Page 2 - International Trade

Will only agree India trade deal approach that works for UK: Rishi Sunak

The free trade agreement (FTA) talks with India are progressing and Britain will only agree to a pact that works for the whole of the United Kingdom, Prime Minister Rishi Sunak told his ministers. Ahead of his first visit to India as UK Prime Minister to attend the G20 World Leaders' Summit in New Delhi later this week, Sunak updated his top team on the ongoing trade talks, which have completed 12 rounds of negotiations, during a Cabinet meeting on Tuesday. The British Indian leader described India as an indispensable partner of the UK across all spheres of bilateral cooperation, which he is keen to strengthen further. He said negotiations around a free trade deal were progressing and that he would only agree to an approach which worked for the whole of the UK, notes a Downing Street readout of the Cabinet meeting. The Prime Minister said India was an indispensable partner of the UK, both economically and in addressing the global challenges all democracies are facing. He said we mu

Improved capacity, reduced turnaround time: India's ports mean business

Major ports have added more than 100 million tonnes in additional traffic since 2014-15

Indian exports face bigger threat from Asia-Pacific than West: CRISIL

CRISIL also said that the share of the US and the EU in India's goods exports has been on the rise since 2021 and it is eating into the share of the APAC region

Bolivia is latest South American nation to use China's yuan for trade

Bolivia is now using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar for international financial transactions in the region. Between May and July of this year, Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said on Thursday. We're already using the yuan. It's a reality and a good start, Montenegro said during a news conference. Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods. These electronic transactions are carried out through the state-owned Banco Unin. The amount being used in yuan is still relatively small, but it will increase over time, Montenegro said. With these transactions, Bolivia joins other countr

Piyush Goyal to visit UK for FTA negotiations, review progress of TEPA

India and the UK began negotiations on the FTA in January 2022, and set a Diwali deadline last year for the trade pact

India's trade deficit rises to $22.12 bn in May, highest since Dec 2022

In May, imports fell 6.6% to $57.1 billion, and exports declined 10.3% to $34.98 billion

Int'l transport corridor: Reflection of India's expanding global footprint

The development of INSTC shows the strategic vision, political will and state capacity of countries like India, Iran and Russia to establish an alternative vision for the economic growth

BRICS pitches for using local currencies in international transactions

The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023. The joint statement titled 'The Cape of Good Hope', said ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO) at its core, with special and differential treatment (S&DT) for developing countries, .

South Korea formally restores Japan on trade 'white list' after 3 years

South Korea formally restored Japan to its list of countries it gives preferential treatment in trade on Monday, three years after the neighbours downgraded each other's trade status amid a diplomatic row fuelled by historical grievances. In announcing the move through a government gazette, South Korea's Ministry of Trade, Industry and Energy also said Seoul will further restrict technology and industrial exports to Russia and its ally Belarus to support the U.S.-led pressure campaign against Moscow over the war in Ukraine. After years of friction, Seoul and Tokyo are working to repair relations as they tighten their three-way security cooperation with Washington to counter the threat posed by North Korea. Pyongyang has used the distractions caused by the war to accelerate testing of nuclear-capable missiles. South Korean officials expect Tokyo to restore Seoul as a favoured trade partner too, but expect that step to take more time based on the procedures to revise Japan's export ..

May feel pressure on non-tariff barriers in FTA, says UK panel

As much as 60 per cent of Indian exports to the country are already tariff free, while only three per cent of UK exports to India are tariff free

'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.

November launch missed, India-GCC trade talks likely to resume in March

Both sides were expected to launch trade negotiations in November last year

Promoting int'l trade in rupee to help reduce currency volatility: Survey

Promoting international trade in the domestic currency will help in protecting the rupee from volatility and reduce cost of doing business in the global markets, Economic Survey said on Tuesday. The survey suggested that it could assist Indian exporters in getting advance payments in rupee from overseas clients and in the longer term promote the domestic currency as an international currency once the rupee settlement mechanism gains traction. In July 2022, the Reserve Bank of India issued a circular permitting an additional arrangement for invoicing, payment, and settlement of exports/imports in Indian rupees (INR) to promote the growth of global trade with emphasis on exports from India and to support the increasing interest in the global trading community in rupee as an international currency. The framework involves invoicing of exports and imports in rupee, market-determined exchange rates between the currencies of the trading partner countries, and settlement through special rup

Europe open for international trade, says German Chancellor Scholz

German Chancellor Olaf Scholz also said he is doing his utmost to ensure that the free trade agreements with India and some other countries gets sealed

Dec traffic at major ports sails to highest in FY23, rises 10.4 per cent

Twelve major ports handled cargo of 69.5 million tonnes in December, which is highest during current fiscal year

International trade faces a stagnant decade lagging the world economy

Trade largely tracked the growth rate of world GDP during the decade preceding the pandemic

India-China trade at $135.98 bn in 2022. Trade deficit crosses $100 bn mark

This is the first time the trade deficit has crossed the $100 billion mark

Top headlines: Govt may go easy on capex in FY24, India-US trade dispute

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Trade settlements in rupee starts with Russia, more likely to join: Report

India is trying to promote trade settlements in rupee with not just Russia, but also Sri Lanka and Mauritius

Australia FTA: Wine industry gears up for foreign market's entry in India

The duty cut regime on Australian wine under the recent trade agreement strikes a balance between protecting the domestic industry and opening the path for greater investments and tie-ups