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Australian Deputy Prime Minister Richard Marles will travel to Ahmedabad to witness the summit clash between <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and <keyword id="6355478" type="General" weightage="80" keywordseo="australia" source="Orion">Australia</keyword> at the <keyword id="3859" type="General" weightage="20" keywordseo="cricket-world-cup" source="Orion">cricket World Cup</keyword> on Sunday. Marles, who is also Australia's <keyword id="32723" type="General" weightage="80" keywordseo="defence" source="Orion">defence</keyword> minister, and Foreign Minister Penny Wong are visiting India to co-chair the second edition of the "2+2" ministerial dialogue along with their Indian counterparts on Monday. The defence ministry on Saturday announced the Australian deputy prime minister's two-day visit to India from November 19-20 primarily for the "2+2" dialogue that is expected to focus on boosting the overall defence and strategic ties between the two countries. It said Marles will also attend the cricket World Cup final between India and Australia on Sunday. "Australian Deputy Prime Minister and Minister for Defence Richard Marles will visit India from November 19 to 20 to co-chair the second India-Australia 2+2 ministerial dialogue with Defence Minister Rajnath Singh," the ministry said in a statement. The Indian delegation at the "2+2" dialogue will be led by Singh and External Affairs Minister S Jaishankar. "During his visit, Minister Marles will also attend the Cricket World Cup final between India and Australia in Ahmedabad, Gujarat on November 19," the ministry said. It said Singh and Marles will hold a bilateral meeting on November 20 that would be followed by the "2+2" dialogue. "India and Australia are pursuing a comprehensive strategic partnership and the visit of Minister Marles is expected to give further impetus to the collaboration as well as bilateral defence cooperation," the defence ministry said. "The two countries are expected to discuss wide-ranging issues of mutual interest during the 2+2 dialogue and the bilateral defence ministers' meeting," it added. The two sides are expected to focus extensively on further ramping up the overall defence and security ties and boost the strategic cooperation in the Indo-Pacific region during the "2+2"dialogue. Both Australia and India are part of the Quad or Quadrilateral coalition that is focused on working towards ensuring a free, open and inclusive Indo-Pacific. The other two members of the Quad are the United States and Japan. The situation in West Asia in view of the Hamas-Israel conflict, China's increasing military muscle flexing in the Indo-Pacific and issues relating to regional security is expected to figure in the talks, people familiar with the preparation for the dialogue said. The inaugural "2+2" ministerial dialogue between India and Australia took place in September 2021. India has such a framework for talks with a very few countries, including the US and Japan. The latest edition of the India-US foreign and defence ministerial dialogue took place in New Delhi on November 10. The bilateral defence and strategic ties between India and Australia are on an upward trajectory in the last few years. In June 2020, the two countries elevated their ties to a comprehensive strategic partnership and signed a landmark deal for reciprocal access to military bases for logistics support. The <keyword id="10796857" type="General" weightage="50" keywordseo="mutual-logistics-support-agreement" source="Orion">Mutual Logistics Support Agreement</keyword> (<keyword id="449908" type="General" weightage="50" keywordseo="mlsa" source="Orion">MLSA</keyword>) allows the militaries of the two countries to use each other's bases for repair and replenishment of supplies, besides facilitating scaling up of the overall defence cooperation. SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/ind-vs-aus-icc-world-cup-final-past-battles-head-to-head-record-and-more/slidelist/105309620.cms">India vs Australia ICC World Cup final – Past battles, head-to-head record and more</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-strengthens-market-leadership-with-3-25-mn-new-subscribers-vis-decline-slows/articleshow/105289414.cms">Jio strengthens market leadership with 3.25 mn new subscribers, Vi’s decline slows</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

Australian Deputy PM Marles to watch India-Australia World Cup cricket final in Ahmedabad

