Page 13 - Trade Talks

Consensus on WTO dispute settlement body reforms 'low' in next meet: GTRI

WTO member countries are unlikely to reach a consensus next month on reforming the dispute settlement system of the global trade body as there are wide differences over the issue between developed and developing countries, a GTRI report said on Sunday. The trade minister of the 164-member World Trade Organisation (WTO) will gather in Abu Dhabi in February for the 13th ministerial conference (MC) to resolve different issues such as reforms in dispute settlement mechanisms, agriculture-related matters and a moratorium on customs duties on e-commerce trade. "Reaching a consensus on reform of the dispute settlement system is complex, with developed and developing countries holding different priorities and concerns," economic think tank Global Trade Research Initiative (GTRI) said. It said that balancing India's demands for an appellate body, S&DT (special and differential treatment) provisions, and fairness while addressing other members' concerns, including transparency and legal ...

India-Peru trade pact: Next round of negotiations to begin on Feb 12

The next round of negotiations between India and South American nation Peru for a free trade agreement is scheduled to start on February 12, an official said. The proposed agreement is aimed at promoting bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. "The sixth round of negotiations for a proposed trade agreement between India and the South American nation Peru is scheduled from February 12-15," the official said. Issues which are expected to figure in the negotiations include rules of origin, trade in goods, customs procedures and trade facilitation, technical barriers to trade, sanitary and phytosanitary measures. Negotiations for the agreement started in 2017 and the fifth round was concluded in August 2019. The negotiations were paused due to the coronavirus pandemic. Duri

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Call of duty: Maruti Suzuki chairman advocates for low car tariffs in FTAs

The govt and Maruti believe the Indian car industry is no longer an infant and can face low-duty imports through FTAs, but not everyone is sure

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

CCI clears Alpha Alternatives Group stake purchase in Dilip Buildcon

Fair trade regulator Competition Commission of India (CCI) has granted an approval to Alpha Alternatives Group for the acquisition of a 10 per cent stake in Dilip Buildcon, according to a notice. The CCI cleared the deal under the green channel route. The transaction involves the acquisition of 9.99 per cent of the equity stake in DBL by way of subscription to warrants by Alpha Alternatives Holdings Pvt Ltd (AAHPL), and its other entities, the CCI said in the notice on Friday. The commission has also approved the acquisition of 26 per cent equity shareholding and investment in certain non-convertible debentures (NCDs) in DBL's Special Purpose Vehicles (SPVs) by AAHPL along with its affiliates. The SPVs operate Hybrid Annuity Model (HAM) projects (constructed and under-construction projects) engaged in the road infrastructure sector in India. AAHPL is a multi-asset class asset management firm that raises capital and manages investments on behalf of its clients. In November, engine

India, New Zealand discuss cutting trade barriers, promoting investments

India and New Zealand have discussed measures to reduce trade barriers and promote a more investor-friendly environment to boost economic ties, an official statement said on Wednesday. The issues were discussed during the meeting of Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay here on December 19. Both the ministers recognised the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the commerce ministry said. The trade minister of New Zealand appreciated the efforts made by India to sort out the issue related to export of wooden logs to India. "They highlighted the need to deepen engagement in sectors such as agriculture, forestry, pharma, connectivity, education and tourism," it said. To strengthen the trade and economic relationship, ministers expressed the need to increase engagement ..

India' reliance on Bab-el-Mandeb Strait could impact economy: GTRI

India needs to work on finding alternate trade routes in the sea as heavy reliance on the Bab-el-Mandeb Strait, a key route crossing Red Sea, could impact the country's trade with the Middle East, Africa, and Europe, economic think tank GTRI said on Tuesday. Developing alternative routes such as the deep water port in Chabahar, Iran can help the country, it said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi militants. The strait, vital for 30 per cent of global container traffic, has seen increased tensions with various incidents in 2023, including attacks and military manoeuvre by regional and global powers, the Global Trade Research Initiative (GTRI) said. It added that India, heavily reliant on this route for trade and energy (crude oil and LNG) imports, faces increased costs and security risks, prompting efforts to diversify trade routes and

