Category: Trade

  • MIL-OSI USA: SBA Administrator Guzman Announces $20M in Grants for States to Boost Small Business Exports

    Source: United States Small Business Administration

    WASHINGTON  Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s more than 34 million small businesses in President Biden’s Cabinet, announced $20 million in State Trade Expansion Program (STEP) grants have been awarded to 43 state and territory international trade agencies to provide financial support to small businesses in growing the volume and value of exports. States may start to solicit applications from small businesses now, and funding will become available to small businesses beginning Sept. 30.

    “With 95% of the world’s consumers based outside of the United States, our small businesses need access to markets abroad to grow and create good jobs in America. Through SBA’s STEP funding to states, small businesses can get grants to export to new markets and grow their revenues through marketing, trade missions and more,” said Administrator Guzman. “STEP delivers against the Biden-Harris Administration’s efforts to increase exports and helps ensure that we can strengthen our small businesses, ensure our economy is more resilient and increase our global competitiveness.”

    “Small businesses build the economic future of the Granite State by tapping into international markets and growing exports at a record pace thanks to programs like STEP. I urge small businesses interested in exporting to take advantage of STEP funding that will help them expand international sales and grow their local economies,” said New Hampshire Senator Jeanne Shaheen, Chair of the Senate Committee on Small Business and Entrepreneurship. “As Governor, I led the first overseas trade mission from New Hampshire – and when I got to Congress, I worked to create STEP in 2010 to help small businesses start and grow their exports. I’m proud to see STEP’s critical impact across the nation. In the Granite State, it has helped small business owners attend the Farnborough International Air Show and supported the creation of the Export Accelerator program that helps newer small businesses get started in exporting and connect with federal resources. I applaud the Biden-Harris Administration for working to provide the programs and resources that small business owners need to compete abroad.”

    “The STEP program supports initiatives for small businesses to access global markets seamlessly,” said Dan Krupnick, Associate Administrator for SBA’s Office of International Trade. “It helps them understand the ins and outs of exporting, provides opportunities to participate in international trade shows, and assists in creating websites that are tailored to attract and engage foreign buyers. Small businesses are key to supporting global supply chains and STEP continues to make them more resilient.”

    These 43 awardees were selected after a competitive application process to STEP. New grants will help local entrepreneurs enter and thrive in the global marketplace by providing small businesses with the information and tools they need to succeed in export-related activities. Qualifying exporting activities include participating in foreign trade missions and market sales trips, designing international marketing campaigns, participating in export trade show exhibits, and attending training workshops.

    Since its creation in 2010 as part of The Small Business Jobs Act, STEP has awarded $255 million in grants and recorded over $6.8 billion in exports with more than 18,000 small businesses receiving grants to fund their export opportunities and increase their footprint in over 100 countries. Last year, for every $1 in funding for STEP, businesses benefited from $27 in export sales. As states improve their exporting skills, the returns on investment keep improving.

    Individual STEP awards are managed at the local level by state government organizations. To find out if your state or territory has earned an award, and to apply for funding opportunities, please visit: www.sba.gov/STEP. To explore how small business counseling can help inform your export strategy, connect with your local SBA district office and our network of resource partners.

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    About the SBA’s Office of International Trade

    The SBA’s Office of International Trade (OIT) works in cooperation with other federal agencies and public- and private-sector groups to encourage small business exports and to assist small businesses seeking to export. Through U.S. Export Assistance Centers, SBA district offices and a variety of service-provider partners, OIT directs and coordinates SBA’s ongoing export initiatives in an effort to encourage small businesses going global. For more information on the resources available for small business international trade development and to find local Export Finance Managers, visit https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-international-trade.

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI Translation: Government of Canada to make announcement on skilled trades

    MIL OSI Translation. Canadian French to English –

    Source: Government of Canada – MIL OSI Regional News in French

    Minister of Citizens’ Services Terry Beech will be in Burnaby to make an announcement to support skilled workers. The announcement will be made on behalf of Minister of Employment, Workforce Development and Official Languages Randy Boissonnault.

    Citizens’ Services Minister Terry Beech will be in Burnaby to make an announcement to support skilled trades workers.

    The announcement will be made on behalf of the Minister of Employment, Workforce Development and Official Languages, Randy Boissonnault.

    A photo opportunity and press briefing will follow the announcement. Please note that details are subject to change and all times are local.

    Date: Friday, August 16, 2024

    Time: 11:10 AM (PDT)

    Location: British Columbia Institute of Technology Piping Trades Building NE6 (North Entrance) 3700 Willingdon Avenue Burnaby, BC

    To register, send an email to media@hrsdc-rhdcc.gc.ca by indicating your name and press office before 10 a.m. (PDT) on Friday, August 16, 2024.

    – 30 –

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI USA: Blunt Rochester, Kiggans Applaud House Passage of Legislation to Preserve U.S. Coastlines

    Source: United States House of Representatives – Representative Lisa Blunt Rochester (DE-AL)

    WASHINGTON – Last night, the U.S. House of Representatives unanimously passed Congresswoman Lisa Blunt Rochester (DE-AL) and Congresswoman Jen Kiggans’ (VA-02) bill, H.R. 5490, the Bolstering Ecosystems Against Coastal Harm (BEACH) Act. This bipartisan legislation aims to protect Delaware’s coastline by approving new, expanded maps under the Coastal Barrier Resources Act (CBRA). A companion to this bill led by U.S. Senator Tom Carper (D-DE), the Strengthening Coastal Communities Act, passed the U.S. Senate unanimously in April.

    CBRA employs a market-driven approach to coastal conservation by prohibiting most federal funds from being used for development in storm prone, ecologically sensitive coastal areas. This not only helps preserve wildlife habitats, but also maintains critical buffers against storms and flooding. Importantly, CBRA does not prohibit or regulate development by state and local governments or private owners; it simply ensures hard-earned tax dollars are not used to fund risky investments in ecologically sensitive areas.

    “As the lowest-lying state in the country, Delaware feels the impact of the climate crisis every day. That’s why I am committed to strengthening our communities against extreme weather events,” said Rep. Blunt Rochester, a member of the House Energy and Commerce Committee. “The BEACH Act is a bipartisan effort to help us achieve that goal, not only in Delaware but nationwide. I am confident that the policies I authored in the House-passed bill, such as extending disaster loan eligibility to aquaculture businesses for the first time and authorizing a study on coastal barrier areas vulnerable to extreme weather, will protect Delawareans and our natural resources from hazards including flooding, storm surge, wind erosion, and sea level rise. I appreciate Congresswoman Kiggans’ collaboration on this bill, and I look forward to working with our colleagues to get it passed into law.”

    “For 40 years, the Coastal Barrier Resources Act has not only protected millions of acres of beaches and wetlands, but also prevented billions of dollars in property damage from natural disasters and undoubtedly saved lives,” said Congresswoman Kiggans. “I’m proud that my colleagues on both sides of the aisle joined me in making our coastal communities more resilient by passing the BEACH Act unanimously. We owe it to ourselves and the generations after us to take care of the world we live in, and my legislation does exactly that. I urge the Senate to take up this legislation so that we can continue to be good stewards of our environment and taxpayer dollars.”

    In April of 2022, the U.S. Fish and Wildlife Service identified 96,435 additional acres in Virginia to be included in the Coastal Barrier Resources System (CBRS), including 1,422 of land and 95,013 acres of wetlands and estuarine areas. The BEACH Act would authorize these maps and related protections for use in the CBRS. Today, 163,589 acres along Virginia’s Chesapeake Bay and Atlantic coast are included in the CBRA system including 974 acres of land and 42,192 acres of wetlands where nearly all federal spending is prohibited. There are also 7,696 acres of land and 112,727 acres of wetlands in “Otherwise Protected Areas,” where only federal flood insurance is prohibited.

    A 2019 economic study reported CBRA has saved U.S. taxpayers $9.5 billion and is projected to save another $11-108 billion over the next 50 years. These protected coastal areas provide habitats for economically important fish and shellfish, recreational opportunities for hunters, and flood protection for nearby coastal communities. Acting as nature’s “speed bumps,” these coastal areas absorb impacts from storms and hurricanes and provide more than $23 billion per year in storm protection services nationwide. During Hurricane Sandy in 2012, coastal wetlands prevented $625 million in property damages from Maine to North Carolina.

    “Coastal barriers provide significant economic and ecosystem benefits,” said Dr. Derek Aday, VIMS Dean & Director. “There is clear scientific evidence that these benefits are enhanced through policies that allow coastal barriers and their associated estuaries, lagoons, tidal flats, and wetlands to remain in their most natural state. Based on the evidence, VIMS supports the BEACH Act.”

    “The BEACH Act is a win-win for birds and people,” said Portia Mastin, Coastal Conservation Policy Manager at the National Audubon Society. “Expanding protected coastal areas not only ensures that shorebirds can nest, feed, and rest safely—it also provides a buffer of healthy beaches and wetlands to absorb storms and flooding that would otherwise put our coastal communities at risk.”

    “Birds tell us we must act on climate, as increased storms, droughts, and sea-level rise puts pressure on both our wildlife and communities around the country,” said Felice Stadler, Vice President of Government Affairs at the National Audubon Society. “These important bills provide balanced solutions to the dual biodiversity and climate crises that we are witnessing, and we are pleased to see them move forward.” 

    “Healthy coastal ecosystems provide numerous protections and benefits to both people and wildlife,” said Emily Donahoe, Policy Specialist for Resilient Coasts and Floodplains at National Wildlife Federation. “Expanding the Coastal Barrier Resources System is an important step to improve the resiliency of our coastlines, protect critical habitats, and save taxpayer dollars.”

    You can view the U.S. Fish and Wildlife Service’s proposed changes to the CBRA System in Delaware here.

    You can read the full text of the BEACH Act here and a one pager on the bill here.

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    MIL OSI USA News

  • MIL-OSI USA: Pressley, Green Reintroduce Bill to Strengthen Oversight of Big Banks and Protect Consumers

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Bill Summary (PDF) | Text of Bill (PDF)

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, and Congressman Al Green (TX-09), Ranking Member of the Oversight and Investigations Subcommittee, reintroduced The Greater Supervision in Banking Act (GSIB), legislation to strengthen Congressional oversight of the country’s largest banks, protect consumers, and end deceptive behavior.

    “Time and again – due to lax financial oversight – the negligence and greed of large financial institutions, that don’t have our best interests in mind, put consumers at risk and exacerbate economic disparities. Congressional oversight and accountability are paramount to prevent harm and enhance transparency,” said Rep. Pressley. “Consumers deserve to make informed decisions about their finances, and this bill, which requires big banks to disclose their approach to protecting consumer data, cases of misconduct, and environmental harm, as well as other risk factors, is a step in the right direction. Congress must pass The Greater Supervision in Banking Act without delay.”

    “This legislation would bring much-needed transparency to our financial system,” said Rep. Green. “The largest banks in our nation have tremendous influence over the livelihoods of American consumers and businesses. From discrimination litigation to gross mismanagement, some of the largest banks have repeatedly shown that they cannot or will not regulate themselves. Congress must exercise heightened oversight of these institutions. The public deserves transparency into the largest banks’ activities, as well as their progress on diversity initiatives and climate change. I am proud to partner with Congresswoman Pressley on this important legislation, and I look forward to working with my colleagues to pass it into law.”

    Limited oversight and transparency have allowed the banking industry to prioritize profits over people, with policies harming its own workers, communities of color, and the planet. For example, bank tellers and other frontline employees are denied a living wage while CEOs rake in million-dollar bonuses. Systemic injustices like the stark racial wealth gap, where white households hold a disproportionate share of wealth compared to Black households, are furthered by policies like modern-day redlining denying Black people opportunities to build wealth and achieve financial prosperity. Additionally, major banks continue to finance fossil fuel expansion and projects that exacerbate climate change, despite the urgent need for a transition to clean energy, further jeopardizing vulnerable communities and future generations.

    The Greater Supervision in Banking Act would conduct oversight of the eight U.S.-based Globally Systemically Important Banks (G-SIBs), which include JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, State Street, and Bank of New York Mellon. Collectively, the banks hold more than $15 trillion in assets in 2024 – nearly half of all domestic banking assets.

    Specifically, the legislation:

    • Requires G-SIBs to submit annual reports to the Federal Reserve Board;
    • Mandates detailed disclosure of:
      • G-SIBs’ size, complexity, subsidiary structure, and branch distribution;
      • Enforcement actions against the company, including labor and consumer protection violations;
      • Information on employee dismissals for misconduct, including executives;
      • Capital market activities, including trading desk structures and Volcker Rule compliance;
      • Compensation policies, including executive pay, employee wage distribution, and minimum wage practices; and
      • Diversity initiatives, cybersecurity approaches, whistleblower complaints, and climate risk actions;
    • Ensures public availability of these reports through the Federal Reserve Board’s website.

    The bill is endorsed by Public Citizen, Americans for Financial Reform, National Community Reinvestment Coalition, American Economic Liberties Project, Fight Corporate Monopolies, California Reinvestment Coalition, Action Center on Race and the Economy, Sierra Club, Center for American Progress, and Fair Finance Watch.

    A copy of the bill text can be found here and a summary is here.

    Congresswoman Pressley, Vice Ranking Member of the Financial Institutions and Monetary Policy Subcommittee on the House Financial Services Committee, has been a vocal advocate for consumer protections, closing the racial wealth gap, and ensuring that the U.S. banking system works for everyday Americans.

    • In August 2024, Rep. Pressley called on the five largest banks in America to provide a detailed update on the racial equity commitments the institutions made following the murder of George Floyd in 2020. 
    • In March 2023, Rep. Pressley joined Senator Elizabeth Warren (D-MA), Congresswoman Katie Porter (CA-47), and dozens of lawmakers in introducing legislation to repeal Republicans’ rollback of critical banking protections in 2018 and restore Dodd-Frank protections.
    • In February 2023, she and Senator Cory Booker (D-NJ) reintroduced the American Opportunity Accounts Act, legislation that would create a federally-funded savings account for every American child in order to make economic opportunity a birthright for every child and help close the racial wealth gap. 
    • Rep. Pressley has also been a leading voice in Congress urging President Biden to cancel student debt. Following years of advocacy by Rep. Pressley—in partnership with colleagues, borrowers, and advocates like the NAACP—the Biden-Harris Administration announced a historic plan to cancel student debt that stands to benefit over 40 million people.
    • In September 2022, Rep. Pressley introduced the Payment Modernization Act – legislation requiring a more reasonable timeline for the Federal Reserve’s faster payments system and prioritizing consumer protection and wellbeing in the development process. 
    • In  June 2021, Rep. Pressley and then-House Financial Services Committee Chairwoman Maxine Waters (D-CA) introduced the Downpayment Toward Equity Act of 2021, bold legislation to help address the U.S. racial wealth and homeownership gaps by providing $100 billion toward downpayment and other financial assistance for first-generation homebuyers to purchase their first home.
    • In May 2020, she introduced the Saving Our Street Act with then-Senator Kamala Harris (D-CA) to provide economic relief to small businesses with less than 10 employees, with a specific focus on Black and brown-owned businesses.
    • In April 2019, she questioned G-SIB CEOs about discriminatory lending practices during their first appearance before Congress in over a decade.

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    MIL OSI USA News

  • MIL-OSI USA: IAM Union Mourns Loss of Labor, Civil Rights Leader Bill Lucy

    Source: US GOIAM Union

    WASHINGTON, Sept. 25, 2024 – Brian Bryant, International President of the 600,000-member International Association of Machinists and Aerospace Workers (IAM), released the following statement on the passing of Bill Lucy:

    “Bill Lucy was the epitome of a change-maker and justice warrior. From helping to lead AFSCME and the Memphis sanitation worker strike to his founding of the Coalition of Black Trade Unionists to helping fight for freedom and equality in the United States, Canada, and around the world, Brother Bill was a champion for all working people.

    “The IAM could always count on Bill Lucy as an ally in the righteous fight for human rights, civil rights, workers’ rights, and much more. He will go rightfully down in the history books of the labor movement as a giant for the betterment of all people. Rest in power, Brother Bill.”

