Page 4 - Commerce Ministry

Commerce ministry alerts customs to monitor imports, exports vigilantly

The commerce ministry has alerted the customs authorities to maintain strict vigilance on imports and exports amid concerns about possible dumping of goods and re-routing of consignments from India to third countries following imposition of high tariffs by the US on China, an official said. As sweeping tariffs have been imposed on China, its goods have become expensive in the US market, and this could lead to diversion of goods into countries like India. The US has imposed a 125 per cent duty on China. The official said that customs have been alerted about monitoring our exports and imports to see if there is any extraordinary surge. India should not be used as a re-routing destination". The concerned line ministries and industry associations have also been asked to provide inputs on the surge in imports and its impact on the domestic industry.

India will become a prosperous global power: Piyush Goyal on Ram Navami

'May the blessings of Lord Shri Ram remain on everyone... May this country, under the leadership of Prime Minister Modi, progress further,' Goyal asserted

'Mixed bag, not setback': Govt analysing impact of 27% Trump tariffs

US-India trade talks continue as India assesses the impact of the tariffs imposed by the Trump administration on Indian imports

Commerce ministry prepares for potential impact of US tariffs: Report

The commerce ministry is working on different scenarios to counter the possible fallout of reciprocal tariffs to be announced by the Trump administration on April 2 on its key trading partners including India, sources said. US President Donald Trump has said that April 2 will be 'Liberation Day' as he plans to announce tariffs or import duties to bring down America's trade deficit, and promote the country's manufacturing. India and the US are also working on a bilateral trade agreement to promote two-way commerce and investments. The domestic industry and exporters have raised concerns over the possible impact of the US' reciprocal tariffs on India's exports as the duties could make the goods uncompetitive in the global markets. The US is the largest trading partner of India. Sources said that the impact of these tariffs may vary from sector to sector. They added that the ministry is preparing different scenarios. These scenarios would be important to help domestic companies deal

Small tea growers hopeful of being treated at par with farmers: CISTA

Small tea growers (STGs) across the country expressed hope that they would be treated at par with the farmers for availing benefits under various welfare schemes meant for the agriculture sector, president of Confederation of India Small Tea Growers Association (CISTA), Bijoy Gopal Chakraborty said on Monday. There are nearly 2.5 lakh STGs in the country contributing to more than 51 per cent of total tea production owning less than one acre of land. CISTA said that in the 188th report of the Parliamentary Standing Committee on Commerce, the panel is of the view that STGs should be considered at par with the farmers under various welfare schemes for the agriculture sector like Pradhan Mantri Fasal Bima Yojana and (PMFBY) Pradhan Mantri Krishi Sinchai Yojana (PMKSY) among others. The committee recommended that these recommendations should be taken up with the commerce ministry to extend such essential schemes to the STGs, he said. "We are hopeful that the commerce ministry will respon

India, Malaysia aim to complete Asean trade pact review by 2025

India and Malaysia have agreed to take steps to speed up the review of the ASEAN-India Trade in Goods Agreement (AITIGA) for its substantial conclusion by 2025, the commerce ministry said on Tuesday. Malaysia is one of the key members of the 10-member ASEAN and chair of the group for this year. The decision to speed up the review came at the bilateral meeting between Minister of State of Commerce Jitin Prasada and Malaysian Deputy Minister of Investment, Trade, and Industry Liew Chin Tong here. "The meeting discussed the ongoing review of ASEAN India Trade in Goods Agreement (AITIGA) and both sides agreed to take necessary steps for speeding up the AITIGA review for its substantial-conclusion by 2025," it said. The agreement came into force in 2010 and the review of the pact was agreed to in 2019 on the demand by India after imports from ASEAN surged and trade balance became heavily in favour of the 10-member grouping. It said both sides also discussed the bilateral trade issues .

