Page 15 - Commerce Ministry

Expect to sign at least two more FTAs next year, says Piyush Goyal

Union Commerce Minister Piyush Goyal on Thursday said he expects at least two more free trade agreements to be signed up in 2023. Negotiations are scheduled with the UK, European Union and Canada, Goyal said at an event here, adding that his ministry does not have the bandwidth to tend to requests by smaller trading partners like New Zealand with which the bilateral trade stands at USD 350 million. "India today works from a position of strength, we negotiate with confidence," Goyal said, adding that the country will sign at least two such free trade agreements. Speaking at the event to mark the operationalisation of the India-Australia Economic Cooperation and Trade Agreement signed in April this year, Goyal said January itself is filled with meetings between Indian Commerce Ministry officials and their counterparts abroad. After handing over certificates of origin to the first among the Indian goods being sent to Australia after the agreement, Goyal said the FTA will benefit a sle

Commerce ministry working on over 200 quality control orders: DPIIT Secy

The commerce and industry ministry is working on bringing quality control orders (QCOs) for about 200 products, a top government official said on Wednesday. Products under the quality orders cannot be produced, traded or imported without conforming with the Bureau of Indian Standards quality norms and bearing a BIS mark. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said that QCOs have worked successfully for products like toys. "We are working on more than 200 QCOs," he told reporters here. The department is continuously engaged with BIS (Bureau of Indian Standards) and concerned stakeholders for the identification of products for which these orders could be issued. The DPIIT has already sought views of stakeholders on 16 products for issuance of these quality norms. These products include aluminium and aluminium alloy products; bolts, nuts and fasteners; ceiling fan regulator; conduits and fittings for electrical installations; c

Govt approved 98 FDI proposals from nations sharing border since April 2020

The government has approved 98 foreign direct investment (FDI) proposals from countries sharing land border with India since April 2020 out of 423 received from sectors including trading and electronics, Parliament was informed on Wednesday. Many of these proposals are from China, either directly or indirectly, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. "Since April 2020, 98 FDI proposals from countries sharing land border with India were approved by various administrative ministries/departments," he said, adding since April 2020, 423 FDI proposals from countries sharing land border with India were received. Majority of the proposals received are in trading, technology, electronics, automobiles, renewable energy, financial services, pharmaceuticals and chemicals sectors, he added. In April 2020, the government had made its prior approval mandatory for foreign investments from countries that share land border with India to curb

Commerce ministry may rework draft Bills on tea, coffee with NITI Aayog

The commerce ministry is likely to engage with Niti Aayog to rework the five draft bills pertaining to cash crops tea, coffee, spices, rubber, and tobacco, an official said. Earlier this year, the ministry proposed the repeal and updation of decades-old laws on these sectors and to introduce new legislation with a view to promoting their growth and creating a conducive environment for businesses. "Niti Aayog has raised certain objections with the ministry on these five bills. The issues were recently discussed in a meeting between senior officials. Niti Aayog suggested a relook and the ministry has sought its help on that," the official said. Niti Aayog has given its views on the drafts of Spices (Promotion and Development) Bill, 2022; Rubber (Promotion and Development) Bill, 2022; Coffee (Promotion and Development) Bill, 2022; Tea (Promotion and Development) Bill, 2022 and Tobacco Board (Amendment) Bill, 2022. The ministry had earlier also conducted stakeholder consultations on th

Crude oil imports up 52.58% to $146.57 bn in Apr-Nov: Comm min data

The country's imports of Crude oil rose by 52.58 per cent to USD 146.57 billion during April-November period this fiscal, according to the data of the commerce ministry. Coal and coke imports have increased by 97.66 per cent to USD 37.25 billion during April-November period this fiscal, the data showed. Gold imports, however, dipped by 18.13 per cent to USD 27.21 billion during the eight-month period of this fiscal. The other products which recorded double digit growth in imports include electronics, chemicals, transport equipment and vegetable oil. Vegetable oil imports rose by 16.71 per cent to USD 14.28 billion during the period under review. In exports, sectors which recorded negative growth during the period include engineering goods (-2 per cent), cotton yarn/fabrics/madeups (-25.79 per cent) and plastic (-9.66 per cent). Petroleum exports grew by 58.88 per cent to USD 62.65 billion, while gems and jewellery shipments increased by 2 per cent to USD 26.45 billion during the

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Centre extends RoDTEP to more sectors, but refund woes remain

Exports under advance authorisation scheme and by export-oriented units, units in special economic zones and manufacturing goods in bonded warehouses are excluded from the scheme

FinMin, commerce ministry seized of issue of duty structure: Suman Bery

Niti Aayog Vice Chairperson Suman Bery on Friday said the finance and commerce ministries are seized of the matter related to inverted duty structure, but did not elaborate pointing out that the next Union Budget was round the corner. Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1. Replying to queries during the CII Global Economic Policy Summit 2022 here, Bery said Niti Aayog has been doing "some internal work" on the issue of inverted duty structures. Also, both the finance ministry and the commerce ministry are seized of the issue, he added. "But you know, since we are approaching budget time, I don't want a headline that promises that this is going to be, you know, on the agenda. So I just say I hear you and I will take it back," the Niti Aayog Vice Chairperson said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that .

