G20 in virtual huddle as virus toll tops 21,000

The G20 virtual summit takes place this afternoon from 12 noon (GMT). (File/AFP)
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Updated 26 March 2020
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G20 in virtual huddle as virus toll tops 21,000

  • The virtual summit kicked off at 12 noon GMT
  • World leaders will discuss the current coronavirus crisis

MADRID: World leaders are to hold online crisis talks Thursday on the coronavirus pandemic that has forced three billion people into lockdown and claimed more than 21,000 lives.
With the disease tearing around the globe at a terrifying pace, warnings are multiplying over its economic consequences, and experts say it could cause more damage than the Great Depression.
Amid squabbling between the leaders of China and the US over who is to blame, UN Secretary General Antonio Guterres called for the world to act together to halt the menace.
“COVID-19 is threatening the whole of humanity,” he said. “Global action and solidarity are crucial. Individual country responses are not going to be enough.”
The global lockdown — which also took in India’s huge population this week — tightened further Thursday as Russia announced it was grounding all international flights, while Moscow’s mayor ordered the closure of cafes, shops and parks.

Tokyo’s millions of citizens have been told to stay home and tourism-dependent Thailand has shuttered its borders.
Economists say the restrictions imposed around the world could cause the most violent recession in recent history.
“The G20 economies will experience an unprecedented shock in the first half of this year and will contract in 2020 as a whole,” ratings agency Moody’s said.
Unemployment rates are expected to soar — as much as 30 percent in the US — according to James Bullard, president of the St. Louis Federal Reserve.
Leaders of the G20 major economies will hold a virtual huddle later Thursday in the shadow of such dire predictions.
“As the world confronts the COVID-19 pandemic and the challenges to health care systems and the global economy, we convene this extraordinary G20 summit to unite efforts toward a global response,” tweeted the king of Saudi Arabia. Saudi currently holds the rotating G20 presidency.
WHO chief Tedros Adhanom Ghebreyesus said richer nations needed to offer support to low and middle income countries.
The devastating effect on poorer nations was laid bare Thursday when the Philippines announced that nine frontline doctors had died after contracting COVID-19.
Three large Manila hospitals said this week they had reached capacity and would no longer accept new coronavirus cases.
Hundreds of medical staff are undergoing 14-day self-quarantines after suspected exposure, the hospitals said.
 


The death toll from the virus, which emerged in China late last year, continued to grow, with the US becoming the sixth country to hit four figures.
Almost 1,050 people are now known to have died in the United States, with nearly 70,000 confirmed infections, a tally by Johns Hopkins University showed. Globally the number of infections is closing in on half a million.
The rocketing infection rate in the US has sparked a rush to buy weapons, gun store owners told AFP, with customers panicking about societal breakdown.
“A lot of people are buying shotguns, handguns, AR-15 (semi-automatic rifles), everything,” said Tiffany Teasdale, who sells guns in Washington state.
“A lot of people are scared that someone is going to break into their home... to steal cash, their toilet paper, their bottled water, their food.”
Around half of the US population is under lockdown, but President Donald Trump said he would decide soon whether unaffected parts of the country can get back to work.
“We want to get our country going again,” Trump said. “I’m not going to do anything rash or hastily.
“By Easter we’ll have a recommendation and maybe before Easter,” he added.
The White House, which has been criticized for its lacklustre response to the mushrooming crisis, has repeatedly lashed out at Beijing over the disease.
On Wednesday, Secretary of State Mike Pompeo said the Group of Seven powers were united against China’s “disinformation” campaign.
A Chinese foreign ministry spokesman infuriated Washington by suggesting on Twitter that US troops brought the virus to Wuhan, the metropolis where it first emerged late last year.