    The International Association of Machinists and Aerospace Workers (IAM) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries.

    goIAM.org | @MachinistsUnion

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  • MIL-OSI USA: Kugler, How We Got Here: A Perspective on Inflation and the Labor Market

    Source: US State of New York Federal Reserve

    Thank you, John, and thank you for the opportunity to speak here today.1 It is good to be back at the Kennedy School and in particular at the Mossavar-Rahmani Center, which has a long tradition of engaging on important policy issues.
    In my remarks today, I will provide my outlook for the U.S. economy and the implications for monetary policy. The combination of significant ongoing progress in reducing inflation and a cooling in the labor market means that the time has come to begin easing monetary policy, and I strongly supported the decision last week by the Federal Open Market Committee (FOMC) to cut the federal funds rate by 50 basis points. While future actions by the FOMC will depend on data we receive on inflation, employment, and economic activity, if conditions continue to evolve in the direction traveled thus far, then additional cuts will be appropriate.
    I will begin by summarizing where we stand on inflation, including details on how the different components of inflation have changed over time, since these facts form the basis for my judgment on where inflation is headed. I will then talk about the recent cooling in the labor market and the forces driving it as well as how shifts on this other side of our mandate fit into the overall economic outlook for the rest of this year. I will conclude with the implications of all this for appropriate monetary policy and our focus on our dual mandate.
    Inflation based on personal consumption expenditures (PCE) has come down from a peak of 7.1 percent on a year-on-year basis to 2.5 percent in July. Core PCE inflation, which excludes energy and food prices and tends to be less volatile, has come down from a peak of 5.6 percent to now 2.6 percent. Based on consumer and producer price indexes, I estimate headline PCE and core PCE inflation to be at about 2.2 and 2.7 percent, respectively, in August, consistent with ongoing progress toward the FOMC’s 2 percent target. The progress on inflation is good news, but it is important to remember that households and businesses are still dealing with prices for many goods and services that are significantly higher than a couple of years ago. Prices for groceries, for example, are about 20 percent higher than before inflation started rising in 2021, and while earnings have been rising faster than inflation, it may take some time for it to feel as though prices are back to normal.2
    Inflation data are produced by the Labor Department, and when I served as chief economist at Labor, I delved into the differential effects of inflation on various demographic groups. When inflation was at its peak in 2022, it was more than 1 percentage point higher for lower-income households, for those without a college degree, and for those aged 18 to 29—all groups that spend a higher share of income on necessities and have less wealth to draw from.3 Fortunately, research by staff at the Fed shows that disinflation helps close that gap as well, something that only adds to the urgency I feel about returning inflation to the FOMC’s 2 percent goal.
    Research on the causes of inflation and the subsequent disinflation show that both supply and demand forces have played an important role. In the past two years, specifically, improvements in supply, along with moderation in demand in part due to tighter monetary policy, have both played a role in the disinflationary process.4 Supply chain bottlenecks as well as the drastic drop in the labor force due to excess retirements and the withdrawal of prime-age workers contributed to the initial rise in inflation, but the resolution of these disruptions and the return of workers to the labor force have also helped rein in inflation. Early on, consumers shifted spending from services to goods, a development that goods producers struggled to accommodate, putting upward pressure on prices. But as the demand shock to goods unwound and consumer spending shifted back to services, goods inflation fell and has been running below zero in recent months. Also, the increased demand due to the fiscal response to COVID-19 in 2020 and 2021 has more recently been roughly neutral on growth, as shown by the Hutchins Center on Fiscal and Monetary Policy in their measure of fiscal impact. And, of course, as I will discuss in a moment, tight monetary policy has been and continues to be a moderating force on demand, primarily by raising costs for interest-sensitive goods and services.
    As I think about where inflation is headed, I find it helpful to consider how it has evolved over the past several years and in particular how the major components of inflation have behaved, so I want to take a few minutes to walk through those details.
    As I have indicated, the big picture is that goods inflation surged early on in 2020 and 2021, followed by prices for services excluding housing, and then housing, with some overlap in those steps. Disinflation has followed that course in reverse. Core goods inflation rose, after almost a year of social distancing shifted spending from services and after production and delivery of goods was disrupted by the pandemic. This was a big change because over the long expansion leading to the pandemic, core goods prices actually fell, slightly but consistently.5 On a 12-month basis, core PCE goods inflation rose above zero in December 2020, reached a peak of 7.6 percent in February 2022, and fell again below zero at the end of 2023. In July of this year, it was negative 0.5 percent. This recent disinflation offset still-rising prices for services and helped reduce overall inflation. Goods inflation has reverted to its longer-term pattern as demand has moderated and supply chain problems have abated. This is reflected by various indexes of supply chain bottlenecks that showed the supply-side disruptions that contributed early on to surging inflation have now retreated to pre-pandemic levels.6 Other data show that computer chip supply, which fell far short of demand early in the pandemic, is back to normal conditions as well.
    Food and energy prices, always subject to larger ups and downs than other parts of inflation, rose also early on. Food inflation increased in 2020 as shoppers began stockpiling groceries and as warehouses and production facilities had difficulty staffing due to COVID. After Russia’s invasion of Ukraine, energy price inflation reached a peak 12-month rate of nearly 45 percent and food inflation reached a peak of 12 percent in mid-2022, highlighting the importance of petroleum and agricultural commodities from that part of the world. Food and energy inflation has moderated over the past two years and are now both running at 12-month rates of 1.4 percent and 1.9 percent, respectively, as supply chain issues have resolved and production in the U.S. and elsewhere has increased. Food and energy expenses represent a sizable share of consumer spending, but the frequent purchase of these goods means that they are highly salient in the public’s views on inflation. Research by Francesco D’Acunto and coauthors has shown that the weights that consumers assign to price changes in forming their inflation expectations are not based on the actual share of their expenditures but instead on the frequency of purchases, which happen to be highest for food and energy goods.7 Thus, the fall in food and energy prices is important because it may feed back into lower inflation in other categories by moderating overall inflation expectations and also real wage expectations in wage bargaining.
    Housing services price increases were the last component of inflation to escalate, rising to a peak 12-month rate of 8.3 percent in April 2023 and moderating to a 5.3 percent pace in July. It took time for housing prices to escalate and has taken longer for them to moderate because of both the nature of the rental market and the data collection method from the Bureau of Labor Statistics, as I have discussed at length in other speeches.8 However, new rent increases, which better capture rental price changes in real time, are falling and are the main reason why I expect housing services costs to moderate furt
    her.
    The final component of inflation is services excluding housing, which accounts for 50 percent of PCE inflation and is heavily influenced by labor markets. On a 12-month basis, this component of inflation rose to a peak of 5.3 percent in December 2021, stayed persistently high until February 2023, and has moderated since then to 3.3 percent in July of this year. Its escalation was driven both by the rise in labor costs and by the transition of demand from goods to services following the pandemic. Labor costs are a substantial share of the total costs for services. For example, labor accounts for between 60 percent to 80 percent of costs in construction, education, and health services.
    Among the initial forces driving the escalation in wages were the increase in food and energy prices, as wage demands tend to track closely with the prices of these frequently purchased goods. Data on wage demands from the New York Fed’s Survey of Consumer Expectations indeed show a sudden increase early on during the pandemic right after the first bout of food inflation.9 Importantly, worker shortages likely allowed those higher wage demands to be realized, contributing to the rise in wages. Later, as demand for services quickly rose and employers were creating a large number of jobs in several service sectors, workers were able to be more selective, and the ensuing “Great Resignation” took hold, allowing people to choose different careers. The relatively high demand relative to the supply of workers in some service sectors encouraged workers to move from job to job for higher wages, benefits, and other improvements in working conditions. Evidence from the Atlanta Fed’s Wage Growth Tracker suggests that during this period, wages for job switchers grew more than 2 percentage points faster than wages for people staying in the same job, though this wage premium for job switchers disappeared by the second half of last year.
    But now inflation for services excluding housing is declining, after a temporary escalation in the first quarter of this year that was likely partly due to residual seasonality. There had been fears that wage increases would drive a wage–price spiral, as the U.S. experienced in the 1970s, but this did not occur.
    To sum up, inflation has broadly moderated as the supply of goods and services has improved, and as producers and consumers have adjusted to the effects of higher prices. Demand has moderated, in part due to tighter monetary policy. And, as I just noted, changes in the pace of wage growth have also played an important role in the ups and downs of inflation, which points me toward a discussion of labor markets, which has recently become a greater focus of monetary policy.
    As I have noted, there has been a significant moderation in the labor market recently, but I want to start by pointing to what really has been a remarkable performance of the labor market over the past four years. After the unprecedented job losses early in the pandemic, and even accounting for the quick recovery of a large share of those losses, the recovery of the labor market that followed was historically swift. Unemployment was 7.8 percent in September 2020 and 4.7 percent only 12 months later, and it fell to under 4 percent 3 months after that. That is a more rapid recovery than the U.S. has experienced since the 1960’s. What started, at that point, was 30 straight months of unemployment at or below 4 percent, which had not happened during the pre-pandemic period, the boom of the 1990s, or anytime during the 1980s, and it was only exceeded by the strong labor market of the latter half of the 1960s. Something that I think was just as remarkable has been the narrowing of the typical gap between labor market outcomes for less-advantaged groups. For example, there has been a reduction in the unemployment rate between Black and Latino workers, on the one hand, and white workers, on the other hand. There has also been a narrowing of the prime-age labor force participation rate among these groups, and, perhaps most notable of all, wage inequality among them has narrowed, which is not typical during economic expansions, according to research by David Autor and several coauthors.10 They found that one benefit of the unusually tight labor market of the past few years was that the heightened competition for scarce workers produced more rapid wage gains for workers at the bottom of the wage distribution. The real wage gains for those in the lower quartiles of the distribution and with higher propensities to consume, in turn, likely spurred consumption and helped sustain growth after the pandemic.
    After a couple of years in which labor demand exceeded supply, the labor market has come into balance, reflecting an economy that has moderated in part due to tighter monetary policy. On the labor supply side, two forces have contributed to this rebalancing of the labor market. Labor force participation suffered due to the disruptions in work during the pandemic but rebounded strongly in 2022 and 2023 as the labor market tightened and wages rose sharply. The labor force participation rate for prime-age women reached historic highs over the past year and reached yet another historic record high in August. The overall increase in participation among workers aged 25 to 54, in the prime of their working lives, helped offset the loss of many workers aged 55 and over who experienced excess retirements during the pandemic. The second force boosting labor supply has been the large increase in immigration. The Congressional Budget Office estimates that net immigration boosted the U.S. population by close to 6 million people in 2022 and 2023, the majority of them of working age, and, by most accounts, rates of immigration have remained high in 2024.
    As a result of improved supply and easing of demand for workers, the labor market has rebalanced. After running at very low levels, unemployment has edged up this year to 4.2 percent in August, still quite low by historical standards. The slowdown in labor demand is most evident in payroll numbers. Job creation averaged 267,000 a month in the first quarter of the year and now stands at an average of 116,000 in the three months ending in August, which is still a healthy pace of job creation. Yet, given recent revisions in the payroll numbers, it is important to continue monitoring additional labor market indicators. In addition, the fall in diffusion indexes suggests that job creation cooling has been broad based, complementing the payroll data in showing rebalances in demand and supply across sectors. Beyond payroll data, voluntary quits, which tend to reflect the rate at which people find a better job, are now back around where they were before the pandemic. The ratio of job vacancies to the number of people looking for work, the V/U ratio, has also fallen close to its pre-pandemic ratio.11 In summary, after a period of demand exceeding supply, the labor market appears to have rebalanced.
    In tandem with the cooling in the labor market, economic activity has slowed but is still expanding at a solid pace. After adjusting for inflation, gross domestic product (GDP) grew 2.5 percent in 2023 and at around a 2 percent annual rate in the first half of 2024. Personal spending, which accounts for the majority of economic activity, has been solid this year, supported by a resilient labor market so far and high levels of household wealth relative to income. But given a rise in credit card and auto delinquencies, a rise in credit card balances, and a cooling labor market, I expect spending to grow at a somewhat more moderate pace moving forward.
    Certainly, tight monetary policy has contributed to cool off aggregate demand and slow the economy. It has done so in large part by slowing spending on interest-sensitive expenditures, such as housing, as well as autos and other durable goods. Other spending typically financed with credit, such as business equipment, has also been slower.
    Another effect of tight monetary policy is to keep expectations of future inflation in check. And, to the extent that ex
    pectations affect decisions by businesses to set prices and by workers to negotiate wages, this has helped put downward pressure on inflation. Survey- and market-based measures of future inflation did increase when inflation surged, but only modestly, and they have moved down in tandem with inflation and have largely returned to their 2019 levels.
    In conclusion, I would say that recent economic developments, against the backdrop of the experience of the past four years, have validated the Federal Reserve’s focus on reducing inflation and set the stage for the shift in monetary policy that occurred last week. The progress in bringing down inflation thus far, coupled with the softening in the labor market that I have described, means that while our focus should remain on continuing to bring inflation to 2 percent, we should now also shift attention to the maximum-employment side of the FOMC’s dual mandate. The labor market remains resilient, but the FOMC now needs to balance its focus so we can continue making progress on disinflation while avoiding unnecessary pain and weakness in the economy as disinflation continues in the right trajectory. I strongly supported last week’s decision and, if progress on inflation continues as I expect, I will support additional cuts in the federal funds rate going forward.
    Thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. Unlike in previous recoveries, those in the lower half of the distribution have benefited more from the real earnings increases during the post-pandemic period. The 12-month change in average hourly earnings and the employment cost index have been rising faster than consumer price index inflation for those in the first and second quartiles since 2019 and since 2022, respectively, and for everyone across the distribution for roughly a year. Return to text
    3. See Xavier Jaravel (2021), “Inflation Inequality: Measurement, Causes, and Policy Implications,” Annual Review of Economics, vol. 13, pp. 599–629. Return to text
    4. Different approaches allow a parsing of the relative contributions of supply and demand, top-down approaches by Bernanke and Blanchard (forthcoming) and Benigno and Eggertson (2023) and bottom-up approaches by Braun, Flaaen, and Hoke (2024) and Shapiro (2022); see Ben Bernanke and Olivier Blanchard (forthcoming), “What Caused the U.S. Pandemic-Era Inflation?” American Economic Journal: Macroeconomics; Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April); Robin Braun, Aaron Flaaen, and Sinem Hacioglu Hoke (2024), “Supply vs Demand Factors Influencing Prices of Manufactured Goods,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 23); and Adam Hale Shapiro (2022), “How Much Do Supply and Demand Drive Inflation?” FRBSF Economic Letter 2022-15 (San Francisco: Federal Reserve Bank of San Francisco, June 21). All of these studies agree that both supply and demand shocks contributed to the surge in inflation as well as its fall. Return to text
    5. The causes most often cited by economists are competition from globalized trade and productivity gains, including from technological advances. Return to text
    6. The most commonly used indicators of supply chain bottlenecks are the Global Supply Chain Pressure Index produced by the Federal Reserve Bank of New York, the Supplier Deliveries Index from the Institute for Supply Management, and the percent of answers to the question of why production is not at capacity in the Quarterly Survey of Plant Capacity Utilization fielded by the Census Bureau and funded by the Federal Reserve Board. Return to text
    7. See Francesco D’Acunto, Ulrike Malmendier, Juan Ospina, and Michael Weber (2021), “Exposure to Grocery Prices and Inflation Expectations,” Journal of Political Economy, vol. 129 (May), 1615–39. Return to text
    8. Rental prices are the basis for all estimates of housing service costs. Prices tend to change only when rented homes change tenants, which happens relatively infrequently. Prices tend to change more when there are new tenants, while the majority of lease renewals tend to keep the same price-generating persistence. In addition, the Bureau of Economic Analysis samples rents only every six months. As a result, substantial lags are built into the official statistics. See Adriana D. Kugler (2024), “The Outlook for the Economy and Monetary Policy,” speech delivered at the Brookings Institution, Washington, D.C., February 7; Adriana D. Kugler (2024), “Some Reasons for Optimism about Inflation,” speech delivered at the Peterson Institute for International Economics, Washington, D.C., June 18. Return to text
    9. The Survey of Consumer Expectations from the New York Fed collects data on “reservation wages,” which are what workers report as being the minimum wage that they would require to accept a job. Return to text
    10. See David Autor, Arindrajit Dube, and Annie McGrew (2024), “The Unexpected Compression: Competition at Work in the Low Wage Labor Market,” NBER Working Paper Series 31010 (Cambridge, Mass.: National Bureau of Economic Research, March; revised May 2024). Using Current Population Survey microdata, they show that increased labor market competition for scarce workers produced more rapid real wage gains at the bottom of the wage distribution, reducing wage inequality. Return to text
    11. I consider here a V/U ratio in which the numerator is the ratio of the vacancy rate for the total nonfarm sector computed as job openings over the labor force. Job openings data are from the Job Openings and Labor Turnover Survey fielded by the Bureau of Labor Statistics. The denominator is the unemployment rate. The last data point available for job openings is July 2024, while the last data point for the unemployment rate is August. Return to text

    MIL OSI USA News

  • MIL-OSI USA: Congressman Cohen Remembers Bill Lucy

    Source: United States House of Representatives – Congressman Steve Cohen (TN-09)

    WASHINGTON – Congressman Steve Cohen (TN-9) today noted the passing of Memphis native and longtime civil rights and labor leader Bill Lucy, who passed Tuesday at the age of 90. Bill Lucy served for 38 years as the international Secretary-Treasurer of AFSCME and co-founded the Coalition of Black Trade Unionists. Congressman Cohen made the following statement:

    “Bill Lucy was a hugely influential trade unionist and leader of the civil rights movement, beginning with his critical role in leadership during the Memphis Sanitation Workers strike in 1968, where he was part of the group that came up with the iconic placard message ‘I AM A MAN.’ I have valued his friendship and good counsel over my decades in public life and particularly cherish the William Lucy Award I received for my work on labor issues in Tennessee. Bill Lucy was on the right side of so many issues and will be remembered for his historic efforts advancing labor victories and helping end apartheid. The nation and the world have lost a great leader, and he will be missed.”

    # # #

    MIL OSI USA News

  • MIL-OSI Video: It’s Not Easy Trading Green

    Source: World Economic Forum (video statements)

    According to the WTO, world trade is set to grow by 3.3% in 2025 but numerous challenges remain in ensuring this growth aligns with global nature and climate goals.

    How should business and government collaborate to create trade frameworks that promote economic development while supporting next-generation technologies and ensuring environmental sustainability?

    This session builds on the work of the World Economic Forum’s Green Trade Initiative and First Movers Coalition (FMC).

    https://www.youtube.com/watch?v=BLEItEODSpE

    MIL OSI Video

  • MIL-OSI USA: CFTC Orders U.S. Trading Firm to Pay $800,000 Penalty for Federal Natural Gas Futures Position Limits Violations

    Source: US Commodity Futures Trading Commission

    — The Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against Aspire Commodities LLC (Aspire) for exceeding the federal spot month speculative position limits for cash-settled reference contracts to the New York Mercantile Exchange’s (NYMEX) physically-delivered Henry Hub Natural Gas (NG) futures contract on seven occasions from 2022 to 2024.

    The order requires Aspire, an energy trading firm with locations in Houston and Dorado Beach, Puerto Rico, to pay an $800,000 civil monetary penalty, and to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations. Aspire admits the facts in the order.

    Case Background

    From 2022 to 2024, the ICE Futures U.S. Energy Division (IFED) and the Nodal exchanges granted Aspire conditional limit exemptions, which allowed the company to exceed the federal spot month speculative position limit by an additional 8,000 NYMEX NG cash-settled equivalent contracts on each of the exchanges during the NG contract spot month so long as Aspire did not hold or trade positions in the physically-delivered NYMEX NG contract during the final three trading days in the contract’s spot month.

