India-China Trade 2021:
The trade value between India and China is expected to exceed 125 billion dollars in 2021. China supplied India with $100 billion in imports.
Highlights:
- The majority of the requests for imports were for machinery. India`s trade deficit with China is expected to be 69.4 billion dollars in 2021.
- This represents a 22% increase over the 2019 trade deficit. Overall imports from China will outnumber total trade between the two countries in 2021.
- In 2019, India`s imports from China increased by 20% over the previous year. On the other hand, India`s exports to China increased by 56% between 2019 and 2021.
- India`s exports to China will total USD 28.1 billion in 2021. Despite this, India imports $100 billion from China.
- Despite significant increases in exports, they appear to be insufficient. In 2021, the top Indian exports to China were cotton, iron ore, and raw materials.
- Electrical and mechanical machinery examples include air concentrators, active medicinal components, semiconductor devices, and electrical batteries.
- The China General Administration of Customs has provided data on Indian-Chinese trade (GAC).
- Officials in China have warned of global supply chain disruptions. This could be the result of Omicron`s actions.
EU Parliament Presidency Taken Over By Roberta Metsola:
Maltese Democrat Roberta Metsola has been elected President of the European Union`s Parliament.
Highlights:
- Her election comes just a week after the untimely death of departing parliament president David Sassoli, who was expected to step down as part of a power-sharing deal.
- She is the position`s third female occupant. She is the European Parliament`s youngest president.
- Metsola was the candidate of the Parliament`s largest group, and she received 458 votes out of a total of 616 votes cast.
- Metsola, a member of the center-right European People`s Party (EPP), became the third woman to hold the position, defeating three other candidates: Sira Rego of Spain (radical left), Kosma Zlotowski of Poland (ECR, Eurosceptics), and Alice Bah Kuhnke of Sweden (Greens).
- Zlotowski dropped out of the race before the election, allowing Metsola to garner support from all centrist and conservative parties.
- The Maltese received 458 votes, while Bah Kuhnke received 101 and Rego received 57 votes, respectively.
- Each candidate made their case to their fellow MEPs in Strasbourg on January 18 to succeed Sassoli, who died on January 11 and whose term was set to end this week.
- Metsola has been a member of the European Parliament since 2013, and vice-president since 2020.
- After taking over for Sassoli, who was unable to attend the Chamber for several weeks due to illness, the conservative lawmaker rose to prominence.
- Metsola is a vocal advocate for women`s rights and the LGBTQ+ community. As an MEP from a coastal state, she has been deeply involved in migration issues.
- She favours a multifaceted approach in which all 27 EU member states share responsibility for migratory flows.
IEA: Electricity Market Report:
In early 2022, the International Energy Agency (IEA) released its bi-annual Electricity Market Report.
Highlights:
- According to the report, as Covid-19 lockdown restrictions relax, countries are increasingly turning to fossil fuels to meet rising electricity demand.
- Global electricity demand is expected to rise by 6% year on year in 2021. It was the steepest year-on-year increase recorded by the IEA since the 2008 financial crisis.
- Global energy intensity fell by 1.9 percent year on year. This drop represented only half of what was required to lay the groundwork for net-zero energy by 2050.
- In 2021, renewable electricity generation will increase by 6% year on year. The generation of coal-fired electricity has increased by 9%.
- This increase was driven primarily by markets such as China and India, where coal accounted for more than half of the increase in demand. The amount of gas-fired generation has increased by 2%.
IEA’s Concerns
- The International Energy Agency (IEA) is concerned because, despite increased net-zero movement, countries are failing to decouple increased electricity demand from increased emissions.
- According to the IEA, emissions from the power sector will remain stable for the next three years.
- In comparison to the 2019 baseline, the IEA`s net-zero by 2050 scenario calls for a 55% reduction in sectoral emissions by 2030.
International Energy Agency (IEA)
- In accordance with the OECD framework, the International Energy Agency (IEA) was established in 1974. It is an intergovernmental organisation that governs itself.
- The International Energy Agency`s mission is guided by four main areas of focus: energy security, environmental awareness, economic development, and global engagement.
- The company`s headquarters are in Paris, France. India joined the IEA as an associate member in March 2017.
- In the aftermath of the 1973-1974 oil crisis, the International Energy Agency (IEA) was established to assist its members in responding to major oil supply disruptions.
- The IEA currently has 30 members. There are also eight member countries in the IEA family.
- To join the IEA, a member country must be an OECD member. However, not all OECD members are also IEA members.