Sensex rises 521 pts to pull off biggest gain in 5 mnth

Mumbai, Oct 18 (PTI) Market went all guns blazing after the benchmark Sensex on Tuesday leaped 521 points -- its biggest single-day gain in nearly five months -- to 28,051 and the Nifty crossed the 8,600-mark on a flurry of buying amid solid overseas cues.

Investors were markedly optimistic in anticipation of positive announcements on the GST front as the GST Council meeting got under way to decide on rates and slabs of the indirect tax, due to be rolled out from April 1 next year.

They also stepped on the pedal to cover short positions, which led to the upmove.

Besides, there are expectations that inflation will stay in the RBI comfort zone, which will usher in lower borrowing costs. The rupee recovering against the dollar too had a positive impact.

Global indices trended up after an unexpected fall in US manufacturing index tempered hopes of an interest rate hike by the Federal Reserve, brokers said.

The 30-share BSE Sensex resumed higher and quickly crossed the 28,000-mark to hit a high of 28,064.39 before settling at 28,050.88, a significant gain of 520.91, or 1.89 per cent. This was the biggest single-day gain since May 25 when it had gained 575.70 points.

The gauge had lost 143.63 points, spooked by tepid start to second quarterly earnings and a lacklustre global trend.

The NSE Nifty retook the 8,600-mark to touch a high of 8,659.80 and finally settled up 157.50 points, or 1.85 per cent, at 8,677.90.

In the process, both the Sensex and the Nifty recorded their biggest single-day gain in nearly five months.

Banking hogged all the limelight, with private lender ICICI Bank zooming 4.58 per cent. Axis Bank rose 2.59 per cent, HDFC Bank 1.58 per cent while SBI gained 1.50 per cent.

The second-line stocks too witnessed heavy buying, lifting the mid-cap index by 1.89 per cent and small-cap by 1.30 per cent.

Among sectoral indices, the banking index topped the chart by climbing 2.37 per cent followed by capital goods 2.07 per cent, IT 1.84 per cent, metal 1.82 per cent and technology 1.68 per cent.

Out of the 30-share Sensex pack, 28 scrips ended with gains while ONGC and Asian Paint registered losses.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 456.64 crore on yesterday, showed provisional data.

Elsewhere, other Asian markets also ended higher with Japan's Nikkei up 0.38 per cent, Hong Kong's Hang Seng 1.55 per cent and Shanghai Composite 1.40 per cent.

European markets also opened on a positive note, tracking gains in Asian trading amid a slide in the US dollar ahead of US inflation data. London's FTSE, Paris CAC 40 and Frankfurt's DAX 30 all gained up to 1.21 per cent in their early deals.

Mandatory Standards for products and services in health, food sector on anvil

The Union Minister for Consumer Affairs, Food and Public Distribution, Shri Ram Vilas Paswan addressing the Regional Editors’ Conference, in Chandigarh on October 18, 2016. The Director General (M&C), Press Information Bureau, Shri A.P. Frank Noronha and other dignitaries are also seen.

Rs. 2/kg wheat and Rs. 3/kg rice will soon be available to all beneficiaries under Food Security Act 

The Government has taken number of initiatives for the protection of the interests of consumers. Very soon services and products in the area of health, food etc. shall have to follow mandatory quality standards. Precious metal like Gold and silvers shall have to wear hallmarking for the larger interests of consumers. New Bureau of Indian Standards Act has been enacted for this purpose and rules are being framed. This was announced by Shri Ram Vilas Paswan, Minister of Consumer Affair, Food & Public Distribution while addressing Regional Editors’ Conference in Chandigarh today. Sh. Ram Vilas Paswan said his ministry is also working on new Consumer Protection Act which will have more teeth to protect the interests of consumers. An authority has been proposed under the Act to take suo motto action if product and services are not up to the standard. The Minister said charging over MRP is unfair trade practice and expressed hope that the new Consumer Protection Act will effectively check that.

Regarding misleading advertisements, Sh. Ram Vilas Paswan said effective provisions have been proposed in the new Consumer Protection Act. The Act will enable people to file complains in Consumers Courts online from any place in the country and it will ensure time bound admission of their complaints in the courts.