    This order finds Aspire violated those conditions seven times over a two-year period by exceeding the federal spot month speculative position limits in cash-settled reference NG futures contracts.

    The CFTC thanks IFED and Nodal exchanges for their assistance in this matter.

    The Division of Enforcement staff responsible for this case are James W. Deacon, Carrie Kennedy, James H. Holl, III and Rick Glaser.

    MIL OSI USA News

  • MIL-OSI USA: Statement of Commissioner Summer K. Mersinger Regarding Extension of No-Action Position from Certain Reporting Obligations

    Source: US Commodity Futures Trading Commission

    I support an extension of the staff no-action position in Letter No. 20-30 from certain reporting obligations under the Commodity Futures Trading Commission’s[1] Ownership and Control Reports (“OCR”) final rules.

    However, I feel compelled to reiterate what I said last year when Commission staff extended this same relief:

    “I urge staff and the Commission to develop and issue an OCR proposed rulemaking soon—so that staff is not compelled to issue yet another extension when this one expires a year from now.”[2]

    Yet, here we are in exactly the situation I had hoped we would avoid—issuing another extension in a seemingly endless series of extensions instead of addressing a known issue head-on.  Commission staff has taken a no-action position with respect to certain reporting obligations under the OCR final rules since 2014.  But despite a petition to address this issue, we have spent the past decade repeatedly kicking the can down the road.[3]

    Instead of using Commission resources and staff time to issue unnecessary rules codifying existing expectations[4] or providing guidance to our most sophisticated markets on lightly traded contracts[5], maybe it is time to focus on fixing what is actually broken, like the OCR rules which are the subject of today’s no-action relief.


    [1] This statement will refer to the Commodity Futures Trading Commission as the “Commission” or “CFTC.”  All web pages cited herein were last visited on September 24, 2024.

    [2] Statement of Commissioner Summer K. Mersinger Regarding Extension of Staff No-Action Position Regarding Ownership and Control Reports (September 22, 2023), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement092223b.

    [3] Extension Letter at 1-2 (“Since 2014, [the Division of Market Oversight (‘DMO’)] has taken a no-action position with respect to reporting entities from certain reporting obligations under the OCR [f]inal [r]ule.  In September 2017, DMO issued no-action letter 17-45 (‘NAL 17-45’).…. NAL 17-45 extended the time period for the no-action position, which was itself previously granted and extended in several prior no-action letters, from certain reporting obligations under the OCR [f]inal [r]ule….

    Subsequent to the issuance of NAL 17-45, on June 14, 2018, [the Futures Industry Association (‘FIA’)] and [the Commodity Markets Council (‘CMC’)] submitted a petition to the Commission, which requested, among other things, that the Commission codify the no-action positions provided in NAL 17-45…. As of the date of this letter, the Commission has not acted upon FIA and CMC’s petition….

    On September 25, 2020, DMO issued no-action letter 20-30 (‘NAL 20-30’), which extended the no-action position in NAL 17-45.  On September 22, 2023, DMO issued no-action letter 23-14 (‘NAL 23-14’), which extended the no-action position in NAL 20-30 with respect to each obligation covered by NAL 23-14 ‘until the earlier of: (a) the applicable effective date or compliance date of Commission action addressing such obligation or (b) September 30, 2024.’  Therefore, without further action by the Commission, by its terms NAL 23-14 will expire on September 30, 2024.” (emphasis added).

    [4] See Dissenting Statement of Commissioner Summer K. Mersinger Regarding Amendments to Part 40 of the CFTC’s Regulations (September 12, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement091224b.

    [5] See Dissenting Statement of Commissioner Summer K. Mersinger on Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts (September 20, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement092024.

    MIL OSI USA News

  • MIL-OSI USA: Durbin Questions Judicial Nominees In Judiciary Committee Nominations Hearing

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    09.25.24
    WASHINGTON – During today’s Senate Judiciary Committee nominations hearing, U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, questioned Sarah Morgan Davenport, nominated to be a United States District Judge for the District of New Mexico, about her unique background.  Durbin also began his remarks by highlighting the rigorous vetting process nominees undergo to be considered for a judicial nomination.
    “Among our nominees is Ms. Davenport, who graduated from New Mexico State University with a bachelor’s in music and who was a music teacher before going to law school and then [becoming] a prosecutor.  She went from professor to prosecutor.  Can you tell me about your background in music [that lead to your nomination]?” Durbin asked.
    Ms. Davenport replied that she wanted to go down a different career path after serving as a music teacher—which led her to attend law school and pursue a career as a prosecutor.
    Durbin then asked Keli Marie Neary, nominated to be a United States District Judge for the Middle District of Pennsylvania, about a case where she represented the Commonwealth of Pennsylvania in Federal Trade Commission et al., v. Penn State Hersey Medical Center et al.  The Commonwealth, along with the FTC, sued to block a merger of the Penn State Hershey Medical Center with the Pinnacle Health System. 
    “Can you tell us about that case?” Durbin asked.
    Ms. Neary responded, “that was one of two very important cases I worked on during my career that involved health care and providing care to many people across Pennsylvania.  In that particular case, we were working to make sure that no hospital became a monopoly in order to maintain prices in Pennsylvania, to ensure affordable health care in central Pennsylvania.” 
    She continued to say, “The other case I referenced is a case involving two large insurance companies in Pennsylvania and the hospital systems that participated in those insurance companies, and through my work on behalf of the Commonwealth, we were able to garner an agreement that resulted in affordable health care for many Pennsylvanians in the western part of the state.” 
    Durbin then questioned Judge Anthony J. Brindisi, nominated to be a United States District Judge for the Northern District of New York, about his background as a congressman and his service on the bench.
    “Can you compare those legal experiences?” Durbin asked.
    Judge Brindisi responded that the key to being a good congressman is to be a good listener, work in a bipartisan way to get work done, and to sit down with individuals you might disagree with to better understand their ideas on bills.  He continued to say that he took the lessons he learned from Congress to the bench. 
    Durbin then questioned Elizabeth C. Coombe, nominated to be a United States District Judge for the Northern District of New York, about her legal experience, noting that she has tried almost 40 cases to verdict or final decision.
    Ms. Coombe responded that given her experience litigating in both D.C. and New York federal courts, she was exposed to many bench trials and jury trials.  She continued to say, “I love being in the courtroom presenting cases to juries and seeing the power of the jury work its magic… And I think that my experience as a trial lawyer in front of juries will be helpful if I am fortunate enough to be confirmed.  I would bring that practical experience from the courtroom with me.”
    Video of Durbin’s questions in Committee is available here.
    Audio of Durbin’s questions in Committee is available here.
    Footage of Durbin’s questions Committee is available here for TV Stations.
    The hearing continues the Committee’s work filling judicial vacancies with highly qualified, diverse candidates who help ensure the fair and impartial administration of the American justice system.
    Under the leadership of Chair Durbin, the Senate has confirmed 212 judges to lifetime appointments on the federal bench during the Biden-Harris Administration. Following the confirmation of Michelle Court to be U.S. District Judge for the District of California and last week’s executive business meeting, 18 lifetime judges – including four circuit court nominees and 14 district court nominees – are eligible for a vote on the Senate floor.
    -30-

    MIL OSI USA News

  • MIL-Evening Report: Mixing it up: hybrid work models can offer the best of both worlds for worker wellbeing and productivity

    Source: The Conversation (Au and NZ) – By Stephen Blumenfeld, Director, Centre for Labour, Employment and Work, Te Herenga Waka — Victoria University of Wellington

    Prime Minister Christopher Luxon sparked debate on the future of work in New Zealand this week when he ordered public service employees back to the office.

    But Luxon’s edict neglects a broader transformation in work culture.

    Work from home (WFH) arrangements have grown considerably over the past decade, propelled by an increase in dual-income households and rapid technological advancements.

    The COVID pandemic acted as a catalyst for further change, proving that many jobs could successfully be performed remotely.

    Our upcoming article in the New Zealand Journal of Employment Relations addresses the pros and cons of remote work. We highlight how a hybrid model – mixing days in the office with days working from home – can improve wellbeing, engagement and productivity.

    We found embracing a hybrid approach may lead to better outcomes as society shifts with technology and employment expectations. And, despite the prime minister’s demands on public service workers, it may be too late to go back.

    Embracing flexibility

    Under current rules, employees can request flexible working arrangements. Employers must provide valid reasons if they decline the request.

    According to a 2023 survey from Human Resources New Zealand, 40% of HR professionals noted productivity gains as a critical advantage of WFH arrangements.

    And some professional organisations have embraced work from home or hybrid work arrangements.

    The New Zealand Law Association, for example, has emphasised the significant benefits of flexible work for their members, including increased employee engagement, productivity, and overall wellbeing.

    A report from Te Kawa Mataaho Public Service Commission noted the public service’s success in delivering quality services during the pandemic while working remotely.

    The commission’s current guidance on hybrid work arrangements supports flexibility that allows working from home to focus and working together when necessary.

    Does WFH reduce efficiency?

    Luxon argues forcing workers back to the office will promote efficiency. But there is little evidence suggesting New Zealand’s productivity has significantly declined with WFH or hybrid arrangements.

    Instead, we found office-only arrangements risked introducing new inefficiencies for the government. These included new layers of permissions and reporting on arrangements that have already been agreed to.

    The assumption that office work suits everyone is also contradicted by experiences during and after COVID.

    During the first year of the pandemic, many workers felt the void of casual interactions that once sparked creativity. They also struggled with isolation. This was especially pronounced for caregivers, often women, who had to juggle professional duties with increased childcare responsibilities.

    Despite this, a University of Otago survey conducted during the pandemic noted 67% of participants preferred a hybrid work model.

    Many expressed optimism regarding remote work’s continuation, with significant portions reporting stable or increased productivity, although some struggled with home distractions.

    And our research found taking a hybrid approach to work – with one or more days at home – reduced the risks from professional and social isolation and improved collaboration.

    Opportunities to work at home some of the time also allowed time for focused work, reduced commuting time and improved wellbeing.

    Boosting productivity from home

    Luxon’s assertion that working from home is “not an entitlement” aligns with traditional views on work. These include the belief that time at a desk is a measurement of productivity, rather than measuring the outcomes from work.

    However, a growing body of evidence indicates remote work can elevate both productivity and employee satisfaction.

    Eliminating daily commutes allows employees to redirect time toward focused work, positively impacting job satisfaction and mental wellbeing.

    Moreover, remote work fosters inclusivity, enabling organisations to source talent from a broader geographic area, which in turn enhances diversity and innovation.

    A report from McKinsey & Company found businesses adopting flexible work arrangements are better positioned to navigate future uncertainties, sustaining or even boosting productivity.

    A survey by the Australian Council of Trade Unions exploring WFH revealed nearly 48% of participants experienced enhanced productivity, attributed in part to the elimination of commuting.

    However, it also highlighted challenges. Some 40% of respondents said they were facing longer work hours, which can lead to burnout. Addressing these issues is essential to maintaining employee wellbeing.

    The future of work

    Instead of enforcing strict office attendance, leaders should adapt to the changing work landscape.

    Promoting flexible arrangements can foster a more productive and engaged workforce, ultimately benefiting New Zealand’s public service in today’s dynamic environment.

    Balancing both office and remote work presents the most promising path forward.

    Joanne Crawford receives funding from the Health Research Council and the NZ Industrial Relations Foundation Trust.

    Roya Gorjifard receives funding from the Victoria University of Wellington for Doctoral Research.

    Chris Peace and Stephen Blumenfeld do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Mixing it up: hybrid work models can offer the best of both worlds for worker wellbeing and productivity – https://theconversation.com/mixing-it-up-hybrid-work-models-can-offer-the-best-of-both-worlds-for-worker-wellbeing-and-productivity-239710

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Our electricity workforce must double to hit the 2030 renewables target. Energy storage jobs will soon overtake those in coal and gas

    Source: The Conversation (Au and NZ) – By Jay Rutovitz, Research Director, Institute for Sustainable Futures, University of Technology Sydney

    Wanwajee Weeraphukdee/Shutterstock

    The electricity workforce will need to double in five years to achieve Australia’s 2030 renewable energy target, our new report finds. More than 80% of these jobs will be in renewables. Jobs in energy storage alone will overtake domestic coal and gas jobs (not including the coal and gas export sector) in the next couple of years.

    The Australian Energy Market Operator (AEMO) updates its Integrated System Plan every two years. It’s a blueprint for the energy transition from coal to renewable energy. The plan lays out scenarios for how the electricity system might change to help put in place all the elements needed to make the transition happen.

    AEMO and the RACE for 2030 co-operative research centre commissioned the Institute for Sustainable Futures to undertake modelling on the workforce needed for this transition. The “step change” scenario in the Integrated System Plan is broadly aligned with the 2030 renewables target. Under this scenario, we found the electricity workforce would need to grow from 33,000 to peak at 66,000 by 2029.

    Rooftop solar and batteries together are projected to account for over 40% of these jobs. Wind farms will employ around one-third and solar farms just under 10%. Jobs would also treble in transmission line construction to connect renewables in regional areas to cities and other states in the next few years.

    Job projections in the National Electricity Market under the ‘step change’ scenario that aligns with the 2030 renewables target.
    Author provided

    Job growth would surge in a ‘renewable energy superpower’

    In the “green energy export” scenario, Australia becomes a “renewable energy superpower”. The country uses renewable energy to export green hydrogen and power heavy industry. In this scenario, the electricity workforce would almost treble to 96,000 by the late 2020s.

    By 2033, after construction peaks, more than half of electricity sector jobs will be in operations and maintenance. This applies to both the step change and green energy export scenarios.

    A significant employment downturn is projected during the 2030s. But in the green energy export scenario jobs then climb steeply again to a peak of 120,000. This projection reflects AEMO’s expectations of when green export growth will occur.

    New South Wales is projected to have the most renewable energy jobs in the 2020s. However, Queensland would become the largest state for renewable jobs (especially in wind farms) in the green energy export scenario.

    Projected total job numbers by scenario.
    Author provided

    What are the other possibilities?

    “Progressive change” is another scenario in the Integrated System Plan. For this scenario, we modelled slower growth in renewable energy. It reflects constraints on the economy and supply chains (including labour and minerals) for renewables.

    In an “enhanced manufacturing” scenario, local renewable energy manufacturing increases. Our modelling found it could create a peak of 5,000 extra jobs.

    Importantly, these projections don’t include upstream jobs in supply chains for the sector (for example, increased mining to supply the resources that renewables need) or electrification of homes.

    Creating this many jobs is very challenging

    Our modelling shows the workforce needs to grow very rapidly to make Australia’s energy transition happen. Unfortunately, the challenges of building this workforce are daunting. They include:

    • there’s a shortage of almost all key occupations in demand for the electricity sector – electricians, engineers, construction managers – according to Australia’s Skills Priority List

    • “extraordinary growth” forecast by Infrastructure Australia in other major infrastructure projects, such as transport, which will compete for many of the same skilled workers

    • under AEMO’s scenarios, employment will be subject to boom-bust cycles, which increases the risk of skill shortages and damaging impacts, such as housing shortages, in regional areas

    • Australia has relied heavily on skilled migrants – and will look to do so again – but many parts of the world are chasing the same workers.

    The International Energy Agency has noted:

    Labour and skills shortages are already translating into project delays, raising concerns that clean energy solutions will be unable to keep pace with demand to meet net zero targets.

    What can be done to avoid skill shortages?

    Some action has been taken to increase the workforce. The federal government, for instance, is subsidising apprentices under the New Energy Apprenticeship program.

    But action isn’t happening at the scale and pace required.

    What else can be done?

    Firstly, Jobs Skills Australia and Powering Skills Organisation (which oversees energy skills training) have outlined ways to increase the system’s capacity to train more skilled workers. This includes creating better pathways into renewable energy for students, especially in recognised Renewable Energy Zones.

    Secondly, Jobs Skills Australia has noted the need for renewable energy businesses to increase their intakes of apprentices. It recommends expanding the Australian Skills Guarantee to include generation and transmission projects.

    The guarantee has set mandatory targets for apprentices or trainees to complete 10% of labour hours on Commonwealth-funded major construction and information technology projects (A$10 million plus). It could also be applied to major government funding programs for renewable energy and transmission. These include:

    • the Capacity Investment Scheme, a government tender program to support a large volume of new renewables and storage projects

    • Rewiring the Nation, a $20 billion fund for transmission lines

    • grants from the Australian Renewable Energy Agency and the Clean Energy Finance Corporation.

    Thirdly, government tenders could moderate the peaks and troughs in employment by limiting the maximum and minimum volumes built each year.

    Fourthly, including more women and First Nations Australians can increase labour supply and workforce diversity. Only one-in-two First Nations Australians are employed compared to around two in three in the wider population. Yet they account for around one-in-ten people in some major Renewable Energy Zones.

    Government pre-employment programs, working with industry and First Nations groups, could also increase the supply of workers. These could have a dramatic social impact too.

    It’s a challenging problem whichever way you look at it. We need rapid change to build renewable energy capacity before coal plants retire and to tackle climate change. But that depends on growing the workforce amid skill shortages.

    There’s a range of ways to increase the supply of workers and improve local outcomes. But we are running out of time. Urgent action is needed.

    The Institute for Sustainable Futures, University of Technology Sydney received funding from the Australian Energy Market Operator and the RACE for 2030 CRC for the report upon which this article is based

    The Institute for Sustainable Futures, University of Technology Sydney received funding from the Australian Energy Market Operator and the RACE for 2030 CRC for the report upon which this article is based.

    ref. Our electricity workforce must double to hit the 2030 renewables target. Energy storage jobs will soon overtake those in coal and gas – https://theconversation.com/our-electricity-workforce-must-double-to-hit-the-2030-renewables-target-energy-storage-jobs-will-soon-overtake-those-in-coal-and-gas-239718

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Economics: Secretary-General of ASEAN conducts interview with Chinese media

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today participated in interviews with Chinese media outlets, including People’s Daily, Xinhua News Agency, China Media Group, China Daily, and Guangxi Radio & TV. The interviews focused on ASEAN-China relations, during which Dr. Kao addressed inquiries related to the China-ASEAN Free Trade Area 3.0, trade and investment, the digital and green economies, the China-ASEAN Year of People-to-People Exchange, and the China-ASEAN Expo.