The <keyword id="13535043" type="General" weightage="20" keywordseo="india-australia-economic-cooperation" source="Orion">India-Australia Economic Cooperation</keyword> and Trade Agreement, which would give a big boost to especially textiles, gems and jewellery and pharmaceuticals sectors, is expected to create new 10 lakh jobs, said <keyword id="269080" type="General" weightage="20" keywordseo="union-commerce-minister" source="Orion">Union commerce minister</keyword> Piyush Goyal. "Since the labour-intensive sectors will be benefitted, it is expected to create additional employment of at least 10 lakhs jobs in India, create ample opportunities for investment, promotion of start-ups. Similarly, it would provide enhanced job opportunities for Indians in Australia and increased remittance flows to India," Goyal said. The Australian parliament has announced the passing of the <keyword id="120586" type="General" weightage="20" keywordseo="free-trade-agreement" source="Orion">free trade agreement</keyword> (FTA) with India, Goyal on Tuesday said adding that the initial size of bilateral trade between the two countries can go up to around USD 45-50 billion in the next five-to-six years. Addressing a press conference on the trade deal following the approval of the Agreement by the Australian Parliament, Goyal said that duties on 100 per cent tariff lines would be eliminated by Australia under this deal. The Minister underscored that the Agreement was finalized after extensive and exhaustive stakeholder consultations and pointed out that it was "unanimously accepted" and supported by all quarters. The deal which was signed on April 2, 2022, is now ready for ratification for its early implementation. The Agreement will enter into force shortly, on a mutually convenient date once both sides have completed their domestic processes, India's Ministry of Commerce and Industry said in a statement on Tuesday evening right after minister Goyal's presser. Australia is an important strategic partner of India and both democracies are part of the four-nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). The trade relationship facilitated through the deal will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interests and trade complementarities. This Economic Cooperation and Trade Agreement is the first trade agreement of India with a developed country after more than a decade, the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/googles-parent-company-alphabet-prepares-to-lay-off-10k-employees/articleshow/95691119.cms" style="">Google's parent company Alphabet 'prepares' to lay off 10K employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/vedanta-announces-third-dividend-of-rs-17-50-per-share/articleshow/95690324.cms">Vedanta announces third dividend of Rs 17.50 per share</a>

