1. China offers Bangladesh tariff exemption for 97% of exports from Dhaka amid tensions with India
In a bid to woo Bangladesh, China has provided a huge trade boost to the country by announcing tariff exemption for 97 per cent of Bangladeshi products effective from July 1.
The decision has come one month after Bangladesh Prime Minister Sheikh Hasina and Chinese President Xi Jinping held a discussion to upgrade their bilateral relations during the COVID-19 pandemic.
With this announcement, a total of 8,256 Bangladeshi products will come under the 97 percent of products that would be exempted from tariff.
Currently, 3095 Bangladeshi products enjoy duty-free access to Chinese market under Asia-Pacific Trade Agreement (APTA).
2. World Bank approves dollar 1.05 billion to Bangladesh for jobs and economic recovery
The World Bank has approved dollar 1.05 billion for three projects in Bangladesh to create quality jobs and accelerate economic recovery in the wake of the Corona pandemic.
These projects will help the economy in bouncing back by creating more and better jobs and promoting direct private investment in specialized economic zones.
The first project worth a dollar 500 million called Private Investment and Digital Entrepreneurship (PRIDE) project will strengthen social and environmental standards in selected economic zones and software technology parks in Bangladesh.
The dollar 295 million Enhancing Digital Government and Economy (EDGE) Project will establish an integrated, cloud-computing digital platform for all government agencies and improve cyber-security.
The dollar 250 million Second Programmatic Jobs Development Policy Credit will create fiscal space to support the government’s response to the COVID-19 crisis.
3. Atal Innovation Mission partners with CIL to boost its entrepreneurship initiatives
Coal India Limited (CIL) has agreed to partner with Atal Innovation Mission (AIM), NITI Aayog to proactively support the flagship mission’s innovation and entrepreneurship initiatives across the country.
A Statement of Intent (SoI) of a strategic partnership between AIM and Coal India Limited was signed and exchanged in a virtual e-summit for the same.
AIM has various innovation programs and entrepreneurial ecosystem building initiatives such as Atal Tinkering Labs ( ATL) at a school level, Atal Incubation Centres at institutional levels, Atal Community Innovation Centres ( ACIC) for Tier-2, Tier3 cities and rural India, Atal New India Challenges at industry level and Applied Research and Innovation for stimulating innovations in the MSME industry.
4. Veteran economist & FC member B.P.R. Vithal passes away at 93
Veteran economist and the member of 10th Finance Commission, B.P.R. Vithal passes away.
He was a former IAS officer of the 1950 batch. He also served as the Secretary, Finance and Planning, government of Andhra Pradesh, from 1972 to 1982.
B.P.R. Vithal also worked at the International Monetary Fund as the fiscal adviser to the governments of Malawi and Sudan.
He also played an instrumental role in the establishment of Centre for Economic and Social Studies, Hyderabad.
5. World Refugee Day is celebrated every year on June 20.
This day is marked to honour the refugees of the world.
Most of us are aware that refugees are forced to leave their house because of issues like war, terror attacks, or other crises.
But, leaving their houses and staying away from their homes is just the beginning of a tough and challenging journey.
Many a time these refugees have to adjust in terrible weather conditions and sometimes also find themselves living in camps until they are shifted to another place.
The theme of World Refugee Day this year is “every action counts.”