Highlighting reforms initiated in Public Distribution System, Sh. Ram Vilas Paswan said that so far 100 percent digitization of ration card has been completed and about 70 percent cards have been linked with Aadhar Cards to make the system more transparent and leak proof. The Union Minister said that at present more than 81 crore people are getting subsidized food grains i.e .Rs. 2/kg wheat and 3/kg rice under National Food Security Act and very soon beneficiaries from across the nation except Tamil Nadu will get food grains as Kerala has also agreed to implement the Act next month.

Referring efforts being made by Government to check prices of essential commodities, especially pulses, Sh. Ram Vilas Paswan said that incentives given to farmers will increase the availability of the produce soon. He said that besides increasing MSP for the pulses, the Government agencies are making direct procurement of pulses from the farmers at market price for the buffer stocks of 20 lakh MT. The states are being provided pulses at subsidies rates from this stock, said the Minister.

Sh. Ram Vilas Paswan asserted that consumer awareness is of paramount importance for safeguarding their interests, and appealed media to play an active role in this regard.

Sensex fails to keep early lead, slumps to 3-month low

Mumbai, Oct 17 (PTI) Stocks saw a positive start on Monday, only to reverse the trend later as the Sensex fell about 144 points to end at an over 3-month low, unnerved by muted start to second quarterly earnings and a lacklustre global trend.

The numbers from both TCS and Infosys fell short of the crease as investors did not seem impressed.

What clouded sentiment further was US Fed chief Janet Yellen's commentary on the US economy, indicating the need for aggressive steps to reboot it. The effect was immediate as indices globally started turning weak.

Shares of state-run oil retailers such as Bharat Petroleum, Indian Oil and Hindustan Petroleum fell after rising over 1 per cent each in early deals due to a hike in petrol and diesel prices.

Investors are betting on a hike in interest rates by the US Fed before the end of this year, brokers said, adding that profit-booking only hastened the fall.

The BSE index ended lower by 143.63 points, or 0.52 per cent, at 27,529.97, its lowest close since July 8. The gauge had edged up 30 points in the last session on Friday.

"Nervous global markets following Fed chair's comments last Friday, and sustained selling by FIIs seen all through last week look to have pricked sentiment, sparking long liquidation," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.

Barring banking, all sectors ended lower with auto, capital goods and realty closing down by up to 2.12 per cent.

The NSE Nifty closed lower by 63 points, or 0.73 per cent, at 8,520.40. Intra-day, it shuttled between 8,615.40 and 8,506.15.

As many as 24 stocks in the Sensex group fell and only six rose.

M&M was battered the most as it plunged by 3.22 per cent, followed by Hero MotoCorp (2.24 per cent), Asian Paints (2.07 per cent), HDFC Bank (1.87 per cent), Bajaj auto (1.80 per cent), L&T (1.71 per cent) and RIL (1.67 per cent).

Banking shaped up well as concerns about bad loans eased after Russian Rosneft-led group took over private oil firm Essar Oil in an all-cash deal valued at about USD 13 billion.

ICICI Bank surged the most since March, climbing 6.91 per cent. SBI too ended higher by 0.48 per cent.

BSE auto suffered the most by falling 2.12 per cent followed by capital goods (1.47 per cent), realty (1.19 per cent) and metal (1.19 per cent).

Broader markets put up a similar show, with the mid-cap index falling 0.95 per cent and small-cap dropping 0.52 per cent.

Foreign portfolio investors (FPIs) sold shares worth a net Rs 946.42 crore on Friday, showed provisional data.

Regional markets were mostly lower with China's Shanghai Composite falling 0.47 per cent and Hong Kong's Hang Seng 0.82 per cent. Japan's Nikkei rose 0.26 per cent.

Europe was in the grip of weakness as investors remained cautious ahead of earnings amid speculation about ECB policy as concern resurfaced about the health of the global economy.

London's FTSE declined 0.78 per cent, Paris CAC 30 0.55 per cent and Frankfurt's DAX 0.54 per cent in their early session. .

PM says Pak is 'mothership' of terror, wants collective action

Benaulim, Oct 16 (PTI) Dubbing Pakistan as "mothership" of global terrorism, Prime Minister Narendra Modi today pressed for "comprehensive" and "collective" action against the menace and its supporters, warning that any selective approach will be "counter-productive".

