VIF Information Alerts - 06 July 2018

China 'ready to fight back' as US begins trade war
Published: The Guardian
06 Jul 2018

A long-threatened trade war between the US and China got underway on Friday as the US imposed tariffs on $34bn in Chinese goods. China has promised to levy its own tariffs immediately after on a similar quantity of US imports.

Minutes after the US tariffs went into effect at 12:01 Friday US time (0401 GMT), a spokesperson for China’s ministry of commerce said, “China promised not to fire the first shot, but in order to safeguard the country’s core interests as well as that of the people, it is forced to fight back,” according to Xinhua.Click here to read... [2]

Pakistan inks naval shipbuilding, technology transfer deal with Turkey
Published: DefenseNews
07 Jul 2018

Pakistan has signed a contract for the construction of four Milgem/Ada-class corvettes with the Turkish state-controlled shipyard M/s ASFAT A.S. The deal, inked July 5, is part of Pakistan’s efforts to replace aged warships featuring systems nearing the end of manufacturer support, boost its conventional deterrent vis-a-vis India, and better safeguard its maritime economy and trade links. According to a Navy news release, the contract includes “complete transfer of technology and the transfer of intellectual proprietary rights for the design of these ships to Pakistan.”Click here to read... [3]

Qatar-Pakistan trade jumps 104% at QR5.83bn
Published: The Peninsula
06 Jul 2018

The bilateral trade volume between Qatar and Pakistan witnessed a remarkable tripled digit-growth last year compared to previous year. The two-way trade exchange between the two friendly nations jumped by 104 percent to about QR5.83bn ($1.6bn) in 2017 from QR2.84bn ($782m) in 2016. The bilateral trade volume is set to witness further jump in the coming years as both the countries are working in close cooperation to further strengthen and deep economic cooperation in several promising areas.Click here to read... [4]

Rohingya refugees reject UN-Myanmar repatriation agreement
Published: The Guardian
06 Jul 2018

Rohingya community leaders have rejected an agreement between the United Nations and government of Myanmar for the return of refugees who fled violence in Rakhine state. Having seen a leaked text, the leaders say it does not address their concerns and will not help in the repatriation of the refugees.Click here to read... [5]

No debt trap; China says its loans are 10.6% of SL’s total and over 60% concessionary
Published: Daily Financial Times
06 Jul 2018

China yesterday denied it was leading Sri Lanka into a debt trap saying that its financial assistance was only 10.6% of total debt and over 60% was concessional. Spokesperson for the Chinese Embassy and its Chief of Political Section Luo Chong told journalists that as a most important development partner of Sri Lanka, China has provided great support including financial assistance to Sri Lanka for its post-war reconstruction and national development at its most needed and crucial moments. Quoting Central Bank of Sri Lanka data, he said Chinese loans were not the main part of Sri Lanka’s foreign debt.Click here to read... [6]

SL, India 40-year joint venture for Mattala Airport
Published: Daily Financial Times
06 Jul 2018

The Government will enter into a 40-year joint venture with India to salvage the loss-incurring Mattala Rajapaksa International Airport (MRIA), Parliament was told yesterday. Minister of Transport and Civil Aviation Nimal Siripala De Silva, taking part in yesterday’s adjournment debate on the fate of the MRIA, asserted that there was no move to sell the Airport.

“The Mattala Airport has been incurring heavy losses since its inception. Its accumulated loss since it was opened in 2013 is Rs. 20 billion. We need to revitalise this dying Airport, but we cannot do it alone. We need investors. In 2016, I presented a Cabinet paper to this effect to seek international investors to revive the Airport. However, we didn’t receive any favourable response. Then, India offered to help us. So, we are now in discussion with India to enter into a joint venture to revive the MRIA,” the Minister said.Click here to read... [7]

India to take back helicopters gifted to Maldives
Published: The Hindu
05 Jul 2018

India is preparing to bring back the two helicopters it had gifted to the Maldives, in a sign that it is hoping to use dialogue as the way forward in resolving issues with Male after months of strain in ties, caused by a squeeze on work permits to Indians and unhappiness over the Maldivian election process. According to an official source, the government has in principle decided to withdraw the helicopters, as well as accompanying personnel from two atolls in the Maldives, which has been the consistent demand of the Yameen government for the last few months.Click here to read... [8]

Bangladesh to establish special courts to try suspected drug dealers, says minister
Published: Arab News
05 Jul 2018

Bangladesh has finalized a draft for a new drugs law, including the ultimate sanction of the death penalty, officials in Dhaka confirmed on Thursday. Asaduzzaman Khan Kamal, Bangladesh’s Home Minister, told Arab News that the government has taken a very hard line against drug dealers. “In the drafted law, we propose the death penalty as the maximum punishment.” However, the minister added that the government will establish separate tribunals to insure fair trials.Click here to read... [9]