Page 15 - India Trade Policy

India-US trade policy forum to discuss social security pact, visa issues

India will flag issues such as proposed social security agreement, visas, and promoting agri trade in the meeting of India-US Trade Policy Forum (TPF) during January 13-14, a top government official said. US Trade Representative Katherine Tai will be here for a meeting with Commerce and Industry Minister Piyush Goyal. It will be the 14th ministerial-level meeting of the India-US TPF. India is seeking social security of totalisation agreement with the US. "There are issues pertaining to table grapes. The US also has certain issues. Social security agreement and mobility are our main focus areas," the official said. Under the agreement, an expatriate in either country need not contribute to the social security schemes of the host country. It will benefit a number of Indians, particularly from the IT sector, who are working in America and paying social security but are unable to get any benefit out of it. The last meeting was held in Washington in January 2023. India in that meeting

Indian medtech industry urges govt action to reduce import dependency

According to the Global Trade Research Initiative (GTRI) report from August 2023, the Indian medical devices industry has the potential to expand from $12 billion today to $50 billion by 2030

Houthi rebels drag India into Red Sea crisis

States are no longer insulated from distant geopolitical realities. As India has witnessed, trade and supply chain linkages can extend conflicts to uninvolved states

India-Russia trade exceeds $50 bn: EAM highlights progress in key sectors

During the meeting, Jaishankar conveyed Prime Minister Narendra Modi's personal greetings to President Putin

India may discuss non-tariff barriers in Trade Policy Forum meet with US

"For India, restoration of our status as a beneficiary of the US GSP programme and securing good terms for Indian professional service providers should be the priorities," said secretary general, CUTS

India evaluating implications of FTA as Bangladesh mulls RCEP membership

India is worried because of Bangladesh's greater dependence on China for imports as compared to India and fears it can become an issue if Bangladesh joins RCEP

Visa, agri, GSP likely to figure in India-US trade policy forum meet in Jan

Issues about visas, promoting agri trade and resumption of benefits under the American generalised system of preferences (GSP) are expected to figure in the meeting of India-US Trade Policy Forum (TPF) in January here, an official said. US Trade Representative Katherine Tai will be here for a meeting with Commerce and Industry Minister Piyush Goyal. Both sides will discuss ways to increase trade and investments between the two countries during the two-day meeting from January 13, 2024. It will be the 14th ministerial-level meeting of the India-US TPF, the official said. The last meeting was held in Washington in January 2023. India in that meeting highlighted the delay in the issuance of business visas to people from India. New Delhi is also keen on restoration of its beneficiary status under the US GSP programme. The previous Trump administration in the US revoked the Generalized System of Preferences (GSP) from India in 2019. The GSP allows eligible developing countries to expor

CCI clears Alpha Alternatives Group stake purchase in Dilip Buildcon

Fair trade regulator Competition Commission of India (CCI) has granted an approval to Alpha Alternatives Group for the acquisition of a 10 per cent stake in Dilip Buildcon, according to a notice. The CCI cleared the deal under the green channel route. The transaction involves the acquisition of 9.99 per cent of the equity stake in DBL by way of subscription to warrants by Alpha Alternatives Holdings Pvt Ltd (AAHPL), and its other entities, the CCI said in the notice on Friday. The commission has also approved the acquisition of 26 per cent equity shareholding and investment in certain non-convertible debentures (NCDs) in DBL's Special Purpose Vehicles (SPVs) by AAHPL along with its affiliates. The SPVs operate Hybrid Annuity Model (HAM) projects (constructed and under-construction projects) engaged in the road infrastructure sector in India. AAHPL is a multi-asset class asset management firm that raises capital and manages investments on behalf of its clients. In November, engine

India strongly objects to pushing talks on investment facilitation at WTO

India has strongly objected to efforts of certain countries to push a proposal on investment facilitation at the WTO, saying the agenda falls outside the mandate of the global trade body and cannot be deliberated in formal meetings. According to the statement of the Indian delegation in a meeting of the General Council of the World Trade Organisation (WTO), held during December 13-15, negotiation on investment does not belong to the WTO. "I would like to reiterate that Investment Facilitation for Development (IFD), which supposedly facilitated investment, did not pertain to multilateral trade relations. Investment per se is not trade," the statement said. It added that investment covers a wide range of assets or enterprises subject to a separate universe of obligations. "The negative mandate did not allow the Members, desirous of IFD, to pursue it in a multilateral forum upon a consensus," the statement said. It added that certain members began an informal process that did not hav

India to provide duty cuts in FTA only if UK increases localisation to 45%

The UK side has also opposed India's proposal to provide duty cuts for electric vehicles priced above $85,000

India, New Zealand discuss cutting trade barriers, promoting investments

India and New Zealand have discussed measures to reduce trade barriers and promote a more investor-friendly environment to boost economic ties, an official statement said on Wednesday. The issues were discussed during the meeting of Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay here on December 19. Both the ministers recognised the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the commerce ministry said. The trade minister of New Zealand appreciated the efforts made by India to sort out the issue related to export of wooden logs to India. "They highlighted the need to deepen engagement in sectors such as agriculture, forestry, pharma, connectivity, education and tourism," it said. To strengthen the trade and economic relationship, ministers expressed the need to increase engagement ..

