Pacific Rim free-trade talks at a standstill
Despite a further six months having passed since the initial deadline, negotiations of a Pacific Rim free-trade initiative look to have stalled once more, with still no hope of an agreement being reached.
Representatives from the US, Japan, Canada and nine other nations closed their meeting last Saturday. The date of the next meeting has yet to be set.
According to the United States Trade Representative website, the goal of the initiative is “[to] provide market access for Made-in-America goods and services, strong and enforceable labor standards and environmental commitments…”
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India to abolish APMC Act
The Agriculture Produce Marketing Committee (APMC) Act, in India, orders that all produce must be sold and bought through regulated markets. Established over 50 years ago, the law was originally created to protect farmers from being exploited by rich landlords. It has, however, come under heavy criticism in recent years, due to the exploitive processes of middlemen in the regulated markets. As a result of added, and often cited as ‘unnecessary’ costs such as wholesale market fees, weighing and loading charges, food inflation has risen up to 10 per cent, meaning consumers pay more, and farmers earn less.
Recently elected Indian Prime minister Narendra Modi and his government are however, attempting to remove the law in all Indian states. Updated legislation would effectively remove regulated markets, and the need for middle men, allowing farmers to sell where and when they please.
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Tesla announces affordable electric car
With a planned launch for 2017, Tesla’s next release is a more affordable electric car, with a planned retail price of £30,000.
Named the Model III, the vehicle will be around 20% smaller than the previous release, the Model S.
In further news for the automobile manufacturer, five different American states are vying for the company in the hopes of hosting its manufacturing plant, with 35,000 vehicles projected to be sold in the USA within the first year of production.
To read more, click here.
Have a great weekend!