on Thursday, is taking place amid China's aggressive behaviour in the disputed South China Sea. A number of ASEAN countries have territorial disputes with China in the South China Sea.

Beijing claims almost all of the 1.3 million square-mile South China Sea as its sovereign territory. China has been building military bases on artificial islands in the region which, in parts, is claimed by Brunei, Malaysia, the Philippines, Taiwan and Vietnam.

Beijing has impeded commercial activity like fishing and mineral exploration by neighbouring nations in recent years, saying the ownership of the resource-rich maritime territory belongs to China for hundreds of years. 

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News Network
November 12,2024

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The UN humanitarian coordinator for Lebanon has warned that the “picture of life in Lebanon remains grim,” highlighting an "alarming" level of human suffering and significant humanitarian consequences due to the ongoing Israeli carnage.

Imran Riza, the UN Deputy Special Coordinator and Resident and Humanitarian Coordinator for Lebanon (UNSCOL), provided a stark overview of the Arab country's dire circumstances in a statement released on Monday.

“The current picture of life in Lebanon remains grim. Yesterday, airstrikes reportedly killed 23 people, including seven children, in the village of Aalmat in Mount Lebanon,” Riza said on X.

An airstrike in the city of Tyre on the same day resulted in the tragic deaths of five siblings from a single family, all of whom had special needs, according to his statement.

He added that in the last week, Israeli airstrikes have killed at least 241 individuals and left 642 others injured in Lebanon, as reported by the Ministry of Health.

“In the past month, more than 185,000 people have fled their homes in their search for safety within the country, bringing the total to over 870,000 people internally displaced,” Riza said

The UN official highlighted that numerous individuals, including the elderly and those with health issues, are staying behind while witnessing the ruins of their ancestral homes.

He urged for the swift safeguarding of civilian people and infrastructure, emphasizing the necessity to uphold international humanitarian law and end the ongoing violence.

Lebanon’s National News Agency reported that Israeli forces bombed a house in the town of Maydoun in Bekaa on Monday night, killing three people and destroying the house.

Earlier, Israel bombed the northern town of Ain Yaaqoub, killing at least 14 people.

The killings came as Israeli military continued to pound Lebanon, bombing shops selling electrical appliances in the southern city of Tyre and carrying out air raids on the towns of Shamshtar in eastern Baalbek and Roumine in southern Nabatieh.

Lebanon’s Ministry of Health said Israeli attacks killed at least 54 people across the country on Monday.

Israel’s merciless attacks continue despite calls from the UN Security Council for an immediate ceasefire and directives from the International Court of Justice urging measures to prevent genocide and alleviate the dire humanitarian situation in Gaza and Lebanon.

In Lebanon, at least 3,243 people have been killed and 14,134 others wounded in Israeli attacks since the war on Gaza began on October 7, 2023.

The Lebanese resistance movement Hezbollah opened a support front for Palestinians in Gaza only a day after the Israeli regime unleashed its genocidal war on the besieged territory.

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News Network
November 3,2024

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Bengaluru, Nov 3: In a heart-wrenching discovery, acclaimed Kannada film director Guruprasad, celebrated for his impactful films like Mata and Yeddelu Manjunatha, was found dead in a Bengaluru apartment on Sunday. 

The 52-year-old filmmaker, known for his work with deep social messages, is believed to have died two days prior in a suspected case of suicide, although authorities are still investigating to confirm the exact cause.

The decomposing body was discovered hanging from a ceiling fan in a flat in Madanayakanahalli after neighbors alerted the police due to a strong odor. Bengaluru Rural Superintendent of Police CK Baba confirmed the incident, stating that an investigation is underway. A team from the Forensic Science Laboratory (FSL) joined the police at the scene to gather evidence.

Guruprasad, a respected figure in Kannada cinema, directed thought-provoking films such as Yeradanesala and Director Special and had also appeared in small roles in more than ten films. The film industry mourns the loss of a director who used cinema as a platform for social awareness.

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News Network
November 5,2024

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Washington: The race between Democratic leader Kamala Harris and her Republican rival Donald Trump for the White House has been truly unprecedented as it saw drama, tragedy, political comebacks, fierce rhetoric and a historically razor-tight contest.

As the fight reaches its crescendo with the big election day just a few hours away, many political observers billed the unpredictable race for the 47th President of the US as the most consequential one in decades while appearing to project a grim picture for the country’s future under a Trump presidency.

In her final days of campaign, Vice President Harris focused on a message of hope, unity, optimism and women rights whereas Trump remained fiercely combative in targeting his Democratic rival and even suggested that he may not accept the election outcome in case of a defeat.

Overall, it has been a roller-coaster ride for both 60-year-old Harris and 78-year-old Trump.

Trump received his party’s nomination in March and formally at the Republican National Convention (RNC) in July — in a historic comeback after remaining in political wilderness for months following several court cases.

In effect, he became the first former president to get the nomination for the top office on the planet after being convicted of a felony.

“Trump has made one of the biggest political comebacks since Richard Nixon’s in terms of the political struggles that he has had in the last four years,” Communication Strategist Anang Mittal said.

Just days ahead of the RNC, Trump was shot at during a rally in Pennsylvania. He suffered an upper ear injury. Minutes later, a bleeding Trump raised his fist in defiance, images that drew a lot of emotional support from his die-hard supporters.

For Harris too, it has been a dramatic ride after Biden ended his re-election campaign in July, nearly weeks after he came under severe scrutiny following his incoherent performance at a televised debate with Trump.

While dropping out from the race, Biden, 81, endorsed Harris to succeed him as the Democratic candidate.

Finally in August, the Democratic National Convention formally nominated Harris as the party’s candidate for the presidential election.

The presidential election will be a chance to “move past the bitterness, cynicism and divisive battles of the past”, she said in a powerful speech at the Convention.

If Harris wins, she will become the first woman, first Black woman and first person of South Asian descent to become the US President.

In the overall campaign, Harris has been projecting the election as the one to protect the country’s fundamental freedoms, safeguard constitutional values and ensure women’s rights.

On his part, Trump has maintained his signature aggressive rhetoric and promising to rebuild the economy and rid the US from illegal immigrants.

However, there has been strong criticism of the Republican leader’s roadmap to repair the economy.

"Donald Trump is offering a vision of crony rentier capitalism that has enticed many captains of industry and finance,” said Joseph E Stiglitz, a Nobel laureate economist, in a column in Project Syndicate.

"In catering to their wishes for more tax cuts and less regulation, he would make most Americans’ lives poorer, harder, and shorter,” he said.

With election day just a few hours away, there is no clarity on who has a better chance of winning the race.

"The elections are very close. They (the outcome) may change on the basis of a few thousands votes here or there. I think the big issue will be voter turnout tomorrow. That will determine the outcome in certain swing states,” said Executive Director of the US chapter of Observer Research Foundation Dhruva Jaishankar.

Kapil Sharma, a non-resident senior fellow at Atlantic Council’s Middle East Programmes, also echoed similar views.

“This election is probably one of the closest elections that I can remember. I have been working in Washington for over 30 years and I don’t recall an election being this tight,” he said.

More than 78 million Americans have already cast their votes as of Sunday, according to the University of Florida’s Election Lab that tracks early and mail-in voting across the US.

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