India' reliance on Bab-el-Mandeb Strait could impact economy: GTRI

India needs to work on finding alternate trade routes in the sea as heavy reliance on the Bab-el-Mandeb Strait, a key route crossing Red Sea, could impact the country's trade with the Middle East, Africa, and Europe, economic think tank GTRI said on Tuesday. Developing alternative routes such as the deep water port in Chabahar, Iran can help the country, it said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. The strait, vital for 30 per cent of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvre by regional and global powers, the Global Trade Research Initiative (GTRI) said. It added that India, heavily reliant on this route for trade and energy (crude oil and LNG) imports, faces increased costs and security risks, prompting efforts to diversify trade routes and

Per capita income must go up to become 3rd largest economy: Bandhan Bank MD

Bandhan Bank managing director Chandra Shekhar Ghosh on Tuesday said there is a need to increase per capita income to make India third largest economy in the world. The per capita income of the fifth largest economy, as per the government data, stood at Rs 98,374 in 2022-23. India ranks 130th globally in terms of Human Development Index comprising per capital income, education and health parameters, Speaking at an event organised by CII here, Ghosh said, to make India third largest economy in the world or to achieve USD 5 trillion size, per capita income has to increase. "We need to focus on per capita income improvement so that people have higher income and therefore spending would increase. So that should be the main focus," he said. Ghosh said financial inclusion and access to institutional credit play an important role in improvement of per capital income. The government has taken many initiatives, including Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Mudra Yoja

Trade strategy on table to achieve exports target of $2 trillion by 2030

Last month, the Federation of Indian Export Organisations (FIEO), as part of its recommendation for the services sector, urged the government to introduce measures to empower small businesses

COP28: Unilateral carbon taxes coercive trade measure, say BASIC nations

Grouping of Brazil, South Africa, India and China says new 'green trade barriers' against WTO rules

'Work in progress to remove trade barriers in sub-Saharan African nations'

The commerce ministry is working to address issues related to non-tariff barriers and market access for domestic products in sub-Saharan African countries like Nigeria, Ethiopia, Ghana and Gulf nations to boost India's exports, an official said. The official said meetings have been held with Indian missions of the sub-Saharan African countries with which India has significant bilateral trade. The major trading partners of India in that region in 2022-23 were South Africa (total trade USD 18.9 billion, exports USD 8.5 billion); Nigeria (USD 11.85 billion, exports USD 5.15 billion); Togo (USD 6.6 billion, exports USD 6 billion), and Tanzania (USD 6.5 billion, exports USD 3.93 billion). The other countries were Mozambique (USD 5 billion, exports USD 2.5 billion); Angola (USD 4.22 billion, exports USD 621 million); and Kenya (USD 3.4 billion, exports USD 3.2 billion). "A virtual meeting with Indian Mission of top 10 countries (bilateral trade-wise) in sub-Saharan African region was hel

India-Singapore FTA , as a part of Asean needs to be studied together: GTRI

Think-tank GTRI on Sunday suggested that the government study the bilateral free trade agreement with Singapore and as part of the Asean bloc together while reviewing its trade pact with the 10-nation grouping. Singapore is a member of 10-nation Asean bloc with which India has a free trade agreement in goods since 2010. Separately, India also implemented a comprehensive free trade agreement (FTA) with Singapore in 2005. The Global Trade Research Initiative (GTRI) also suggested a similar exercise with Thailand, another member of Association of Southeast Asian Nations (Asean). India signed a limited free trade pact with Thailand in 2006. These suggestions assume significance as India and Asean have agreed to review their trade pact and are aiming to conclude the exercise by 2025. Asean members are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam. Out of these, five countries - Indonesia, Singapore, Malaysia, Thailand

India-Malaysia trade set to soar to $25 bn in next 3 years: Indian envoy

The Indian High Commissioner expressed optimism about the growing relationship, emphasising political understanding between the two governments

India should be cautious on labour provisions in FTA negotiations: Experts

India needs to follow a cautious approach while negotiating labour provisions in free trade agreements (FTAs) as those could have potential repercussions on domestic manufacturing and overall trade competitiveness, experts say. International trade experts claimed that in a significant shift from its longstanding stance, India has begun to engage on labour issues in its trade negotiations with the UK, European Union, and the US-led Indo Pacific Economic Framework for Prosperity (IPEF). Inclusion of these issues in trade pacts could have negative impacts, they said, adding that the recent US presidential memorandum of Joe Biden on worker rights indicates a deepening focus on labour standards in trade deals. Negotiations are on fast track with a comprehensive trade agreement with the UK, which seeks to promote trade in goods, services and two-way investments. Think tank Global Trade Research Initiative (GTRI) Ajay Srivastava said that such provisions could erode the competitive advant

Paper imports surge 43% in Apr-Sept fueled by jump in Asean shipments

Paper imports into India surged by 43 per cent in volume terms in the first half of 2023-24, fueled by a more than two-fold jump in imports from ASEAN countries, according to official data. The Directorate General of Commercial Intelligence and Statistics (DGCIS) data showed that imports of paper and paperboard jumped to 959,000 tonnes in April-September 2023-24 from 672,000 tonnes in the first half of FY2022-23. Imports from ASEAN countries shot up from 81,000 tonnes in the first half of FY23 to 288,000 tonnes in the first half of FY24. Imports from China were almost flat at 186,400 tonnes in the period under review. In value terms, total paper imports rose to Rs 6,481 crore in April-September 2023-24 from Rs 5,897 crore in the year-ago period. Imports from ASEAN countries more than doubled to Rs 1,509 crore in the first half of FY24 from Rs 715 crore in the year ago period. Paper imports from China were worth Rs 1,629 crore in the first half of this fiscal against Rs 1,919 crore