    The post Secretary-General of ASEAN conducts interview with Chinese media appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI: Municipality Finance issues NOK 2 billion green bond under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 September 2024 at 10:00 am (EEST)

    Municipality Finance issues NOK 2 billion green bond under its MTN programme

    Municipality Finance Plc issues NOK 2 billion green bond on 26 September 2024. The maturity date of the green bond is 26 September 2029. The notes bear interest at a fixed rate of 3.666% per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 26 September 2024.

    Skandinaviska Enskilda Banken AB acts as the Dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over EUR 50 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network

  • MIL-OSI Russia: From metal products to ice cream: what Moscow supplies to new export markets

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Thanks to the city’s support, Moscow producers have increased exports of processed and food products to Africa and Southeast Asia since the beginning of 2024. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “In accordance with the order of Sergei Sobyanin, the city is actively helping the capital’s enterprises develop trade and economic cooperation. For example, the volume of mutual trade between Moscow and Indonesia for the first half of 2024 compared to the same period in 2023 has almost doubled. Among industrial goods, the drivers of development were metalworking products, pharmaceuticals, cosmetics, as well as products of the food and processing industries,” said Maxim Liksutov.

    The capital’s enterprises supply products for healthy nutrition, dentistry, as well as medicines and cosmetics.

    “Moscow’s non-resource, non-energy exports to Indonesia in the first half of 2024 have grown almost 10-fold compared to the same period last year. For example, in 2024, Moscow producers supplied semi-finished steel products to this country for the first time. The food industry is also showing positive dynamics – compared to the first six months of last year, supplies have grown by more than 19 percent,” said the Minister of the Moscow Government, Head of the Moscow Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    The mutual trade between the Russian capital and Senegal has also increased almost 2.5 times compared to the previous similar period. Thus, supplies of Moscow ice cream, popular there, have grown by 78 percent.

    Starting from 2022, the capital’s producers of non-raw materials, non-energy products have reoriented their export flows and found new partners in the markets of Latin America, Africa, the Middle East, Southeast Asia and the CIS countries. This became possible, among other things, thanks to the support of the Mosprom center.

    A digital platform is operating within the framework of the national project “International Cooperation and Export” “My export”, where entrepreneurs are provided with support. For example, there you can get free expert advice, analytics, help in promoting products on international marketplaces, and also take online training. More information about national projects implemented in the city is available at special page.

    Which BRICS countries have become the main buyers of Moscow products

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/144405073/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News

  • MIL-OSI China: Lebanon rolls out measures to shelter displaced

    Source: China State Council Information Office 3

    People fleeing from Lebanon are seen at the Jdeidat Yabous border crossing in the countryside of Damascus, Syria, on Sept. 24, 2024. [Photo/Xinhua]

    Lebanese ministers announced on Tuesday measures to shelter 27,000 displaced persons from southern Lebanon and suspension of educational activities until the end of the week due to ongoing Israeli raids.

    The 27,000 displaced were seeking refuge in 252 shelters, according to Lebanese Environment Minister Nasser Yassin.

    Yassin said in a press conference for the Ministerial Emergency Committee that “the national operations room and the Higher Relief Commission have been activated to secure the basic needs of the displaced.”

    For his part, Minister of Education and Higher Education Abbas Halabi suspended educational activities in the country until the end of this week while demanding that public schools be opened to receive the displaced.

    He said that in current circumstances, the closure of educational and vocational institutions in the governorates of the south, Nabatieh, Bekaa, Baalbek-Hermel, and the southern suburbs will be extended until the end of this week. The suspension of classes in schools and universities in the governorates of Beirut, Mount Lebanon, and North will also be extended, the minister added.

    Worries about food security and fuel shortages have prompted local citizens to stockpile food and fuel products, alarming officials about a potential rapid depletion of the country’s reserve stock.

    In this regard, Minister of Economy and Trade Amin Salam called on the public to rationalize the storage of food and vital commodities.

    “Let the goods be stored for a week or two or even a month and not more, to ensure that the rest of the citizens obtain their need for basic commodities under the current circumstances,” Salam said.

    He noted that the current wheat stock in the local market is adequate for at least two months and assured the public that supplies are being consistently secured.

    Fuel stations also witnessed a great demand in light of the escalation of Israeli raids, prompting Minister of Energy and Water Walid Fayyad to reassure citizens that “the necessary reserves of petroleum derivatives are available in the medium term.”

    Hezbollah and the Israeli army have been exchanging fire across the Lebanon-Israel border since Oct. 8, 2023.

    On Monday, Israel began its most extensive bombardment of Lebanon since 2006, resulting in more than 550 deaths, including civilians, and over 1,800 injuries across the country. The casualty tolls and the intensity of the attacks have caused panic among Lebanese people.

    MIL OSI China News

  • MIL-OSI Australia: Press Conference Government House, Adelaide

    Source: Minister for Trade

    Minister for Trade, Don Farrell: Good afternoon everybody, and please take a seat, don’t stand on formality. I thank the Governor for making her home available to us today to hold this press conference with my very good friend, the Trade Minister for India, Piyush Goyal, it’s absolutely wonderful to have you here.

    When I first became the Trade Minister for Australia, I was lucky enough to be invited to Piyush’s home in New Delhi, and have a wonderful feast with him and his wife, and a little bit later on today I’m going to return the favour. We’re heading out to the magnificent Clare Valley, and we’re going to have a wonderful meal out in the Clare together this evening.

    We’ve just wrapped up our face‑to‑face meeting, and it’s the first meeting that we’ve had since the Modi Government was recently re‑elected, and of course follows on the weekend’s events between our Prime Minister and Prime Minister Modi in Delaware, with the Japanese and the American leaders.

    I think it’s fair to say that the relationship between Australia and India has never, ever been closer. And to reflect that, is the economic relationship between our two countries, and it has never ever been better.

    Following our Trade Agreement that was ratified during the course of this Parliamentary session, trade with India is turning out to be a really big win for Australia, and today we held in‑depth discussions on how to accelerate that trading relationship. And in addition to that, our investment relationship viability on the enormous growth that we’ve just seen in recent times.

    Just to give you some examples of that, in the 18 months since our Trade Agreement with India came into force, nearly $30 billion worth of Australian exports have entered India either with zero tariffs or lower tariffs than any of our competitors.

    Agricultural exports to India are up around 60 per cent to $1.6 billion, and we know how important that is to the South Australian economy.

    Industrial equipment and manufacturing exports are up 66 per cent or $145 million, and our health exports to India have increased by nearly 40 per cent to $33 million.

    Australian consumers are of course benefitting by our trade deals with savings at the checkouts worth around $225 million, thanks to the lower tariffs on products that are coming in from India.

    During our meeting, Minister Goyal and I discussed how we can grow our two‑way trade and investment even more. The key focus of today’s discussion was our next free trade agreement called the Comprehensive Economic Cooperation Agreement.

    Our trade negotiators recently met in Sydney, and today’s discussions show that there’s real momentum here to get an agreement as we work out the details.

    For Australia, we’ve made it clear that we have much to offer our friends in India, particularly in agriculture, as well as the emerging sectors we are building as part of our Future Made in Australia.

    We also exchanged a Memorandum of Understanding on investment cooperation between Austrade and Invest India, which will help boost two‑way investment between our countries.

    Our Government has also wrapped up consultations on our new India Economic Roadmap. We’ve held over 400 consultation sessions across every Australian State and Territory and in India.

    Over the past two days, Minister Goyal has heard from a range of Australian businesses who see wonderful opportunities to partner with India in sectors like green energy, education skills, tourism, agriculture and technology, and in a few moments the Minister and I will walk up to the Australian Space Agency headquarters to meet some of the Australian space start‑ups that are partnering directly with India.

    Our Government is committed to driving more practical cooperation between Australian and Indian businesses. That’s why today I’m announcing $10 million in new grants for Australian businesses, organisations and universities to boost cooperation with India.

    By extending the $10 million Maitri Grants program, the Government will deliver, firstly, $5 million for Australian organisations working on projects that boost trade and innovation, cultural ties and community leaders, and then a further $5 million for scholars and fellowships to support Australian universities to host some of the brightest Indian students in their research, on some of our biggest shared challenges.

    As I indicated before, the Minister and our wives, will be heading out to the magnificent Clare Valley, and we’ll continue to discuss the wonderful opportunities between our two countries. I’ll invite my good friend Piyush to say some words about today’s events and his time in Australia.

    Indian Minister for Commerce and Industry, Shri Piyush Goyal: Thank you very much Honourable Don Farrell, Member of Parliament and Minister for Trade and Industry, someone I look upon as not only a friend and well‑wisher, but a brother who has been a guide, who has helped me understand trade nuances, very sensitive, ever‑smiling, and a well‑wisher of the Australia-India partnership.

    Thank you very much for your warm hospitality, thank you very much for bringing me to Adelaide for the first time. What a beautiful city, charming, a place we’ve heard about from childhood. Where cricket matters and in the good old days, we had five‑day test matches where every wicket falling was blown all over the television and radio. But to actually be right across from the Adelaide stadium is truly a memorable visit for me.

    We had very good engagement with Australian business persons in Sydney over the last two days, the excitement is truly palpable on both sides, Australian business and Indian business.

    For the first time ever both our major chambers, the conflagration of Indian industries and the conflagration of Indian chambers of commerce and industry were represented by their top leadership together as a testimony of the importance that the Australia relationship is to India.

    We are looking at significantly upscaling our partnerships in trade, investment, tourism and technology, and therefore one of the first announcements I’d like to make is that we shall shortly be setting up in Sydney an office covering all these four areas, ITTT, investment, trade, technology, and tourism. With representatives of Invest India, representatives of the organisation responsible for building industrial smart cities and townships, meeting representatives of our Export Trade and Guarantee Corporation, and other officials related to trade and tourism.

    Along with the private sector, CII jointly manning these offices to act as a bridge between investors and businesses on both sides and working closely together with Austrade with whom Invest India has today exchanged an MOU for mutual investment promotion, technology and trade facilitation, and other insights into economic trade.

    Thank you very much, Don, for giving us the encouragement to work together on these areas. And I’m sure the unprecedented ties that our two countries are sharing today with nine in‑person meetings since May 2022, in less than three years, nine in‑person meetings of our senior leaders, both Prime Ministers, reflecting the big bonding that both Prime Ministers, political leadership have with business-to-business and people‑to‑people connect that Australia and India share.

    Friends, today is a very important day in India. We are celebrating 10 years of our Making India Program. Prime Minister Modi on 25 September 2014, had launched this initiative, and through the Making India Program over the last 10 years we have significantly had a whole of government approach to addressing the challenges that manufacturing in India increase. Whether it’s provision of plug-and-play infrastructure, a national single window for all approvals, regulators reducing compliance burden or decriminalising laws, opening up foreign direct investment in newer sectors making it easier to invest in India, or encouraging the start of ecosystem. It’s been a multi‑pronged approach to attract manufacturing in India, and I do see a lot of promise between the Making India Program and the Future Made in Australia program that your government has launched, so that we can exchange the technologies, exchange opportunities and encourage businesses on both sides to work with each other.

    This enhanced cooperation via education, via skill development, tourism, investments, critical minerals, which we discussed at length today, or renewable energy, green ecosystem towards sustainability, all of these other areas where this relationship holds tremendous potential. And India is committed to partner with Australia to provide a bouquet of opportunities to our business persons on both sides so that we can work towards a greater and more ambitious relationship on the economic front.

    Friends, as Minister Farrell mentioned, ECTA, and I think some of you may recall, ECTA in India, in Hindi, is unity. This agreement has truly been a game‑changer providing greater market access to businesses on both sides and has resulted in a significant increase in merchandise trade. We’re looking at further strengthening the ECTA through to the Comprehensive Economic Partnership Agreement, the CECA, and we do hope to see a greater flow of goods and services along with investments flowing out of the CECA, which we are looking to conclude at an early date to unlock new dimensions in this partnership and provide further momentum to this business relationship.

    Friends, I must mention that we have also discussed at length greater cooperation at various multilateral fora like the WTO, the G20, the IPEF and other international organisations where Australia and India share common interests.

    India is the world’s fastest growing economy today. We grew at 8.2 per cent last year. The economy today is the fifth largest in the world, expected to become the third largest in the next three years. We will cross the $7 trillion mark by 2030, and the $10 trillion mark by 2034, 10 years from now.

    We are very confident of achieving a developed country status by 2047. [Indistinct] 2047 is our ambition, is our goal, taking up our economy to 10 times today’s size, to $35 trillion economy in the next 25 years or so, so that we can meet the aspirations of 1.4 billion Indians for a better quality of life. And I see Australia playing an important role in this journey towards making India a developed nation, a role to greater trade, a role to exchange of technologies, a role in our common goals for sustainability and a significant role when it comes to provision of high-tech services and investments.

    India offers the advantage of four Ds. The first is our democracy. We have a vibrant democracy, the world’s largest democracy, the Rule of Law prevails, it provides safety and security for investment and people. And I think in today’s day and age, two democracies working together provides a great comfort to investors in the long run.

    The second D is our demographic dividend, a young population with an average age of 28.4 years, expected to remain young for many, many more years to come, with two‑thirds of our population in the working age to providing skills, talent and huge manpower force to help the economy to move faster.

    The third D is demand. 1.4 billion aspirational Indians, demanding high quality goods and services is a huge market opportunity, and growth opportunity.

    And the fourth D is decisive leadership. The Prime Minister Narendra Modi and the Government are willing to reform, transform and perform to take the country to greater heights. I’m very confident that together we shall make the Australia-India partnership a defining partnership of the decade, if not the 21st Century. The kangaroos and the tigers together have a combined strength which is unstoppable. Thank you.

    Minister for Trade: I think we should give Piyush a clap for that. Thank you, very much, my friend, and we’ll open to questions.

    Journalist: This one’s for both Ministers. Can you give an update on the CECA negotiations? You made progress of the outstanding points of difference, and do you see an agreement for Australia [indistinct]?

    Minister for Trade: We are very optimistic that the good work that was done today will result in an expanded agreement. As we saw with the United Arab Emirates, when both parties put their mind to it we can very quickly expedite the discussions to finalise an agreement. I’d be hopeful that goodwill on both sides, and you can see today, that’s been demonstrated here – I think with goodwill we can very quickly resolve this issue, and we can have a new upgraded agreement between Australia and India.

    Piyush Goyal: Madam, I think the important and defining feature of our discussions and negotiations is the sensitivity that both sides have to each other’s issues, defensive interests, offensive interests. All are considered together in a manner which will only result in a win‑win situation. So any issue that I can see Australia will be uncomfortable with I would not like to push, press on that, and likewise our approach has been that if something is very sensitive to a large Indian population given our current status of development, Australia has been very gracious in their understanding of our sensitivities.

    It is my deep confidence in each other that helps us to resolve issues very fast, and I’m very confident that the final agreement will only help grow this relationship. You saw that our first agreement didn’t have any negative press or any negative public outcry. I’m sure the second agreement will correspondingly be a good mix of the good things that people want out of the agreement.

    Minister for Trade: I think it’s worthwhile repeating that when we were last in India together we committed to increasing our trade from its current $49 billion two‑way trade to $100 billion by the end of the decade, and I think we’re ‑ I’m certainly happy, and I think I speak for Piyush here, to restate that today.

    We want to double that trade between our countries between now and the end of the decade.

    Journalist: Just on that, Minister Goyal, India has traditionally been hesitant about removing barriers to Australian exports in sensitive sectors like dairy. Have you had consultations with those domestic producers and has the Government consulted with its Coalition partners on any of those sensitivities?

    Piyush Goyal: First of all, the Government in India is a strong government. The Coalition is a pre‑poll alliance. So we have very seamless consultations and very seamless understanding of any decisions that the Government takes.

    As regards dairy, that sector was discussed even before we started the negotiations with Australia three years ago, and Indian dairy is very significantly different from Australian dairy.

    Our average holding with a farmer is a small two‑acre, three‑acre farm with three or four livestock, whereas Australia’s farms and dairy farms are both very large, and it would be near impossible for these large farms and these small farms to compete with each other on a common footing.

    We have discussed this issue even three years ago and on earlier occasions, and dairy is such a sensitive subject that in any of our FTAs across the world, we have not been able to open up the dairy sector with duty concessions there is permitted in India, but there are certain duties imposed on that.

    This is one sector where there’s no discussion with any Coalition partner, even when we were a full majority government there was no opening up of the dairy. It’s actually two very unequal situations and would not lend themselves to fair trade between the two countries, or between any countries. We have neither opened up dairy in Europe, or planning to open up dairy in Europe, nor have we opened it up even with Switzerland and Norway, with whom we have recently concluded an FTA under the EFTA grouping – Switzerland, Norway, Lichtenstein and Iceland. Even then we have not opened up dairy. It’s the first agreement Switzerland has signed without any component of dairy in it.

    Journalist: You predicted that China will bring its pursuit of all lobster type business. Given your previous predictions on the subject have proven optimistic, why do you have the confidence that this will be resolved in the next few months?

    Minister for Trade: I’m an optimistic sort of person, and I think the only way you can do this job is to be optimistic. If you think about this, when we came to government two and a half years ago, we had $20 billion worth of impediments between Australia and China.

    We have reduced that over time to less than $1 billion and one product that is still outstanding unfortunately is lobster.

