Page 11 - India Trade

Indian traders keen to boost ties with Seychelles, says trade commissioner

The Indian trade community in Seychelles is eager to participate in Commonwealth Trade activities and provide a platform for young Commonwealth leaders to discuss trade ties, Honorary Trade Commissioner of India, Commonwealth Trade Council Karunanithy Vaithiyanathasamy said. The business ties between India and Seychelles have been strengthening and there are potential to explore the relationship between the two countries, Karunanidhi Vaithiyanathasamy who was appointed as the Honorary Trade Commissioner of the India Commonwealth Trade Council said in a press release. The Council has proposed to set up an incubation centre in Seychelles based similar to the Centre established in Zanzibar. Seychelles to India High Commissioner Lalatiana Accouche in her address, invited business leaders from Tamil Nadu to set up entities in Seychelles. She appealed to the industry captains to consider Seychelles not only as a place of unparalleled beauty but as a land of significant business ...

US top trading partner, China trade deficit highest in Jan-Jun 2024: GTRI

The US has emerged as India's top trading partner during January-June this year, while the country has recorded its highest trade deficit of USD 41.6 billion with China during the period, according to think tank GTRI. It also said the country's merchandise exports rose 5.41 per cent to USD 230.51 billion during the first of 2024. "China topped the list with a substantial trade deficit of USD 41.6 billion, as exports to China were USD 8.5 billion, while imports reached USD 50.1 billion during January-June 2024," it added. The data analysis for the first half of this calendar year by the Global Trade Research Initiative (GTRI) showed India exports goods to 239 countries and out of these, 126 countries showed positive growth in exports. These nations account for 75.3 per cent of India's total exports. Major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6 per cent of India's ...

Rupee rises 7 paise to 83.90 as US dollar retreats in early trade

The Indian rupee appreciated 7 paise to 83.90 against the US dollar in early trade on Wednesday, as the American currency retreated from its elevated levels. Forex traders said the US dollar has weakened against majors post the US Producer Price Index (PPI) print, which came in softer than anticipated, leaving the Dollar Index vulnerable to further correction. At the interbank foreign exchange, the rupee opened at 83.90 against the greenback, registering a gain of 7 paise over its previous close. On Tuesday, the rupee settled for the day on a flat note at 83.97 against the US dollar. The Reserve Bank of India has been holding the 84.00 psychological mark, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP. "The rupee is expected to open around 83.91 slightly stronger with a narrow range of 83.87/83.97, as the market awaits the Indian trade data for July-24," Bhansali added. Forex traders said market participants are also awaiting cues f

Tricolour sales soar amid campaign to unfurl it in every home

Har Ghar Tiranga campaign, launched in 2022, has traders busy

India, US ink 'landmark' agreement on cooperation in MSMEs sector

India and the US on Tuesday signed a "landmark" agreement that provides a framework for both sides to explore cooperation in the micro, small and medium enterprises (MSME) sector. External Affairs Ministry Spokesperson Randhir Jaiswal said the Memorandum of Understanding (MoU) would enable MSMEs of the two countries to foster trade. "Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support women entrepreneurs," he said on X. The MoU was signed in line with a decision taken during Prime Minister Narendra Modi's visit to the US in June last year. The pact was inked by the two sides in New Delhi. The MoU provides a framework for both sides to discuss issues concerning the MSME sector and explore possibilities of cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace; cooperation in areas of .

Govt likely to extend import regime for laptops, IT hardware products

The system kicked in on November 1 to promote domestic manufacturing of these goods and reduce dependence, especially on China

Bangladesh unrest not likely to impact India's overall trade balance: S&P

India is a well diversified exporter and a blip in its exports to Bangladesh is unlikely to have any meaningful impact on India's overall trade position for the full year, S&P Global Ratings said on Tuesday. Bangladesh is facing its worst political crisis since independence in 1971, with Prime Minister Sheikh Hasina resigning amid massive anti-government protests. Bangladesh Army Chief General Waqar-uz-Zaman on Monday announced that an interim government would be taking over the responsibilities. S&P Global Ratings, Director, Sovereign and International Public Finance Ratings (Asia-Pacific), Andrew Wood said that S&P expects domestic demand conditions in Bangladesh in this period of time to be weak and probably going to entail less support for exports from other countries, including India, into Bangladesh. "India is a well diversified exporter to the entire world and its trade profile is significantly larger than bilateral trade relationships with economies like ...