India-Australia trade deal estimated to create 10 lakh jobs: Piyush Goyal

<ul class="summary-list"><li>China's Xi Jinping negotiated a truce with India's leader, Narendra Modi.</li><li>They agreed to a patrolling arrangement on a disputed Himalayan border.</li></ul>At the <a target="_blank" class="" href="https://www.businessinsider.com/russia-hosts-brics-summit-defy-west-us-economy-china-dollar-2024-10">BRICS summit</a> in Russia this week, China's leader Xi Jinping and India's Prime Minister Narendra Modi shook hands for the first time in five years.The symbolic moment came after a deal was struck to resolve a long-standing feud between the Asian superpowers.In the lead-up to the summit, the countries announced they had reached a patrolling agreement that would reduce tensions along a disputed <a target="_blank" class="" href="https://www.businessinsider.com/india-china-buying-new-light-tanks-for-himalayan-mountain-warfare-2023-6">Himalayan border.</a>The dispute had led to deadly hand-to-hand combat in recent years, taking the lives of 20 Indian troops and at least four Chinese soldiers.After their meeting at the summit hosted by Russia's President Vladimir Putin, Xi and Modi said they would continue discussions on resolving the issue.<h2 id="997cee52-7fd6-4283-bf77-94e40a12b5cc">A setback for the US</h2>Some analysts believe it is a development that's unlikely to be welcomed in Washington, DC.The US has sought to recruit India to help it contain China's growing regional aggression alongside other members of the Quadrilateral Security Dialogue, a security pact that also includes Japan and Australia."So definitely, this is a setback for the United States of America's Indo-Pacific outlook, given the kind of rapprochement we are seeing in India-China relations, and particularly India, China and Russia coming together," Jagannath Panda, head of the Stockholm Center for South Asian and Indo-Pacific Affairs, told Business Insider."Putin, Xi, and Modi meeting definitely signals that there is a kind of understanding under the carpet that has happened, which is quite subtle," he said.It's an assessment echoed by Zhiqun Zhu, professor of political science and international affairs at Bucknell University."The thaw in India-China relations is a boon to both countries. This is particularly significant for China because India may now be less inclined to confront Beijing as part of Quad," Zhu told <a target="_blank" class="" href="https://www.voanews.com/a/india-china-deal-raises-questions-about-us-indo-pacific-strategy-/7838623.html">Voice of America. </a>"In this sense, the effectiveness of Quad would be diluted with a less enthusiastic India."<h2 id="baf534cf-4366-41b8-b9ef-d526ffe91fda">Competition between Asia's rival powers intensifies</h2>Tensions have been building between China and India for years.As the two biggest economies in Asia, the countries have long jostled for regional power, with the dispute over the Himalayan border a flashpoint that led to clashes in 2020, 2021, and 2022.Amid the stand-off, Chinese vessels have reportedly surveilled the Indian Ocean in <a target="_blank" class="" href="https://www.reuters.com/world/india/another-chinese-research-vessel-spotted-off-india-fuelling-unease-2024-03-11/">what experts told Reuters</a> was a likely intelligence-gathering operation, while India has strengthened its security ties with China's chief global rival, the US.In 2017 India played a key role in restarting the Quad, an alliance designed as a bulwark against growing Chinese influence and aggression in the Asia-Pacific region.But India has long sought to balance its relationship with rival superpowers the US and China, and does not at this point want to tie itself too closely to either side, say analysts.In addition to being a member of the Quad Alliance, it is a founding member of the BRICS, an <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-asia-countries-flaunt-russia-putin-diplomacy-relationship-brics-2024-9">association of non-Western economies </a>that China has sought to transform into an alternative global economic power base to the US.<div type="image" title="India-China border" height="683" width="1024" msid="114594056" hostid="261" sizebytes="158650"></div>"This explains why it remains part of multilateral groupings with contradictory goals," said Praveen Donthi, a South Asia analyst with the Eurasia Group in Washington, DC, pointing to both its membership of the US-aligned Quad and China-dominated BRIC group.The truce comes with China on the back foot diplomatically, said Panda, pointing to its damaged relations with Europe and the US after its support f<a target="_blank" class="" href="https://www.businessinsider.com/russia-and-china-anti-us-coalition-is-growing-more-threatening-2024-9">or Russia's invasion of Ukraine.</a>"One could draw a conclusion at this point that probably the Chinese are more interested to rebuild the ties with India than the other way round," said Panda.He said there's also the possibility that Xi has reached an agreement with Modi behind the scenes for India to remain silent if China acts on its longstanding ambition to seize back control of Taiwan.Such a move would likely draw in the US and its other regional allies, who have pledged to help defend<a target="_blank" class="" href="https://www.businessinsider.com/china-taiwan-drone-swarms-uav-us-playing-catch-up-production-2024-10"> Taiwan's independence.</a>"I think China's bigger ambition and target is the Taiwan issue, and therefore they would not really like to continue the kind of tensions they were engaged in with India for the last three to four years," he said."Therefore, they would like to rebuild, and they would like to ensure that India does not react to the Taiwan issue so sensitively."In any case, its a setback in US attempts to include India in a deeper security alliance, he said."For a long time, the US has tried to develop security and defense ties with India," said Panda.For the time being, a truce suits both Russian and Chinese interests, Rahul Bhatia, an analyst at the Eurasia Group, said. But, he added, tensions remain.He said that though both parties have opened discussions about the border dispute, the underlying problem remains unresolved, and future flare-ups are likely.Donthi said the progress between the leaders could also be derailed if tensions between the US and China increase."This comes as a relief after four years of eyeball-to-eyeball troop deployment in the Himalayas. However, it's only the beginning," he said.