    We’ve recently had meetings both with the Chinese Premier, and also my counterpart, Wang Wentao, in fact as Piyush has done. They both came to Adelaide, it’s becoming a bit of a feature of international trade these days, everyone’s coming to Adelaide. I’m confident that we can resolve the outstanding issues in a timely manner.

    It is unfortunate that that issue hasn’t been resolved. The Government is doing its absolute best to resolve it, but these issues do take time, and we’ll continue to work very closely with the Chinese Government to put aside all of the outstanding issues between our two governments.

    Journalist: Paul Starick from The Advertiser in Adelaide. Two questions, one for both ministers. You mentioned agriculture as a significant component of the next stage of your agreement. Do you care to elaborate on that, what particular opportunities do you see? And secondly, for Senator Farrell, regarding an unrelated issue at the Whyalla steelworks. The Premier has talked about the importance of that as a national enterprise. Do you agree, and what response given its current predicament do you think is appropriate at a national level?

    Minister for Trade: Well, look, in terms of agriculture, we’re talking about the removal of all of the tariffs that weren’t removed at the last process, so we’ve made very significant progress, but as the Minister said, some of the more difficult issues were not resolved at that issue, we put them to one side, they’re all back on the table. So things like chickpeas, pistachios, and apples. So, all of the issues, all of the products where there are still tariffs ‑ wine is another one ‑ we are seeking to have those tariffs removed.

    I’m not going to go to the details of the negotiations, it’s not appropriate to do that here, but we’ll continue to work through, and as Piyush said, where issues are difficult, we understand that, and we’re not going to make life any more difficult for the Indian Government.

    On the other issue, I’m aware that there have been some discussions between the Prime Minister and the Premier over the issue of Whyalla. Obviously steel making is a very important business in Whyalla. As a government we want to see steel making continue, and of course all of those jobs be protected, and we will, of course, continue those discussions between the Prime Minister and the Premier.

    Minister, you might like to answer that first question.

    Piyush Goyal: I think as you very rightly put it, we let the negotiators take the discussions forward and give them a chance to look at what other possibilities as we conclude the CEPA.

    Minister for Trade: Well, if there are no other questions, thank you very much for coming along today, and we’ll head up to the Space Agency after a quick lunch with the Premier and the Governor. Thank you very much for attending.

    Piyush Goyal: Thank you friends.

    MIL OSI News

  • MIL-OSI Europe: EU Blue Card will promote highly qualified labour immigration

    Source: Government of Sweden

    EU Blue Card will promote highly qualified labour immigration – Government.se

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    Ministers on this page who have changed areas of responsibility

    Between 18 October 2022 and 10 September 2024 he was Minister for International Development Cooperation and Foreign Trade.

    Ministers on this page who have changed areas of responsibility

    Between 18 October 2022 and 10 September 2024 he was Minister for International Development Cooperation and Foreign Trade.

    Press release from Ministry of Justice

    Published

    The Government has presented a government bill to the Riksdag with proposals aimed at improving Sweden’s ability to attract and retain highly qualified workers.

    “The rules regarding highly qualified workers must be improved. Sweden must be an attractive country for highly qualified workers, and employers in highly qualified professional sectors must be sure that they can get the workers they need in time. This is an important part of the Government’s efforts to strengthen Sweden’s competitiveness,” says Minister for Migration Johan Forssell.

    The proposals are aimed at implementing the new Blue Card Directive, which replaces the 2009 Blue Card Directive. An EU Blue Card is a combined residence and work permit that can be granted to foreign workers who have an employment contract for highly qualified positions in Sweden and who meet other conditions.

    In the bill, the Government proposes the legislative amendments needed to implement the new Blue Card Directive. The proposals aim to improve the ability to attract and retain highly qualified workers and facilitate their mobility within the EU, and include the following:

    • lowering the salary threshold to be granted an EU Blue Card and lowering the required period of employment to 6 months;
    • making more categories of workers eligible for an EU Blue Card;
    • expanding the possibilities of switching from other types of residence permit to an EU Blue Card; and
    • making it possible to switch to another highly qualified position without applying for a new EU Blue Card.

    It is proposed that the legislative amendments enter into force on 1 January 2025.

    Press contact

    Ministers on this page who have changed areas of responsibility

    Between 18 October 2022 and 10 September 2024 he was Minister for International Development Cooperation and Foreign Trade.

    Ministers on this page who have changed areas of responsibility

    Between 18 October 2022 and 10 September 2024 he was Minister for International Development Cooperation and Foreign Trade.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: India to have a trade promotion office in Sydney: Shri Piyush Goyal

    Source: Government of India

    India to have a trade promotion office in Sydney: Shri Piyush Goyal

    Make in India has been a resounding success: Shri Goyal

    India and Australia working to strengthen ECTA through CECA: Shri Goyal

    Posted On: 25 SEP 2024 12:36PM by PIB Delhi

    Union Minister for Commerce and Industry Shri Piyush Goyal announced the setting up of an office for trade promotion in Sydney, Australia with representatives of Invest India, NICDC, ECGC, other officials related to trade and tourism along with the private sector represented by CII. While addressing a joint press conference at Adelaide today along with the H.E. Don Farrell, Minister for Trade & Tourism, Australia, Minister Goyal said these offices will act as a bridge between investors and businesses on both sides. Minister Goyal said the focus is to upscale the partnerships in trade, investment, tourism and technology.

    Minister Goyal stated that India celebrates ‘10 years of Make in India’ today. The programme provided a whole of the approach in addressing the challenges of the manufacturing sector, he said. It provided provisions for ‘Plug and play’ for infrastructure, single window system for approvals, easing compliance burden, decriminalising laws, opening up FDI in newer sectors and encouraging the startup ecosystem, signifying a multi-pronged approach to attract manufacturing in India.

    Minister Goyal noted a lot of promise between the Make in India Programme of India and the Make in Australia programme of Australia to exchange technologies, opportunities and encourage businesses to work with each other. The Minister added that enhanced cooperation in education, skill development, investment, tourism, critical minerals, green ecosystem for sustainability are areas where the partnership holds significant potential.

    Speaking about his visit to Australia, Minister Goyal said that for the first time, the leadership of both the CII and FICCI were represented in Australia, signifying the importance of the partnership. He added that the unprecedented ties between the two countries with 9 in-person meetings of senior leaders being held since May 2022 reflected the deep-bonding of leaders and supplements the business-business and people-people to connect.

    Minister Goyal added that India and Australia are working towards strengthening Economic-Cooperation and Trade Agreement (ECTA) through Comprehensive Economic Cooperation Agreement (CECA). He said that the ECTA agreement has resulted in market access to both sides and resulted in significant increase in merchandise trade.

    Shri Goyal highlighted Australia’s role in India’s journey through greater trade, exchange of technologies, common goals for sustainability, and provision of high-tech services and investment. “India offers advantages of 4 Ds- democracy, demographic dividend, demand and decisive leadership with leadership under Shri Narendra Modi, willing to reform, perform and transform the country”, further added the Minister.

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: NLDSL Unveils ULIP Hackathon 2.0 and launches Track Your Transport App to Tackle Key Challenges in Logistics

    Source: Government of India

    NLDSL Unveils ULIP Hackathon 2.0 and launches Track Your Transport App to Tackle Key Challenges in Logistics

    ULIP Hackathon 2.0 Registration Begins: A Platform for Innovation in Logistics and Supply Chain

    Track Your Transport App Launched to Simplify Logistics

    Posted On: 25 SEP 2024 11:49AM by PIB Delhi

    NICDC Logistics Data Services Ltd. (NLDSL) announces the launch of Unified Logistics Interface Platform (ULIP) Hackathon 2.0, a competitive event aimed at fostering innovation and developing digital solutions to tackle pressing challenges in the logistics industry. The Hackathon was officially launched at an event held under the chairmanship of Shri Rajeev Singh Thakur, Additional Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), at Vanijya Bhawan.

    The launch event witnessed more than 1800 attendees joining the kick-off physically and virtually, reflecting widespread industry interest in the initiative. Hackathon 2.0 marks a significant step in leveraging innovation and technology to reshape and streamline India’s logistics and supply chain sector.

    Building on the success of ULIP Hackathon 1.0, which resulted in the development of cutting-edge solutions, Hackathon 2.0 invites developers, start-ups, and industry players to come together once again. The focus of this year’s hackathon is on addressing key logistics challenges such as sustainability, complex supply chain processes, unified documentation, and multimodal logistics optimization.

    Speaking on the occasion, Shri Rajeev Singh Thakur, said, “We are excited to launch ULIP Hackathon 2.0, an initiative that fosters creativity, problem-solving, and collaboration. With the tremendous success of Hackathon 1.0, we are confident that this year’s event will generate even more innovative solutions to shape the future of India’s logistics ecosystem.”

    As part of its ongoing commitment to transforming the logistics sector, NLDSL also announced the launch of the Track Your Transport (TYT) application powered by ULIP. This app is designed to empower small-scale transporters and traders by addressing various facets of logistics management, from providing tracking of cargo via all modes to verification of vehicles and drivers.  TYT eliminates the need for heavy IT infrastructure investments, making it a cost-effective and user-friendly tool for the unorganized sector.

    Shri Rajat Kumar Saini, CEO & MD, NICDC and Chairman, NLDSL highlighted that the TYT app is a key milestone in their efforts to bring digital empowerment to small traders and transporters. He stated, “The app provides the tools necessary to enhance operational efficiency and visibility, ensuring that small players can compete on a level playing field with the rest of the industry.” 

    Track Your Transport app can be accessed via the web at www.trackyourtransport.in or downloaded through Android, iOS, and Digital India App Stores.

    About ULIP:

    ULIP is a digital gateway that allows industry players to access logistics-related datasets from various Government systems through API-based integration. Currently, the platform integrates with 37 systems from 10 ministries via 118 APIs, covering over 1800 data fields. Private sector participation in ULIP has been instrumental in amplifying its impact, with over 1000 companies registered on the ULIP portal (www.goulip.in). Additionally, these companies have developed over 100 applications, leading to more than 54 crore API transactions.

    About NLDSL:

    NICDC Logistics Data Services Ltd. (NLDSL) has been at the forefront of transforming India’s logistics sector through its innovative solutions like Logistics Data Bank (LDB) and ULIP. By leveraging advanced technology, NLDSL has enhanced efficiency, transparency, and digitization within the industry.

    The company was established on December 30, 2015, with the primary objective of harnessing Information and Communication Technology (ICT) to enhance efficiency in the Indian logistics sector. It is a joint venture between Government of India represented by National Industrial Corridor Development and Implementation Trust (NICDIT) and Japanese IT major NEC Corporation.

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at the 2nd edition of Uttar Pradesh International Trade Show at Gautam Buddha Nagar, Uttar Pradesh

    Source: Government of India

    सभी को नमस्कार, 

    The largest state of the Union is blossoming and flourishing under his dynamic governance. Yogiji has turned out to be a game changer for this state, and that will help the nation. I am particularly amazed at his 24×7 watchdog governance. 

    Personally, for me, this is an absolute delight to be at the inaugural ceremony of the second edition of UP International Trade Show 2024. I had the good occasion to go around and see for myself. There could not be a greater assurance for a man like me that all is well, things are on the right track. What I witnessed was beyond my concept, imagination, and dream. I felt I was in the most developed country in the world.

     This is indeed a very well-thought-out platform that not only showcases what is there in India, in Uttar Pradesh, it affords an opportunity for people to snatch those opportunities, to be in touch with the best minds, the artisans, the skilled workers, the products, and personally flourish. My congratulations to the Honourable Chief Minister for being so thoughtful, farsighted, and practical.

     The beginning was made for the first edition by the Honourable President of India, Smt. Droupadi Murmu Ji and in this context, it is my absolute privilege to be part of the second. We are indeed very happy that the trade show will significantly showcase Vietnam as a partner country. As one of Southeast Asia’s robust economies, Vietnam has an impressive GDP of 435 billion US dollars, and we look forward to witnessing their exceptional products and innovative manufacturing practices but I can assure them, they are in the right place, their participation will enormously benefit them and their people to fully exploit their talent and connect with the best artisans and economic potential.

     Friends, this will also be an occasion to get a feel for the rich cultural heritage of Vietnam. They will, ofcourse, everyone will feel the rich heritage of Uttar Pradesh and Bharat, but we will also get a feel for the rich heritage of Vietnam. I had the occasion to have a look at it, full display through captivating traditional music and what a similarity there was with Indian instruments. I am sure there will be enough for them to carry home. The dance performances, it was enriching.

    And it is a state which, in the last few years, is seeing the happiness factor rising. When the happiness factor rises, your appetite is functional.

     My friends from Uttar Pradesh and all over the country who are here will have the occasion to indulge in authentic Vietnamese cuisine. Renowned for its unique flavours, when we look at Vietnam, the savoury delights of Pho and its spring rolls to the mouth-watering Banh Mi, our palates will be treated to a culinary journey. I have had the occasion to know about them and taste them.

    This, in a sense, is a natural partnership if we go into a historical perspective, will surely foster cultural and economic challenges collectively. The exchanges will be rewarding, further enhancing our bilateral relations and strengthening the resolve for a greater role for the Global South in international affairs. 

    It was the visionary leadership of Prime Minister Narendra Modi, that at the G20 platform, he brought on the international radar, the voice of Global South. This is an important event, their participation is memorable, and I am sure they will carry happy memories of this event.

    The exhibition — the scale, the display, the technological penetration, the cultural wealth, each district’s products. I instructed my team that they will, at the micro level, handle each store, each product, so that the nation comes to know it through Sansad TV. Mr. Chief Minister will seek your cooperation. My team will be here this evening. 

    Friends, the synergy between the Prime Minister of India, his vision, coupled with the Honourable Chief Minister of Uttar Pradesh, Yogi’s execution, sharp execution, execution which has no accommodation for corruption, no tolerance for inefficiency, this has transformed Uttar Pradesh into Uttam Pradesh. The sustained efforts of Yogiji are leading to another milestone development and achievement, soothing to the entire nation, Uttar Pradesh is fast becoming Udyam Pradesh of the country. 

    This venue is very soothing for development. This venue was also witness to the recently concluded SEMICON India 2024 conference, where the Honourable Prime Minister outlined India’s vision of making the semiconductor industry, and that is going to be the foundation of Viksit Bharat. The conference was a crucial step towards realising India’s goal of becoming a global hub for semiconductor manufacturing.

     Let me, friends, come to the state of the nation, the state of Bharat. For ages, India has been the cradle of civilisation, a crucible of innovation, and a global hub of learning. Our Vedas are a gold mine of knowledge and information. India takes pride in being one of the oldest civilisations with 5,000 years of civilisational ethos. We lost our way somewhere in between, but now we are on our way to regaining it  and that too fast enough to be a beacon for the planet in several ways in this century. 

    Nothing can be more satisfying for me to note than that in this regaining, the largest state of the union, under the leadership of Yogi Adityanath, is playing with the straight bat on the front foot to deliver for the nation. Look at a decade ago; the scenario was alarmingly worrisome. The economy was staggering, and the mood of the nation was shaky. From every aspect, governance was challenging for the citizens but what a 360-degree change, soothingly. 

    The last decade is marked by unprecedented transformation — a transformation for the better. Bharat has emerged as the most buoyant economy in the world. It is now the favourite global destination for investment and opportunity, with an ecosystem of hope and possibility all-pervasive in India. Undoubtedly, we are set to regain our pristine glory. India is now a global happening place, and Uttar Pradesh is bubbling with activity. Activity in every sector: infrastructure, growth, industry, and innovation. 

    Today, Bharat is a near 4 trillion dollar economy that has 8% growth prospects for decades to come,  world institutions have analysed. In 2 years, our economy will march ahead of that of Japan and Germany to be the world’s third-largest economy. Incremental infrastructure growth is reflected in 8 new airports annually. The Honourable Chief Minister has indicated the scenario here. Unbelievable achievement! Look at the express highways, virtually doubling, and the state will be on the global map when it comes to the world-class largest airport in Jewar.

     It’s a state where dreams are fructified into ground realities. That’s what I’ve seen. Every 2 years, 3 or 4 metro systems are getting added. Friends, there is daily laying of 28 km of highways and 12 km of railway tracks. In PM Modi’s third term, historic term, 12 new industrial zones are taking shape to boost manufacturing. The nation is fully geared to tap the benefits of artificial intelligence, of electric mobility, green hydrogen, space, and semiconductors. For want of time, I am not focusing on it, but we are among the few countries focusing on the green hydrogen mission, quantum computing. We are in single digits when it comes to the exploitation of 6G technology commercially.

     The journey towards Viksit Bharat is well on track. It will fructify in 2047, if not earlier. The mood of the nation is now one of hope and possibility, with accolades pouring in from global institutions. 

    I have had a long political career, having been elected to Parliament in 1989 and a minister in 1990. The World Bank and IMF are praising us to heights, and rightly so. 

    Based on factual premise, our digitisation and technological penetration is turning out to be a global model for emulation. A decade of Make in India initiative has yielded significant results. Following successes in agriculture and services, India is now poised for manufacturing growth. State governments, UP being in the lead, are competing to attract investments by improving business conditions. 

    Sir, nothing is more important for investment than law and order. Law and order defines democracy and the Chief Minister of Uttar Pradesh, Yogi Adityanath defines law and order. It is in this soothing ecosystem that UP has emerged as an MSME hub by leveraging the sector strengths to create a robust supply chain.

    Technology has enabled greater participation from skilled youth in tier two town and rural areas. 

    Imagine skill mapping, skill mapping during challenging, daunting days of COVID-19. You did it. 

    Bharat is now frog leaping from Make in India to conceptualise, design and make in India. We are having our own concept of evolution. We are engaged in design and Make in India. It is encouraging to see multinationals and Indian companies getting in a synergetic stance. They are establishing innovation centres nationwide. Uttar Pradesh is a shining example of it, the defence corridor being one. 

    Micro, small and medium enterprises are much beyond their nomenclature, as I said earlier. This segment is the spine of the economy and a major contributor of human resource employment. 