At the BRICS Summit here attended by Russian President Vladimir Putin, Chinese President Xi Jinping and leaders of other member countries, Modi lambasted Pakistan without naming it, saying it not only shelters terrorists but also "nurtures a mindset" that "loudly proclaims that terrorism is justified for political gains".

He also appeared to be sending out a message to the Chinese President whose country has blocked designation of Pak-based terror group JeM chief Masood Azhar as a global terrorist by the UN as he said that those supporting terrorism have to be "punished, not rewarded".

Asking the BRICS nations, which also include Brazil and South Africa, to act together against the threat posed by terrorism, Modi said response to terrorism must be nothing less than comprehensive and that countries must act both "individually and collectively".

"In our own region, terrorism poses a grave threat to peace, security and development. Tragically its mothership is a country in India's neighbourhood. Terror modules around the world are linked to this mothership. This country shelters not just terrorists. It nurtures a mindset. A mindset that loudly proclaims that terrorism is justified for political gains.

"It is a mindset that we strongly condemn. And, against which we as BRICS need to stand and act together. BRICS must speak in one voice against this threat," he said at the Summit also attended by Brazilian President Michel Temer and South African President Jacob Zuma.

Underlining that "Criminality should be the only basis for punitive action against the individuals and organizations responsible for carrying out terrorist acts", the Prime Minister said "Terrorist funding, their weapons supply, training and political support must be systematically cut off." 

He also called for early adoption of the draft Comprehensive Convention on International Terrorism saying doing so will be an expression of "our resolve" to fight the menace. .

India, Russia seal big ticket defence deals

Benaulim (Goa), Oct 15 (PTI) India and Russia on Saturday sealed a number of big ticket defence deals including purchase of missile systems, frigates and joint production of helicopters besides deciding to deepen cooperation in a range of crucial sectors even as the two close allies resolved to fight the menace of terrorism unitedly

Prime Minister Narendra Modi and Russian President Vladimir Putin held wide-ranging talks covering the entire expanse of bilateral engagement following which the two sides signed a total of 16 MoUs and made three announcements to boost ties in sectors like trade and investment, hydrocarbons, space and smart cities

The two leaders also dedicated the unit two of Kudankulum nuclear power plant and witnessed foundation laying of its Unit 3 and 4

The defence deals included India buying the 'gamechanger' S-400 Triumf air defence systems from Russia at a cost of over USD 5 billion. The two countries will also collaborate in making four state of art frigates besides setting up a joint production facility for making Kamov helicopters

Reading out a statement to the media in the presence of Putin, the Prime Minister appreciated Russia's understanding and support of India's actions to fight cross-border terrorism, an oblique reference to India's surgical strike across the LoC targeting terror launch pads

"Russia's clear stand on the need to combat terrorism mirrors our own. We deeply appreciate Russia's understanding and support of our actions to fight cross-border terrorism, that threatens our entire region

"We both affirmed the need for zero tolerance in dealing with terrorists and their supporters," Modi said

Putin, on his part, said both countries have close cooperation in fighting terrorism

Modi said the "highly productive" outcomes of the meeting clearly establish the special and privileged nature of strategic partnership between the two countries

"They also lay the foundations for deeper defence and economic ties in years ahead. The agreements on manufacturing of Kamov 226T helicopters; constructions of frigates; and acquisition and building of other defence platforms are in synergy with India's technology and security priorities," he said

The two sides signed an Inter Governmental Agreement for the purchase of S-400 'Triumf' long-range air defence missile system which has the capability to destroy incoming hostile aircraft, missiles and even drones at ranges of up to 400 km

Another important deal is for four Admiral Grigorovich-class (Project 11356) guided-missile stealth frigates. .

India to mount diplomatic offensive against Pak at BRICS meet

Benaulim (Goa), Oct 14 (PTI) Seeking to further isolate Pakistan on terror, India will mount a major diplomatic offensive against it and push for stepped up cooperation, including support for a comprehensive global convention to tackle the menace, when it hosts the annual summit of BRICS, a 5-nation grouping representing nearly half of the world's population.

The summit, being attended by Russian President Vladimir Putin, his Chinese counterpart Xi Jinping and leaders of Brazil and South Africa, is likely to deliberate on a range of key issues including confronting threat of terror and boosting trade and investment.

Prime Minister Narendra Modi said the leaders will discuss ways to address "pressing international and regional challenges that stand in the way of our goals".

