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Foreign Trade Policy
The Commerce Ministry's Indian Institute of Foreign Trade (IIFT) will "very" soon start a course on negotiations, as this is an important skill set required in areas like free trade agreements, a top government official said on Saturday. Commerce Secretary Sunil Barthwal also said that Abhijit Das-authored "Strategies in GATT and WTO Negotiations" book can be a starting textbook in the Center for WTO Studies and IIFT. While releasing Das's book, he said there was previously no publication that provided a comprehensive perspective on trade negotiations. "When we look at these issues in the Department of Commerce, we always felt that there is a need for a negotiation course, which IIFT will be starting very soon," the secretary said. With the increasing number of free trade agreements, negotiating skills are going to be key in the coming days as it involves officials from different departments. India is negotiating several agreements including with the US, the UK, Oman, Australia, Pe
India on Tuesday notified exports of specified quantities of commodities like eggs, potatoes, onions, rice, wheat flour, sugar, and dal for the Maldives in the current fiscal year. The Directorate General of Foreign Trade (DGFT) in a notification said these exports have been permitted to the Maldives under the bilateral trade agreement between the countries in 2025-26. "Export of eggs, potatoes, onions, rice, wheat flour, sugar, dal, stone aggregate and river sand to Maldives has been permitted under the bilateral trade agreement between India and Maldives for 2025-26," the DGFT said in a notification. The export of these items to the Maldives will be exempted from any existing or future restriction/prohibition during this period. Items which are restricted or prohibited will be allowed only through the six designated customs ports including Mundra, Tuticorin, and Kandla. The specified quantity allowed includes potatoes (22,589 tonnes), onions (37,537 tonnes), rice (1,30,429 tonne
The government has lifted the export ban on broken rice to promote its shipments. The ban was imposed in September 2022. "Export policy of broken rice has been amended from prohibited to free with immediate effect," the Directorate General of Foreign Trade has said in a notification. Exporters have earlier urged the government to permit the shipments due to the rise in inventories. Last year, the government removed the minimum export price (MEP) of USD 490 per tonne on overseas shipments of non-basmati white rice and withdrew a blanket ban on the shipments of this variety. These measures came at a time when the country has ample rice stock at government godowns and retail prices are also under control. The export restriction was imposed as the Russia-Ukraine war had disrupted the foodgrain supply chain. Though there was a ban on exports, the government allowed the shipments to friendly and needy countries on a request basis. In 2023-24, India exported broken rice worth USD 194.
The Directorate General of Foreign Trade (DGFT) has made amendments to the Foreign Trade Policy to make consultations with stakeholders for their views on draft policies mandatory, an official statement said on Friday. The changes also provide the mechanism to inform reasons for not accepting views, suggestions, comments or feedback concerning the formulation or amendment of the Foreign Trade Policy, the commerce ministry said. "The DGFT on Thursday notified amendment in the Foreign Trade Policy, 2023, to include Para...to bring legal backing in the FTP to make it necessary to do consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the FTP," it said. The key objective of the amendments is to encourage the participation of all stakeholders in the decision-making process before introducing or changing policy and procedures affecting the ...
The rupee traded in a narrow range on Wednesday and appreciated 2 paise to 83.96 against the American currency, on easing crude oil prices and tracking its Asian peers. Forex traders said foreign institutional inflows, alongside significant corrections in asset classes like the dollar index and crude oil prices, supported the rupee, while the Reserve Bank's active intervention kept the rupee in a tight range. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and was at 83.96 in initial trade, registering a rise of 2 paise over its previous close. On Tuesday, the rupee depreciated 3 paise to close at 83.98 against the American currency. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21 per cent to 101.42 points. Brent crude, the international benchmark, was trading higher by 0.48 per cent to USD 69.52 per barrel in futures trade. Forex
This probably wasn't how President Joe Biden envisioned his big foreign policy week ending. Biden spent much of the time trying to make the case to world leaders at the UN General Assembly as well as to Democratic donors and voters that his decades of foreign policy experience and demonstrated moral clarity set him apart from Donald Trump, the early front-runner for the Republican presidential nomination. But just as Biden is looking to spotlight his foreign policy chops with his 2024 reelection bid heating up, he is facing a growing list of national security headaches, several of which emerged in recent days. There is a diplomatic spat between US allies Canada and India over the killing of a Sikh activist on Canadian soil, growing concern about the future of US funding for Ukraine, and the indictment of the influential chairman of the Senate Foreign Relations Committee, Sen. Bob Menendez, D-N.J. Each will test Biden and his administration. Menendez and his wife were indicted Frida
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the USD 800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to USD 385.4 billion during January-June this year, as against USD 379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to USD 415.5 billion during the six months of this year, as against USD 441.7 billion in January-June 2022. "India's foreign trade (exports and imports of merchandise and services) reached USD 800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022), the report said. Standalone, goods exports dipped by 8.1 per cent to USD 218.7 billion, while imports contracted by 8.3 per cent to USD 325.