By Leela de Kretser and Victoria Waldersee DAVOS, Switzerland (Reuters) -Argentina s libertarian President Javier Milei praised free markets and slammed socialism at Davos during the first overseas tour for the self-proclaimed anarcho-capitalist , who is battling to fix a major economic crisis at home. The trip marks a test for right-wing Milei, a relative political newcomer who took office last month after a rapid ascent from acid-tongued economist and TV pundit to the presidency. He is keen to win backing for his economic ideas, which include shutting the central bank and adopting the dollar. Socialism is a phenomenon that creates poverty, he said in a special address to a large and well-heeled crowd at the World Economic Forum, where he is later set to meet with International Monetary Fund (IMF) chief Kristalina Georgieva. Free enterprise capitalism is the only tool we have to end hunger and poverty, he added. Milei, who is battling to bring down inflation that topped 200% last yea
By David Lawder SAN FRANCISCO (Reuters) - The Biden administration is aiming to show that its key Asian economic initiative is making progress as Pacific Rim leaders gather in San Francisco next week, but significant holes remain on trade-related chapters, people familiar with the talks say. Negotiators from 14 countries are racing to close out chapters of the Indo-Pacific Economic Framework for Prosperity in hastily arranged talks this week, with announcements expected on cooperation to accelerate the clean energy transition and to fight corruption and tax evasion. U.S. President Joe Biden is keen to portray IPEF as producing meaningful outcomes to leaders of Asia Pacific Economic Cooperation countries, as he seeks to offer them a U.S.-led alternative to deeper economic ties to China. When the administration launched the IPEF negotiations in 2023, it made clear that the U.S.-hosted APEC summit was a key deadline, and that has raised expectations, said Wendy Cutler, a former U.S. trade
By Sakura Murakami and John Geddie TOKYO (Reuters) -G7 foreign ministers on Wednesday called for humanitarian pauses in the Israel-Hamas war to allow in aid and help the release of hostages, and sought a return to a broader peace process. Ending a two-day meeting in Tokyo as Israeli forces continued to pound the Gaza Strip, the Group of Seven wealthy nations said in a joint statement that Israel had the right to defend itself. But they also underscored the need to protect civilians and to comply with international humanitarian law. G7 members are committed to preparing long-term solutions for Gaza and a return to a broader peace process in the Israel-Palestinian conflict in line with the internationally agreed parameters, the statement said. The ministers shared the view that a two-state solution. remains the only path to a just, lasting, and secure peace . It was only the second joint statement from the G7 since gunmen from the Palestinian militant group Hamas triggered the war with a
By Bhargav Acharya and Gabriel Araujo JOHANNESBURG (Reuters) -BRICS leaders met on Tuesday to plot the future course of the bloc of developing nations but divisions re-emerged ahead of a critical debate over a potential expansion of the group intended to boost its global clout. Heightened tensions in the wake of the Ukraine war and Beijing s growing rivalry with the United States have pushed China and Russia - whose President Vladimir Putin will attend the meeting virtually - to seek to strengthen BRICS. They are seeking to use the Aug. 22-24 summit in Johannesburg to forge the grouping, which also includes South Africa, Brazil and India, into a counterweight to Western dominance of global institutions. Right now, changes in the world, in our times, and in history are unfolding in ways like never before, bringing human society to a critical juncture, China s President Xi Jinping said in remarks delivered at a BRICS business forum. The course of history will be shaped by the choices we
By Gabriela Baczynska BRUSSELS (Reuters) -The EU s latest draft of new sanctions against Russia would make it more difficult than originally proposed to cut trade with third countries over busting existing restrictions, a document showed, after Berlin warned against targeting China. The EU is working on what would be its 11th round of sanctions since Russia invaded Ukraine in February last year, this time focused on cracking down on those breaking trade curbs already in place. To achieve that, the EU s executive European Commission proposed for the first time a new tool to limit trade with third countries deemed involved in bypassing sanctions after the bloc identified states in the Caucasus and central Asia as possible culprits. During a first discussion on the proposal among the 27 EU countries last week, Germany was a leading voice in warning against any possible future restrictions in trade with China. The document, an update from the Commission that was seen by Reuters, takes that