Page 19 - India Trade Policy

India best-performing in South Asia in terms of trade facilitation: UNESCAP

India is now the best-performing nation amongst all the countries of South Asian region in terms of trade facilitation, as per the United Nations Economic and Social Commission for Asia Paci?c's (UNESCAP) report. As per the Global Survey on Digital and Sustainable Trade Facilitation, India improved its score compared to 2021 survey. The 2023 survey, covering more than 140 economies and evaluating 60 trade facilitation measures, has positioned India at the forefront of global trade facilitation e?orts, with an impressive score of 93.55 per cent in 2023 vis a vis 90.32 per cent in 2021. The 2023 survey has recognised India's exceptional progress across various sub indicators, with the country achieving a perfect score of 100 per cent in four key areas: Transparency, Formalities, Institutional Arrangement and Cooperation, and Paperless Trade. These remarkable scores are a testament to India's relentless e?orts in streamlining trade processes, enhancing transparency, and promoting ...

India, Philippines decide to commence negotiations on bilateral trade pact

India and the Philippines on Thursday agreed to commence negotiations on a bilateral preferential trade pact and vowed to step up defence cooperation, especially in the maritime security domain, amid China's increasing muscle-flexing in the South China Sea. In the extensive talks between Secretary for Foreign Affairs of the Philippines Enrique A Manalo and External Affairs Minister S Jaishankar, the two sides also underlined the need for implementing the South China Sea verdict that was pronounced by a UN arbitration court in 2016. The defence and security ties between India and the Philippines are on an upswing. In January last year, the Philippines concluded a USD 375 million deal with India for the procurement of three batteries of the BrahMos cruise missile. A joint statement said both sides underlined that India and the Philippines have a shared interest in a free and open Indo-Pacific and emphasised the need for peaceful settlement of disputes and for adherence to internationa

Trade resents losses due to government's faults

It is now for the industry associations to agitate the matter before the government

Govt likely to announce retail trade policy, accident insurance scheme soon

The government is expected to announce a national retail trade policy and an accident insurance scheme soon with a view to supporting GST-registered domestic traders, an official said. The official said the proposed policy would help provide better infrastructure and more credit to the traders. It may include provisions related to ensuring easy and quick access to affordable credit, facilitating modernization and digitisation of retail trade; modern infrastructural support for subjects like distribution chain; promotion of skill development and improving labour productivity, and providing an effective consultative and grievance redressal mechanism. India is the world's fifth-largest global destination in the retail space. The commerce and industry ministry along with the department of financial services is also working on framing an insurance scheme for all the GST-registered retail traders. "The government is trying to do policy changes not only in e-commerce but is also bringing

'Rapid growth of trade is testament to bilateral ties of US-India'

The United States' becoming India's largest trading partner is testament to the strengthening of bilateral ties between the two democracies, an Indian American Congressman said Tuesday. The rapid growth of trade between the United States and India is a testament to the ties between our democracies growing stronger as our partnership increases both the prosperity and the security of our nations and the broader world, Congressman Raja Krishnamoorthi said. Even as the United States has become India's largest trading partner, it is essential that we continue to recognise the enormous potential for further growth to strengthen both of our economies and create American jobs, Krishnamoorthi said in response to recent news that the US has emerged as India's biggest trading partner in 2022-23.

Centre to come up with a single trade body to promote exports: Report

Last month, the Centre unveiled its new foreign trade policy (FTP 2023) setting a target of achieving $2 trillion in exports by 2030

India's new trade policy: Blinded by local market, a dry recitation of laws

India's trade policy remains blinded by its huge domestic market. This was underlined last week when the govt released its latest trade policy - three years late

Claims of rebound in global trade premature

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

US Commerce Secretary to lead business delegation to India in March

US Commerce Secretary Gina Raimondo will be leading a big business delegation to India in the second week of March to discuss ways to further boost trade and investment ties between the countries, an official said. Raimondo is scheduled to co-chair the US-India CEO Forum and US-India Commercial Dialogue meetings with her Indian counterpart Commerce and Industry Minister Piyush Goyal here, the official added. "The meetings are expected on March 8," the official said. The US is the top trading partner of India. The bilateral trade between the two nations has increased to USD 65.39 billion during April-January this fiscal against USD 62.27 billion a year ago. Imports too rose to USD 42.9 billion during the ten months of this fiscal as compared to USD 34.34 billion during April-January 2021-22. Trade experts believe that the trend of increasing bilateral trade with the US will continue in the coming years too, as New Delhi and Washington are engaged in further strengthening the econom

Growth, Budget and macro balances

The responsible revenue and expenditure projections are to be lauded, but efforts on trade and fiscal targets fall short

