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Far and Wide | March 2024 (III)

This week’s headline features a story from Asia: India and Japan agreed on the need for new steps to prepare the bilateral relationship to respond to emerging geopolitical and geo-economic trends as external affairs minister S Jaishankar and his Japanese counterpart Yoko Kamikawa held talks in Tokyo. 

Europe: The European Parliament's approval of the world's first AI regulations necessitates compliance from Indian companies serving the EU. The Artificial Intelligence Act lays out guidelines for high-risk AI applications, increasing compliance costs. However, it also offers innovation support through regulatory sandboxes. India's unique context prompts a nuanced approach to AI regulation emphasizing user protection.
North America: While the India-EFTA trade deal has been inked, major deals such as India’s FTA with the UK and EU still run the risk of political uncertainty.
South America: In his State of the Union address, President Joe Biden emphasized the US stance against China's unfair economic practices and its commitment to peace across the Taiwan Strait. Biden highlighted the revitalization of partnerships with key allies, including India, as part of the strategy to compete with China without seeking conflict.
Asia: India and Japan have made good progress in defence and security ties, Jaishankar told a media interaction.
Australia: The Albanese Labor Government announced plans to abolish nearly 500 import tariffs from July 1, aiming to streamline trade and boost productivity.  The move is set to simplify Australia's trading system.
Africa: Trade between India and Tanzania is expected to exceed $7 billion this fiscal year. Currently, the bilateral trade between both countries for the financial year 2023/24 reached $5.7 billion by December 2023. In the previous fiscal year (2022/23), commerce between these two nations reached a new high of $6.4 billion.