"I am optimistic that the BRICS Summit will strengthen intra-BRICS cooperation and advance our common agenda for development, peace, stability and reform," the Prime Minister said in a Facebook post.

The five BRICS countries represent over 3.6 billion people, or half of the world population and they have a combined GDP of USD 16.6 trillion.

India is likely to push for unity among the BRICS (Brazil-Russia-India-China-South Africa) members to remove the logjam at the UN on the Comprehensive Convention on International Terrorism (CCIT) for effectively dealing with terror. Initiated by India, the CCIT is stuck at the UN due to lack of agreement among its members about the definition of terrorism.

India is also expected to push for enhanced cooperation among BRICS nations in the area of counter-terrorism.

Preceding the BRICS summit, Modi is likely to raise the issue of terrorism with Putin and other leaders tomorrow when a series of bilateral meetings are slated at the seaside venue.

Addressing a press conference today, India's envoy to Russia Pankaj Saran, replying to a question on Russia's recent military exercise with Pakistan, said India expected Moscow to reflect on its concerns.

As the top leaders of the grouping meet within weeks of Uri attack by Pakistan-based terrorists, India will be forceful in its demand at BRICS Summit as also the BIMSTEC outreach meet being held the same day, for intensified efforts to tackle terrorism, including action against countries providing safe havens to terrorists and arming them.

"Representing nearly two thirds of humanity together, we hope to tap the potential for cooperation and the dividends this will bring," Modi said on the first-ever BRICS-BIMSTEC Outreach Summit.

India has made strong references both at UNGA as well as G-20 regarding Pakistan's continued support to cross-border terrorism. .

Russia, India to ink deal on S-400 air defence missile systems

Moscow, Oct 13 (PTI) Russia and India will sign a multi-billion dollar deal for S-400 'Triumf' long-range air defence missile systems on Saturday following talks between Russian President Vladimir Putin and Prime Minister Narendra Modi in Goa, state media here reported today.

"Following the results of the negotiations between our president and (Indian Prime Minister Narendra) Modi, an agreement will be signed on the delivery of S-400 Triumf anti aircraft missile systems to India, as well as some other documents," Russian presidential aide Yuri Ushakov was quoted as saying by TASS news agency.

India is interested in getting five systems of the most modern air defence system, capable of firing three types of missiles, creating a layered defence, and simultaneously engaging 36 targets.

It has the capability to destroy incoming hostile aircraft, missiles and even drones at ranges of up to 400 km.

If India signs the deal, it would be the second customer of the prized missile system after China which had struck a USD 3 billion contract last year.

The S-400, an upgraded version of the S-300, had previously only been available to the Russian defence forces.

It is manufactured by Almaz-Antey and has been in service in Russia since 2007.

Ushakov said part of the documents will be signed behind closed doors.

The Kremlin aide declined to comment on the details of the deal, suggesting that first the document should be signed.

Russia also plans to sign an agreement on building Project 11356 frigates for the Indian Navy and setting up a Russian- Indian joint venture to produce Kamov Ka-226T helicopters, the agency reported.

Following the results of their talks, Putin and Modi will adopt a joint statement to reflect their common approaches towards solving various global and regional issues.

Both sides will also approve a roadmap of measures timed to coincide with the 70th anniversary of the establishment of diplomatic relations between the two countries.

Overall, Russia and India are set to sign about 18 documents, he said.

The Russian presidential aide said Putin and Modi will hold their talks in Goa ahead of the summit of the BRICS (Brazil, Russia, India, China and South Africa) grouping of leading emerging economies.

The Russian and Indian leaders are first expected to talk in a narrow format and then negotiations will be held at the level of delegations.

Russia's delegation will also be represented by Vice- Premier Dmitry Rogozin, the heads of the Industry and Trade, Energy and Economics Ministries, state civil nuclear power corporation Rosatom and others.

After the talks, the Russian and Indian leaders will take part in the ceremony of laying the foundation for the third and fourth power units of India's Kudankulam nuclear power plant via a video conference, make statements for the media and hold a tete-a-tete lunch.

