Page 18 - India Trade

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

Indian exports will be impacted by weak global demand in 2023: GTRI

The Indian economy and exports will be moderately impacted in 2023 by weak global demand and recession in large economies and to improve its current account, the country should aim at reducing energy import bill, economic think tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) said that in 2022, India will pay USD 270 billion in imports of crude oil and coal, which is about 40 per cent of total merchandise import bill. India must re-energize exploration of local oil fields and enhance production through coal mines. Any development will cut the energy import bill substantially and improve the current account, it added. It also said the US effort to create alternate supply chains excluding China is gradually leading to restructuring of global supply chains and relocation of few large manufacturing firms shows that India is in a good position to benefit from this trend. India should do so without compromising its strategic autonomy, it said adding that in various

Free trade with Australia kicks off; Tamil Nadu sees export gains

India gets preferential access to all products it exports to Australia

With $30 bn bilateral trade turnover, India, Russia plan big for 2023

"We are seeing a huge surge of interest in India from Russian businesses. And, most importantly, across the spectrum - from large to small business"

UK's trade panel proposes lifting bar on Indian stainless steel

In its initial findings, the UK's Trade Remedies Authority (TRA) has proposed that a countervailing measure on imports of stainless steel bars and rods from India be revoked. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. The TRA set out in its Statements of Essential Facts (SEF) on Tuesday that revoking the measure would be unlikely to cause injury to the UK industry. "As part of its transition review, the TRA found that while there have been subsidised imports of the goods while the measure has been in place, and this will likely continue, injury to UK industry would be unlikely to recur if the measure was no longer applied," a UK government statement notes. "This was determined after the TRA found evidence suggesting that UK producers supply only limited amounts of these bars and rods to the UK market, with the majority of their production being exported. Therefore, the TRA found there

Covid fears in China may have cascading impact on India's exports, imports

The importance of China as India's top trading partner cannot be understated

The trade balance

Containing imports will not help

Trade, economic interests drive India's foreign policy

How the oil price cap will actually play out is not clear, but our government remains unfazed because the cost of crude is anyway on a downward trend

Traders boycott Chinese goods, CTI asks Piyush Goyal to amend import policy

The Chamber of Trade and Industry (CTI) wrote to Union Commerce Minister Piyush Goyal urging him for a change in the import policy and to make it mandatory to write the country of origin on every item

Indo-US Trade Policy Forum meet likely to be held in early 2023

The India-US Trade Policy Forum (TPF) meet is expected to be held in the US early next year and both the countries are working on achieving a substantial agenda for the same, the commerce ministry said on Friday. The TPF is a premier forum to resolve trade and investment issues between India and the US. It has five focus groups -- Agriculture, Investment, Innovation and Creativity (intellectual property rights), Services, and Tariff and Non-Tariff Barriers. "13th ministerial TPF meeting is expected in early 2023 in the US and both sides are working on achieving a substantial agenda for the same," the ministry said. The meeting was deferred earlier in November due to local elections in both the countries. The last meeting of the TPF was held in November 2021 here after a gap of four years. In that meeting, it was decided to reconvene the TPF at the ministerial level before the end of 2022. In last year's meeting, India had asked for restoration of GSP (Generalised System of ...

Modi govt is sounding friendlier toward free trade for some nations

In recent months, senior Indian officials have insisted that their nation intends to integrate further with the global economy

India's Q3 current account deficit likely rose on widening trade gap: Poll

A revival in domestic demand in Asia's third-largest economy since the Covid-19 pandemic has also compounded the shortfall through higher imports

India and UK look to fast-track free trade agreement negotiations

Sixth round of negotiations begins in New Delhi after a four-month hiatus

World's play store: India scripts a local toy story, turns a net exporter

India is likely to extend the production-linked incentive (PLI) scheme to domestic toy manufacturers after Chinese toys were found to be "unsafe"

Govt asks banks, stakeholders to explore more countries for trade in rupee

Having facilitated rupee trade with Russia, Mauritius and Sri Lanka, the government has asked trade bodies and banks to explore such opportunities with more nations, sources said. Indian banks have already opened special vostro rupee accounts (SVRA) with banks of these three nations, operationalising the rupee trade arrangement. Recently, SBI Mauritius Ltd and People's Bank of Sri Lanka opened an SVRA with State Bank of India (SBI). In addition, Bank of Ceylon opened an account in its Indian subsidiary in Chennai. Union Bank of India has opened special rupee account of Ros Bank Russia while Chennai-based Indian Bank has opened such accounts of three Sri Lankan banks, including Colombo-based NDB Bank and Seylan Bank. In all 18 such special rupee accounts have been opened by 11 banks, including 2 of Russia and one of Sri Lanka, following approval from the Reserve Bank of India (RBI). The RBI issued detailed guidelines on cross-border trade transactions in the domestic currency in ...

We see trade with India growing two-fold in next 5 years: Ontario minister

In a Q&A, Victor Fedeli says several top Indian companies are continuing to build their presence in the Canadian province despite concerns of tighter global financial conditions

India has to compete to gain from 'China Plus One' strategy: Eswar Prasad

Companies, investors around the world looking at India's policy trajectory, says the professor of trade policy at Cornell University

Why does India continue to have an export problem? Sociology may answer

All kinds of policies have been tried to boost Indian exports, but nothing has worked. Maybe, sociology holds the answers

To 'make Amazon pay', Indian trade unions join Black Friday protest

Agitation part of global campaign against e-commerce firm

RBI permits banks to open 12 special vostro accounts for trade in rupees

So far, not a single overseas trade transaction directly involving the rupee has taken place