India and Japan sign a currency swap deal

Japan  Prime Minister, Shinzo Abe and Indian Prime Minister, Narendra Modi met in Japan on Monday in a 2+2 dialogue. The meeting led to the  signing of a new currency swap deal valued at $75bn, aimed at helping foreign exchange in capital markets.

The deal will also advance economic cooperation between the two countries through deepening and diversifying the type of trade they engage in. This is the third currency swap deal between the two countries with the first in 2008 and the second taking place in 2013.

The swap deal opens up flexibility for India to gain access to foreign capital when the need arise, it also supports the Indian rupee and foreign exchange reserves. The deal also allows India to attain dollars from Japan when needed.

The swap deal also means the easing of regulations regarding foreign borrowing and review of regulations on foreign portfolio investments in debt. It will further reduce raised customs duty to curtail imports of non-essential items and allow oil marketing companies to fund standing working capital through long-term external borrowings.





Indian Prime Minister Modi launches the country’s longest bridge

The 9.15 km long Dhola-Sadiya bridge launched today by India Prime Minister, Narendra Modi,  will shorten the distance between Rupai on NH- 37 in Assam to Meka/Roing on NH-52 in Arunachal Pradesh by 165 KM and reduce travel time from between the two places from six hours to just one hour.
At the launch of India’s longest bridge, Modi said Dhola-Sadiya bridge opens the door for economic development in the eastern and north-eastern parts of the country.
He said the enhanced connectivity between the North-East and other parts of the country continues to be a priority for his government and good connectivity in the North-East would also link the region with the economy of South-East Asia.
The bridge has been named after renowned Indian musician and poet Bhupen Hazarika who died in 2011.
Minister of Road Transport & Highways and Shipping Shri Nitin Gadkari revealed there were also highways and inland waterways projects currently being implemented in the North Eastern states.
He said there were major highway of about 3000 kms projects  in the eight North Eastern states under construction.
The occasion also marked three year anniversary of Modi’s rule in the country.


BRICS leaders convey well wishes to President Donald Trump

On Wednesday, business mogul and Republican Presidential candidate, Donald Trump was elected as the 45th President of the United States. Following the announcement that sent the world into shockwaves, BRICS Heads of State have passed on their congratulatory messages to the new President-elect.

President of South Africa, Jacob Zuma released a statement via the Department of International Relations conveying well wishes on behalf of himself and the country.

The statement reads as follows: “President Jacob Zuma has today, on behalf of the government and the people of South Africa, congratulated President-elect Donald Trump for winning the presidential elections that were held in the United States on 08 November 2016.”

In addition, “President Zuma conveyed his best wishes to the president-elect and looked forward to working with President-elect Trump to build on the strong relations that exists between the two countries.”

“He underlined that South Africa further looked forward to working closely with the new Administration in the United States in promoting peace, security and prosperity around the world, especially on the African continent.”

Russian President Vladimir Putin also congratulated Trump and politicians from various Russian politicians were hopeful for an improvement in relations between the Kremlin and Washington.

Newsweek reports that Putin sent a telegram to Trump on Wednesday morning, expressing “his hope they can work together toward the end of the crisis in Russian-American relations, as well address the pressing issues of the international agenda and the search for effective responses to global security challenges.”

Said China’s President Xi Jinping the state broadcaster CCTV: “I highly value China-US relations, and look forward to working together with you, and holding fast to mutual respect and non-conflict, non-confrontation,” the channel cited Xi as saying in its nightly national broadcast.

He added: “As the world’s two largest economies, China and the US have an important responsibility to safeguard world peace and stability, and promote global prosperity, it quoted him as saying.”

“Developing longterm stable and healthy Sino-US relations in accordance with the benefit of both countries’ peoples is also the international community’s common expectation.”

Prime Minister of India, Narendra Modi took to Twitter to congratulate Trump.


Brazilian President Michel Temmer has yet to express sentiments around the US Presidential appointment.