6th Meeting of the BRICS Trade Ministers

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman at the 6th BRICS Trade Ministers’ Meeting, in New Delhi on October 13, 2016

Trade Ministers Communique

1.         The 6^th meeting of the BRICS Trade Ministers was held on 13 October, 2016 in New Delhi on the threshold of the 8^th BRICS Summit on 15-16 October, 2016 in Goa, India. The Meeting was preceded by the 13^th meeting of the BRICS Contact Group on Economic and Trade Issues (CGETI) which was held from 11-12 October, 2016. The Trade Ministers meeting made an assessment of the BRICS economic scenario in relation to areas of cooperation on trade and investment. The Ministers appreciated the work carried out by BRICS Members during 2016 and urged that this momentum be sustained.

Global Economic Development

2.         The global economic order in 2016 has been shaped  by a number of key economic developments such as continued slowdown in global growth and depressed global demand, low commodity and oil prices;  new shocks to the global economy, including BREXIT; volatility in the equity and currency markets; strains on the banking sector; political turmoil in some parts of the globe etc. Given this scenario, the Ministers noted that the October, 2016 World Economic Outlook Update of the International Monetary Fund  projected the global economic growth forecasts for 2016 and 2017 at 3.1% and 3.4% respectively.  The Ministers are of the view that the projected growth rates for 2017 in the Outlook for BRICS countries augurs well when compared with  2016.

3          Ministers recognized the importance of preserving policy space to promote industrialization, industrial upgrading and value addition as a core pillar for structural transformation and sustainable development and BRICS countries integration into the global economy. They agreed to enhance cooperation in this regard.

The Strategy for BRICS Economic Partnership

4          The Ministers appreciated the progress in the realization of the Strategy for BRICS Economic Partnership. They directed the CGETI to put forth initiatives and proposals  towards the implementation of  the Trade and Investment section of the Strategy at the earliest. The Ministers agreed that close cooperation among the CGETI, the BRICS Business Council and New Development Bank is useful for implementing and bringing the BRICS Economic Cooperation to a new high quality level.

Micro Small and Medium Enterprises (MSMEs)

5.         The Ministers recognised the importance of the Micro, Small and Medium Enterprises (MSME) to the balanced economic development of the BRICS countries.  The Ministers acknowledge the role of  MSMEs as the engines of export led growth and employment generation given the highest rate of employment per unit of investment in MSMEs;  and their crucial role in addressing regional disparity and poverty alleviation.  The MSME sector in many of the BRICS economies contribute directly or indirectly to nearly half of their exports, manufacturing output and GDP.

6.         The Ministers were cognisant of the impediments faced by MSMEs and the need for cooperation among the BRICS countries to effectively address the barriers to trade and investment amongst the MSMEs.

7.         With a view to ensuring greater business engagement amongst MSMEs in the BRICS region, the Ministers emphasised the importance of  developing cooperation among MSMEs in the crucial areas of trade and investment. This cooperation can be in the form of exchange of information on the regulatory framework, rules, regulations and good regulatory practises governing MSMEs; interface among the major chambers of commerce and industry of the MSMEs;  and participation of MSME stakeholders in BRICS economic events such as trade fairs, conferences, seminars etc.

8.         The Ministers welcome continued efforts to foster cooperation and facilitate exchange of experiences between BRICS countries on MSMEs. In this regard, They welcome the “BRICS Micro Small and Medium Enterprises (MSME) Cooperation Framework” which encourages MSMEs in BRICS to strengthen mutually beneficial commercial relationship. The Framework sets the agenda of cooperation on SMEs by the BRICS countries.  The Ministers look forward to constructive engagement on the elements of the cooperation framework by all BRICS Members in the future.

 BRICS Business Council and economic cooperation

10.       BRICS Trade Ministers considered the continuing role of the BRICS Business Council (BBC) and emphasised the need for the Council to focus on the development and realization of joint projects which would on a mutually beneficial basis contribute to the economic development objectives of BRICS Members. To this end, Trade Ministers  urged the BBC to speed up the development of the BRICS Roadmap for Trade, Economic and Investment Cooperation while identifying and implementing suitable projects. In addition, the Council is encouraged to advance key projects as presented by all Member countries. In order to coordinate and advance the BRICS agenda on economic issues, regular engagement by the BBC with BRICS Trade Ministers, as well as the Contact Group on Trade and Economic Issues (CGETI) was requested.

