Page 7 - Commerce Ministry

IPEF's clean economy investor forum meet in Singapore to begin on Jun 5

Senior officials from the commerce ministry will participate in the two-day clean economy investor forum meet in Singapore, organised by Indo-Pacific Economic Framework for Prosperity (IPEF), an official said. Commerce Secretary Sunil Barthwal, Additional Secretary in the ministry Rajesh Agrawal, and other senior officers have reached Singapore for the meet, which will start on June 5. "Indian projects would be pitched in the forum. Over 150 investors would participate," the official said. The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022 and it currently includes 14 partners -- Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, the US, and Vietnam. It provides a platform for countries in the region to collaborate on advancing resilient, sustainable and inclusive economic growth, and aims to contribute to cooperation, stability and prosperity in the region. Th

Metallurgical coke curbs: Commerce dept, SteelMin tussle over import quota

The steel ministry's request comes against the backdrop of the final findings of the DGTR investigation released last week

MCA working on developing SOPs for FTA strategy, trade negotiation

The commerce ministry held deliberations with experts, former officers and senior officials from different departments on framing a standard operating procedure for free trade pacts and other related issues under these agreements, an official release said on Tuesday. The commerce ministry in the release stated that the 'Chintan Shivir' was organised on May 16-17 at Neemrana, Rajasthan. "The Shivir facilitated discussions on various issues related to negotiations of Free Trade Agreements (FTAs) by India, its position and strategy that should be adopted for such negotiations," the ministry said. The participants also deliberated on standard operating procedures (SoP) for FTA negotiations, capacity building and resource management for trade negotiations as well as certain contemporary issues under modern FTAs such as labour, environment, and gender. It said that Commerce Secretary Sunil Barthwal spearheaded the deliberations which sought to chart a strategic course for India's future

ED raids ex-DPIIT Secy Ramesh Abhishek's premises in money laundering probe

The Enforcement Directorate on Tuesday raided the premises of retired IAS officer and former Department for Promotion of Industry and Internal Trade (DPIIT) secretary Ramesh Abhishek as part of a disproportionate assets linked money laundering probe against him, official sources said. The ED case stems from a recent CBI FIR registered by the Central Bureau of Investigation (CBI) against the 1982-batch officer. He was raided by the CBI in February. Abhishek retired in 2019 from the DPIIT (erstwhile Department of Industrial Policy and Promotion). The ED is searching the premises of Abhishek as part of a money laundering investigation, the sources said. The CBI had alleged in its FIR that Abhishek enriched himself "illicitly" after retirement by receiving "huge amounts" as consultation fee from private companies whose matters he had dealt while in service. The CBI and ED have also booked his daughter Vanessa. The retired officer also held the post of chairman, Forward Markets ...

Commerce ministry holds discussions on formulating SOPs to negotiate FTAs

The commerce ministry has held detailed discussions with senior officials of different departments and trade experts on formulating standard operating procedures (SOP) for negotiating free trade agreements (FTAs), an official said. To discuss the various aspects of these agreements, the commerce ministry has organised a two-day 'Chintan Shivir' on FTA strategy and SOPs for trade negotiations on May 16-17. Suggestions that came up during the discussions included comprehensive consultations with public and private sector players and sharing details of the proposed FTAs with the line ministries, the official said. "Consultations should be held at every stage of FTA negotiations. Representatives of certain ministries suggested the commerce ministry to share FTA details with them in a timely manner so that they can prepare their views on those agreements," the official added. The exercise assumes significance as India is engaging with several trade partners to negotiate free trade ...

US traders seek import tariff on Indian tile suppliers, blame subsidies

A coalition of US ceramic tile suppliers has urged the federal government to impose tariffs on ceramic tile imports from India as it is impacting domestic industry due to subsidised imports by the Indian government. The Department of Commerce has instituted an investigation into this matter. Import of ceramics and tiles from India has increased significantly over the past few years, an association of the US ceramic and tiles industry has claimed alleging that these are impacting their domestic industry as the imports are subsidised by the Indian government. In a petition filed before the US International Trade Commission of the Department of Commerce, the Coalition for Fair Trade in Ceramic Tile (TCNA), which claims to represent more than 90 per cent of US tile production, seeks the imposition of tariffs estimated between 408 per cent to 828 per cent, alleging that there is ongoing massive and widespread dumping from India. American tile manufacturers have always welcomed fair ...