Amid high trade, India-Russia ties slow on investments, remittances

New trade target of $100 billion

Indian refiners likely saved at least $10 bn due to discounted Russian oil

Russia started offering its crude at discounted prices after the Western nations imposed cuts on their oil imports from Moscow in a bid to put pressure on the Russian economy over the Ukraine war

India, Taiwan pact to facilitate trade of agri goods comes into force

An agreement between India and Taiwan to facilitate trade in organically-produced goods, including tea and medicinal plants, has come into force from July 8, the commerce ministry said on Wednesday. The mutual recognition agreement (MRA) will ease the export of organic products by avoiding dual certifications, thereby reducing compliance cost, simplifying compliance requirements by adhering to only one regulation and enhancing trade opportunities in the organic sector. It said the pact will pave the way for export of major Indian organic products such as rice, processed food, green/black and herbal tea, medicinal plant products to Taiwan. The implementing agencies for the MRA are India's Agricultural and Processed Food Products Export Development Authority (APEDA) and Taiwan's Agriculture and Food Agency. "The MRA for organic products between India and Taiwan has been implemented w.e.f. July 8," it said in a statement. Under the pact, agricultural products produced and handled ...

India likely to get coking coal from Mongolia on Trial basis in July

The supplies would come to India via Chinese ports, but Indian authorities do not think New Delhi should entirely rely on China for steady supplies of coking coal from Mongolia, the sources said

PM Modi's Russia visit begins on July 8: Trade, tariff likely on agenda

Issue of 'imbalanced' trade will be priority during talks with Russia

International toy fair to begin on July 6 with over 100 foreign buyers

More than 300 domestic companies and over 100 foreign buyers from the US, Germany and other countries are expected to participate in the four-day international toy fair beginning on July 6 in the national capital, a statement said on Tuesday. More than 250 Indian brands will display their products during the fair, which is being organised at Pragati Maidan here, Toy Association of India senior vice-president Naresh Kumar Gautam said in the statement. Gautam said that the 15th Toy Biz International B2B Expo 2024 is the largest fair in South Asia. "It is a big platform for Indian toy makers to showcase their products and capabilities to the global audience. It helps us attract new customers and partners, expand market reach for our toys and boost exports," he said. In addition, he said, Toy Biz also provides a platform for industry players to network and connect with each other, which can help foster collaborations, partnerships and joint ventures. Gautam, who is also the CEO of ...

Commerce ministry developing platform for registration, resolution of NTB's

The commerce ministry is developing a platform for registering non-tariff barriers (NTBs) faced by exporters and taking up with the concerned countries for their resolution, a senior official said. At present, there is an information gap on these barriers particularly for small items. "We are making a portal so that we can prioritise all the NTBs. Traders will register their complaints and the ministry will pursue that," the official said. In cases where the barrier is impacting a large volume of goods will be prioritised for their redressal and action-taking. Economic think tank GTRI in its report has stated that India needs to act in a fast-track manner for the removal of NTBs, being faced by domestic exporters in different countries like the US, China and Japan, to achieve export target of USD 1 trillion for goods by 2030. The Global Trade Research Initiative (GTRI) has suggested a two-pronged strategy to mitigate the influence of NTBs on exports. It asked for upgrading domest

Shaping future trade

India should prepare for changing dynamics

A blueprint for boosting exports

Nine suggestions to revitalise trade and spur economic growth

India seeking fair market access ahead of the India-Asean FTA review

India aims to modernise and update the deal to align with current times, considering that the trade agreement was signed over a decade ago

Geopolitics likely to weigh on Chabahar trade volumes, say experts

With Russia's borders with Europe shut and Iran under sanctions, port to focus on Central Asia

India's imports from FTA partners in FY24 grew 38% over FY19

"This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," GTRI said in a report

India-EU FTA: Will the marriage reconcile?

While realpolitik is not expected to result in a favourable trade agreement between India and EU, the partners would do best in settling for a more realistic agenda with some compromise from both side