Page 10 - India Trade Policy

Packing and labelling imported goods don't confer Indian-origin status

The balances in the RVAs are built through inward remittances in freely convertible currencies

India, Australia assess progress in FTA talks, eye early agreement

Senior officials of India and Australia have reviewed the progress of talks on the proposed free trade agreement between the two countries, the commerce ministry said on Monday. The two countries had implemented an interim trade pact in December 2022 and now they are negotiating to widen the scope of the pact for a Comprehensive Economic Cooperation Agreement (CECA). "The three-day stocktake visit for the India-Australia CECA concluded in New Delhi on December 6," the ministry said. The stocktake discussions covered several critical areas of the agreement, including trade in goods, services, mobility, agri-tech cooperation, and more. "The discussions also centered on market access modalities that align with India's food security objectives," it said. Both parties evaluated the progress made so far and outlined a path forward for the early conclusion of the CECA. The Indian delegation was headed by Additional Secretary and Chief Negotiator, Department of Commerce, Rajesh Agrawal,

Copper industry to see 10-13% spurt in demand in H2FY25: ICA India

Coming calendar year may see change in trade partner dynamics for copper rods, concentrate imports

Growth at risk if Donald Trump follows through on his stated agenda

Growth may falter if the President-elect follows through on his stated agenda

Govt in talks with Mongolia to set up pact focusing mineral shipments

The talks come at a time when multiple domestic steelmakers, such as JSW Steel and SAIL, are also in talks with the landlocked nation to import coking coal

CBIC should do away with IGCRS Rules for the export oriented units

The CBIC should do away with the IGCRS Rules for the EOUs, as they serve no useful purpose, only cause harassment and encourage corruption

US plays Trump card: His return sparks fears of trade frictions with India

Trump's return to power could also bring a fresh wave of scrutiny toward India. In October, he had cited it as the "biggest tariff charger" and has threatened reciprocal tariffs

DGTR recommends anti-dumping duty on PVC resins of about $339 per tonne

The commerce ministry's investigation arm DGTR has recommended imposition of an anti-dumping duty of up to USD 339 per tonne on imports of PVC resins from seven countries, including China, the US and Korea, with a view to guard domestic producers. In its preliminary findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'PVC suspension resins' have been exported to India at a price below the normal value, resulting in dumping. The notification of the directorate said that the imports from these countries - China, Indonesia, Japan, Korea RP, Taiwan, Thailand and the US - have caused material injury to the domestic industry. "Accordingly, the authority recommends imposition of provisional anti-dumping duty on the imports," it has said. The recommended duty ranges between USD 25 per tonne and USD 339 per tonne. The finance ministry takes the final decision to impose duties. The DGTR conducted the probe following applications regarding the same from domestic ..

New trade strategy could help India shift from 'no' to 'yes' in deals

Indian officials still tend to think of trade as a zero-sum game, with tariffs as the only real levers

Trade gains or headwinds? Experts debate US election's impact on India

Experts say higher trade curbs under Donald Trump could hurt India's export competitiveness

Best of BS Opinion: Digital epidemic, India's missed trade opportunities

Here is the best of Business Standard's opinion pieces for today

India's missed trade opportunities as others gain from US-China tensions

India has not been able to attract a notably greater share of global FDI. Some of this is due to political resistance to stronger ties with China, some of it is held back by structural barriers

Govt working on revamped interest subvention scheme for exporters

IES is an interest subvention scheme, under which benefits in the interest rates charged by the banks are given to the exporters on their pre and post shipment rupee export credits

Brics likely to focus on closer energy partnerships among members

16th Brics Summit in Russia's Kazan to be the first with new members

FM Sitharaman meets Mexican minister on backdrop of bilateral trade summit

During the meet, Finance minister commended the strong performance of the Mexican economy in the last six years following prudent fiscal policies

India's soybean production reaches 1.26 million tonnes: Trade body

Soybean production in the country has increased by about 6 per cent to nearly 126 lakh tonnes in the current kharif season due to favourable weather conditions, an organisation of the crop processors said on Tuesday. Its acreage remained almost the same as last season, the trade body said. During the last kharif season, the average productivity of soybean per hectare in the country was 1,002 kg, while this time it has increased to 1,063 kg, Soybean Processors Association of India (SOPA) Executive Director D N Pathak told PTI. "This time the distribution of monsoon rains in the major soybean producing areas of the country was good, which boosted the crop yield. The adoption of advanced methods of farming by cultivators and increased the crop yield," he said. After the sowing of soybean during the kharif season of 2023, there was a severe lack of moisture in the fields due to lack of rain for three weeks in the major soybean producing areas in August, as a result the crop productivit

Export to be major job creators in transition to $5 trn economy: USISPF

US-India Strategic Partnership Forum President and CEO Mukesh Aghi on Monday emphasised that exports are going to be a major job creator for India as the country moves towards becoming a USD 5 trillion economy. Aghi, who was speaking at an event organised by the USISPF, also stressed that India and the US should continue to strengthen their economic engagements and increase the bilateral trade to USD 500 billion going forward. He said creating nearly 1.2 million jobs per month is going to be a challenge, highlighting the importance of job creation to ensure there is no social unrest among the youth. "As India's economy goes from 4 to 5 trillion dollars, one of the biggest job creators is going to be exports because we have a challenge and the challenge is how do we create 1.2 million jobs (in India) a month and unless we are able to meet that objective we will start seeing some kind of social unrest among the youth itself...," Aghi said. "So I think it is important to keep on drivi

India-US trade has potential to reach $500 billion mark, says Puri

Petroleum minister Hardeep Singh Puri lauded India's economic growth under Prime Minister Narendra Modi, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening US-India collaboration in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest econ

India, S Korea share bill of lading electronically to promote trade: DGFT

India and South Korea have started sharing the bill of lading in an electronic transfer mode between the customs of both sides, a move that will help promote ease of doing business, a senior official said on Thursday. A bill of lading is a legal document that serves as a receipt, contract, and proof of ownership for shipped goods. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as and when the system becomes a norm for all the countries, there will be no requirement for physical submission of records. "India in collaboration with South Korea has now started this concept of sharing the bill of lading in an electronic transfer mode between the customs of both sides," he said while addressing a session in the 'Deloitte Government Summit' here. South Korea is a key trading partner of India and both countries have implemented a comprehensive free trade agreement in 2010. India's exports to the country stood at USD 6.41 billion in 2023-23, while imports aggregated at

India, UK may hold next round of talks on proposed trade agreement in Oct

India and the UK are expected to hold the next round of talks for a proposed free trade agreement in October to resolve the pending issues and close the negotiations, a senior official said on Tuesday. Commerce Secretary Sunil Barthwal said the officials of the UK are briefing their new ministers about the proposed free trade agreement (FTA). The two sides have already taken stock of the progress of talks at secretary and minister levels. "The briefings are going on in the UK...they are briefing their new ministers and based on that, the negotiations will start. We are hoping that in October, the negotiations should resume," Barthwal told reporters here. He also said India is progressing on all FTAs, but there are certain things which are not in control of anyone. The India-UK 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. Due to the elections in India and Britain, both the countries