Page 16 - Commerce Ministry

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

India's trade deficit in October widens to $26.91 bn, exports down 17%

Imports during October increased to $56.69 billion against $53.64 billion in October 2021

Goyal calls for IITF-like fairs for showcasing swadeshi capabilities

This year, India's largest annual fair will see the participation of nearly 2,500 exhibitors from India and abroad

India-US CEO forum discuss ways to strengthen bilateral economic ties

This is the sixth time the forum has been convened since its reconstitution eight years ago by both nations

Commerce ministry to release exports, imports data once every month

The commerce ministry has decided to resume the practice of releasing monthly exports and imports data only once in a month with a view to providing a clear picture of the country's trade, an official said. Since October 2020, the ministry was releasing the data twice every month -- the preliminary data in the first week and then the revised numbers by the middle of the month. The decision assumes significance as stark contrast between the preliminary and final export growth rate numbers was witnessed in the data for the month of September this year. According to the preliminary data, released on October 3, the merchandise exports contracted by 3.5 per cent in September to USD 32.62 billion. However, the final data released on October 14 showed a growth of about 5 per cent to USD 35.45 billion. Some variations in export growth rate figures were seen in the previous months as well. For example, preliminary data released on September 3 showed a decline of 1.15 per cent to USD 33 bil

Goyal holds consultations with SEZ stakeholders on work from home facility

The commerce ministry on Friday held discussions with stakeholders of Special Economic Zones (SEZs) on the issue of work from home facility. The consultations assume significance as the ministry is considering to allow 100 per cent Work From Home (WFH) for employees of units in SEZs. In a tweet, the office of Commerce and Industry Minister Piyush Goyal said, he "held consultations with SEZ stakeholders over Work from Home facility. With the hybrid model here to stay, the government is working to provide flexibility and create jobs in small cities to boost exports and fuel growth". At present, WFH is permitted for a maximum period of one year in a SEZ unit and can be extended to 50 per cent of the total employees. Meanwhile, Goyal also held a meeting with Taiwan's Deputy Minister of Economic Affairs Chern-Chyi Chen. "Discussed enhanced cooperation in several areas of mutual interest and explored ways to further boost bilateral trade and investments between India and Taiwan," a sepa

Trade data from China, India shows gaping hole of $12 billion: Report

India-China trade: Under-invoicing of shipments by Indian importers is believed to be the main reason behind the gap in figures

India flags key agri-sector issues, rice export in meet with UAE minister

India on Friday flagged to the UAE some of the issues faced by its agriculture sector, including problems faced by rice exporters, during a meeting here. S Vikramjit Singh, MP, Chair, India-Arab Council, and Member of the India-UAE Joint Task Force, met Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of UAE and discussed various areas of bilateral cooperation. Singh said that trade with the UAE would take new dimensions with two major bilateral agreements already in place. He also flagged issues faced by the Indian agriculture exporters to the Gulf nation. Major discussions took place between both sides regarding trade between India and the UAE after the conclusion of the Comprehensive Economic Partnership Agreement (CEPA) and the Free Trade Agreement (FTA), Singh said in a statement. Singh, a member of the India-UAE Joint Task Force, flagged the key issues faced by the agriculture sector regarding the rejection of rice exports from India due to the presence of

Tea Board may modify past order on blending, change to help tea firms, TCPL

Existing notification bars blending imported tea with GI-tagged Indian varieties; Sources said commerce ministry left it to the Board to take a reasoned call on modification

Reducing the legal burden

Decriminalisation eases compliances for companies

Exports up 4.8% to $35.45 billion days after initial data showed a dip

The World Trade Organization (WTO) has also painted a grim picture for the outlook of global trade next year amid fears of a recession

Intensive negotiations ongoing for Diwali trade pact with India, says UK

Intensive negotiations are ongoing to meet the target to conclude the majority of the India-UK free trade agreement (FTA) talks by Diwali, UK government sources said on Thursday. Officials said that both countries continue to negotiate a high-ambition free trade agreement that could boost the UK economy by more than GBP 3 billion by 2035. The UK and India set a target to conclude most of the talks by Diwali (24th October) and intensive negotiations are ongoing, sources said. Officials familiar with the negotiations also sought to realign the issue of mobility by drawing a distinction between temporary business visas and long-term migration, saying business mobility is not the same as immigration because business mobility covers the temporary entry for talent to work for a specific time period in a trade partner country. Any commitments we seek on temporary entry will aim to encourage the best and brightest talent in India to temporarily work in the UK, official sources said. It ..