Comm min working on infra to achieve $1 tn exports by 2030: Official

The commerce ministry has initiated an exercise to identify required infrastructure needs, potential sectors, and clusters which would help the country achieve the USD 1 trillion merchandise exports target by 2030, a senior government official said on Thursday. Additional Secretary in the Department of Commerce Anant Swarup said that the Asian Development Bank has been requested to conduct a study in this regard. If the country is targeting USD 1 trillion of exports by 2030, there is a likelihood of about USD 1.5 trillion of imports, so "do we have enough capacity" to cater to USD 2.5 trillion of EXIM (export and import) trade, he said. So that is the target on which the department is working, he said. "The ADB is doing a study for us because what is more important is from where the USD 1 trillion of exports is going to come from; which are those sectors and clusters from where this USD 1 trillion of exports is going to come from. That is very critical for us. "Because unless we k

HUL rebrands Horlicks as 'functional nutritional drink', removes 'health'

Rebranding offers clearer and more transparent representation of the product category, says company

Govt orders ethylene oxide testing for spice export to Hong Kong, Singapore

Currently, spice exports to Singapore and Hong Kong require mandatory testing for the carcinogen Aflatoxin and the dye Sudan I-IV

Wholesale price inflation rises to three-month high of 0.53% in March

The overall FY24 wholesale headline inflation stood at -0.7 per cent as compared to 9.6 per cent in FY23

India's exports shrink 3% in FY24 but tide is turning, says govt

India's trade deficit at 11-month low in March

Remove Bournvita from 'health drinks' section: Govt to e-commerce websites

The Ministry of Commerce and Industry has asked all e-commerce companies to remove all drinks and beverages, including Bournvita, from "healthy drinks" section

Comm ministry may seek extension of interest equalisation for exporters

The commerce ministry is likely to seek further extension of the interest equalisation scheme on pre- and post-shipment rupee export credit for another five years to promote the country's outbound shipments, an official has said. The scheme will end on June 30 this year. "The ministry will do revamping of some schemes like interest equalisation scheme. We would propose an extension of the scheme for five years. The scheme is doing good, and it is helping the exporters," the official said. On December 8, 2023, the Union Cabinet approved an additional allocation of Rs 2,500 crore for the continuation of the scheme up to June 30. 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 additional outlay of Rs 2,500 crore, over and abov

PMO asks commerce min to examine model text of bilateral investment treaty

The Prime Minister's Office (PMO) has asked the commerce ministry to examine the model text of the bilateral investment treaty (BIT) and suggest modifications to further improve the ease of doing business, according to sources. The exercise assumes significance as only seven countries have accepted the existing model text treaty, and most of the developed nations have expressed their reservations on the text with regard to provisions like the resolution of disputes. These investment treaties help in protecting and promoting investments in each other's countries. These pacts are important as India has earlier lost two international arbitration cases against British telecom giant Vodafone and Cairn Energy plc of the UK over the retrospective levy of taxes. Sources said an internal discussion will be held on the model text of the treaty on Monday in the commerce ministry with experts and lawyers. "There will be a presentation in the meeting. We are having an internal discussion on th

Procurement through govt's GeM portal crosses Rs 4 trn so far this fiscal

The procurement of goods and services through government's portal GeM has crossed Rs 4 lakh crore so far this fiscal due to higher buying activities by various ministries and departments, a senior government official said on Friday. The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all central government ministries and departments. "As of March 28, the procurement has crossed Rs 4 lakh crore. It is historic," GeM CEO P K Singh told reporters here. In 2021-22 the procurement value stood at Rs 1.06 lakh crore and it crossed Rs 2 lakh crore last financial year. He said that procurement of services from the portal has jumped from Rs 66,000 crore in 2022-23 to Rs 2.05 lakh crore so far this fiscal. Similarly, goods worth Rs 1.95 lakh crore have been bought from the platform till March 28 this fiscal. GeM has over 63,000 government buyer organisations and over 62 lakh sellers and service providers offering a wide range of

Trade policy calibrated with growth but open for expansion: Piyush Goyal

At Business Standard Manthan, Piyush Goyal added that in America and Europe, there are still high duties for several products

India has robust regulatory framework for seafood units: Commerce min

India has a robust regulatory framework for its 548 seafood units and it has set up world-class facilities in the fish processing sector, which are regularly inspected and monitored by various government agencies, the commerce ministry said on Saturday. The statement comes in the backdrop of some reports alleging food safety and bad labour conditions in the Indian shrimp industry. It said that all its units are registered with MPEDA (Marine Products Export Development Authority) and FSSAI (Food Safety and Standards Authority of India) and approved by EIC (export inspection council) as mandated by the law. Additionally, 46 independent pre-processing units are registered by the authority. The shrimp hatcheries and aquaculture farms are registered with the Coastal Aquaculture Authority (CAA) and State Fisheries Departments based on their respective locations. MPEDA also enrols aquafarms to bolster the traceability system of aquaculture products and adhere to national and internationa

QCOs of only three ministries exempted from imports under AA/EOU/SEZ

When we get the EPCG authorization, we can get the bill of entry finalized by claiming the exemption under the relevant Customs notification

Wholesale inflation eases to a four-month low of 0.2% in February

The prices of manufactured products, which have a weighting of 64.2 per cent in the index, remained in deflation (minus 1.27 per cent) for the twelfth consecutive month in February

Govt waives penalty, approves interest-free loan of FCV tobacco growers

The Ministry of Commerce & Industry have announced measures to support tobacco growers impacted by heavy rainfall, drought in Andhra Pradesh and Karnataka