Xi undercut the West by negotiating a truce in China's long feud with India

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

<ul class="summary-list"><li>India's Prime Minister Narendra Modi had his power pegged back in elections this week. </li><li>It was also the 35th anniversary of the Tiananmen Square massacre in China. </li></ul><a target="_blank" href="https://www.businessinsider.com/narendra-modi-won-already-seeing-cost-him-allies-cabinet-funding-2024-6">Narendra Modi's strongman ambitions</a> suffered a setback this week.His Bharatiya Janata Party (BJP) party fell<a target="_blank" href="https://www.businessinsider.com/narendra-modi-win-bjp-india-election-explained-2024-6"> short of the landslide victory </a>many had predicted in the Indian elections.As Modi becomes India's prime minister for a third time, his party will have to enter into a power-sharing agreement with alliance partners.It's a chastening lesson from the Indian electorate for Modi, who, while boosting India's global standing, has been accused of stoking division and weakening India's democracy.On the same day as the Indian election results, <a target="_blank" href="https://www.state.gov/on-the-35th-anniversary-of-tiananmen-square/">the world marked the 35th anniversary </a>of the June 4, 1989 Tiananmen Square massacre, which saw a brutal crackdown on pro-democracy protesters in Beijing.In the decades since, China has slid back into Maoist-style authoritarianism.The events this week highlighted how the competition between India and China is about more than raw power. It's also a competition between two very different political ideologies.<h2 id="6acd91a8-36b3-408f-85c1-259d5944f4e0">India is a flawed but thriving democracy</h2>India is the world's largest democracy. Its first elections were held in 1951-52 after it gained independence from Britain. Free elections have been held in nearly every election cycle since, with a coup in 1975 briefly threatening India's democratic status.It is a rare bright spot in a world where democracy seems to be in retreat. Even in the US, the global champion of democracy, former president Donald Trump is accused of launching an attempt to cling to power illegally after losing the 2020 election.<div type="image" title="Indian voters" height="683" width="1024" msid="110819479" hostid="261" sizebytes="88454"></div>"India isn't a perfect democracy but it is still a role model for developing nations, large or small. And given trends in some Western democracies, I would have to say that there are several things they, too, should be learning from India," said Jabin T. Jacob, an expert on India-China relations at Shiv Nadar University, India.India's democracy, though, faces a stern test under Modi, say critics. Global democracy watchdog <a target="_blank" href="https://www.bbc.co.uk/news/world-asia-india-56393944">Freedom House in 2021</a> downgraded India's democratic status, saying Modi's Hindu nationalist movement had menaced journalists, attacked Muslims, and corroded civil liberties.Jacob said this week's results showed India's democracy remained resilient despite the pressures, while dealing a blow to a leader seen to have overstepped his authority."We have just seen an election in which the Indian electorate decided that their interests are best served by power shared more evenly among a set of political formations that represent diverse interests and aspirations. That is the essence of democracy," he said."The Indian electorate is a very mature one, and it has always intervened in a timely fashion against authoritarian tendencies in its rulers."It's unclear whether Modi will now double down on the nationalism he's championed or seek a more moderate path based on economic reform.<h2 id="c1fe728e-200a-4edb-8d77-94ea6111c952">China's rise comes at a high cost</h2>There are those in India, though, <a target="_blank" href="https://www.ft.com/content/daa87f88-ae0e-11e3-974d-00144feab7de">who have been astonished</a> at the speed and efficiency of China's rise to economic superpower status.China has become the world's second-largest economy, and the lives of millions of ordinary Chinese people have been transformed. Though India has made huge economic progress under Modi, it still lags behind.<div type="image" title="China high speed rail" height="644" width="1024" msid="110819477" hostid="261" sizebytes="117068"></div>"Perhaps the greatest challenge democracy faces in India is that is has failed to deliver the kind of sustained economic development enjoyed by neighbors like China over the last four decades. It has also failed to eliminate extreme poverty," wrote Chatham House <a target="_blank" href="https://www.chathamhouse.org/2022/04/democracy-india">analyst Gareth Price in 2022.</a>But with prosperity in China, has come reduced freedom.Since Tiananmen Square 35 years ago, China's Communist Party has rolled back many of the freedoms its citizens once had.Its current leader, Xi Jinping, has imposed a draconian surveillance state and is considered <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-ai-wreak-havoc-america-world-economy-2024-6">China's most authoritarian ruler</a> since Mao Tse Tung.Dominic Chiu, an analyst with the Eurasia Group, told Business Insider that China's system had given it an economic advantage — but at a cost."China's one-party rule in the reform era enabled consistent long-term policymaking and economic planning," he said. "This benefited China's economy immensely when the leadership decided to liberalize markets, privatize industries, and open the country up to foreign investment." But, he said, China's repressive one-party system was also deterring investors. And with China's <a target="_blank" href="https://www.businessinsider.com/china-falls-out-of-love-with-natural-diamonds-industry-struggles-2024-6">economy experiencing a steep </a>downturn, this poses a serious problem for its future growth.<h2 id="ebafe111-fa5e-49b8-95d3-f92a674d0da2">China and India vie for dominance</h2>Having achieved economic superpower status, China is now seeking to assert its power more aggressively both regionally and internationally.Tensions with India are increasing. In 2020, clashes along the countries' Himalayan border resulted in the death of 20 Indian soldiers and four Chinese.<div type="image" title="India-China border" height="683" width="1024" msid="110819475" hostid="261" sizebytes="158650"></div><a target="_blank" href="https://uk.news.yahoo.com/modi-mission-assert-indias-global-123002908.html">Analysts told BI</a> that building stronger alliances to counter Chinese aggression will be one of the core aims of Modi's third term.And its commitment to democracy hands it an important advantage, said Jacob."India's democratic status is critical for its international standing. It is an opportunity to develop a model of economic and political development that is both equitable and democratic and thus distinct from the aggressive capitalism of the US or the authoritarianism of the PRC," he said.In 2021, India entered<a target="_blank" href="https://uk.news.yahoo.com/modi-went-straight-reelection-needling-103142130.html"> into the "Quad" partnership </a>with democracies the US, Japan, and Australia, to counter what is perceived as growing Chinese aggression in the Pacific and Indian Ocean.It's a political alliance that would've been more difficult to broker if India was ruled by an authoritarian government,<a target="_blank" href="https://www.brookings.edu/articles/democracy-and-the-us-india-relationship/"> say observers.</a><h2 id="b9b7d5ac-0c25-43f4-adf2-9128d9242020">Competing nationalist visions</h2>Some analysts, though, say that the competition between India and China is not, at its core, about competing political systems but about competing nationalist visions.According to this interpretation, both Xi and Modi are committed to restoring what they see as their nation's rightful place at the top of the global order.But in his quest to strengthen India, critics are warning Modi not to undermine the commitment to democracy and pluralism they believe is at the heart of its post-independence success.Jacob said those in India jealous of China's economic might should look more closely at the reality."Indians who argue against democracy using the China comparison clearly don't understand anything about the reality of China and the Chinese people," he said.