Scientists say the new coronavirus was first detected at a market that sold wild animals.
“Every one of the nations that were at that meeting this morning was deeply aware of the disinformation campaign that the Chinese Communist Party is engaged in to try and deflect from what has really taken place,” Pompeo told reporters.
But any notion of unity after the videoconference among the G7, which also includes Britain, Canada, France, Germany, Italy and Japan, was dashed by the lack of a joint statement — often a formality at such gatherings.
Reports suggested the statement was scuttled by Pompeo’s insistence that it use the term “Wuhan virus” — a phrase frowned upon by medical professionals who say it is stigmatising.
The origins of the virus notwithstanding, its human cost continued to rise, as did the volume of the alarm bells being rung all over the world.
Iran’s death toll surpassed 2,200 Thursday and Spain’s topped 4,000. Meanwhile health experts cautioned that the sewage-soaked alleyways and bamboo shacks that are home to one million Rohingya refugees in Bangladesh provide fertile ground for the spread of the disease.
Britain’s National Health Service said London’s hospitals faced a “continuous tsunami” of seriously ill COVID-19 patients.

 


India accelerates free trade agreements against backdrop of US tariffs

Updated 21 December 2025
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India accelerates free trade agreements against backdrop of US tariffs

  • India signed a CEPA with Oman on Thursday and a CETA with the UK in July 
  • Delhi is also in advanced talks for trade pacts with the EU, New Zealand, Chile 

NEW DELHI: India has accelerated discussions to finalize free trade agreements with several nations, as New Delhi seeks to offset the impact of steep US import tariffs and widen export destinations amid uncertainties in global trade. 

India signed a Comprehensive Economic Partnership Agreement with Oman on Thursday, which allows India to export most of its goods without paying tariffs, covering 98 percent of the total value of India’s exports to the Gulf nation. 

The deal comes less than five months after a multibillion-dollar trade agreement with the UK, which cut tariffs on goods from cars to alcohol, and as Indian trade negotiators are in advanced talks with New Zealand, the EU and Chile for similar partnerships. 

They are part of India’s “ongoing efforts to expand its trade network and liberalize its trade,” said Anupam Manur, professor of economics at the Takshashila Institution. 

“The renewed efforts to sign bilateral FTAs are partly an after-effect of New Delhi realizing the importance of diversifying trade partners, especially after India’s biggest export market, the US, levied tariff rates of up to 50 percent on India.” 

Indian exporters have been hit hard by the hefty tariffs that went into effect in August. 

Months of negotiations with Washington have not clarified when a trade deal to bring down the tariffs would be signed, while the levies have weighed on sectors such as textiles, auto components, metals and labor-intensive manufacturing. 

The FTAs with other nations will “help partially in mitigating the effects of US tariffs,” Manur said. 

In particular, Oman can “act as a gateway to other Gulf countries and even parts of Eastern Europe, Central Asia, and Africa,” and the free trade deal will most likely benefit “labor-intensive sectors in India,” he added. 

The chances of concluding a deal with Washington “will prove to be difficult,” said Arun Kumar, a retired economics professor at the Jawaharlal Nehru University.

“With the US, the chances of coming to (an agreement) are a bit difficult, because they want to get our agriculture market open, which we cannot do. They want us to reduce trade with Russia. That’s also difficult for India to do,” he told Arab News.  

US President Donald Trump has threatened sanctions over India’s historic ties with Moscow and its imports of Russian oil, which Washington says help fund Moscow’s ongoing war with Ukraine.

“President Trump is constantly creating new problems, like with H-1B visa and so on now. So some difficulty or the other is expected. That’s why India is trying to build relationships with other nations,” Kumar said, referring to increased vetting and delays under the Trump administration for foreign workers, who include a large number of Indian nationals. 

“Substituting for the US market is going to be tough. So certainly, I think India should do what it can do in terms of promoting trade with other countries.” 

India has free trade agreements with more than 10 countries, including comprehensive economic partnership agreements with South Korea, Japan, and the UAE.

It is in talks with the EU to conclude an FTA, amid new negotiations launched this year for trade agreements, including with New Zealand and Chile.  

India’s approach to trade partnerships has been “totally transformed,” Commerce and Industry Minister Piyush Goyal said in a press briefing following the signing of the CEPA with Oman, which Indian officials aim to enter into force in three months. 

“Now we don’t do FTAs with other developing nations; our focus is on the developed world, with whom we don’t compete,” he said. “We complement and therefore open up huge opportunities for our industry, for our manufactured goods, for our services.”