    Coming to Uttar Pradesh, I state, with that kind of history, cultural background was plagued with law and order challenges, and atmosphere of fear. 

    Not long ago, growth prospects were all time low. And this state now is a beacon of progress and development. The long, long dark tunnel was negotiated with great speed by the Honourable Chief Minister. And there is great light at the end of the tunnel. The tunnel is much behind. From the tunnel, the dark tunnel, the state is on the expressway. 

    On the way to take a flight for higher economy on the largest airport that is coming up in Jewar. The state is full of hope and possibility. The transformation is unbelievable. Normally, people would not undertake it. They would get adjusted to the status quo. Because the challenge was really very, very, very, very daunting. 

    In a sense, there is a complete makeover of Uttar Pradesh. You are regaining its pristine glory in every sense. Because the governance exemplifies transparency, accountability, worth emulation, the kind of handholding of the entrepreneur. 

    And corruption is a word unheard in Uttar Pradesh. Power corridors are fully sanitised. Decisions are fast-tracked and duly tracked. 

    The state is now turning out to be a great strength to the nation. In phenomenal economic upsurge and unprecedented infrastructure growth in the nation, the largest state of Uttar Pradesh is now an asset and a major contributor unlike a scenario that existed a few years ago. 

    Uttar Pradesh aspires and rightly so, and why not? To reach the target of $1 trillion economy by 2027 and will be mightily adding to the dream of Prime Minister Modi to his $5 trillion economy by 2027. As rightly focused by the Honourable Chief Minister, Uttar Pradesh’s advantages include fertile land, young population, religious tourism, and MSMEs. And look at the size of MSMEs. 

    Some countries in the world may not have that population. As you have a number of units, the massive focus on infrastructure, one has to see to believe it. It’s easier to say that yes, six new expressways are being added. 

    It takes time, planning, execution, and funds. This is happening. All this has a Yogi multiplier, Yogi effect, Yogi impact. 

    Noida contributes 10% of U.P. GDP, I’m told, is crucial for economic growth in the industrial base, IT sector, and upcoming projects like Jewar Airport and Film City. But this city has emerged as one of the leading habitations at a global level. The kind of talent that is there in Noida, I know for sure, I come from the legal profession. 

    It’s becoming a favourite destination. Uttar Pradesh, no longer a sleeping giant, no longer a state with a promise. It’s a state in action with its vast resources, burgeoning population, and strategic location. It’s a growth engine in itself, and tied to the larger growth engine of the nation to take the nation forward. 

    I am particularly impressed by the inclusive growth in the country under Prime Minister Modi’s vision. He believes in a plateau kind of a growth. Everyone has to rise in every sector, every social element. U.P. is in line with it. 

    The trade show focuses on a great opportunity for everyone for boosting MSMEs, promoting geographical indications, and GI products. It was with utmost reluctance that I moved fast. Otherwise, one geographical indicator was good enough to take a few hours. Because it has enormous potential of opportunities. What I saw today was not an exhibition. I saw a basket of opportunities for all. 

    This event, friends, aligns with Prime Minister Modi’s vision of an Atma Nirbhar Bharat and embraces the motto, local to global. 

    India’s progress is evident in various sectors. But this is the right epicentre to take it to the next level, local to global. First it was vocal for local, now local to global. 

    I wouldn’t take long, but India is on the rise as never before. The rise is unstoppable. If I quickly take you, metro services have expanded from five cities to 23. 

    We have the world’s second largest metro network. The number of cities with airports has doubled from 70 to 140. India is now the largest connected nation globally with over 800 million broadband users. Digital technologies have enabled initiatives like housing for 170 million, health coverage for 60 million, and loans for 58 million small businesses annually. India records the highest digital financial transactions globally with 13 billion transactions per month. The country boasts the world’s third largest startup ecosystem with 107 unicorns and the third largest purchasing power in the world. 

    The semiconductor industry, which is very critical. It was here that the beginning was made by the Honourable Prime Minister. It is poised by 2026 to surpass 55 billion. I have no doubt this century belongs to Bharat. This century rightly belongs to Bharat. And that being the situation, let us all get together, ladies and gentlemen, because along with Bharat, we are witnessing a new dawn of Uttar Pradesh, a future where the nation stands tall as a global leader in trade, innovation, and cultural heritage. Chief Minister Yogi Adityanath has painstakingly brought about 360 degree improvement. Not easy. I feel tasked. He brought it about in law and order, in development, in cultural revolution, in giving skill to the people, and in bringing happiness to the people. The vision of Prime Minister Modi and passion of Chief Minister Yogi Adityanath are in synergy, preparing this transformation towards the grand mission of a Viksit Bharat by 2047. I have no doubt that this trade show will be a beacon of opportunity, collaboration, and success in our journey ahead. 

    And friends, I conclude by an appeal. एक बहुत बड़ा महायज्ञ भारत में हो रहा है, यह महायज्ञ विकसित भारत के लिए हो रहा है। यह महायज्ञ की पूर्ण आहुति आजादी की शताब्दी का जब महोत्सव होगा तब होगी। इसमें हर किसी को आहुति देनी है और आहुति देने के लिए संकल्प की आवश्यकता है की हम भारतीय हैं, भारतीयता हमारी पहचान है, राष्ट्रवाद हमारा धर्म है। We can never put self or political interest over nationalism.

     

    Thank you so much.

     

    ****

    JK/RC/SM

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union MoS for Health and Family Welfare, Shri Prataprao Jadhav Presides over 69th Foundation Day Celebrations of AIIMS New Delhi

    Source: Government of India

    Union MoS for Health and Family Welfare, Shri Prataprao Jadhav Presides over 69th Foundation Day Celebrations of AIIMS New Delhi

    AIIMS New Delhi is a pioneer in the field of medical education, research and healthcare in India whose legacy of excellence continues to inspire medical institutions worldwide: Shri Jadhav

    “AIIMS continuous unchallenged status of being ranked number one among medical institutions of India for the seventh consecutive year is a remarkable achievement”

    AIIMS New Delhi now serves as the National Resource Centre of the National Medical College Network of the Union Health Ministry

    In the last 2 years, inpatient beds in AIIMS have increased by more than 30%, Intensive care and operation theatre services by nearly 40%

    Posted On: 25 SEP 2024 2:49PM by PIB Delhi

    AIIMS New Delhi is a pioneer in the field of medical education, research and healthcare in India whose legacy of excellence continues to inspire medical institutions worldwide.” This was stated by Union Minister of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav as he presided over the 69th Foundation Day ceremony of the All India Institute of Medical Sciences (AIIMS), New Delhi, today.

    Speaking on the occasion, Shri Jadhav said, “AIIMS New Delhi has achieved remarkable milestones and is determined to achieve its goal of being one of the top-ranked medical institutions in the world.” Highlighting that for the seventh consecutive year since the National Institute Ranking Framework (NIRF), AIIMS New Delhi has been ranked number one among medical institutions of India, the Union Minister said, “this Institute’s continuous unchallenged status is a remarkable achievement.”

     

    He informed that AIIMS New Delhi now serves as the National Resource Centre of the National Medical College Network (NMCN) of the Ministry of Health and Family welfare. This has enabled linkages with more than 100 medical colleges for enhancing undergraduate, postgraduate and continuing medical education. “This objective is being facilitated by the creation of a National Learning Management & Information System, SAKSHYAM, which was launched last year”, he said.

     

     

    Shri Jadhav highlighted that AIIMS New Delhi has established a Centre of Excellence for development of artificial intelligence in healthcare. Created by MOHFW, this centre is expected to deliver AI based solutions for evaluation of chest x-rays, early detection of diabetic retinopathy, and identification of skin lesions, among other tools, for enhancing national programs. He noted that “AIIMS is set to be the biggest robotic surgery skill training centre with 2 state-of-the-art robotic surgery equipment dedicated for training of surgeons.”

     

    It was informed that over 900 extramural research projects are being funded by national and international agencies, amounting to a total grant of nearly Rs. 200 crores while AIIMS itself has funded over 240 intramural research projects apart from providing travel fellowships to students, residents, PhD scholars, and staff to participate in national and international conferences. AIIMS Delhi has also started the Centre for Medical Innovation & Entrepreneurship as a Bio-Incubator under the BIRAC – BioNEST Scheme.

    Shri Jadhav said that AIIMS has planned for building a new hostel complex with 2200 rooms, with an estimated cost of approximately Rs 900 crores. He also highlighted new academic facilities that were added recently such as the Mother and Child Block, Surgery Block and the National Centre of Ageing which are fully functional now. Over the last 2 years, the inpatient beds have increased by more than 30%, Intensive care and operation theatre services by nearly 40%. These new facilities will improve the ability of AIIMS to cater to the huge clinical demand. AIIMS has also been entrusted with the responsibility to operationalize the Central Armed Police Forces Institute of Medical Sciences (CAPFIMS) at Maidangarhi.

    The Union Minister kicked off the Foundation Day celebration by officially inaugurating an exhibition showcasing the innovative research and projects undertaken by various departments at AIIMS. He also took a tour of the exhibition.

    The Union Minister also inaugurated the awards ceremony, recognizing the achievements of students and staff with medals and book prizes. Awards were also given for outstanding contributions to the Institute Day Exhibition, celebrating excellence in research and innovation.

    AIIMS New Delhi has undertaken various IT initiatives and has developed various softwares in-house for a wide range of services. The SANTUSHT portal enables patients to register their grievances online, track the status, and provide feedback regarding the resolution. To increase transparency and to maintain the trust that the patients have in AIIMS, realtime dashboards have been developed and made available to the public. The management of IT infrastructure and network has also been digitized for prompt resolution of any hardware or network issues. Triage Register for Emergency Department is a web application which helps to keep the record of patient’s Disease Condition, Medical Examination and improves patient safety by ensuring timely cross-consultation by various departments. The Union Minister launched these digital initiatives during the event. He also inaugurated a fire station at AIIMS which will have a manpower of 6 men. It is the first such station exclusively for any medical institute.

    Prof. M Srinivas, Director, AIIMS New Delhi said “AIIMS has already received NABH certification for some of its blocks and centers and is in the process of NABH certification of all the centers including the main hospital. He highlighted that NABL accreditation of all laboratories in a phased manner is under process. He also informed that AIIMS has also been the forerunner in the implementation of Ayushman Bharat Digital Mission (ABDM). “It has overcome various challenges and has been a role model for the country by creating more than 7 lakh ABHA IDs and more than 20 lakh scan and share tokens”, he said.

     

    Background:

    Established in 1956, AIIMS was created with the vision of providing high-quality medical education and comprehensive healthcare services. The institute was established as part of a larger effort to address the critical need for well-trained healthcare professionals in India. Recognizing the challenges in healthcare access and quality, the Indian government aimed to create an institution that would set benchmarks in medical training and patient care.

    From its inception, AIIMS has been a pioneer in developing innovative medical practices and cutting-edge research. Its comprehensive approach includes a focus on preventive, curative, and rehabilitative care, making it a model for medical institutions across the country. Over the decades, AIIMS has evolved to become not just a premier medical college, but also a leading research center, contributing significantly to advances in various fields of medicine.

    Importance of AIIMS in National Healthcare

    AIIMS, New Delhi, has played a pivotal role in shaping India’s healthcare landscape. Here are some key aspects of its importance:

    1. Quality Medical Education: AIIMS has been instrumental in training thousands of medical professionals who have gone on to serve in various capacities across the country. Its rigorous academic programs ensure that students receive not only theoretical knowledge but also practical training, enabling them to provide high-quality care to patients.
    2. Research and Innovation: The institute is known for its cutting-edge research in various fields, including cardiology, oncology, and neuroscience. AIIMS researchers have made significant contributions to medical science, often translating their findings into real-world applications that benefit patients.
    3. Public Health Initiatives: AIIMS has actively engaged in public health outreach programs, focusing on preventive care and health education. These initiatives aim to improve healthcare access for marginalized communities, aligning with the government’s goals to promote health equity.
    4. National Health Policies: AIIMS has served as an advisory body to the government on various health policies and programs. Its research findings and expert recommendations have influenced health policy decisions, ensuring that they are evidence-based and aligned with the needs of the population.
    5. Response to Health Crises: During health emergencies, such as the COVID-19 pandemic, AIIMS played a crucial role in managing care, conducting research, and providing guidance on best practices. Its leadership in crisis management has been vital in safeguarding public health.

    ***

    MV

    HFW/MoS AIIMS Foundation Day/25th September 2024/2

    (Release ID: 2058569) Visitor Counter : 118

    MIL OSI Asia Pacific News

  • MIL-OSI Submissions: Economy – KOF Economic Forecast, autumn 2024: Lack of recovery in Europe clouds prospects for the Swiss economy

    Source: KOF Economic Institute

    The economic recovery in Switzerland and internationally is sluggish. The KOF expects real sports-adjusted gross domestic product (GDP) to increase by 1.1% in 2024. Weak investment is holding back growth, while the pharmaceutical industry is providing a boost. Sports-adjusted GDP will increase by 1.6% in 2025 and 1.7% in 2026. The main reason for the gloomy outlook is the economic weakness in Europe – for instance in Germany, Switzerland’s most important trading partner.

    Export industry suffers from lack of demand from abroad – domestic consumption provides support

    The economic recovery in Switzerland is progressing more slowly than expected. The lack of stimulus from abroad in particular prevent the Swiss economy to fully utilise its production potential in the forecast period. The euro area is struggling to gain momentum. Above all, there are no signs of a significant economic recovery in Germany. In addition, momentum in the USA will slow in the near future. As a result, the Swiss export industry is suffering, particularly the tech industry, while the pharmaceutical industry is one of the few positive exceptions. Swiss exports in total (goods and services) will virtually stagnate until spring and only pick up speed after the first quarter of 2025.

    The weakness in equipment investment remains pronounced. It is only towards the end of the year that they will develop a little more momentum. Bright spots in Switzerland are the solid development of the labour market and the easing of inflation. Private consumption continues to support the economic development and public consumer spending is also making a positive growth contribution this year. Public consumer spending will remain stable over the remainder of the forecast period.

    GDP growth will be less dynamic in the years ahead

    According to the KOF forecast, real Swiss GDP will increase by an annual average of 1.1% this year if major sporting events such as the European Championships in Germany and the Olympic Games in Paris are excluded (1.5% including sporting events). Next year, GDP growth will be 1.6% after adjusting for sporting events (1.2% including sporting events). In its current forecast, the KOF extends the forecast period to 2026 and assumes that GDP will increase by 1.7% (excluding sporting events; 2.1% including sport events) in 2026, a similar rate to the previous year.

    Employment continues to grow – higher real wages allow scope for additional spending

    Employment growth will continue at a solid pace not only in the short term, but also over the next two years. The KOF expects employment to increase by 1% in 2025. This growth is slightly below the medium-term average rate. For 2026, job growth is expected to be almost as high at 1.1%. The unemployment rate will tend to rise slightly but steadily over the forecast period. However, with rates of 2.7% and 2.8% (according to SECO) and 4.6% and 4.7% (according to ILO) in 2025 and 2026, unemployment will not rise at an above-average rate.

    After two years of declines, real wages will rise again this and in the next two years, allowing scope for additional spending. These developments, the solid labour market and high population growth mean that private consumption will remain an important pillar of the Swiss economic development. Depending on how the 13th AHV is financed, it could also provide a small boost to private consumption towards the end of the forecast period.

    Inflation decreases below 1% – further interest rate cuts by the SNB expected

    Inflation will continue to weaken in the forecast period, so that inflation is likely to be 1.2% this year and 0.7% in each of the next two years. While prices for goods and energy have fallen, price increases for services are above average. In view of the disinflationary trend, the Swiss National Bank (SNB) will lower its key interest rates further. The KOF anticipates an interest rate cut of 25 basis points in September and a further cut of the same magnitude in December, bringing the key interest rate down to 0.75%.

    Significant forecast risks due to geopolitical conflicts – Swiss franc could appreciate

    In view of the geopolitical tensions in various regions of the world, the risks to the forecast are currently considerable. The war in Ukraine, but especially the conflict in the Middle East, could have a strong impact on both economic development and inflation if it escalates further. The supply and prices of energy commodities could react strongly. The exchange rate of the Swiss franc is likely to react to a further escalation with an appreciation.

    MIL OSI – Submitted News

  • MIL-OSI Africa: National Bank of Malawi Plc Secures landmark US$100 million financing facility from Afreximbank to support trade finance

    Source: Africa Press Organisation – English (2) – Report:

    CAIRO, Egypt, September 25, 2024/APO Group/ —

    In a move set to significantly boost trade financing in Malawi, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed a landmark US$100-million Trade Finance Facilitation Facility (AFTRAF) agreement with National Bank of Malawi (NBM) Plc, the country’s largest bank by assets.

    Representing the largest AFTRAF facility ever to be extended by Afreximbank in Malawi, the US$100-million AFTRAF agreement will enhance and maximize the capacity of NBM Plc to finance trade transactions of its clients in the manufacturing, energy and agriculture sectors.

    Additionally, it will allow NBM Plc to issue letters of credit confirmed by Afreximbank, addressing the difficulty posed by a shortage of confirming banks lines. It will also support the importation of critical goods required by Malawi, including intermediate products for the manufacturing sector, fuel, pharmaceuticals and fertiliser.

    The signing ceremony was held at Afreximbank’s headquarters in Cairo on September 24, 2024. Mr. Haytham ElMaayergi, Executive Vice President, Global Trade Bank Africa at Afreximbank and Mr. Harold Jiya, Chief Executive Officer, NBM Plc inked the deal on behalf of their respective organisations.

    In his comments during the signing ceremony, Mr. ElMaayergi said: “Our support to National Bank of Malawi through the Afreximbank Trade Facilitation “AFTRAF” programme will have a significant impact on Malawi’s strategic sectors including manufacturing, agriculture and energy, by empowering them to import inputs and components to generate value-added exports.” He added, “this partnership seeks to sustain supply chains of these sectors to enhance the foreign exchange earning capacity of the country.”