The competition between India and China is about more than raw power

<ul><li>The final COP26 Glasgow Climate Pledge has arrived, with 197 nations promising to phase coal “down” but not “out”.</li><li>The wording is a “green light” for coal mining in Australia, Nationals Senator Matt Canavan said Monday.</li><li>The federal government also says its heavily criticised 2030 emissions reduction target is “fixed”. </li></ul>This article is written by David Adams and was published originally on Business Insider Australia. Senior Coalition and Labor Party figures have welcomed the final outcome of the <keyword id="12535241" type="General" weightage="20" keywordseo="Glasgow-COP26-climate-summit" source="Orion">Glasgow COP26 climate summit</keyword> and its loose commitment to “phase down” the use of coal, as environmentalists, investors, and industry analysts call for sharper action to avoid the most devastating consequences of global warming. The landmark COP26 conference drew to a close on the weekend, culminating in a last-minute bargaining session between the 197 nations over the precise wording of the Glasgow Climate Pact. COP26 was billed as one of the world’s last opportunities to wind down fossil fuel use and lock in carbon emission reduction commitments, with the goal of keeping global temperatures from rising above 1.5 degrees Celcius. But <a href="https://www.businessinsider.com.au/cop26-concludes-with-agreement-to-phase-down-coal-2021-11?r=US&amp;IR=T">the final Glasgow Climate Pact </a>includes a pledge to “phase down” the use of coal, after several parties, led by India, pushed to change the wording from “phase out”. Critics believe that wording will effectively permit coal as a fuel source for years to come, despite the global scientific community calling for the urgent cessation of fossil fuel use. <keyword id="6365102" type="General" weightage="20" keywordseo="Alok-Sharma" source="Orion">Alok Sharma</keyword>, UK president of COP26, tearfully apologised for the final statement. “I am deeply sorry,” Sharma told delegates on Sunday. “I also understand the deep disappointment. But I think as you have noted, it’s also vital that we protect this package.” The final agreement means the world has “kept 1.5 degrees alive,” Sharma added. “But, its pulse is weak and it will only survive if we keep our promises and translate commitments into rapid action.” The reception was somewhat more upbeat in the Coalition on Monday morning, as senior politicians celebrated wording likely to support Australia’s massive coal export industry. Speaking on “Sunrise”, Deputy Prime Minister Barnaby Joyce supported the wording of the final pledge, while maintaining that coal exports are vital to the national economy. “We have to be very mindful that our exports of our fossil fuels supports your pension, supports your health system, supports your police system,” he said. Joyce’s parliamentary colleague, Nationals Senator Matt Canavan, said the final wording was a “green light” for further coal mine development in Australia. “That’s what brings people out of poverty and that’s why countries like India wouldn’t sign up to coal being consigned to history,” he told “Today”. Outspoken Labor MP Joel Fitzgibbon agreed with that sentiment, telling “Sunrise” the final agreement was a “good outcome. “It’s a good outcome for those developing countries who will desperately need our relatively efficient fossil fuels over many decades to bring them out of poverty and help them build their own cleaner economies,” he said. The Glasgow Climate Pact also asks signatories to “revisit or strengthen” their 2030 emission reduction targets next year. Climate scientists maintain that deep emissions reductions are needed by the end of the decade if humanity is to keep climate change in check. The federal government was lashed for the plan it took to Glasgow, which vowed to reduce emissions by between 26% and 28% by 2030, well under targets set by the UK and the US. However, Foreign Minister Marise Payne and Minister for Industry, Energy and Emissions Reduction Angus Taylor have already said that plan is “fixed”. “We are committed to meeting and beating it, as we did with our Kyoto-era targets,” they said in a joint statement on Sunday. With COP26 done and dusted, industry analysts say the climate pact could have been far stronger. “The final agreement in Glasgow is a helpful step forward if limited in its ambition,” said John O’Brien of Deloitte’s energy transition &amp; decarbonisation sector. O’Brien hailed the mobilisation of <a href="https://www.businessinsider.com.au/australia-banks-insurers-cliamte-change-cop26">$174 trillion in global capital to address the threat of climate change</a> and the opportunities of a just transition. He also noted the commitment of <a href="https://www.businessinsider.com.au/g20-climate-statement-australia-coal">some nations to phase out coal by 2040.</a> However, “the final changes in wording from ‘phasing out’ to ‘phasing down’ the use of coal will be heavily criticised for failing to secure a 1.5 C goal,” he said. Weak COP26 commitments may leave Australian companies exposed during the “inevitable” green transition, said Rebecca Mikula-Wright, CEO of the <a href="https://www.businessinsider.com.au/climate-plan-institutional-investor-igcc-jana">Investor Group on Climate Change.</a> The group has long warned that Australian firms could fall out of favour in the eyes of international capital due to the nation’s lagging emission reduction targets. “Global capital is ready to deploy trillions to the zero emissions transition, but more governments need to provide clarity and back up their 2050 commitments with stronger 2030 targets,” she said. “Climate risk is investment risk.”

