India set to ban rice exports to curb inflation: India’s government is planning to ban exports of all non-Basmati rice, Bloomberg reports, citing sources with knowledge of the matter. If implemented, the ban would impact some 80% of India’s rice exports, Bloomberg writes. The move aims to prevent inflation amid a rise in domestic prices, the sources revealed to the outlet. The rice ban could cause global costs of rice to soar, as India supplies rice to some 100 countries, according to Bloomberg. The share prices of Indian rice millers have fallen on the back of the news of the potential ban, including those of the country’s largest rice company KRBL, which fell by 3.7%, according to Bloomberg.

India has also restricted imports of plain gold jewelry, Reuters reported last week. The gold ban was put in place to fix a policy flaw that allowed importers to circumvent paying import taxes for some 3-4 tonnes of gold in the last few months, a Mumbai-based dealer said to Reuters. The ban does not impact imports from the UAE, which has a CEPA with India that exempts it from the restrictions.

The UK officially became a member of the USD 15.7 bn Trans-Pacific Partnership Agreementon Sunday, making it the first new member of the framework since it came into force, Bloombergreports. China is among the applicants seeking to join the CPTPP — which is currently composed of 12 members, including Australia, Canada, Mexico and New Zealand — and makes up 15% of global GDP with the UK included. “We have a seat at the table in the fastest growing region,” which will make a significant difference for the UK,” Badenoch said.

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