Qatar ready to fast-track investment promotion, protection deal with India

Qatar on Tuesday said it is ready to take steps to speed up the negotiations for a new bilateral investment promotion and protection agreement with India. Qatar's Commerce and Industry Minister Sheikh Faisal bin Thani bin Faisal Al Thani said India has become its third largest trading partner. He added that businesses in both countries need to push the boundaries for further strengthening investment and industrial collaboration. "We have modernised our investment ecosystem...we invite Indian investors and entrepreneurs to explore the true potential of Qatar's economy...We are ready to take steps to fast track negotiations for a new bilateral investment promotion and protection agreement," Faisal Al Thani said at CII's India-Qatar Business Forum meet. Qatar's ministry is here with a business delegation. They are accompanying Amir of Qatar Sheikh Tamim Bin Hamad Al-Thani, who arrived here yesterday on a two-day visit. India received USD 1.5 billion of foreign direct investments from

India, US complement each other, can offer mutual trade concessions: Goyal

India and the US are committed to increasing bilateral trade to USD 500 billion and negotiating a "strong" trade agreement within the next 6-8 months, Commerce and Industry Minister Piyush Goyal said on Tuesday. During the recent visit of Prime Minister Narendra Modi to Washington, India and the US announced to more than double the two-way commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall of 2025. Goyal said once his US counterpart takes charge, both countries will discuss the contours of the pact. "...In the next 6-8 months, by establishing a strong trade agreement, we are committed to increasing trade to USD 500 billion," Goyal told reporters here on the sidelines of CII's India-Qatar Business Forum meet. He added businesses of both the countries are excited about the agreement. When asked if the pact would have chapters related to goods, services and investments, he said, "My ...

India, US to finalise broad contours of trade agreement: Commerce Ministry

India and the US will sit together in the next couple of weeks to decide on the nature of the proposed trade agreement and finalise its broad contours, a senior official said on Monday. During the recent visit of Prime Minister Narendra Modi to Washington, India and the US announced to more than double the two-way commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall of 2025. "Give us a couple of weeks to decide what is the level of ambition in the first tranche (of the agreement) that we are looking at and what is the nature of the agreement that we will be arriving at. The two sides will need to sit together and try to finalise the broad contours," Additional Secretary in the Department of Commerce Rajesh Agrawal told reporters here. The two countries have also agreed to collaborate to enhance bilateral trade by increasing US exports of industrial goods to India and Indian exports of ...

India's exports likely to touch record $800 bn this year: Piyush Goyal

India's exports are growing significantly and would achieve a record USD 800 billion in 2024-25 fiscal year, Commerce and Industry Minister Piyush Goyal said on Friday. "Exports have been growing and have risen significantly in the last four years. This year also, there will be growth. We will end the year with over USD 800 billion exports for the very first time in India's history," Goyal said during Question Hour in the Rajya Sabha. He told Congress leader Rajeev Shukla that it is "not entirely accurate" that India's exports are declining. Goyal told him not to worry about falling forex reserves as they have consistently been above USD 600 billion for many months. The minister, however, informed the Upper House that certain imports -- petroleum products, coking coal, pulses and edibles oils -- are "unavoidable" due to domestic shortages and high demand. The growth in imports, which is a good sign for the economy, is due to a rise in domestic consumption. "It will take some year

Budget duty cut on key inputs to boost exports, manufacturing: Commerce Min

The reduction in customs duties in the Budget on certain inputs from sectors like marine, chemicals and critical minerals will help promote domestic manufacturing and enhance exports, according to the Commerce Ministry. It has also said that the announcement to revamp the Model Bilateral Investment Treaty (BIT) will provide better leverage during FTA (free trade agreement) negotiations. The duty on frozen fish paste (Surimi) and fish hydrolysate for aquatic feed has been reduced to 5 per cent on both these products from the current 30 per cent and 15 per cent, respectively. In the chemicals sector, the levy on pyrimidine and piperazine compounds was cut down to 7.5 per cent from the present 10 per cent; and reduced to 20 per cent on synthetic flavouring essences from 100 per cent. These compounds are used in various medicines. These essences are used to give a certain specific taste or aroma to food and beverages. On sorbitol, a low-calorie sweetener, the duty has been reduced to

Commerce Ministry withdraws 'track and trace' rule for pharma exports

The Commerce Ministry on Friday said it has withdrawn the provisions related to the track and trace system for pharmaceutical exports under the foreign trade policy. The implementation of the authentication system for drug formulations being exported will be undertaken by the Ministry of Health and Family Welfare in line with the provisions under Drug Rules 1945, according to a public notice of the Directorate General of Foreign Trade (DGFT). "The DGFT has decided to streamline export regulations by aligning with the evolving regulatory framework of the Ministry of Health & Family Welfare. Accordingly, the provisions related to the track and trace system for pharmaceutical exports under the Foreign Trade Policy are being withdrawn," the ministry said. The system, introduced on January 10, 2011, mandated barcoding at various packaging levels. While tertiary and secondary packaging requirements were successfully implemented in 2011 and 2013, primary-level barcoding and parent-child .