Here's why Alok Sharma, the UK COP26 President, apologised for the final agreement in Glasgow

The United States, Japan, India and Australia are likely to sign an agreement to take steps to build secure semiconductor chip supply chains when they meet in Washington for the Indo-Pacific Quad summit next week, according to a report Japans Nikkei newspaper. The move is aimed at reducing the dependence for semiconductor chips on an increasingly assertive China. Prime Minister Narendra Modi will be attending the first in-person Quad summit to be hosted by U.S. President Joe Biden in Washington. The Nikkei report is based on a draft of the joint statement that is expected to be issued at the summit. The draft says that in order to create robust supply chains, the four countries will ascertain their semiconductor supply capacities and identify vulnerability. The statement also says the use of advanced technologies should be based on the rule of respecting human rights, the newspaper said on its website. The <keyword id="10389950" type="General" weightage="20" keywordseo="chip-shortage" source="Orion">chip shortage</keyword> is worldwide and even Indian auto and smartphone manufacturing companies have been affected. The U.S. Senate has already approved by an overwhelming majority the legislation to provide a staggering $190 billion package to beef up the country's ability to compete with Chinese technology. The bill authorises the largest ever funding in American history for technology research, semiconductor development and manufacturing, as well as subsidies for robot makers and chipmakers. The computer chip shortage has hit automobile production in major US companies such as GM at a time when global demand is reviving. U.S. Commerce Secretary Gina Raimondo has said the funding is on a scale that could enable the setting up of as many as seven to 10 new U.S. semiconductor plants. US President Joe Biden is continuing with his predecessor Donald Trump's hard line as far as China is concerned. He has blacklisted over 50 Chinese companies because of their links to Beijing's "military-industrial complex." US companies and investors are barred from entering into any deals with these companies. These companies are suspected to be stealing US technology and using it to strengthen China's military and fuel its belligerent foreign policy which has emerged as a worrying factor in Asia and the Indo-Pacific region. Dozens of Chinese companies such as telecom giant Huawei, top chipmaker SMIC and drone manufacturer SZ DJI Technology were put on a trade blacklist by the Trump administration. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-3-foldable-smartphone-review/articleshow/86366351.cms" data-type="tilCustomLink">Samsung Galaxy Z Fold 3 review: Creasing through the folds</a> <a href="https://www.businessinsider.in/tech/news/report-suggests-apple-to-launch-new-airpods-pro-redesigned-ipad-pro-in-2022/articleshow/86360971.cms" data-type="tilCustomLink">Report suggests Apple to launch new AirPods Pro, redesigned iPad Pro in 2022</a>

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