Page 5 - Trade Policy

Integrating GVCs can add $1.2 trn to India's foreign trade: GTRI report

Steps like streamlining port and customs operations, and setting up of national trade network will help Indian firms integrate with global value chains and add USD 1.2 trillion in the country's foreign trade by 2030, according to a report. The Global Trade Research Initiative (GTRI) said that currently, India's limited participation in global value chains (GVCs) hampers its export potential, despite possessing substantial manufacturing capabilities across various GVC-relevant product categories. The integration of Indian companies in the GVCs is fundamental as about 70 per cent of global trade operates within these chains, encompassing a wide range of products, from electronics and machinery to pharmaceuticals and apparel. "India's weak GVC integration can be attributed to poor trade infrastructure, causing delays at ports and customs, which are detrimental to the timely flow of goods in these intricate value chains," GTRi Co-Founder Ajay Srivastava said. Countries like China, Japa

EU comm in China calls for balanced trade, warns Ukraine could divide them

The European Union's trade commissioner called for a more balanced economic relationship with China on Monday, noting a trade imbalance of nearly 400 billion euros (USD 425 billion), while also warning that China's position on the war in Ukraine could endanger its relationship with Europe. Valdis Dombrovskis, in a speech at China's prestigious Tsinghua University, said that the EU and China face significant political and economic headwinds that could cause them to drift apart. The strongest, yet not the only, headwind is Russia's war of aggression against Ukraine, and how China positions itself on this issue, he said, according to a prepared text of his remarks. Dombrovskis is in China to co-chair high-level economic and trade talks on Monday with Chinese Vice Premier He Lifeng. EU leaders have expressed concern about the bloc's growing trade deficit with China, which reached 396 billion euros last year. European Commission President Ursula von der Leyen recently announced an ...

Trade pacts with G20 member countries can help India boost exports: CII

Negotiating trade pacts with certain G20 countries and diversifying exports to regions like Brazil and Mexico could help India boost outbound shipments and manufacturing in the years to come, Chairman, CII national committee on EXIM, Sanjay Budhia, said on Wednesday. He said that tapping into opportunities in G20 countries is crucial for India's economic growth and global influence. India should diversify its export markets within the G20 countries, Budhia, who is also Managing Director of Patton Group, said. He added that while traditional partners like the United States and the European Union remain important, exploring emerging markets within the G20, such as Brazil, South Africa, Indonesia, and Mexico, can open up new avenues for Indian goods and services. "Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries. Such agreements can reduce trade barriers, tariffs, and regulatory

Non-tariff barriers emerging as tool to disrupt textiles trade: AEPC

Non-tariff barriers (NTBs) are gradually emerging as a potent tool to damage and even disrupt legitimate textiles trade, apparel export promotion council (AEPC) said on Thursday. As many as 131 NTB notifications are issued related to the textile sector since 2019 with Uganda at the top position with 71 notifications, it said. It was followed by Ecuador (10), China (8), Taiwan (7), Israel (5), USA (4), and Peru (3). These barriers include certifications, inspections, regulations, standards, SPS (sanitary and phyto-sanitary - related with plants and animals) measures, and technical barriers to trade (TBT). These measures are by and large in conformity with the rules of the World Trade Organisation (WTO). But when these measures are used unfairly, in violation of WTO agreements to discriminate against imports and restrict market access, then they become non-tariff barriers hampering legitimate trade. The council has organized a webinar on emerging non-tariff barriers in the apparel

Spain has lot to offer in terms of defence trade: Indian ambassador Patnaik

Indian ambassador to Spain Dinesh Patnaik has said that the European country has "a lot to offer" in terms of bilateral trade in defence, start-up and IT ecosystem, and cultural exchange. The two countries share an increasingly important relationship through bilateral exchanges, he said, adding more and more Indian filmmakers are now exploring Spain's scenic locations, the latest being films such as Pathaan and Tu Jhoothi Main Makkar, and India is buying C295 aircraft, submarines and automotive components from Spain. The European country, in turn, procures chemicals, mechanical, engineering and electrical equipments from India, he said. "In the last one-and-a-half years, our trade has increased by about 30 per cent. We have a surplus of USD 4 billion with them. With very few countries we have such large surpluses, especially when it is non-petroleum products. But there is a lot more that can be done. This is just the tip of the iceberg," Patnaik told PTI in an interview. Speaking o

India, Australia working on comprehensive trade agreement: PM Modi

Prime Minister Narendra Modi on Tuesday said India and Australia are working on a Comprehensive Economic Cooperation Agreement (CECA), and exuded confidence that the bilateral trade will more than double in five years. The two countries have already signed India-Australia Economic Cooperation and Trade Agreement (ECTA), he said expressing hope the pact will help in doubling the two-way commerce in the next five years. Addressing a community event at Sydney's Qudos Bank Arena, the Prime Minister said the two countries are now working on CECA. "We are building a resilient and reliable supply chain. This will strengthen the business of both countries," he said. Modi, who is visiting Australia as a guest of the Australian government, said the air connectivity between India and Australia has increased and the number of flights would go up further in the coming days. Australia was the 13th largest trading partner of India in 2022-23. While exports stood at USD 6.95 billion, imports from

