CHA-AM HUA HIN (Thailand), Oct.29: WITH the world economy’s focus shifting the East, India has initiated efforts to expand its range of cooperation with 10 Asean countries, including  China and Japan, to realise its dream vision of an Asian economic community.

                The Prime Minister, Dr Manmohan Singh, has sought early conclusion of talks with the Slouth-East Asian nations on trade in services and in vestments in order to establish an India-Asean regional trade and investment area.

             “Our alliance with the Asean countries is a key element of India’s vision of an Asian economic community… he said. “India wishes to partner Asean in realising this vision on the basis of mutual benefit, mutual prosperity and mutual respect,” Dr Singh said at the  7th India Asean summit here.

            After signing the Free Trade Agreement (FTA) with the Association of South East Asian Nations (Asean) in August, the two regions have started negotiations to broadbase the pact to include investment and services.

            With FTA now limited to trade in goods, and services contributing 55 per cent of its economy, India is keen to tap the flourishing services market in South-East Asia.

        ’ Our allance with the Asean countries is a key element of india’s vision of an Asian economic community…. india wishes to partner Asean in realising this vision on the basis of mutual benefit, mutual prosperity and mutual respect,

           Expressing confidence that the two-way trade would touch $50 billion by 2010, Dr Singh felt that Asean countries should raise the bar for trade turnover.

          Dr Singh also proposed steps like intensification of talks on an open skies policy, simplification of the visa regime to encourage business and  tourist travel to strengthen ties.

        Under the FTA, the two regions would reduce duties on about 4,000 products in a phased manner, The pact would be operational from January 2010.

            BEIJING, Oct.29: THE Global Supply chain Council and logistics services provider, FM Logistic, has announced results of its China Warehousing and Transportation Survey, revealing that the logistics sector in China may be more globalised and advanced than industry players think.

         Mr Max Henry, founder of the Global Supply Chain Council, observed that, “Our research indicates that logistics efficiency in China measured by logistics costs as a percentage of sales–may be higher than commonly believed. The average of our respondents’ reported costs, about 10 per cent of sales, is much lower than commonly cited estimates of china logistics costs as percentage of GDP.”

            Mr Jean-Cyprien Onteniente, China Sales Director for FM Logistic, noted that, “People answering the survey clearly  indicated that servies quiality is a more important factor than price when they are evaluating logistics services providers.”

     NEW DELHI, Oct.29: Jurong Port, Singapore, has reported a decline in container throughput of 32.6 percent year on-year. The Port processed just 64,000 TEU in September 2009, down 31,000 units from the September 2008 figure of 95,000 TEU. The figures emerging not, only from the Port of Jurong but across the industry, are severe but not surprising in light of the economy and the dire expectations that have circulated the shipping industry of some time.

       NEW DELHI, Oct 29: Dubai world says it has largely completed its restructuring expected to tesult in saving of US$800 million dollars over three years. The reorganisation builds on the changes announced in June \, when the management of Jumeirah Golf Estates and Jumeirah Lakes Towers and the real estate activities of Dubai Maritime City moved to Dubai  World real estate company Nakheel. The total workforce managed by Dubai World companies globally has been reduced 15 pc to 70,000. “Each Dubai world division is now sized for the current market while well placed to take advantage of recovery,” a company statement said.

          The ownership of key assets underpinning Dubai World’s balance  sheet is said to remain unaffected by the restructuring. Dubai World chairman Sultan Ahmed Bin Sulayen said: “Whilst the challenges we faced are not unique, with no global entity immune from the pressuree of the world wide recession, we are confident that Dubai World and its Subsidiaries are focused and structured to embrace reality.”

          Furthermore, Drydocks World and Ports and Free Zones World, which is made up of DP World, Economic Zones World and P&O Ferries, have maintained their current structures. The company said they “are well positioned to weather the downturn and continue to progress despite the more difficult environment.”