Commerce ministry shares Russia's list of goods for imports with exporters

The commerce ministry has shared with exporters a list of hundreds of goods such as auto parts and textile that Russia has provided to India for imports, an official said. Russia, on which sanctions have been imposed by western countries due to its invasion of Ukraine, has shared a list of hundreds of items from sectors including pharmaceuticals, textiles, auto components, and chemicals. "Russia wants to import these goods from India. The list has been shared by the ministry with the concerned export promotion councils and exporters to look into whether they can ship those products to Russia," the official said. According to industry experts, it would not be easy for Indian exporters to ship these goods to Russia as they are facing problems with regard to availability of containers for Russia. "Indian exporters may be in a position to supply these materials but currently the availability of ships and containers for Russia is quite depleted. There are very limited agencies which are

We must look for newer markets for Indian millets: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday called for looking at newer markets for Indian millets to push exports. He also said that there is a need for more research and focus on standards for the sector. "We must look for newer markets and destinations. Research is required to see newer varieties," he said here at an international buyer-seller meet on millets. The minister also called for greater participation of industry besides focusing on boosting productivity of millets. Millets help in reducing carbon emission besides promoting growth of agriculture. "Let's become the global capital of millets," he added. Speaking at the event, Commerce Secretary Sunil Barthwal said that there is a huge scope to boost millet exports from India. "We can achieve the target of USD 100 billion in 2-3 years from USD 15 million, he said. He said that the ministry will be organising several such buyer-seller meets in India and abroad to promote millets. "I am sure the culture of gro

DESH & 'videsh'

The proposed Bill will create asymmetries

Indian missions to be roped in for branding, promotion of domestic millets

Indian missions abroad would be roped in for branding, promotion and identification of global potential buyers such as departmental stores for domestic millets, the commerce ministry said on Sunday. This exercise is part of the government's robust strategy to promote Indian millets. The ministry is also organising a 'Millets Smart Nutritive Conclave' on Monday wherein stakeholders of the supply chain such as Farmer Producer Organisations, startups, exporters, producers of millet-based value-added products are participating, it said in a statement. "Indian missions abroad would be roped in for branding and publicity of Indian millets, identification of international chefs as well as potential buyers such as departmental stores, supermarkets and hypermarkets for organizing B2B (business to business) meetings and direct tie-ups," it added. Commerce and Industry Minister Piyush Goyal will inaugurate the conclave here on Monday with a view to promoting exports of the grain. The concla

After toys, govt looks to curb China electric fan, smart meter imports

Since the quality control order 3 years ago, toy import down 70 per cent

DPIIT ropes in 5 social sector ministries for infra development

The five ministries/departments are health, ministry of women and child development, department of rural development and panchayat raj, education, and ministry of housing and urban affairs

Chatroom: 'RoDTEP credit doesn't lapse after 1 year from scroll generation'

The ICPO referred to by you does not give you full payment security, as, say, a bank guarantee or irrevocable LC would give

Statsguru: Six charts show India is rapidly on FTA-signing spree

The Australian Parliament ratified the ECTA with India on November 22, as a stepping stone to a more ambitious CECA

Centre pushes for reviving export commissioner posts for boosting trade

The export commissioners will be expected to operate under clear targets to expand exports from their states

Make best use of India-Aus trade pact, Goyal tells steel industry

Commerce Minister Piyush Goyal on Tuesday urged the domestic steel industry to make best use of the India-Australia Economic Cooperation & Trade Agreement (ECTA) Agreement and look at capturing new opportunities in Australia.

India on its way to become $30 trn economy, developed nation by 2047: Goyal

Piyush Goyal said that ONDC is a game-changing initiative, which aims to democratize e-commerce to give equal opportunity to start-ups and young entrepreneurs

Next round of India-UK trade agreement talks in coming months: Com ministry

The next round of talks between India and the UK on a proposed free trade agreement, which aims at boosting trade and investments between the two regions, is proposed to be held in the coming months, the commerce ministry said on Tuesday. India and Britain launched negotiations for the free-trade agreement (FTA) in January with an aim to conclude talks by Diwali (October 24), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. According to sources, the ministry has now fixed an internal deadline to conclude the talks on the trade agreement by March next year. Reduction or elimination of customs duty under the pact would help Indian labour intensive sectors like textiles, leather, and gems and jewellery to boost exports in the UK market. The UK is seeking duty concessions in areas like Scotch whiskey and automobiles. According to a presentation made b