    Mr. El Maayergi added that the collaboration is expected to boost intra- and extra-African trade across NBM’s expanding geographical footprint in the southern African region by supporting corporates with financing products as well as capacity building.

    On his part, National Bank of Malawi plc CEO, Mr Harold Jiya said the credit line is a huge step forward for the Bank and, more importantly, for the people of Malawi.

    He explained: “This partnership will allow us to provide more financing solutions, especially for businesses engaged in international trade. As a Bank, we are committed to making international trade easier and more affordable for our customers. The Afreximbank credit line will help reduce the risks and costs associated with cross-border transactions, giving businesses of all sizes—from large corporations to small enterprises—access to the tools they need to thrive.”

    NBM plc is an Afreximbank Trade Finance Intermediary, which allows it to collaborate with Afreximbank on transactions. It is currently in the process of reprofiling itself into a regional bank.

    MIL OSI Africa

  • MIL-OSI Asia-Pac: SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)

    Source: Hong Kong Government special administrative region

    SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)
    SJ continues ASEAN visit in Vietnam to strengthen ties with legal and business sectors (with photos)
    ******************************************************************************************

         The Secretary for Justice, Mr Paul Lam, SC, today (September 25) continued his visit programme in the Association of Southeast Asian Nations (ASEAN) in Ho Chi Minh City, Vietnam, with a delegation comprising representatives from the Law Society of Hong Kong, the Hong Kong Bar Association and alternative dispute resolution (ADR) organisations.     In the morning, Mr Lam and his delegation met with the Chief Supervisor of the China Business Association Ho Chi Minh City Branch, Mr Sun Guo Qiang, to discuss and explore business opportunities in both places and learn about the demand for legal services in the local business sector. They then had lunch with Vice-Chairman of the Hong Kong Business Association Vietnam Mr Fred Burke to have a better understanding of the Vietnam business environment and their need for cross-jurisdictional legal services.     In the afternoon, Mr Lam and his delegation met with representatives from the Vietnam International Arbitration Center to exchange views on recent developments in the arbitration landscape in both places and explore ways to strengthen collaboration. They then had a meeting with representatives from the Ho Chi Minh City Bar Association to discuss the development of the legal profession and explore potential future collaborations in building stronger and closer ties.     In the evening, Mr Lam will have dinner with the Acting Consul General of the People’s Republic of China in Ho Chi Minh City, Mr Xu Zhou, to share with him the latest developments in Hong Kong’s legal and ADR sector.     Upon arriving in Ho Chi Minh City yesterday afternoon, Mr Lam and his delegation attended a forum titled “Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond”, followed by a networking dinner, organised by the Department of Justice, the Hong Kong Economic and Trade Office in Singapore and the Vietnam Chamber of Commerce and Industry to meet local legal and business sectors. Speakers from the Hong Kong delegation shared their views with the audience on various topics, including Hong Kong’s diversified legal and dispute resolution services, its unique advantages of enjoying strong support from the motherland while being closely connected to the world under “one country, two systems”, and the opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative. The event received an enthusiastic response with over 120 participants from the legal, business and other sectors of Vietnam.     Mr Lam and the delegation will conclude their visit to Ho Chi Minh City and depart for Kuala Lumpur, Malaysia, tomorrow (September 26) to attend a seminar to promote Hong Kong’s legal and dispute resolution services.

     
    Ends/Wednesday, September 25, 2024Issued at HKT 18:50

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Polytechnic University Higher School of Engineering and Economics Wins BRICS Megagrant Competition

    MIL OSI Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    A team of researchers from the Higher School of Engineering and Economics (VIES) of the Institute of Industrial Management, Economics and Trade, together with colleagues from India and China, have won an international mega-grant from the BRICS framework program. Over the course of three years, the research team will analyze and evaluate the sustainable development of industrial and regional structures in the countries participating in the project.

    The project of the Higher School of Engineering and Economics, developed jointly with scientists from India and China, received funding under the BRICS STI Framework Programme Call 2023: Climate Change Adaptation and Mitigation.

    The BRICS Framework Programme for Scientific and Technological Integration (BRICS STI FP) is aimed at supporting advanced technical, economic, environmental and social solutions in priority areas for ensuring the progressive development of the Commonwealth countries and bringing a synergistic effect. The programme envisages an annual competition for mega-grants for the implementation of international research projects involving participants from BRICS member states jointly carrying out fundamental, applied and innovative research.

    A total of 104 applications were submitted for the competition in 2024. The project of the team of researchers from the Higher School of Engineering and Economics led by the director of VIES Dmitry Rodionov on the topic “Managing the sustainable development of industrial structures within the framework of the Water-Energy-Food concept” became one of 19 winning projects that were selected for financial support.

    The research project of the SPbPU team of scientists is based on the latest concept of “Water-Energy-Food”. The work will involve a comprehensive systemic study in three areas: analysis and assessment of the potential for sustainable development in the fuel and energy complex, mechanical engineering and the agro-industrial complex in Russia, India and China. The central link in the study is the economic and mathematical block “Systemic Modeling of Industrial and Regional Structure Development Management Processes” under the supervision of Doctor of Economics Andrey Zaitsev. The best mathematical models and tool developments will be implemented in decision-making systems in managing the sustainable development of industrial structures in Russia, China and India.

    The success of the project in the grant competition was largely determined by the scientific competencies and creative potential of the VIESH team, including both experienced scientists – doctors of science (D. G. Rodionov, N. G. Viktorova, I. A. Rudskaya, A. A. Zaitsev), and young researchers trained by the school, including those who received PhD degrees in the dissertation councils of the Polytechnic University (N. D. Dmitriev, A. S. Furtatova, D. D. Tutueva, D. A. Kryzhko). The team included researchers involved in the economics of energy, water resources, the agro-industrial complex, and the development of mathematical and statistical methods in economics.

    The project will be implemented with the support of industrial partner Neo Engineering LLC.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://vvv.spbstu.ru/media/nevs/achivments/higher-engineering-economics-school-polytechnic-winner-of-the-competition-for-a-mega-grant-bri/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News

  • MIL-OSI: Issue of Tranche 1 shares in IDEX Biometrics private placement on 16 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA (the “Company”) on 17 September 2024 regarding the private placement of shares with gross proceeds of NOK 70 million (the “Private Placement”). The Company retained Arctic Securities AS as sole manager and bookrunner for the Private Placement (the “Manager”).

    The Private Placement is divided into two tranches. 101,624,966 shares were allocated in the first tranche (“Tranche 1” and the “Tranche 1 Offer Shares”) and 365,041,700 Offer Shares were allocated in the second tranche (“Tranche 2”). Completion of Tranche 1 was subject to the Company’s board of directors (the “Board”) being granted a board authorization to issue shares (the “Board Authorization”). The Board Authorization was granted to the Board by the 23 September 2024 Extraordinary General Meeting. Completion of Tranche 2 is subject to approval by an Extraordinary General Meeting in the Company on 9 October 2024.

    The Board resolved on 25 September 2024 to issue the Tranche 1 Offer Shares in the Private Placement. The Tranche 1 Offer Shares will, following registration of the share capital increase associated with such shares in the Norwegian Register of Business Enterprises, be delivered on a separate and non-tradable ISIN, pending publication by the Company of a prospectus approved by the Norwegian Financial Supervisory Authority.

    Following registration of the share capital increase associated with the issuance of the Tranche 1 Offer Shares, the Company’s share capital will be NOK 66,056,228.10 divided into 440,374,854 shares, each with a nominal value of NOK 0.15.

    For more information about the Private Placement, please see the above-mentioned announcement.

    For further information contact:
    Marianne Bøe, Head of Investor Relations
    E-mail: marianne.boe@idexbiometrics.com
    Tel: + 47 9180 0186

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    About this notice
    This notice is published in accordance with section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network

  • MIL-OSI Europe: Statement by Antonio Tajani, Minister for Foreign Affairs and International Cooperation of Italy in his capacity as Chair of the G7 Foreign Ministers’ Meeting at the High-Level Week of the UN General Assembly (23 September 2024)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    1. Introduction

    In today’s meeting in New York, in the wake of the Summit of the Future, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the High Representative of the European Union reiterated their commitment to upholding the rule of law, humanitarian principles and international law, including the Charter of the United Nations, and to protecting human rights and dignity for all individuals.

    They re-emphasized their determination to foster collective action in order to preserve peace and stability to address global challenges, such as the climate crisis and to advance the achievement of the 2030 Agenda for Sustainable Development and the Sustainable Development Goals (SDGs).

    In doing so, the G7 members renewed their commitment to the promotion of free societies and democratic principles, where all persons can freely exercise their rights and freedoms.

    2. Summit for the Future

    In the spirit of the renewed determination to strengthen the multilateral system based on the UN Charter’s principles, as reflected in the Pact for the Future adopted at the Summit of the Future by world Leaders, the G7 members committed to continue working with countries and all relevant stakeholders within the UN system through dialogue, mutual understanding and respect in the pursuit of common solutions, with the aim of upholding and reforming the multilateral system so that it better reflects today’s world and is fit to respond to the complex global challenges of the future. They reaffirmed their commitment to work with all UN member states to strengthen the roles of the UNSG as well as the UNGA. They also recommitted to the reform of the UNSC.

    3. Steadfast Support to Ukraine

    The G7 members reaffirmed their unwavering support to Ukraine as it defends its freedom, sovereignty, independence, and territorial integrity, against Russia’s brutal and unjustifiable war of aggression. The G7 members strongly condemned Russia’s blatant breach of international law, including the UN Charter, and of the basic principles that underpin the international order. They strongly condemned the serious violations of international humanitarian law perpetrated by Russia’s forces in Ukraine, which have caused a devastating impact on the civilian population. Violence against civilians, including women, children, and prisoners of war is unacceptable.

    They expressed their outrage at Russia’s repeated attacks against critical infrastructure and they condemned in the strongest possible terms any targeting of civilian buildings and even hospitals. Ensuring the protection and resilience of Ukraine’s energy grid and its power generation capacity remains a fundamental and urgent priority as winter approaches. They welcomed the international conference on energy security held on August 22. .as well as the ongoing coordination of the G7 energy group. They reiterated their commitment to help Ukraine meet its urgent short-term financing needs, as well as support its long-term recovery and reconstruction priorities.

    Russia must end its war of aggression and pay for the damage it has caused to Ukraine. The G7 members reiterated their commitment to explore and use all possible lawful avenues by which Russia is made to meet those obligations.

    The launch of the Extraordinary Revenue Acceleration (ERA) Loans for Ukraine, as mandated by G7 leaders, will make available approximately USD 50 billion in additional funding to Ukraine that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.

    The G7 Foreign Ministers and the High Representative are working, together with Finance Ministers, to operationalize the G7 Leaders’ commitment by the end of the year. They will maintain solidarity in this commitment to providing this support to Ukraine. The G7 members confirmed that, consistent with all applicable laws and their respective legal systems, Russia’s sovereign assets in their jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.

    They also committed to strengthening the Ukraine Donor Platform to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb. This will play a key role in advancing Ukraine’s reforms in line with its European path and in contributing to a successful Ukraine Recovery Conference to be held in Italy in 2025.

    Any use of nuclear weapons by Russia in the context of its war of aggression against Ukraine would be inadmissible. They therefore condemned in the strongest possible terms Russia’s irresponsible and threatening nuclear rhetoric, as well as its posture of strategic intimidation. They also expressed their deepest concern about the reported use of chemical weapons as well as riot control agents as a method of warfare by Russia in Ukraine.

    The G7 members remained committed to holding those responsible accountable for atrocities in Ukraine, in line with international law. They also condemned the seizures of foreign companies and called on Russia to reverse these measures and seek acceptable solutions with the companies targeted by them.

    They condemned Russia’s seizure and continued control and militarization of Zaporizhzhia nuclear power plant, which poses severe risks for nuclear safety and security, potentially affecting the entire international community. They reiterated their support to the International Atomic Energy Agency’s efforts directed at mitigating such risks.

    They underlined once again their support for Ukraine’s right of self-defense and reiterated their commitment to Ukraine’s long-term security, recalling the launch of the Ukraine Compact in Washington on 11 July 2024. They re-affirmed the intention to increasing industrial production and delivery capabilities to assist Ukraine’s self-defense. They highlighted their support to Ukraine in its efforts to modernize its armed forces and strengthen its own defense industry. They expressed their resolve to bolster Ukraine’s air defense capabilities to save lives and protect critical infrastructure.

    They remained committed to raising the costs of Russia’s war of aggression by building on the comprehensive package of sanctions and economic measures already in place. Though existing measures have had a significant impact on Russia’s war machine and ability to fund its invasion, its military is still posing a threat not just to Ukraine but also to international security.

    The G7 members expressed the intention to continue taking appropriate measures, consistent with their legal systems, against actors in China and in third countries that materially support Russia’s war machine, including financial institutions, and other entities that facilitate Russia’s acquisition of items for its defense industrial base.

    They expressed their intention to continue to apply significant pressure on Russian revenues from energy and other commodities. This will include improving the efficacy of the oil price cap policy by taking further steps to tighten compliance and enforcement, including against Russia’s shadow fleet, while working to maintain market stability.

    They especially emphasized the urgency to support Ukraine’s energy security, including by coordinating international assistance through the G7+Ukraine Energy Coordination Group. They underscored the importance to continue working with the Ukrainian authorities and International Financial Institutions through the Ukraine Donor Platform, and by mobilizing private investments and fostering participation of civil society.

    They highlighted the reality of millions of internally displaced Ukrainians and the importance of an inclusive rights-based, gender-responsive recovery, including the reintegration of veterans and civilians with disabilities, and to address the needs of women, children as well as other population groups who have been disproportionately affected by Russia’s war of aggression. They reiterated their condemnation of Russia’s unlawful deportation of Ukrainian children and welcomed coordinated efforts to secure their safe return. They called on Russia to release all persons it has unjustly detained and safely return all civilians it has illegally transferred or deported, starting with children. They welcomed the Ministerial Conference on the Human Dimension of Ukraine’s 10 point peace formula that will be hosted by Canada on October 30-31.

    They reiterated the need to support Ukraine’s agriculture sector, which is critical for global food supply, particularly for the most vulnerable nations, and called for unimpeded exports of grain, foodstuffs, fertilizers and inputs from Ukraine.

    They acknowledged the importance to involve the private sector in the sustainable economic recovery of Ukraine. They welcomed and underscored the significance of Ukraine itself continuing to implement domestic reform efforts, especially in the fields of anti-corruption, justice system reform, decentralization, and promotion of the rule of law. These endeavors are in line with the Euro-Atlantic path Ukraine has embraced. The G7 members were unanimous on the need to continue to support efforts of the Ukrainian government and people in these endeavors.

    They resolutely condemned Russia’s holding of illegitimate ‘elections’ in the occupied Ukrainian Autonomous Republic of Crimea and the city of Sevastopol. Russia’s actions once again demonstrate its blatant disregard for Ukraine’s territorial integrity, sovereignty and independence, and the UN Charter. They called on all members of the international community to refrain from recognizing Russia’s illegitimate actions.

    They welcomed the Summit on Peace in Ukraine that took place in Switzerland on June 15-16 and its focus on the key priorities needed to achieve a framework for peace based on international law, including the UN Charter and its principles, and respect for Ukraine’s sovereignty and territorial integrity. They remained committed to follow up on the Conference through constructive engagement with all international partners to reach a comprehensive, just and lasting peace.

    The G7 members acknowledged that Russia continues to expand its campaigns of foreign information manipulation and interference (FIMI). They condemned Russia’s use of FIMI to support its war of aggression against Ukraine. They reiterated their determination to bolster the G7 Rapid Response Mechanism by developing a collective response framework to counter foreign threats to democracies.

    4. Situation in the Middle East

    The G7 members reiterated their condemnation of Hamas’ horrendous attacks on October 7, 2023. 101 hostages are still in the hands of Hamas. They noted with deep concern the trend of escalatory violence in the Middle East and its repercussions on regional stability and on the lives of civilians shattered by this conflict, from the Gaza Strip to the Israeli-Lebanese Blue Line. Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences. They called for a stop to the current destructive cycle, while emphasizing that no country stands to gain from a further escalation in the Middle East.

    They expressed their deep concern about the situation along the Blue Line. They recognized the essential stabilizing role played by the Lebanese Armed Forces and the UN Interim Force in Lebanon in mitigating that risk. They demanded the full implementation of UNSCR 1701 (2006) and urged that all relevant actors implement immediate measures towards de-escalation.

    The G7 members reaffirmed their strong support for the ongoing mediation efforts undertaken by the United States, Egypt and Qatar to reach a resolution between the parties to the conflict in Gaza. They reiterated their full commitment for the implementation of the UNSC Resolution 2735 (2024) and the comprehensive deal outlined by President Biden in May that would lead to an immediate ceasefire in Gaza, the release of all hostages, a significant and sustained increase in the flow of humanitarian assistance throughout Gaza, and an enduring end to the crisis, to secure a pathway to a two-state solution with a safe Israel alongside a sovereign Palestinian state. They urged the parties to the conflict to unequivocally accept the ceasefire proposal, stressing the need for countries in a position to directly influence the parties to cooperate in strengthening mediation efforts. They called for the full implementation of the terms of the ceasefire proposal without delay and without conditions.

    They called on all parties to fully comply with international law, including international humanitarian law. They expressed their deep alarm for the heavy toll this conflict has taken on civilians, deploring all losses of civilian lives equally and noting with great concern that, after nearly a year of hostilities and regional instability, it is mostly civilians, including women and children, who are paying the highest price. Protection of civilians must be an absolute priority for all parties at all times.

