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G20 Summit 2024: Global Leaders Unite for Climate and Economic Reforms
 The 18th G20 Summit in Rio de Janeiro, held on November 18-19, brought together world leaders to address some of most pressing issues. Key discussions focused on boosting climate finance, implementing fair taxation for billionaires, and supporting global climate initiatives.
Leaders also explored reforms to Multilateral Development Banks to better tackle global challenges. Addressing poverty and strengthening food security were high on the agenda, with India strongly advocating for these priorities. While differences remained, the summit showcased a shared determination to advance sustainable development and build a more stable global economy. |
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IPRD 2024: Focus on Indo-Pacific Security and Resource Geopolitics
The Indo-Pacific Regional Dialogue 2024 (IPRD-2024), the Indian Navy’s flagship strategic event, concluded in New Delhi on October 05, 2024. Held over three engaging days from October 03-05, 2024, the dialogue brought together a diverse mix of participants, including global experts, senior officials from the Indian Armed Forces and government, scholars, and members of the public.
Under the overarching theme of "Resource-Geopolitics and Security in the Indo-Pacific," the conference fostered meaningful discussions on critical sub-topics, offering valuable insights into the challenges and opportunities in this vital region.
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Trade and Economic Affairs
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 The UK became the 12th Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member. The previous UK government signed the accession treaty in 2023, with most bloc members having since ratified the UK's entry.
Officials hope membership could boost UK’s struggling economy by as much as US$2.5bn (roughly €2.4bn) annually. The country is trying to strike new trade deals abroad in the aftermath of leaving the European Union following its 2016 referendum on Brexit, with EU member states still accounting for over 40 per cent of UK exports and more than 50 per cent of imports.(DW, 15.12.24)
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Asia-Pacific Growth Slows Amid Trade Tensions
The Asia-Pacific region is experiencing slowing economic growth due to rising trade tensions, policy uncertainty, and an ageing population. The Asia-Pacific Economic Cooperation (APEC) group's report highlights that protectionism and trade barriers harm economic relations among member countries. Growth rates are projected to decline, with the region expected to grow by 3.5 per cent in 2024 and 3.1 per cent in 2025.
(SCMP, 13.11.24)
Indonesia-China Seal Deals on Prabowo’s 1st Trip
Indonesian President Prabowo Subianto and Chinese President Xi Jinping signed business agreements worth over US$10bn during Prabowo's state visit to China. These deals focus on renewable energy, health, and food security.
The leaders agreed to elevate security cooperation and plan their first joint foreign and defence minister meeting in 2025. Prabowo's visit, his first overseas trip since taking office, underscores Indonesia's balancing act between China and the U.S.
(AN, 10.11.24)
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Chinese Solar Firms Shift Bases in SE Asia to Avoid U.S. Tariffs
Chinese solar companies are shifting their production bases to Southeast Asia, primarily Indonesia and Laos, to sidestep new U.S. tariffs. This strategic relocation aims to maintain their market access and competitive edge in the U.S.
By moving operations, these firms can avoid trade barriers, ensuring sustained growth and expansion in the renewable energy sector.
(AF, 04.11.24)
Vietnamese Exports to U.S. Rise Amid Supply Chains Shift
Vietnam's exports to the U.S. grew by 24 per cent year-on-year in the second quarter, driven by shifting supply chains and improved diplomatic relations. The semiconductor and machinery sectors saw a 41 per cent increase in shipments. This growth reflects Vietnam's rising manufacturing competitiveness and skilled labour force.
(VP, 01.11.24)
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PH, U.S. Sign Intel-Sharing Deal
The Philippines and the U.S. have signed a General Security of Military Information Agreement (GSOMIA) to enhance interoperability and protect classified information.
The agreement, signed by Philippine Defense Secretary Gilberto Teodoro Jr. and U.S. Defense Secretary Lloyd J. Austin III, will facilitate the exchange of classified military data and enable the Philippines to access advanced capabilities from the U.S.
(PNA, 18.11.24)
UK-Italy-Japan Unite for Next-Gen Jet
The UK, Italy, and Japan have launched a joint venture to develop a next-generation fighter jet by 2035.
BAE Systems (UK), Leonardo (Italy), and Japan Aircraft Industrial Enhancement Co Ltd (JAIEC) will each hold a 33.3 per cent share in the new company, which will oversee the design, development, and delivery of the aircraft. The project. It aims to replace the Eurofighter Typhoon and provide cutting-edge multi-domain capabilities.
