All India Radio News Summary: 03 MARCH 2018
- Trade between India and Vietnam is growing despite global slowdown.
- Vietnamese President Tran Dai Quang said that India will emerge as the top trading partner of Vietnam soon and the target of 15 billion US dollar bilateral trade turnover by 2020 is feasible.
- India can become provider of inputs for the Vietnam’s textile and footwear industry and both countries can enhance cooperation in tourism sector.
- Prime Minister said India and Vietnam will work together for an open and prosperous Indo pacific region where sovereignty and international law are respected and disputes are resolved through dialogue.
- Both countries can work for strengthening Defence, Maritime and energy cooperation.
- Vietnam has played important role under Act East policy and bi-lateral trade between the two nations has grown from six billion dollars to 10 billion dollars despite global slowdown.
- India and Vietnam signed three agreements on Nuclear energy partnership, Agriculture and trade.
- Defence Minister asserts Government has not shelved the Light Combat Aircraft (LCA) Tejas project for any other fighter jet.
- The government was eagerly awaiting the “MarK II” version of the Tejas and a number of countries have shown interest in the aircraft indigenously developed by the state run Hindustan Aeronautics Limited (HAL).
- The HAL will have to increase production capacity of LCA.
- Currently HAL is producing around eight Tejas, a single engine multi-role aircraft, every year and the Defence Ministry wants to increase the number to 18 planes per year.
- International Monetary Fund and World Trade Organisation react strongly against the US’ steel and aluminum tariffs announced by US President.
The International Monetary Fund has warned that the steel and aluminum tariffs announced by US President will harm the US and global economies.
- The import restrictions announced are likely to cause damage not only outside the US, but also to the US economy itself.
- The move raises fears that other countries could use national security rationale to justify broad-based import restrictions.
- WTO Director-General Roberto Azevedo said that a trade war would be in no one’s interest.