Trade

Exports from SEZs and EOUs till Feb 5 eligible for Rodtep scheme benefits

Companies that have exported goods until February 5 this year from special economic zones (SEZs) and export-oriented units (EOUs) can claim benefits under the RoDTEP scheme, according to a notification. Earlier, the exporters were allowed to seek benefits under the scheme till December 31, 2024. Under Remission of Duties and Taxes on Exported Products (RoDTEP), various central and state duties, taxes, and levies imposed on input products, among others, are refunded to exporters. The current RoDTEP rates are in the range of 0.3-4.3 per cent. "The support under RoDTEP scheme for exports of products manufactured from AAs (advance authorisation), SEZs (special economic zones) and EOUs (export-oriented units) has been extended upto February 5, 2025," the DGFT has said in a notification on March 20. However, from February 6 onwards, exports from these categories will no longer be eligible for RoDTEP support, the Directorate General of Foreign Trade (DGFT) said. The support under the sch

India's export of key items sees double-digit contraction, says report

Data released by the commerce department on Monday showed that outbound shipments from India shrank at the sharpest pace in 20 months-by 10.9 per cent on-year--to $36.91 billion in Feb

Trade war, tariff to impact global growth, fuel inflation: RBI report

India sustaining growth momentum; Lower inflation to support recovery

India imports increase 11.3% to 265 million tonnes of coal in FY24

The FY24 import included 59 mt of coking coal and 205 mt of non-coking coal worth ₹1.33 trillion, Union Coal Minister G Kishan Reddy said on Wednesday

Medical device body asks Centre to revisit import duty reduction talks

This comes just days after economic think tank GTRI had asked government officials to seek reciprocity and improve market access for the Indian medical devices sector

Prioritise talks on core trade issues for faster FTA: Commerce secy

Long-drawn negotiations that take years often result in businesses losing interest in trade talks. However, focusing on core trade issues can help India navigate complex negotiations more efficiently

India should seek reciprocity from EU on medical devices under FTA: GTRI

India should seek reciprocal concessions from the European Union (EU) under the proposed free trade agreement (FTA) in the medical devices sector to promote its exports, economic think tank GTRI said on Sunday. India charges zero to 10 per cent tariffs on most medical devices and a duty cut by India on medical devices without addressing EUs regulatory challenges will result in low exports but large scale imports from EU. "To achieve a fair trade deal, India must demand reciprocity. India should cut tariff on medical devices only if the EU reduces its non-tariff barriers," the Global Trade Research Initiative (GTRI) said. The ongoing India-EU FTA negotiations on medical devices are asymmetrical. While the EU demands zero tariffs on medical devices from India, it maintains high regulatory barriers that hinder Indian exports difficult in the EU markets, it added. GTRI Founder Ajay Srivastava said the EU customs duty rates are zero, but market entry costs are substantial because of th

Trade war turmoil topples Canada's financial market from all-time high

Trade war turmoil is weighing heavily on financial markets in Canada. Canada's main stock index has been tumbling along with US indexes since President Donald Trump initiated a trade war with his North American neighbours. Mexico's main stock index has remained relatively steady following measures from the Mexican government to stabilise financial markets. The Toronto Stock Exchange's S and P/TSX composite index reached an all-time high on January 30. It started sliding a day later following the first salvo in the form of announced 25 per cent tariffs on all goods from Canada and Mexico. Since then, Trump has rattled markets with uncertainty as he changes his mind on implementing or delaying tariffs on a seemingly daily basis. The S and P/TSX composite has shed about 5 per cent since Trump opened the trade war on January 31. The financial sector is among the hardest hit, with a 8.6 per cent drop. The industrial sector is down 7.4 per cent, while the energy sector has shed 5.4 per

India well placed to tackle Trump's tariff volleys: Blackstone CEO

Blackstone to invest $100 bn in India in future

No commitment to US on tariff cuts; deal negotiations on, says govt

Commerce, foreign secys brief House panel on current scenario

Aveo Pharma suspects misuse of painkiller Tafrodol in importing countries

The company also clarified that the "stop production" order of Feb 24 was due to compliance issues under the Schedule M of the Drugs and Cosmetics Rules, 1945, and not due to the combination product

Govt allows exports of 100% broken rice to reduce record high stockpiles

India had banned exports of 100% broken rice in September 2022 and then imposed curbs on exports of all other rice grades in 2023 after poor rainfall raised concerns over production

WTO compliant trade tariffs meant for national development: FM Sitharaman

The trade tariffs running up to 100 per cent, consistent with the World Trade Organisation norms, are levied for national development and the growth of domestic industry, said Union Finance Minister Nirmala Sitharaman. Reacting to a query in defence of 100 per cent trade tariffs on some US imports, the finance minister said that tariffs are legitimate instruments. "So, when you are at a stage of development when your own industry has to grow, you will tend to make sure that, as per the WTO norms, whatever is the trade tariff which you can levy... you will levy. So that is how it's been happening and it is consistent as I said with the WTO," she said during a post-budget interaction in the port city on Thursday. Observing that trade tariffs prevailing today serve multiple purposes, such as protecting domestic industry, Sitharaman asserted that this protection will continue afterwards as well, and also emphasised on exports and the possibility of reaching newer markets. Referring to

Global coffee trade grinding to halt, hit hard by sharp price hikes

The coffee price hikes have stemmed from lower production in important coffee growing regions, particularly in top grower Brazil

BTA discussions: India eyes a bigger share of the US electronics market

In 2023, the share of US electronics imports from India was a mere 1.9 per cent of the $520 billion they imported. The total Indian electronics exports to the US was pegged at only $10 billion

BTA negotiations: India pushes for greater access to US organic market

Under mutual recognition agreements (MRAs) are bilateral pacts between countries, where they recognise each other's standards as well as the certification process

No reciprocal tariff reprieve for India, signals Trump in address to Cong

Analysts say possible measures by US could cost India $7 bn a year

Trade shutdown in Rajasthan deferred to March 23 by commodity traders

On February 22, crops, mainly wheat and mustard, in some regions, including Alwar, Bharatpur and Churu, were damaged due to rains and hailstorm

Donald Trump heads toward tariff barrage on Canada, Mexico, and China

The long-promised tariffs scheduled to take effect Tuesday would easily be among the most sweeping of the Trump era

China vows to take 'all necessary measures' against new US tariffs

Beijing's reaction came hours after Trump announced an additional 10% tariff would take effect March 4