Asia

The 2024 United Nations Climate Change Conference (COP29) left a bitter taste in the mouths of developing country negotiators. Many felt betrayed by what Indian negotiator Chandni Raina called an ‘optical illusion’ of climate finance to build on. The United States and the European Union were clearly and rightly in the spotlight. But Asia’s climate finance commitments haven’t been close to historical highs either. Whether it was due to conservative governments in South Korea and New Zealand, arguably misaligned financing schedules in Japan or a pending election in Australia, the region’s traditional financiers have largely struggled in 2024. South Korea’s currently embattled conservative government contributed US$300 million to the Green Climate Fund in 2023 but only US$10 million in...

Bangladesh’s economy is in a rapid nosedive, with over one million people becoming unemployed since August 5. Numerous commercial and industrial establishments are shutting down due to an acute liquidity crisis. This hampers entrepreneurs from opening Letters of Credit for importing essential raw materials and other items required for sustaining businesses. Meanwhile, dozens of ‘buying houses’ that coordinated the procurement of readymade garments from local factories for large buyers—mostly in the United States, Britain, and EU nations—have closed their offices. This is primarily driven by mob anarchy, rampant extortion, threats, intimidation, and a hostile environment that discourages foreign nationals, particularly Indians, from remaining in the country. Analysts warn Bangladesh ...

India is discussing a possible trade and investment deal with the United States, according to officials in New Delhi. The Modi government is looking to offer tariffs cuts on some farm and other goods imported mainly from the US in a bid to clinch a broader trade and investment deal once president-elect Donald Trump takes charge, according to a report by Reuters that cited government and industry sources. To tackle Trump’s threat of a “reciprocal tax” on Indian goods for high tariffs, some officials of the Indian commerce ministry are ready to consider cuts on products such as pork, a senior government source told Reuters. India currently slaps about a 45% import tariff on pork, which is mostly supplied by the US. Tariffs could also be reduced on high-end medical devices such as p...