    The G7 members expressed concern at the unprecedented level of food insecurity affecting most of the population in the Gaza Strip. Securing full, rapid, safe, and unhindered humanitarian access in all its forms and through all relevant crossing points remains an absolute priority. They urged all parties to allow the unimpeded delivery of aid and ensure protection of humanitarian workers by properly implementing de-confliction measures. They recognized the crucial role played by UN agencies and other humanitarian actors in delivering assistance especially health care for the most vulnerable persons, including the polio vaccination campaign. They expressed their support for UNRWA to effectively uphold its mandate, emphasizing the vital role that the UN Agency plays.

    The G7 members reaffirmed their unwavering commitment, through reinvigorated efforts in the Middle East Peace Process, to the vision of a two-state solution where two democratic states, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza strip with the West Bank under Palestinian Authority. We note that mutual recognition, to include the recognition of a Palestinian state, at the appropriate time, would be a crucial component of that political process. They expressed their concern about the risk of weakening the Palestinian Authority and underlined the importance of maintaining economic stability in the West Bank. They welcomed the EU’s 400 million Euro emergency package for the Palestinian Authority. All parties must refrain from unilateral actions and from divisive statements that may undermine the prospect of a two-state solution, including the Israeli expansion of settlements and the “legalization” of settlement outposts. They condemned the rise in extremist settler violence committed against Palestinians, which undermines security and stability in the West Bank and threatens prospects for a lasting peace. They expressed their deep concern regarding the deteriorating security situation in the West Bank.

    They reiterated their commitment to working together – and with other international partners – to closely coordinate and institutionalize their support for civil society peacebuilding efforts, ensuring that they are part of a larger strategy to build the foundation necessary for a negotiated and lasting Israeli-Palestinian peace. The G7 members called on Iran to contribute to de-escalation of tensions in the region. They demanded that Iran cease its destabilizing actions in the Middle East. They underlined that they stand ready to adopt further sanctions or take other measures in response to further destabilizing initiatives.

    They reiterated their determination that Iran must never develop or acquire a nuclear weapon and that the G7 will continue working together, and with other international partners, to address Iran’s nuclear escalation. A diplomatic solution remains the best way to resolve this issue. As the IAEA remains unable to verify that Iran’s nuclear program is exclusively peaceful, they urged Iran’s leadership to cease and reverse nuclear activities that have no credible civilian justification and to cooperate with the IAEA without further delay to fully implement their legally binding safeguards agreement and their commitments under UNSCR 2231(2015).

    They condemned in the strongest possible terms Iran’s export and Russia’s procurement of Iranian ballistic missiles. Evidence that Iran has continued to transfer weaponry to Russia despite repeated international calls to stop represents a further escalation of Iran’s military support to Russia’s war of aggression against Ukraine. Russia has used Iranian weaponry such as UAVs to kill Ukrainian civilians and strike their critical infrastructure.

    They reiterated that Iran must immediately cease all support to Russia’s illegal and unjustifiable war against Ukraine and halt such transfers of ballistic missiles, UAVs and related technology, which constitute a direct threat to the Ukrainian people as well as European and international security more broadly.

    They reaffirmed their steadfast commitment to hold Iran to account for its unacceptable support for Russia’s illegal war in Ukraine that further undermines global security. In line with their previous statements on the matter, they underscored that they are already responding with new and significant measures.

    They also reiterated their deep concern about Iran’s human rights violations, especially against women and minority groups. They reiterated their call on Iran to allow access to the country to relevant UN Human Rights Council Special Procedures mandate holders.

    De-escalation efforts in the region must also include the immediate and unconditional termination of any attack by the Houthis against international and commercial vessels transiting the Gulf of Aden, the Bab al-Mandeb Strait and the Red Sea. The G7 members reiterated their strong condemnation of these attacks and the right of countries to defend their vessels from attacks. They called for the immediate release by the Houthis of the Galaxy Leader and its crew. They expressed their strong concern about the August 21 attack on the merchant vessel Sounion and the ongoing risk of an environmental catastrophe as salvage operations continue. They welcomed the efforts by the EU maritime operation Aspides and by the US-led Operation Prosperity Guardian to protect vital sea lanes. They appreciated the efforts of those countries that are committed to protect freedom of navigation and trade, as well as maritime security, in line with UNSCR 2722 (2024) and in accordance with international law.

    5. Fostering partnerships with African Countries

    The G7 members reaffirmed their commitment to support African nations in the pursuit of sustainable development as well as the creation of jobs and growth. The focus remains on fostering fair partnerships, built on shared principles, democratic values, local leadership, and practical initiatives.

    They reiterated their intention to align actions with the African Union’s Agenda 2063 and the specific needs of African countries, including plans to improve local and regional food security, infrastructure, trade, and agricultural productivity. They expressed their support for the implementation of the African Continental Free Trade Area, a crucial factor for Africa’s growth in the next decade.

    The G7 members emphasized the need to strengthen mutually beneficial cooperation with African countries and regional organizations. In addition to maintaining financial support for African nations, they expressed their determination to improve the coordination and effectiveness of G7 resources, mobilizing domestic resources and encouraging increased private investments.

    They welcomed the African Union’s permanent membership in the G20, and the creation of an additional Chair for Sub-Saharan Africa on the IMF Executive Board in November.

    They reaffirmed their commitment to the G20 Compact with Africa, a tool aimed at enhancing private investment, driving structural reforms, supporting local entrepreneurship, and fostering cooperation, particularly in the energy sector. The G7 Partnership for Global Infrastructure and Investment (PGII), and initiatives like the EU’s Global Gateway can contribute to promote sustainable, resilient, and economically viable infrastructure in Africa, ensuring transparency in project selection, procurement, and financing. In this framework, they welcomed Italy’s Mattei Plan for Africa.

    They recognized that sustainable development, peace and security and democracy go hand in hand, reaffirming their commitment to help African governments in strengthening democratic governance and respect for human rights, while addressing conditions conducive to terrorism, violent extremism, and instability.

    They expressed their deep concern about the destabilizing activities of the Kremlin-backed Wagner Group and other Russia-supported entities. They called for accountability for all those responsible for human rights violations and abuses.

    6. Indo-Pacific

    The G7 members reiterated their commitment to a free and open Indo-Pacific, based on the rule of law, which is inclusive, prosperous and secure, grounded on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights. They reaffirmed the importance of working together with regional partners and organizations, notably the Association of Southeast Asian Nations (ASEAN). They reaffirmed their thorough support for ASEAN centrality and unity. They reaffirmed their intention to work to support Pacific Island Countries’ priorities, as articulated through the 2050 Strategy for the Blue Pacific Continent.

    As they seek constructive and stable relations with China, they recognized the importance of direct and candid engagement to express concerns and manage differences. They reaffirmed their readiness to cooperate with China to address global challenges. They expressed their deep concern at the China’s support to Russia. They called on China to step up efforts to promote international peace and security, and to press Russia to stop its military aggression and immediately, completely and unconditionally withdraw its troops from Ukraine. They encouraged China to support a comprehensive, just and lasting peace based on territorial integrity and the principles and purposes of the UN Charter, including through its direct dialogue with Ukraine. They also expressed their deep concern at China’s ongoing support for Russia’s defense industrial base, which is enabling Russia to maintain its illegal war in Ukraine and has significant and broad-based security implications. They called on China to cease the transfer of dual-use materials, including weapons components and equipment, that are inputs for Russia’s defense sector.

    They recognized the importance of China in global trade. However, they expressed their concerns about China’s persistent industrial targeting and comprehensive non-market policies and practices that are leading to global spillovers, market distortions and harmful overcapacity in a growing range of sectors, undermining our workers, industries and economic resilience and security, as well as impacting on currencies. The G7 members are not decoupling or turning inwards. They are de-risking and diversifying supply chains where necessary and appropriate and fostering resilience to economic coercion. They called on China to refrain from adopting export control measures, particularly on critical minerals, that could lead to significant supply chain disruptions. Together with partners, the G7 members will invest in building their respective industrial capacities, promote diversified and resilient supply chains, and reduce critical dependencies and vulnerabilities.

    They remained seriously concerned about the situation in the East and South China Seas and reiterated their strong opposition to any unilateral attempt to change the status quo by force or coercion. They reaffirmed that there is no legal basis for China’s expansive maritime claims in the South China Sea, and they reiterated their opposition to China’s militarization and coercive and intimidation activities in the South China Sea. They re-emphasized the universal and unified character of the United Nations Convention on the Law of the Sea (UNCLOS) and reaffirmed UNCLOS’s important role in setting out the legal framework that governs all activities in the oceans and the seas. They reiterated that the award rendered by the Arbitral Tribunal on 12 July 2016 is a significant milestone, which is legally binding upon the parties to those proceedings and a useful basis for peacefully resolving disputes between the parties. They reiterated their strong opposition to China’s dangerous use of coast guard and maritime militia in the South China Sea and its repeated obstruction of countries’ high seas freedom of navigation. They expressed deep concern about the dangerous and obstructive maneuvers, including water cannons and ramming, by the China Coast Guard and maritime militia against Philippines vessels.

    The G7 members reaffirmed that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity, and called for the peaceful resolution of cross-Strait issues. There is no change in the basic position of the G7 members on Taiwan, including stated One-China policies. They supported Taiwan’s meaningful participation in international organizations as a member where statehood is not a prerequisite and as an observer or guest where it is.

    They remained concerned by the human rights situation in China, including in Xinjiang and Tibet. They are also worried about the crackdown on Hong Kong’s autonomy and independent institutions, and ongoing erosion of rights and freedoms. They urged China and the Hong Kong authorities to act in accordance with their international commitments and applicable legal obligations.

    The G7 members strongly condemned North Korea’s continuing expansion of its unlawful nuclear and ballistic missile programs in violation of multiple UNSC resolutions and its continuous destabilizing activities. They reiterated their call for the complete denuclearization of the Korean Peninsula and demanded that North Korea abandons all its nuclear weapons, existing nuclear programs, and any other WMD and ballistic missile programs in a complete, verifiable and irreversible manner, in accordance with all relevant UNSC resolutions. They called on North Korea to return to dialogue to promote peace and stability in the Korean peninsula. They urged all UN Member States to fully implement all relevant UN Security Council resolutions. They reiterated their deep disappointment with Russia’s veto last March on the mandate renewal of the UNSC 1718 Committee Panel of Experts.

    They condemned in the strongest possible terms the increasing military cooperation between North Korea and Russia, including North Korea’s export and Russia’s procurement of North Korean ballistic missiles and munitions in direct violation of relevant UNSCRs, as well as Russia’s use of these missiles and munitions against Ukraine. They are also deeply concerned about the potential for any transfer of nuclear or ballistic missiles-related technology to North Korea, in violation of the relevant UNSCRs. They urged Russia and North Korea to immediately cease all such activities and abide by relevant UNSCRs. They urged North Korea to respect human rights, facilitate access for international humanitarian organizations, and resolve the abductions issue immediately.

    They called on China not to conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions, and to act in strict accordance with its obligations under the Vienna Convention on Diplomatic Relations and the Vienna Convention on Consular Relations.

    7. Regional Issues

    Venezuela

    The G7 members reiterated their deep concern about the situation in Venezuela, following the vote on July 28.

    They emphasized that the announced victory of Maduro lacks credibility and democratic legitimacy, as indicated by reports of the UN Panel of Experts and independent international observers as well as data published by the opposition. They underscored that it is essential for electoral results to be complete and independently verified to ensure respect for the will of the Venezuelan people.

    They expressed their outrage for the arrest warrant and constant threats to the security of Edmundo Gonzalez Urrutia, who decided to seek refuge in Spain. According to the above-mentioned independent reports, Edmundo Gonzalez Urrutia appears to have won the most votes.

    They urged Venezuelan representatives to cease all human rights violations and abuses, arbitrary detentions and widespread restrictions on fundamental freedoms, particularly affecting the political opposition, human rights defenders, and representatives of independent media and civil society. They called for the release of all political prisoners and for a path to freedom and democracy for the people of Venezuela.

    They urged the international community to keep Venezuela high on the diplomatic agenda and they expressed their support for efforts by regional partners to facilitate the Venezuelan-led democratic and peaceful transition that the people of Venezuela have clearly chosen in the polls.

    Haiti

    The G7 members expressed their determination to continue supporting Haitian institutions – including the Transitional Presidential Council (CPT) and the Government of Prime Minister Conille – in their commitment to create the necessary conditions of general security and stability for the convening, by February 2026, of free and fair elections. The expression of popular will would set the foundation for the full restoration of democracy and the rule of law in Haiti.

    They also expressed full support to the Multinational Security Support (MSS) mission, which is providing critical support to the Haitian National Police as they counter criminal gangs engaged in illicit trafficking and inflicting brutal violence upon the population.

    The G7 members emphasized the importance of continued support to the MSS mission through financial contributions to the UN Trust Fund as well as contributions in kind. They expressed their strong appreciation for the commitment of the Government of Kenya – which has already deployed 380 personnel on the ground – to support the Haitian National Police in restoring peace and security.

    They called on all countries that have committed to deploy their contingents to the MSS mission to do so as soon as possible, to consolidate the mission and its fundamental role in the Country. They called on Haiti’s partners to continue their humanitarian assistance to the Haitian people and to expedite their financial and in-kind contributions to the MSS mission to help ensure that the mission is resourced for success.

    They called also on the United Nations Security Council to consider a UN Peace Operation to maintain the security gains of the Haiti National Police and the MSS mission for holding free and fair elections and called on the Secretary-General accordingly to provide support.

    The G7 members welcomed the work of the G7 Working Group on Haiti in monitoring institutional, political, social and security developments in Haiti, with a view to supporting the stabilization of the country and the restoration of full democratic governance.

    Libya

    The G7 members reiterated their unwavering commitment to Libyan stability, sovereignty, independence and unity. They expressed deep concern about recent developments in the country, in particular those involving the leadership of the Central Bank of Libya and the High Council of State, which show the fragility and unsustainability of the present status quo. They urged relevant Libyan parties to rapidly reach the necessary compromises to begin to restore the institutional integrity of the Central Bank of Libya and its standing with the international financial community. They called on Libyan political actors to refrain from taking harmful unilateral actions that create further political tension and fragmentation and make the country vulnerable to harmful foreign interference.

    They noted advances made in the organization of local elections and they called for a free, fair and inclusive participation of all Libyans. It is now imperative to relaunch a Libyan-led and Libyan-owned political process facilitated by the UN towards free and fair presidential and parliamentary elections.

    They expressed their support and commended the efforts made by UNSMIL officer in charge Stephanie Koury in support of the stabilization of Libya. They called on the Secretary General to appoint a new Special Representative without delay.

    Sudan

    The G7 members reiterated their grave concern over the ongoing fighting, mass-displacement and famine in Sudan.

    They condemned the serious human rights violations and abuses against the civilian population, including widespread sexual and gender-based violence, as well as international humanitarian law violations by both sides to the conflict. They called for an immediate end to the escalating violence, which is creating further displacement, and urged the warring parties to ensure the protection of civilians. They reiterated their commitment to holding accountable all those responsible for violations of international law in Sudan.

    They condemned the emergence of famine in Sudan as a direct consequence of efforts to restrict access of humanitarian actors. They noted recent progress in relation to the re-opening of the Chad-Sudan Adre border crossing, in the wake of the Paris Conference and of the Geneva talks. They called for full, rapid, safe, and unhindered humanitarian access both into Sudan and across lines of conflict so aid can reach all those in need.

    They urged all parties to cease hostilities immediately and to engage in serious negotiations aimed at achieving a lasting ceasefire, humanitarian access and protection of civilians without pre-conditions.

    They called on external actors to refrain from fueling the conflict, to respect the UN arms embargo on Darfur, and to play a responsible role in resolving the crisis.

    They welcomed mediation efforts by regional and international actors and organizations to facilitate a durable peace for the country.

    Inclusive, national dialogue, aimed at restoring democracy, re-establishing and strengthening the civilian and representative institutions after the end of the conflict, is a prerequisite for lasting peace. The G7 Members emphasized that it is necessary for representatives of Sudanese civil society, including women, to be fully engaged in the reflection on the political future of the country.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Hong Kong Customs and Centre for Food Safety remind public not to illegal import regulated food

    Source: Hong Kong Government special administrative region

    Hong Kong Customs and Centre for Food Safety remind public not to illegal import regulated food
    Hong Kong Customs and Centre for Food Safety remind public not to illegal import regulated food
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         ​Hong Kong Customs and the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department (FEHD) today (September 25) held a joint press conference to report on the latest number of illegal import of regulated food (such as raw meat, poultry and eggs) cases and to remind members of the public not to illegally bring regulated food into Hong Kong.     In the first eight months this year, Customs detected about 1 300 cases of illegal imports of regulated food through passenger channel at land boundary control points, exceeding the 1 019 cases in the year of 2023 and doubling that of the same period last year. This reflects that there has been a significant increasing trend in such cases recently.     The CFS said members of the public who illegally bring regulated food into Hong Kong will not only be prosecuted, but also need to be aware that these foods may be improperly stored during travel, such as at an improper temperature or unhygienic packaging, leading to the growth of pathogenic bacteria and increased food safety and personal health risks.     With the National Day Golden Week approaching, Customs and the CFS reminded members of the public not to illegally bring regulated food from the Mainland or overseas into Hong Kong for the sake of convenience, so as to avoid criminal liability and health risks. Meat and egg products not fully cooked and raw meat products in any forms of packaging (including vacuum packed or tinfoil) are all subject to the control of relevant regulations. Customs and CFS officers will distribute leaflets at different land boundary control points before and during the holiday to remind inbound travellers to abide the relevant regulations.      In addition, according to the Imported Game, Meat, Poultry and Eggs Regulations (Cap. 132AK), it is an offence to bring any game, meat, poultry or eggs into Hong Kong without a health certificate issued by an issuing entity of the place of origin and/or without prior written permission granted by the FEHD. An offender shall be liable on conviction to a fine of $50,000 and to imprisonment for six months.     Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

     
    Ends/Wednesday, September 25, 2024Issued at HKT 19:40

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