Page 12 - India Trade

PMO likely to review Red Sea conflict impact on trade and logistics

Iran-backed Houthi rebels of Yemen have been repeatedly attacking ships in the Red Sea, and this has forced commercial vessels to take a longer route to avoid the troubled region

WTO MC13: India to oppose any negotiation mandate on non-trade issues

The 13th Ministerial Conference (MC) will be held from February 26-29 at Abu Dhabi, United Arab Emirates (UAE)

Inter-ministerial panel to discuss issues related to Red Sea crisis

A high-level inter-ministerial committee will again meet on February 8 to discuss the way forward on the trade front in the wake of ongoing problems in the Red Sea, an official said. Earlier the panel held its meeting on the issue on January 17 here. Senior officials from five ministries -- external affairs, defence, shipping, finance (department of financial services), and commerce -- are expected to participate in the deliberations. "In the February 8 meeting, the officers are expected to talk about steps being taken by them to help the exporting community deal with this crisis," the official said. These meetings are convened by the commerce ministry. In the last meeting, the commerce ministry had asked the Department of Financial Services (DFS) to monitor and maintain credit flow to exporters, who are facing freight cost troubles due to the Red Sea crisis. Meanwhile, the finance ministry on Monday asked banks and insurance companies to expeditiously resolve issues of exporters

Great potential in bilateral trade between India, Suriname: President Murmu

President Droupadi Murmu on Monday said there is great potential in the bilateral trade and economic cooperation between India and Suriname in fields such as health, ayurveda, digital technologies, education and tourism. Welcoming a parliamentary delegation from the Republic of Suriname, which had called on her at the Rashtrapati Bhavan here, she said India-Suriname relations are characterised by warmth and friendship, and based on excellent people-to-people contacts, "linkages in our cultures and traditions as well as commonalities in our approach to issues of global importance". Murmu said there is great potential in the bilateral trade and economic cooperation between India and Suriname, including in the fields of health, ayurveda, agriculture, renewable energy, digital technologies, education, culture and tourism, according to a Rashtrapati Bhavan statement. The president added that parliamentary exchanges are important as they provide an opportunity for interaction between "our

Overseas funds pullout exceeds $3 bn in Jan amid geopolitical uncertainty

Highest in 12 months; Most among EM peers; Rising bond yields trigger risk off bets

The Red Sea crisis: Imported fertilisers paint mixed price picture

Annual fertiliser subsidy would remain within the FY24 Budget estimate of Rs 1.75 trillion and could have been lower had the crisis not erupted

Commerce department mulls strategy to help industry leverage FTAs better

The government also plans to set up a digital architecture to help the industry overcome the challenges that are specific to FTAs

WTO meet: India to bargain for 'poor fishermen' in developing countries

The discussion comes against the backdrop of the global trade body trying to build a consensus on an agreement that aims to curb subsidies contributing to overcapacity and overfishing

India likely to resume Iran crude oil imports due to Houthi threat

The issue may have been discussed during recent bilateral meetings between the countries last week when External Affairs Minister S Jaishankar travelled to Iran

Red Sea crisis: Comm dept asks FinMin to maintain credit flow to exporters

Shipping ministry asked to monitor trade volume at major ports in India

Red Sea crisis may nudge US buyers to source goods from East Asia

Indian exporters apprehend that unless the hostilities in the Red Sea end quickly, the buyers in the United States (US) will prefer East Asian sources

'Crossed $200 bn in trade': USISPF President points to strong India-US ties

Mukesh Aghi, President and CEO of USISPF emphasized collaborative efforts in areas such as engines, quantum computing, artificial intelligence (AI), cybersecurity, and space partnerships

US to India: Ensure personal computer import rules don't hurt trade

The DGFT clarified that the present monitoring would apply to five specified products and not to all other items, such as desktop computers

Inter-ministerial meet next week over issues on trade from Red Sea crisis

The commerce ministry has called a high-level inter-ministerial meet next week to discuss ways to insulate India's trade from the ongoing problems in the Red Sea, a senior official said on Thursday. Senior officials from five ministries -- external affairs, defence, shipping and finance and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy to deal with them. "The idea of the inter-ministerial meeting is to see how we can strategise our trade so that it gets least affected in such a situation," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking ...

Since pandemic, India-Maldives trade has surged even as investments lag

India exported goods worth $2.6 billion to Maldives between 2013-14 and 2022-23 and imported $644 million from Maldives in the same period

India's exports may plunge $30 bn owing to disturbance in Red Sea

Yemen's Iran-backed Houthi militants have targeted vessels transiting through the Red Sea with missiles. The Houthis say they are going after any vessels that have a connection with Isreal

Known unknown

Red Sea crisis will affect global trade

Problems in Red Sea impacting exports; increasing freight, insurance costs

The escalation of troubles in the Red Sea has started impacting India's exports as shippers have to take longer routes to reach destinations in the US and Europe, an official has said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. Due to these attacks, the shippers are taking consignments through the Cape of Good Hope, resulting in delays of almost 14 days and also higher freight and insurance costs. The issues being faced by the concerned stakeholders were discussed at a high-level meeting in the commerce ministry on January 4. Stakeholders, including traders, shippers, container firms and freight forwarders were there at the meeting. "They told us that freight cost has increased. They have to take a long route now and due to that, the turnaround time has increased. It has increased by 14 days," the official said. Ex

DefMin providing security escort for container ships around Red Sea

Tankers have been avoiding the Red Sea after the Houthi militant group stepped up maritime attacks against commercial vessels

No reason for high tariffs on cars from UK, EU: Maruti Suzuki's RC Bhargava

Maruti Suzuki chief says costs of many models 20-30% lower in India