In the old tale of Kabuliwala, there is a South Asia trade mystery

India's business with its neighbourhood is stagnant though it offers better terms than China

Consumer org COF seeks probe into activities of online gaming firm RARIO

Consumer Online Foundation, a consumer rights organisation, has written to the finance minister to investigate the activities of a cricket collectable and gaming platform, RARIO, for alleged violation of tax laws with respect to cryptocurrencies, an allegation denied by the company. The letter by Consumer Online Foundation (COF) alleged that RARIO is engaged in unfair trade practices that infringe on the rights of consumers. RARIO refers to itself as a company engaged in the buying and selling of digital player cards and does not disclose on its website that it is in reality an NFT and cryptocurrency platform, the COF alleged. However, RARIO said, "We adhere to all the KYC requirements and fully comply with the applicable laws, including taxation." The letter alleged that the company has been engaging in unethical marketing practices and misleading customers in all of its transactions. "Customers purchase player cards in either INR or USD currency, which are loaded into their 'RAR

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New foreign trade policy to aid exports via e-com, farm equipment: Experts

The new Foreign Trade Policy (FTP) 2023, announced recently, will help in promoting exports of sectors from e-commerce, batteries for electric vehicles and farm equipment, experts said on Tuesday. India on March 31 came out with the new policy which aimed at pushing rupee trade, increasing outward shipments to USD 2 trillion by 2030, and promoting e-commerce exports, amid global uncertainties. Rumki Majumdar, Economist at Deloitte India, said that the policy emphasises on the manufacturing and export sectors with a long term view. Sectors such as batteries for EVs, green hydrogen, and garment, amongst others will benefit from the policy, she said, adding that with over 80 per cent of trade being done in the USD, encouraging trade in Indian rupee will be a relief. "It will also add to its resilience to external shocks and improve negotiating capabilities in international trade," Majumdar said. Shashi Mathews, Partner at IndusLaw, said that through the policy, the government's focus

India, Australia eye early conclusion on comprehensive trade pact

India, Australia to increase cooperation in critical minerals sector

Govt to bring retail trade policy to promote ease of doing biz: Official

The government is working to bring a national retail trade policy for brick and mortar retail traders with an aim to promote ease of doing business, a senior official said on Monday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that the policy would also help in providing better infrastructure and more credit to traders. The Department, he said, is also working to bring an e-commerce policy for online retailers. "We want that there should be synergy between e-commerce as well as retail traders," Sanjiv said at a conference on FMCG and e-commerce here. The Department is also in the process of formulating an insurance scheme for all the retail traders. The accident insurance scheme would particularly help small traders of the country, he added. "The government is trying to do policy changes not only in e-commerce but national retail trade policy which will be for physical traders which will be introducing ease of doing business,

Working to support plans to promote a free open Indo-Pacific region: USIBC

A top American business advocacy group has said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. During an ongoing meeting with stakeholders of the Indo-Pacific Economic Framework (IPEF), the US India Business Council (USIBC) also focused on building resilient supply chains for the biopharmaceutical sector as well as for critical minerals essential to the energy transition, a media release here said. The framework is being hosted by the Indian Ministry of Commerce and Industry in Delhi from February 8 to 11. On Thursday, the USIBC said that it is working to support plans to promote a free, open, and prosperous Indo-Pacific region. The Indo-Pacific is a biogeographic region, comprising the Indian Ocean and the western and central Pacific Ocean, including the South China Sea. The US, India and several other world powers have been talking about the need to ensure a free, open and thriving Indo-Pacific in the backdrop of China's rising .

2023 to be tough on trade as global economies will slow down: GTRI to Govt

Announcement of measures like quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget

India-US Trade Policy Forum to boost bilateral trade and investment

The US is also the biggest FDI investor in India in terms of equity, as per the Reserve Bank of India's (RBI's) latest FDI data, with Rs 8.1 crore, accounting for 16.9 per cent share in 2022

Piyush Goyal to attend India-US Trade Policy Forum on January 11

The TPF aims to iron out key trade and investment-related issues between India and its largest trade partner - the US

India-Australia interim trade deal kicks in today after eight-month wait

The implementation of the interim trade pact, also known as Economic Cooperation and Trade Agreement (ECTA) has the potential to double the bilateral trade between the two countries to $50 billion

Biggest challenge is to get Centre, states work together: CII president

Bajaj said even in states where it is the same party ruling as the Centre, one doesn't see the same level of focus, energy and interest

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

Trade settlement in rupee: Govt, RBI devise country-specific plan

To start with, a small number of banks will be allowed to manage cross-border transactions in domestic currency with a particular country