This week’s headline features a story from South America:Coal India Ltd. is exploring lithium reserves in Argentina with a U.S. firm to secure critical mineral supplies for battery production, part of the U.S.-led Minerals Security Partnership. This venture in the Kachi block aims to reduce India's dependence on China and supports the global transition to clean energy.
 
Europe: India and the EU failed to agree on trade compensation to offset the EU's extended safeguard duties on steel imports, leading India to reserve its rights to suspend equivalent concessions under WTO agreements.
 
North America:  Amazon plans to eliminate plastic air pillows from its North American delivery packaging by year-end, replacing them with 100% recycled paper filler.
 
South America: India and the United States are co-investing in lithium and rare earth projects in South America and Africa to diversify critical minerals supply chains and reduce reliance on China.

Asia: China is urging India to restart direct passenger flights, which have been suspended for four years due to a border dispute. Tensions rose following a deadly military clash in June 2020, leading India to restrict Chinese investments, ban apps, and halt flights, though cargo flights continue.  Despite economic benefits for both countries, especially China’s slow recovery in international travel post-COVID-19 compared to India’s booming aviation sector, India remains hesitant. A senior Indian official emphasized that border peace is a prerequisite for resuming flights. 

Australia:  Australia aims to finalize a comprehensive trade agreement with India before the 2025 elections, building on the interim ECTA to enhance economic ties and strengthen its Indo-Pacific presence. 

Africa: Africa is expected to see around 900 high-net-worth individuals leaving for friendlier shores in 2024. Meanwhile, billons of dollars in gold continues to be smuggled out of the continent – most of it ending up in the United Arab Emirates. Read Now!