Per capita income must go up to become 3rd largest economy: Bandhan Bank MD

Bandhan Bank managing director Chandra Shekhar Ghosh on Tuesday said there is a need to increase per capita income to make India third largest economy in the world. The per capita income of the fifth largest economy, as per the government data, stood at Rs 98,374 in 2022-23. India ranks 130th globally in terms of Human Development Index comprising per capital income, education and health parameters, Speaking at an event organised by CII here, Ghosh said, to make India third largest economy in the world or to achieve USD 5 trillion size, per capita income has to increase. "We need to focus on per capita income improvement so that people have higher income and therefore spending would increase. So that should be the main focus," he said. Ghosh said financial inclusion and access to institutional credit play an important role in improvement of per capital income. The government has taken many initiatives, including Pradhan Mantri Jan Dhan Yojana (PMJDY) and Pradhan Mantri Mudra Yoja

India, Oman adopt vision document to expand bilateral cooperation

Earlier in the day, Prime Minister Narendra Modi held delegation-level talks with the Sultan of Oman, Haitham bin Tarik, at Hyderabad House in New Delhi

China pressures Taiwan with trade accusations, warplanes ahead of elections

China in October said it was extending its trade barrier investigation to Jan. 12, the eve of Taiwan's elections. Taiwan denounced that at the time as election interference

Here to enhance partnership between EFTA, India: Norway's trade minister

The European Free Trade Association is a trade organisation and free trade area consisting of four European states- Iceland, Liechtenstein, Norway and Switzerland

WTO's trade policy toolkit for climate action

Our policymakers may take note of the recommendations and fine-tune our policies

India seeks to resolve WTO import duty dispute with EU on ICT goods

India seeks to resolve a WTO import duty dispute with the European Union on certain information and technology products through the proposed free trade agreement, which is under active negotiations, an official said. Following a ruling of the World Trade Organisation's (WTO) dispute panel on April 17 that import duties imposed by India on certain information and technology (ICT) products such as mobile phones and components, base stations, integrated circuits and optical instruments violate global trading norms, India and the European Union (EU) are discussing ways to resolve the matter amicably outside the ambit of the WTO. As part of the discussion, the EU has sought duty concessions from India on these goods as it was violative of the global trade norms, but India has stated that it would be again a breach of WTO rules, if the concessions be extended only to the EU, the official said. They are seeking duty concessions, which according to India can be discussed only under the free

Will India reassess its position on China-backed Asian trade bloc RCEP?

However, that Sri Lanka and Bangladesh are veering towards the RCEP compounds an already complex situation for India

'Trade Day' at COP28: To deliberate on policy options for climate action

At COP26 held at Glasgow, Scotland, in 2021, most developed countries committed to achieving net-zero GHG emissions by 2050

IPEF trade pillar: India doubts benefits amid SE Asian scepticism

India did not join the trade pillar because the government didn't know what commitments New Delhi may have to make, and there was no clarity on the details

Piyush Goyal, US trade rep Katherine Tai discuss trade boost in key meet

Commerce and Industry Minister Piyush Goyal met the US Trade Representative (USTR) Katherine Tai and discussed ways to further boost trade and investments between the two countries. Goyal is in the US for a four-day visit. He reached San Francisco on November 13. He also met Dukgeun Ahn, Minister of Trade, Korea, and Gan Kim Yong, Minister of Trade and Industry, Singapore. These ministers are in the US for the Indo-Pacific Economic Framework (IPEF) meeting. "Wonderful meeting my friend Ambassador Katherine Tai, the US Trade Representative. We discussed ways to further deepen our trade & investment ties along with convergence on key WTO issues for a favourable outcome at MC13," Goyal said on the social platform X. The 164-member World Trade Organization (WTO) is holding its 13th ministerial conference (MC) at Abu Dhabi in February next year. During the ministerial meetings in San Francisco, Goyal discussed potential collaboration under the Indo-Pacific Economic Framework (IPEF), .

India weighs changes to improve production incentive schemes: Report

India's trade ministry, which oversees the scheme's implementation, is discussing the changes with other federal departments, they said