(UKDJ, 13.12.24)
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G7 Supports Ukraine’s NATO Path
Defence ministers from the G7 countries have reaffirmed their support for Ukraine's "irreversible path" to NATO membership. During their meeting in Naples, Italy, they emphasised their commitment to providing both short-term and long-term military assistance to Ukraine.
The ministers highlighted the importance of training and educational support for the Ukrainian Defence Forces and reiterated their goal of achieving a comprehensive, just, and lasting peace that respects Ukraine's sovereignty and territorial integrity.
(FT, 21.10.24)
Quad to Launch Joint Coast Guard Training
The Quad nations — Japan, the U.S., Australia, and India — are set to hold their inaugural joint coast guard training exercises around Japan as early as January, according to a source from Japan's Ministry of Foreign Affairs. Additionally, a separate joint training exercise involving Japan, the U.S., and the Philippines is scheduled for March, the source revealed.
(NA, 17.12.24)
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D uring the first Japan-EU Foreign Ministerial Strategic Dialogue, Japan and the European Union formalised the Japan-EU Security and Defence Partnership. Japan’s Minister for Foreign Affairs, IWAYA Takeshi, and Josep Borrell Fontelles, the EU High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, convened in Tokyo to enhance collaboration.
The partnership focuses on key areas such as maritime security, space, cybersecurity, and countering hybrid threats, including foreign information manipulation and interference (FIMI), against a backdrop of escalating regional tensions. Borrell described the agreement as a “historic and timely step” highlighting it as the EU’s “first of its kind” partnership with an Asia-Pacific nation.
(EEAS, 01.11.24)
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The Chung-Hua Institution for Economic Research (CIER)
 CIER hosted a joint seminar with Brookings Institution on Geopolitics and the U.S. Policy – Perspectives of Taiwan and the United States on December 19, 2024. The recording can be accessed here (Part I) and here (Part II). It also publishes economic outlooks covering a range of important contemporary economic topics. The November 2024 edition includes articles on “Taiwan’s Electric Vehicle Market: Current Status and Localisation Challenges”; “Taiwan’s Technology Exports: Shifting Focus from Mainland China to New Southbound Markets”; “Critical Minerals: A Strategic Lever for China in Counterbalancing the United States” and more. It can be accessed here.
Usanas Foundation
 During the quarter, Usanas Foundation conducted an interview with Don McLain Gill, Lecturer in the Department of International Studies, De La Salle University in Manila on Unraveling China - Philippines: South China Sea Conundrum which was focused on the territorial claims made by China in the South China Sea. It also published an article entitled The Sovereignty Conundrum in the South China Sea that examines the escalating tensions in this maritime region, with a particular emphasis on the challenges faced by the Philippines.
Institute of South Asian Studies (ISAS)
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Hinrich Foundation
Institute for Competitiveness (I-Com)
 I-Com contributed to the latest report by the Global Trade and Innovation Policy Alliance (GTIPA), titled The Vital Importance of Digital Inclusivity for Global Economic Growth which was presented during the 2024 GTIPA Annual Summit in New Delhi. It organised events on GDPR and Competitiveness, Artificial Intelligence, Cloud Regulation, and Europe’s Energy Independence.
The Institute of Economic Affairs
 The IEA Kenya is a think-tank that provides a platform for informed discussions in order to influence public policy in Kenya. It seeks to promote pluralism of ideas through open, active and informed debate on public policy issues. It undertakes research and conducts public education on key economic and topical issues in public affairs in Kenya and the region. It posted blogs on Kenya’s Tax System, Trump and Kenya’s Macro, Monetary Framework among others. |
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Source: AF: Asia Financial; AN: Arab News; EEAS: European External Action Service; FT: Fiji Times; NA: Nikkei Asia; PNA: Philippine News Agency; PNS: Philippine National Standards; SCMP: South China Morning Post; UKDJ: UK Defence Journal; VP: Vietnam Plus
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CUTS International
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Ph: +91.141.2282821, Fax: +91.141.2282485
E-mail: ipcsf@cuts.org, Website: https://cuts-global.org/
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ISAS published a special report on 
anthropic organisation that works to advance mutually beneficial and sustainable global trade. It believes sustainable global trade strengthens relationships between nations and improves people's lives. It published reports on