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India’s G20 Presidency and Asian Trade Implications

2023-02-02
India has begun the 2023 Presidency of the G20 nations, which includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States and the European Union. The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population. India’s bilateral trade with all its G20 Asian partners are at record levels. We discuss the trends.

Featured Business News

China Briefing

China’s Company Law – How the New Draft Revisions Could Impact Foreign Investors

02/02/2023

A new round of amendments to the China Company Law seeks to improve the country’s business environment by optimizing corporate governance norms. The draft amendments include changes to the rights of company shareholders, responsibilities of shareholders and directors, deregistration procedures, and more. We look at how the proposed amendments differ from previous legislation and how they may impact foreign investors in China.

China, India, To Be Major Global Growth Drivers During 2023 - IMF

02/01/2023

China and India will account for half of the global economic growth in 2023 versus just a tenth for the US and the EU combined, according to the International Monetary Fund (IMF) in its World Economic Outlook. The IMF stated China’s GDP growth was expected to reach 5.2% during the year, while India would achieve growth of 7%. Both are set for a slight GDP decline in 2024, before rebounding in 2025, meaning that Chinese and Indian consumerism will be attractive markets for businesses looking for higher returns than the West is currently able to deliver.

ASEAN Briefing

Audit and Compliance in Indonesia: A Guide for Foreign Investors

02/02/2023

There is no single unifying regulation on auditing and compliance in Indonesia. Foreign investors will need to be aware that regulations regarding auditing, accounting, and financial reporting are stipulated over several laws and bylaws, and that a good understanding of these can ensure their business stays compliant. Foreign investors should, however, focus on the Company Law, which dictates the terms for when audits become obligatory in addition to the accounting standards companies should adhere to when preparing financial statements. We explain the details.

India Briefing

India’s Union Budget for 2023-24: Key Highlights

02/01/2023

India’s Finance Minister Nirmala Sitharaman announced the Union Budget for 2023-24 on February 1, following the release of the Economic Survey of India 2023 yesterday at the start of the Budget Session of the parliament. India’s new Union Budget promotes infrastructure growth, green industry, and makes changes to the new tax regime. We report the major highlights.

China Briefing

China’s New Draft VAT Law – How is it Different from Previous Tax Regulations?

01/31/2023

China has released an updated draft version of the value-added tax law for public comment. The draft legislation consolidates previous tax regulations into one document while making a few significant changes and adjustments to current tax standards and regulations. We explain the major changes that the draft China value-added tax law would bring to the country’s tax regime and discuss how it may impact businesses.

China Briefing

2023 Chinese Visa Application Guidelines

02/01/2023

China began easing immigration procedures on January 8, 2023, after the downgrading of COVID-19 to a Class B infectious disease and the removal of centralized quarantine for inbound travelers. Beijing has promised to gradually resume the issuance of ordinary visas and residence permits for foreigners, as well as tourist visa exemption for short-term travelers. As the country continues to open up, we discuss the 2023 Chinese visa application guidelines.

The Bigger Picture

Silk Road Briefing

Azerbaijan, Iran, Move Closer To Military Conflict

02/02/2023

The recent terrorist attack on the Azerbaijani Embassy in Tehran, in which Embassy staff were killed, has moved the two nations closer to war. Such an event would damage the International North-South Transport Corridor (INSTC) and close off the Caspian Sea routes from Azerbaijan’s Baku Port to Iran’s Caspian Ports, which provide Gulf and South Asian access to goods from Europe. It would compress EU trade with Asia to just the Suez Canal option and probably limit access to the Middle Corridor via Kazakhstan.

Russia Briefing

A 2023 Russia-African Trade Summary

02/02/2023

70% of Russia’s Africa trade is concentrated within the four economies of Algeria, Egypt, Morocco and South Africa. These countries are the cornerstone of Russia’s Africa policy; and are generally recognised to become important economies by 2050 with Egypt in the 15th spot for GDP PPP and South Africa ranking 27th. We discuss the background, trade trends and statistics in this increasingly important market for Russian and EAEU investors.

Silk Road Briefing

Has Russia and Iran's Financial Messaging Link Up Sped Up The Demise of SWIFT and Ushered In a Global Payments Revolution?

01/31/2023

Like all significant conflicts, an uptick in technological advances always delivers wins, as the pressing need for resolutions in times of combat brings pressures to bear on hurrying up and even changing the path of new technical developments. Asset-backed crypto, unsustainable debt ceilings and the emergence of SWIFT alternatives are all en route as the emerging world flexes its financial, credit capability and productivity muscles.

Middle East Briefing

Dubai’s Wooden Dhow Gulf Trade Grew 12% In 2022

02/02/2023

The enigmatic and often ancient Wooden Dhows based from Dubai and carrying smaller cargo across the Middle East and as far as Indian and MENA ports increased by 12% in 2022. Not just scenic tourist attractions, these craft ply important Gulf and North African trade routes. The UAE Marine Agency for Wooden Dhows stated on Tuesday (January 31) that dhows ferried 1.7 million metric tonnes of merchandise from countries across the MENA region and beyond.

Our firm Dezan Shira & Associates provides legal, tax and operational advisory across Asia.
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It has been produced by Dezan Shira and Associates since 1999.

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