Non-tariff measures (NTM)

11.       The Ministers emphasized that the increase in NTMs constrain the participation of developing countries in global trade. The Ministers commended the CGETI for developing a working document on ‘BRICS Mechanism for NTM Resolution. The Ministers agreed in principle to the concepts in the Mechanism and urged the CGETI to advance this work including on the issue of scope.

Standards

12.       The Ministers endorsed the “Framework for Cooperation on Standardisation that was agreed to by the CGETI.  The Ministers urged the CGETI to work on the elements of the Framework with a view to ensuring that the cooperation leads to a better understanding of each other standards. The Framework aims to promote a better understanding and an open dialogue among BRICS countries in this area.

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Services:

15.       The Ministers recognised that the Services sector remains important and contributes to more than half of the GDP of many BRICS countries. Since the services sector is of interest for BRICS economies, it is important for the group to cooperate with the aim of promoting complementarities on services trade. The Ministers highlighted the importance of facilitating expansion of trade in services by addressing existing barriers. The Ministers endorsed the “Framework for Cooperation on Trade in Services”.

Trade Promotion

17.       The Ministers expressed their appreciation that India is holding the 1^st BRICS Trade Fair from 12-14 October, 2016 in New Delhi. This Fair is an opportunity for stakeholders in the BRICS region to explore and expand business opportunities and networks.  The theme of the Fair namely “Building Responsive, Inclusive and Collective Solutions” is apt in ensuring that the BRICS region as a whole benefits from such events. The focus areas and the showcasing of technologies are important in the context of ensuring a commercially meaningful participation in the Fair. The Ministers welcome the idea of CGETI discussing the possibility of holding BRICS Trade Fairs on a regular basis.

18.       The Ministers noted that the BRICS Trade Promotion Working Group would create a forum for the Trade Promotion Agencies in the BRICS region to interface towards the promotion of value added trade which would also support integration into global value chains. It is vital that these agencies co-ordinate in other trade and investment events so that the BRICS  value added products and services can be showcased more effectively. The Ministers instructed the working group to effectively coordinate activities] so as to ensure that the BRICS stakeholders can benefit from the participation in such events.

Single Window

19.       The Ministers noted that Article 10.4 of the WTO Agreement on Trade Facilitation  instructs that WTO Members shall endeavour to establish or maintain a single window. They also appreciated the work being carried out in the BRICS countries for development of national single windows . These would facilitate both exporters and importers who would then need a single point interface for all their clearances.

20.       The Ministers endorsed the “Framework for BRICS Single Window Cooperation”  and underlined the importance of closer cooperation among the BRICS countries in the development of their national single windows. They emphasised the need for BRICS countries to operationalize the Framework based on the Guiding Principles, Objectives and Priorities for Cooperation.

IPR Cooperation

21.       The Ministers highlighted the importance of cooperation on intellectual property rights (IPR) towards the development of a BRICS perspective that will be informed by their national priorities.  In this context, they appreciate the formation of and endorse the BRICS IPR Cooperation Mechanism (IPRCM).  They also took note of the existing cooperation mechanism at the level of Heads of Intellectual Property Offices (HIPO). The Ministers urge both the HIPO and IPRCM to co-ordinate and avoid duplication of their work. They instruct the IPRCM to commence their work on the terms of reference decided upon and endeavor to advance cooperation in a more systematic and coordinated manner.

E-commerce

22.       The Ministers reiterated the importance of strengthening
intra-BRICS cooperation on E-commerce and appreciated the progress achieved since the adoption of the Framework for BRICS E-commerce Cooperation in 2015. The Ministers have emphasized the need for cooperation to boost [e-commerce development in the BRICS countries, enhance capacity building and promote cooperation on infrastructure

23.       The Ministers emphasized that the development potential of e-commerce is not fully realized and in this regard they directed the CGETI to  implement all areas of the Framework and explore cooperation in areas of common interests. The Ministers took note of the proposal to conduct a joint study to promote areas of common interest in e-commerce and stressed the importance of enhancing the BRICS countries understanding on e-commerce.

BRICS cooperation in the WTO

24.       The Ministers reiterated the support for the multilateral trading system and the centrality of the WTO in providing a rules based, transparent, non-discriminatory and inclusive global trading system. The Ministers emphasized the importance of implementing the decisions taken at the Bali and Nairobi Ministerial Conferences. They stressed the need to advance negotiations on the remaining DDA issues as a matter of priority. They called on all WTO members to work together with a sense of urgency and solidarity to ensure a strong development oriented outcome for MC 11 and beyond.