Fast-track mechanism on the cards to help Indian investors in UAE

The mechanism will also assist Indian companies to foray into the UAE market and expand

Goyal asks industry to follow quality standards to help build 'Brand India'

Union minister Piyush Goyal on Thursday asked the industry to ensure their products meet international quality standards and help build a 'Brand India' as the country aims to become a developed nation by 2047. Addressing an event organised by the Quality Council of India (QCI), Commerce and Industry Minister Goyal also called for convergence of various quality certification related organisations whether it is FSSAI, the BIS, the Rail or Defense establishments. "I would urge the ministry as well as QCI to work to bring in convergence...so that the investment environment that we have created can go from strength to strength and can help India achieve our mission of becoming a developed nation by 2047," he said, and added quality will define 'Brand India'. Speaking at another event organised by the Institute of Chartered Accountants of India (ICAI) earlier in the day, the minister stressed that more women should take up the profession of chartered accountancy. He called upon Chartered

Govt considering forming units to build expertise in Free Trade Agreements

The objective of building dedicated units in the FTA areas is to enable India to negotiate deals with other nations at the World Trade Organization from a position of strength

Finance ministry rejects 15% benign corporate tax in DESH Bill

Although the commerce ministry is making efforts to finalise the DESH Bill and introduce it in the parliament during the winter session, the finance ministry's stance may delay it

Commerce ministry says no export ban on rice, traders to pay 20% duty

The commerce ministry on Tuesday clarified that there is no export ban on rice and traders can ship the commodity after paying 20 per cent duty. On September 8, the government banned exports of broken rice. In a trade notice, the directorate general of foreign trade said it has received representations regarding rice (5 per cent and 25 per cent broken) where irrevocable letter of credit has been issued before September 8 is also being stopped at the ports. "It is clarified in respect of normal rice that rice (5 per cent and 25 per cent) is already exempted as it is not broken rice but normal rice with permissible limits of broken rice as per standards. However, it will carry 20 per cent duty," it said.

FTP extension gives time to rethink present policies

The commerce ministry should rethink its strategy of walking away from multilateral/regional trade negotiations and getting into more and more bilateral trade agreements

ONDC framing rules on personal info protection, grievance resolution

The government's entity ONDC (Open Network for Digital Commerce) is in the process of framing rules with regard to protection of personal information and grievance resolution for buyers, sellers and gateways operating through its network. A set of rules on protection of personal information and setting up of grievance resolution mechanisms would be part of the comprehensive ONDC network policy, according to a consultation paper released by ONDC on Thursday. The policy, which includes different chapters, has already framed rules on issues like branding guidelines, code of conduct and ethics, business rules, and onboarding and certification requirements. "Chapters which are under development" in the policy include issue and grievance management policy, network governance data policy, network technology governance, and termination and suspension policy. The chapter on network data governance policy would lay "down the obligations of network participants with respect to protection of .

Commerce ministry's initiative ONDC to be open for public on Friday

The commerce and industry ministry's initiative to help small retailers and reduce the dominance of e-commerce giants, Open Network for Digital Commerce will be opened to the public in Bengaluru from Friday as part of its beta testing process. "Bengaluru consumers to get a whole new shopping experience! Beta testing of the Govt's revolutionary Open Network For Digital Commerce to begin from tomorrow. It is democratic, cost-effective and empowers buyers and small businesses," commerce and industry minister Piyush Goyal said in a tweet. The ministry in April launched the pilot phase of the open network for digital commerce, a UPI-type protocol, in five cities Delhi NCR, Bengaluru, Bhopal, Shillong and Coimbatore. People were allowed to do transactions in these cities. As many as 20 organisations of national repute have confirmed investments of Rs 255 crore into ONDC. Lenders such as State Bank of India, UCO Bank, HDFC Bank, ICICI Bank, and Bank of Baroda have already committed ...