Nigeria for trade talks, but wary of open market access

September 4th, 2009 NEW DELHI - US Trade Representative Ron Kirk has urged World Trade Organisation members to engage in multilateral talks, and move beyond what was agreed upon earlier in order to reach a successful conclusion of the Doha round. "More is required to get us to a successful conclusion or else Doha round would have succeeded in 2008, 2007, 2005.

September 2nd, 2009 NEW DELHI - Trade ministers of nearly 40 countries will meet over two days here from Thursday to try and draw a roadmap that can put the derailed Doha Development Round of multilateral trade negotiations back on track. India's Commerce Minister Anand Sharma will host the meet, which will include US Trade Representative Ron Kirk, Brazilian Foreign Trade Minister Celso Amorim and the director general of the 153-member World Trade Organisation (WTO), Pascal Lamy.

August 14th, 2009 Nigeria banks to get $2.5B bailout; 5 execs firedLAGOS, Nigeria — Nigeria will inject US$2.55 billion into five troubled banks, the country's banking chief announced Friday, in Africa's first major bank rescue program since the global credit crunch began. Central bank chief Sanusi Lamido Sanusi also guaranteed creditors and depositors, but fired top executives at five of the country's 24 banks because of poor decisions that had led one of the five into "technical insolvency" and to undercapitalization in the other four.

August 12th, 2009 Clinton presses Nigeria on corruption, violenceABUJA, Nigeria — U.S. Secretary of State Hillary Rodham Clinton is in the Nigerian capital pressing the government of Africa's most populous nation to curb widespread corruption and enact democratic reforms.

July 29th, 2009 NEW DELHI - Commerce Minister Anand Sharma said he was looking forward to hosting the September meeting among global trade ministers to put the derailed global trade talks back on track. India had proposed to host the mini-ministerial meeting of the 153-member World Trade Organisation (WTO) at the G20 Summit in London, which was attended by Prime Minister Manmohan Singh, where leaders agreed to give a political push to trade talks.

July 13th, 2009 GENEVA - World Trade Organisation (WTO) chief Pascal Lamy Monday warned his agency's member-states that they should avoid "excessive optimism" for an economic recovery. "Although financial markets are showing signs of stabilising, the crisis is far from over, in particular in many developing countries that are only now starting to feel its full force on their trade and economic growth," Lamy said.

July 9th, 2009 L'AQUILA - The groups of rich and developing countries, including India, are likely to commit themselves to early conclusion of the Doha Development Round of multilateral trade talks under the World Trade Organisation (WTO) later Thursday. A statement in this regard to this effect is expected from the G8 and G5 countries, as well as Egypt, at the G8 Summit being held at this quake-hit Italian city, some 100 km northeast of Rome.

June 28th, 2009 Jordan, Canada sign free trade agreementAMMAN, Jordan — Canada has signed a free trade agreement with Jordan, its first with an Arab country. The agreement, signed Sunday in Jordan's capital, Amman, will give the Mideast country preferential trade conditions, including full exemption from customs duties for Jordanian goods.

June 24th, 2009 NEW DELHI - The textiles ministry has asked the commerce department to take up the issue of Chinese garments sporting fake "Made in India" tags being sold in Nigeria, a senior official said here Wednesday. "Garments with fake 'Made in India' tags are being sold in Nigeria," Textiles Secretary Rita Menon told IANS.

June 19th, 2009 WASHINGTON - The Export-Import Bank of India is getting a $60 million international trade facility to help support export-focused small and medium enterprises, which have suffered reduced access to finance due to global financial crisis. The trade facility, shared equally by the International Finance Corporation (IFC), a member of the World Bank group, and Bank of Tokyo-Mitsubishi UFJ, will improve the Exim Banks ability to provide access to short-term trade funding for smaller businesses, enabling them to carry out export orders.

June 11th, 2009 NEW DELHI - The government is committed to reviving the manufacturing sector and generating employment as well as resuming the stalled global trade talks, Commerce and Industry Minister Anand Sharma said here Thursday. We need to encourage the manufacturing sector and industrial activities for providing more employment in the country, he told industrialists at an interaction organised by the Confederation of Indian Industry (CII).

June 8th, 2009 NEW DELHI - Moves to restart the stalled global trade talks have begun with a series of meetings in Bali on the sidelines of a conference among 19 farm products exporting countries, where Commerce Minister Anand Sharma is representing India. Sharma had one round of talks with World Trade Organisation (WTO) Director-General Pascal Lamy Sunday and informally met with US Trade Representative Ron Kirk over dinner at the luxury beach resort of Nusa Dua on Bali island, officials here said.

June 8th, 2009 NEW DELHI - Moves to restart stalled global trade talks have begun with a series of meetings in Bali on the sidelines of a conference among 19 farm products exporting countries, where Commerce Minister Anand Sharma is representing India. Sharma had bilateral talks with several of his counterparts at the luxury beach resort of Nusa Dua on Bali island, including US Trade Representative Ron Kirk, to restart the trade talks, officials here said.

June 7th, 2009 NEW DELHI - Allowing open-access in the power distribution sector is the key to attracting foreign investment and developing competition in the industry, says the Confederation of Indian Industry (CII). "After the telecommunication and civil aviation sector, it is now time to unshackle the power sector," CII director general Chandrajit Banerjee said in a report released Sunday.

April 27th, 2009 EU approves trade talks with CanadaLUXEMBOURG — The European Union endorsed plans Monday to open negotiations with Canada on a free trade pact that could see easier temporary movement of skilled wokers and reduction in rules and red tape. The negotiations, which could last two years, are to be officially launched at an EU-Canada leaders summit May 6, in Prague.