India should consider reducing 1% TDS rate on cryptocurrency trade: Report

India should consider lowering the 1 per cent TDS on crytocurrency trade as a high rate is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market, a report said on Tuesday. The 'Impact Assessment of 1 per cent TDS on VDAs' report by Chase India and Indus Law said the crypto platforms/exchanges must also perform customer due diligence which can help uncover any potential future risk. "The existing 1 per cent TDS on crypto trade, combined with the absence of comprehensive regulations, is causing a flight of capital and users to platforms in foreign jurisdictions and the grey market," it said. The government, from April 1 last year, has brought in a 30 per cent income tax plus surcharge and cess on transfer of virtual digital assets (VDAs), including cryptocurrencies, like Bitcoin, Ethereum, Tether and Dogecoin. Also, to keep a tab on the money trail, a 1 per cent TDS has been brought in on payments over Rs 10,000 towards virtual digital ...

2023 to be tough on trade as global economies will slow down: GTRI to Govt

Announcement of measures like quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget

India, US create new working group on 'resilient trade' under TPF

There will also be discussion on issues such as digitisation of Customs procedures and strengthening the resilience of global supply chains in critical sectors

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US Commerce Secretary Raimondo to visit India in March for trade talks

She will be accompanied by a very high-powered delegation of global CEOs of large multinational companies: Piyush Goyal

Modest expectations from India-US Trade Policy Forum meeting: Experts

The crucial India-US Trade Policy Forum meeting here is unlikely to make much progress, given the sharp differences, but would hopefully ignite trade talks between the world's two largest democracies, according to eminent trade experts. Minister of Commerce and Industry Piyush Goyal, who is in the US on an official visit, held a series of meetings with the CEOs of investment and financial giants in New York on Monday. He will attend the 13th Trade Policy Forum (TPF) meeting being hosted by US Trade Representative Katherine Tai in Washington on January 11. Goyal will also hold a bilateral meeting with Tai. TPF is a platform for continuous engagement between the two countries in the area of trade and to further bilateral trade and investment relations. The 12th TPF Ministerial was held in New Delhi on November 23, last year after a gap of four years. There was no TPF in 2022. There will be some glossing over of serious bilateral trade problems, positive language on the architecture

India exports 1.69 million tons of sugar till Jan 4 of FY23: Report

India has exported 16.92 lakh tonnes of sugar till January 4 of the ongoing 2022-23 marketing year, including 59,596 tonnes of the sweetener to neighbouring China, trade body AISTA said on Tuesday. Among other neighbouring nations, India has exported 1.47 lakh tonnes of sugar to Bangladesh, and 82,462 tonnes to Sri Lanka during October-January 4 of the current marketing year, All India Sugar Trade Association (AISTA) said in a statement. The sugar marketing year runs from October to September. The government has allowed export of 6 million tonnes till May of the 2022-23 marketing year. According to AISTA, mills have exported a total of 16,92,751 tonnes of sugar from October 1, 2022 to January 4, this year. Over 3.47 lakh tonnes of sugar is under loading, while 2.54 lakh tonnes of sugar has been delivered to refineries considered to be deemed export in the said period, it said. Of the total exports undertaken so far, maximum exports have been to Somalia at 1.70 lakh tonnes, followe

India-Australia FTA to provide relief to Indian textile exporters: CITI

The India-Australia Economic Cooperation and Trade Agreement, which came into force from Thursday, is set to provide a "big relief" to Indian textile exporters, the Confederation of Indian Textiles Industry said. Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one. India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22. Confederation of Indian Textiles Industry (CITI) Chairman T Rajkumar said he is hopeful that the "India-Australia ECTA (Economic Cooperation and Trade Agreement) will help boost textile and apparel exports as the FTA is slated to provide a big relief to Indian textile exporters who had to pay about 10 per cent customs duty in countries like Australia, Canada, and the UK". Sharing that India's ready-made garment exports to Australia have seen a growth of an average of 11.84 per cent over the last five years, Rajkumar opin

India-Australia trade agreement to greatly benefit MSMEs: Piyush Goyal

The interim pact between India and Australia, also known as Economic Cooperation and Trade Agreement (ECTA), has the potential to double bilateral trade to $50 billion in half a decade

DPIIT seeks views of ministries on draft national retail trade policy

The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views of 16 departments and ministries on its draft national retail trade policy, which is aimed at overall development of all formats of the sector, an official said. After getting comments of all the departments and ministries, DPIIT would seek approval of the Union Cabinet on the policy, the official added. The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for overall development of retail trade through targeted efforts. The objectives of the policy include ensuring easy and quick access to affordable credit, facilitating modernization and digitization of retail trade by promoting modern technology and superior infrastructural support; development of physical infrastructure across the distribution chain; promotion of skill development and to improve labour productivity, and providing an effective consultative and grievance redressal mechanism