BRICS and the G-20

25.       The Ministers commended the work done by China in its current Presidency of the G20.  They emphasized the importance of BRICS Members’ coordination in the G-20. They welcomed the outcomes of G20 Hangzhou Summit and emphasized the importance of continued efforts to implement those outcomes. They also underlined the importance of the G20 Trade and Investment Working Group (TIWG) in addressing various issues confronting the G20 economies and the call for further collaboration under this framework.

'Dragon' and 'elephant' can peacefully co-exist: China

New Delhi, Oct 13 (PTI) Notwithstanding differences in Sino-India relations, China today said "sound and stable" development of ties in recent years has proved that the "dragon" and the "elephant" can join hands and peacefully co-exist.

"Once, predictions about our future relations dwelled on 'rivalry between the dragon and the elephant'. However, the sound and stable development of bilateral relations in recent years has proved that the 'dragon' and the 'elephant' can join hands to dance together," Minister Counsellor of Chinese Embassy Cheng Guangzhong said here.

Cheng, speaking at the inauguration of a China-themed book editorial office in India, said China and India with their distinctive histories, cultures and religions can bring their diversity into full play when cooperating with each other in different areas.

"Cultural exchanges and dialogues are crucial for the two countries to seek common ground while maintaining individual characteristics. Two of the oldest civilisations in the world, China and India, are more than capable of finding ways to achieve peaceful coexistence as giant neighbours," he said.

Noting that China and India are emerging markets with big potential for development, Cheng said, "We are also ancient civilisations with a time-honoured history and brilliant culture. The two neighbours have long engaged in exchanges and mutual learning. As major countries in Asia, China and India have always been a focus of attention." 

Leaders, who have helped forge China-India friendship, have said that a true Asian century will come only when China and India are both developed and that when India and China come together, it will be a big event for Asia and indeed even the world, he asserted.

"The two largest Asian nations bear the historical responsibility and mandate of the times to maintain peace and stability in Asia and achieve its prosperity and renewal," Cheng said.

China-India ties have recently been under stress due to issues like China's opposition to India's efforts to get JeM chief Masood Azhar banned by the UN and Beijing's efforts to scuttle India's membership bid at NSG.

China has also blocked a tributary of the mighty Brahmaputra in Tibet as part of the construction of its "most expensive" hydro-power project, causing concern in India as it may impact water flows into the lower riparian countries.

India, Russia may ink pact to make Kamov choppers

New Delhi, Oct 12 (PTI) India and Russia are expected to sign this weekend a "complex agreement" for production of 200 Kamov 226T helicopters domestically under a nearly USD 1 billion deal to replace the country's the aging Cheetah and Chetak choppers.

The agreement is expected to be inked on the sidelines of the 2016 BRICS Summit in Goa from October 13 to October 16.

A variety of negotiations on the expansion of military- technical cooperation and fortification of trade relations with India will be held.

"The complex agreement to set up a joint production facility of Ka-226T helicopters is expected to be signed at the BRICS forum," said a statement by Rostec State Corporation, an umbrella organisation of about 700 Russian firms founded in 2007 to promote the development, production, and export of high-tech industrial products for civil and military purposes.

This agreement will be the next big step in cooperation between Russia and India in the area of helicopter production and service.

The preliminary contract was signed by the head of Rostec Sergei Chemezov, CEO and Prime Minister Narendra Modi in December last year.

In addition to this, the heads of the state corporations will conduct a series of negotiations on development in the area of Russian helicopter export and after-sales servicing.

Chemezov will head Rostec's delegation to the 2016 BRICS Summit.

"The contract for export and joint production of 200 Ka-226T helicopters is one of the key projects in the framework of trade and industrial relations between Russia and India. We plan to expand them in both military-technical and civilian areas," Chemezov said.

Rostec is currently in negotiations with the Defence Ministry here for a long-term contract for after-sales servicing of Russian-made helicopters, which are widely used in India.

"We are expecting to set up an after-sales service in a profoundly new format. There is an array of other projects, where we see perspectives for mutually beneficial cooperation, which we plan to discuss at the BRICS Summit," Chemezov said.