         NEW DELHI, Oct 29: Cargo turnover of the port of Ventspils decreased by 2.8 pc (20.71 million tons) within 9-month period of 2009 compared to the figures of the corresponding period of previous year, As per the information of port management, greater cargo turnover fell onto liquid cargo transhipment -13.9 million tons were handled in January -September, 2009, which is 1.71 pc more as compared to the figures of the corresponding period  of previous year. Here belongs oil products transhipment that amounted to 12.83 million tons. Bulk cargo transhipment amounted to 5.75 million tons, cargo -1.06 million tons. the port of  Ventspils is located near the venta river. There are terminals for loading and unloading of crude and oil and fertilizers, metal and coal, timber and fish, containers and Ro-Ro trailers. Liquid cargo area has 9 berths ranging in depth between 11.5 and 17.5 m. These berths can accommo date AFRAMAX type ves sels of 150 000 DWT. In 2008, the port handled 28.57 million tons of cargo.

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               NEW DELHI, Oct. 29 : INDIA Inc is happy over the Reserve Bank’s decision to focus on growth rather than tightening the monetary policy in view of inflationary fears.

               “It is heartening to note that RBI has chosen growth over monetary tightening and inflationary fears,” the Ficci President, Mr Harsh Pati Singhania, said while expressing the hope that the policy would continue to ensure credit availability at the right cost.

                 It was prudent to retain the monetary stimulus provided a few months ago which, along with the fiscal stimulus, had helped in ecnomic revival, the CII Director General, Mr Chandrajit Banerjee, opined.

             RBI’s decision not to tinker with the key policy rates-CRR, repo and reverse repo–was also welcomed by Corporate India,.

             “This (keeping key rates intact) is also indicative of the fact that RBI has set its mood to review the ongoing interest rate regime in view of inflationary expectations in its next quarterly review policy,” the Assocham President, Ms Swati Piramal, observed.

       NEW DELHI, Oct. 29 INDIA and the US have agreed to work together to evolve a framework for promoting real and meaningful cooperation in trade and in vestment which would remove the irritants impeding the bilateral economic engagement.

       Mr Anand Sharma, Commerce and Industry Minister, said that the India-us Trade Policy Forum meeting held here had agreed to sign such a frame work agreement “Very soon”.

       The two countries would particularly sign three comprehensive agreements on trade, investment and intellectual property rights (IPRs), Mr Sharma elaborated.

        The US Trade Representative, Mr Ron Kirk, who took part in the forum meeting expressed concern over India’s stringent investment regime and called for greater liberalisation of trade and services in certain key sectos.

        Mr Sharma, on his part, raised the question of liberalising the visa regime for IT professionals. The objective of the agreement on IPRs would be to provide “comfort and reassurance ” to the companies and investors of both the countries, he stressed.

                MUMBAI, Oct 29: Jawaha-rlal Nehru Port (JN Port) cancelled a global tender to develop its planned  330-meter container berth extension project, originally estimated to cost $130 million The decision was attributed by local shipping  circles to a rather lukewarm response from potential bidders, amid slumping container volumes at Indian ports that saw throughput fall 6.32 pc during the first half of 2009-10, coupled with legal complications after disqualified bidders challenged the process through court petitions. “We are not scrapping the project, and will go in for a fresh tender after sorting out legal problems,” said S.S. Hussain, port chairman, at a shipping summit.

            In June 2008, the port authority invited bids for the build-operate-transfer facility on an 18-year concession basis, and after technical evaluation, shortlisted two pre-qualified bidders of the eight initial applicants. The shortlisted bidders were  DP World, and a domestic consortium comprising Vadinar Oil Terminal and Essar Group.

              According to original plans, the terminal was expected to be operational in 2011 with annual capacity of 800,000 TEUs. Now the project is likely to encounter considerable delays.

              In related news, the authority again extended the bidding deadline for its 4 million-TEU fourth container terminal project from Oct, 31 to Dec.31.

             JN Port currently has three terminals a port-runterminal and two private facilities operated by DP  World and A.P. Moller Maerak, with total capacity of 4.17 million TEUs.

            In fiscal 2008-09, the west coast hub handled 3.95 million TEUs compared with a record 4.06 million TEUs the previous year.

               Volume for the April-September period declined to 2 million TEUs from 2.1 million TEUs.