Page 8 - Global Trade

A new great game is afoot: India-China rivalry to lead Global South

Leadership of the developing world could well become a defining characteristic of the 21st century

Nykaa, Paytm, Zomato: Canadian FPI-held stocks take a hit on widening rift

Stocks held by Canada Pension Plan Investment Board (CPPIB), which is among the biggest FPIs investing in the domestic market, have come under pressure since developments on the India-Canada tensions

On trade, Delhi G20 improves over the Bali declaration

It is near certain that the United States is reluctant to clear the way for appointment of members to the appellate body and thus revive the dispute settlement mechanism at the WTO

Panama Canal drought and how it is impacting global trade, supply chain

The Panama Canal Authority has warned that water restrictions may continue into 2024, making it important for shipowners to create a contingency plan that does not further disrupt global supply chain

WTO in survival mode pushes back on splintering the global trade

The WTO estimates that the cost of splitting the world trade system into separate blocs would be about 5 per cent of real income at the global level

Reaching consensus on Jaipur call for action to promote global trade: Goyal

A day ahead of the G20 trade ministers meeting here, Commerce and Industry Minister Piyush Goyal on Wednesday said the member countries are looking at reaching a consensus on a "Jaipur call for action" to help promote industry, MSMEs, and global trade. Representatives of the G20 countries are gathering here for the trade and investment ministerial meeting, scheduled on August 24-25. Briefing the media about the meeting, Goyal said that the officials of the countries have been burning the midnight oil to forge consensus and build a document on the priority areas. When asked whether disagreement among G20 member countries over the Russia-Ukraine conflict is a concern, Goyal said members are trying to build a consensus on as many issues as possible keeping in mind this reality. ".there are some realities on which there is no possibility of a consensus ... barring this we are trying to build a consensus on all the remaining priorities, he added. In February, the meeting of finance lea

Swift removal of non-tariff barriers key to trn-dollar exports: GTRI rpt

India needs to act in a fast-track manner for removal of non-trade barriers (NTBs), being faced by domestic exporters in different countries like the US, China and Japan, to achieve one trillion dollar outbound shipment target for goods by 2030, a report by think-tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) has suggested a two-pronged strategy to mitigate the influence of NTBs on exports. It asked for upgrading domestic systems, in cases where Indian products are rejected due to quality issues; and retaliating if unreasonable standards or rules continue to obstruct exports from New Delhi. "Many of India's exports suffer due to time taking prior registration requirements and unreasonable domestic standards/rules in many countries. India must talk to partner countries for reasonable solutions, GTRI Co-founder Ajay Srivastava said. He added that many of India's food and agriculture products face problems due to higher pesticide levels, presence of pests and .

NITI Aayog to unveil EPI report on India's readiness for global trade

This Export Preparedness Index will discuss how well India performed in terms of exports in the global trade context during the financial year 2022 and how prepared the country is for the coming year

Global trade costs could rise by $800 bn, carbon tax on shipping lined up

The IMO has proposed that 5% of all fuel used by ships be clean fuel by 2030

Exempt small suppliers on e-commerce platforms from GST registration: GTRI

Think tank Global Trade Research Initiative (GTRI) said small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without GST registration if their turnover does not exceed the threshold. The GST Council has exempted small businesses making intra-state supplies through e-commerce platforms from taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. The rule will kick in from October 1. Ahead of the 50th GST Council meeting on Tuesday, GTRI has recommended that similar registration rules should be applicable for inter-state supplies done by micro and small businesses through e-commerce platforms. Giving example, GTRI Co-Founder Ajay Srivastava said that a small village artisan with less than Rs 10,000 annual turnover selling metal-ware craft through her website must enrol for GST pay tax and file regular returns despite low turnover. However, if the artisan restricts business within a ...

Rupee globalisation to spur easier trade with other nations: Ex-RBI dy guv

"India's share of global trade, both exports and imports, is around 7%," said Thorat. "Similarly the share in financial flows is also around the same"

GTRI calls for simplifying PLI scheme, cautions against misuse by industry

The government should consider simplifying the criteria for grant of fiscal incentives under the PLI scheme while guarding against possible misuse of those support measures by the industry, a report by think-tank GTRI said on Wednesday. The government has rolled out Production Linked Incentive (PLI) scheme for 14 sectors, including telecommunications, electronics, white goods and pharma with an outlay of Rs 1.97 lakh crore. Cautioning the government about the possible misuse of the incentives, the Global Trade Research Initiative (GTRI) said firms may easily manipulate production levels through their supporting manufacturers, group companies or contract manufacturers. Citing an example, the report said the government had to suffer huge revenue loss in the past due to the misuse of a 'Target Plus' scheme during 2003-06. "Departments implementing PLI schemes may study the Target Plus scheme misuse and be vigilant. The risk compounds when incentive is granted on quarterly production,"

Smoother global trade: India to pitch an alternative to Swift at G20 meet

SWIFT allows global financial institutions to communicate with each other using a messaging network that is quick, accurate, and secure

Global trade growth to slow to 1.7% in 2023 amid rising inflation: WTO

Dragged down by a sharp slump in the fourth quarter, world trade volume grew by 2.7 per cent, "a smaller-than-expected increase"

Who will India trade with?

Regional consolidation of trade may leave India out in the cold

FTP 2023 pragmatic, will pump country's share in global trade: India Inc

India's new foreign trade policy is pragmatic and positive, and has set a stage for exporters to increase the country's share in global trade, industry bodies and experts said. Commerce and Industry Minister Piyush Goyal unveiled a 'dynamic and responsive' Foreign Trade Policy 2023 on Friday with the objective of raising the country's outward shipments to USD 2 trillion by 2030, pushing the rupee trade and incentivising e-commerce exports. Director General of industry chamber CII Chandrajit Banerjee said with many innovative measures, the new FTP will go a long way to help India achieve USD 2 trillion in exports of goods and services and is in line with the many policy announcements to promote exports in the recent past. "At a time when the world is looking for resilient global value chains, FTP 2023 will facilitate the regulatory environment, foster globally competitive firms and make exports more inclusive," he said. Commenting on the policy, Assocham Secretary General Deepak Soo

Claims of rebound in global trade premature

The expected boost in shipments from China after relaxation of the Covid-19 restrictions has not materialised

The agenda: G20 meet to focus on fair, transparent, and inclusive trade

The meeting will focus on all the areas barring WTO-related matters that will be taken up at a later stage

War in Ukraine: How one year of conflict changed geopolitics and economics

Friday marks the one-year anniversary of the Russia-Ukraine war, have a look at how the conflict that nobody believed would last this long changed the world

Global trade remains resilient, performing better despite Russia war: WTO

Global trade "has held up well" in the face of the Russia-Ukraine war, WTO Chief Economist Ralph Ossa said