DGFT upgrades platform for issuing electronic certificate of origin

The Directorate General of Foreign Trade (DGFT), under the commerce ministry, has launched an upgraded system for issuance of electronically generated certificate of origin to help exporters, an official statement said on Monday. Certificate of origin is a key document required for exports to those countries with which India has trade agreements. An exporter has to submit the certificate at the landing port of the importing country. The document is important to claim duty concessions under free trade agreements. This certificate is essential to prove where the goods come from. The commerce ministry said this upgraded platform offers features such as multi-user access, which enables exporters to authorise multiple users under a single Importer Exporter Code (IEC). Additionally, the system now supports Aadhaar-based e-signing alongside digital signature tokens. "The DGFT has launched the enhanced Certificate of Origin (eCoO) 2.0 system, a significant upgrade designed to simplify the

Commerce dept seeks to extend 2 export schemes ahead of Union Budget

The commerce department is now seeking an additional allocation of Rs 1,600-1,700 crore, which will allow the government to drag the scheme till March 31

FHRAI accuses Zomato, Swiggy of data misuse, seeks commerce ministry action

The letter raised objections to Zomato and Swiggy's entry into quick food delivery services through their private-label brands, Bistro and Snacc

Govt to launch AI-backed data analytics platform for better trade insights

A committee, comprising officials from commerce and finance ministries, has been formed to create a mechanism for publishing consistent and accurate data

India, UK looking to resume talks on FTA in Feb: Commerce ministry

India and the UK are exploring convenient dates to resume the talks for the proposed free trade agreement in early February, according to the commerce ministry. The talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. "Mutually convenient date is being explored for the next round of negotiations for early February," the ministry informed on Wednesday. The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23. Regarding a similar agreement with the European Union (EU), the ministry said that the tenth round of talks is scheduled from March 10-14 in Brussels. The two sides are negotiating a free trade agreement, an investment protection agreement and an agreement on geographical indications (GIs). In the ninth round, both sides discussed trade issues covering goods, services, investment and government procurement along with neces

We are doing FTAs only after extensive stakeholder consultations: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India is finalising free trade agreements (FTAs) only after extensive consultations with all the concerned stakeholders. He said that unlike in the past, these pacts are now fair, equitable and balanced. "We are not doing FTAs like in the past. Every agreement is after extensive stakeholder consultation," he said at the Thuglak Annual Meet in Chennai. Citing the agreement with the four-European nation bloc EFTA, he said that for the first time in the history of FTAs, India has received a commitment of USD 100 billion FDI (foreign direct investment) in this pact. The Modi government has implemented these pacts with countries like Australia and the UAE. He also said that India's decision to opt out of RCEP (Regional Comprehensive Partnership Agreement) demonstrates its commitment to safeguarding national interests. "It was not in the interest of MSMEs, and it would have opened a floodgate for Chinese goods into the country

Commerce ministry may seek 5-year extension of interest equalisation scheme

The commerce ministry is likely to seek further extension of the interest equalisation scheme in the forthcoming Budget on pre- and post-shipment rupee export credit for another five years to promote the country's outbound shipments, an official said. The scheme ended on December 31 last year. The scheme helps exporters from identified sectors and all MSME manufacturer exporters to avail of rupee export credit at competitive rates at a time when the global economy is facing headwinds. Exporters get subsidies under the Interest Equalisation Scheme for pre- and post-shipment rupee export credit. "The ministry may request for the extension of the scheme," the official said. The scheme was started on April 1, 2015, and was initially valid for five years up to March 31, 2020. It has been continued thereafter, including a one-year extension during COVID-19, and with further extensions and fund allocations. In September last year, the government extended the scheme till December 31, ...

Quick commerce companies' foray into food biz rustles up restaurants

Restaurants body NRAI is also exploring legal routes and is likely to knock on the doors of the Competition Commission of India to address issues related to private labelling