Page 19 - Trade

Best of BS Opinion: Standards on trade, efficient movement and more

Here is the best of Business Standard's opinion pieces for today

India must adapt to evolving global trade norms for meaningful FTAs

Both countries have been negotiating to arrive at a mutually beneficial agreement since 2022

Indo-Russia trade at $66 bn in 2024, can meet $100 bn target: Russia envoy

A senior Russian diplomat on Wednesday said bilateral trade between the two countries has reached a record USD 66 billion in 2024, marking a fivefold increase over the past five years, with a 9 per cent rise in the first eight months of this year. The envoy said Russia and India are on track to achieve the ambitious USD 100 billion trade target by 2030, bolstered by expanding collaborations and diversified trade opportunities. "The recent dialogues between leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in multiple sectors make the target of USD 100 billion by 2030 an achievable one," said Maxim V. Kozlov, Russian Consul General in Kolkata, at an interactive session with members of the Bharat Chamber of Commerce (BCC). "India and Russia are more than strategic partners; we are all-weather friends. Our bond is built on mutual trust and shared interests, making the growth of our economic ties both natural and ...

FTA talks with India to relaunch early 2025: UK PM Starmer tells Parliament

The Free Trade Agreement negotiations with India -- expected to significantly boost the estimated GBP 42-billion a year bilateral trade partnership -- will be relaunched early in the new year, Prime Minister Keir Starmer has informed the UK Parliament here. It came during his statement to update the House of Commons on Thursday about his G20 Summit visit to Brazil, where he said he had a good discussion with Prime Minister Narendra Modi among other world leaders. The meeting earlier this week had led to both countries agreeing to resume the election-stalled Free Trade Agreement (FTA) talks. I had a good discussion with Prime Minister Modi about deepening our bilateral ties, Starmer told the members of Parliament. We agreed to raise the ambition of our UK-India comprehensive strategic partnership, which covers security, defence, technology, climate, health and education, building on the unique bonds and cultural ties between our two countries. Crucially, this work will start with t

Trade associations should work within competition law framework: CCI chief

Trade associations should work within the framework of the competition law as their activities can sometime lead to unintended consequences such as anti-competitive practices, CCI Chairperson Ravneet Kaur said on Friday. The Competition Commission of India (CCI) works to promote fair competition and curb unfair business ways in the market place. Addressing a regional workshop on competition law in Kolkata organised by CCI, along with Merchants' Chamber of Commerce & Industry, Kaur highlighted the instrumental role played by trade and industry chambers in providing a platform for engaging in open dialogue and maintaining a level-playing field. She said trade associations have to operate within the framework of competition law, according to a release issued by the regulator. The influence wielded by trade associations can sometimes lead to unintended consequences, such as the facilitation of anti-competitive agreements or practices, she said, adding that CCI will work proactively ...

India's FTAs not paused, all talks progressing as per schedule: Official

Negotiations for all the proposed free trade agreements, including those with the UK and European Union (EU), are progressing as per the schedule and the country's FTAs are not paused, a top government official has said. The official said that an impression is going around that FTAs are paused, which is not correct. "All our FTAs, whether it is with the EU or UK, all are progressing as per the schedule," the official said. In the coming weeks, a bilateral meeting is scheduled between the commerce secretary and the Director-General of the European Union to take stock of the negotiations for the proposed trade agreement with the European Union. They will also meet as part of the Trade and Technology Council (TTC). Besides the EU and the UK, India is negotiating these agreements with Australia, Peru, Sri Lanka, and Oman. In such pacts, two trading partners either significantly cut customs duties or remove the maximum number of goods traded between them. They also ease norms to promo

China's Xi warns against 'going back in history' as Trump tariffs loom

Xi called for emerging nations in the so-called Global South to have a greater voice in world affairs, with all countries enjoying equitable rights and opportunities in development

Aluminium jumps 8.5% to $2,730 after China cancels export tax rebates

Three-month aluminium on the London Metal Exchange soared as much as 8.5% to $2,730 a metric ton and was up 6.1% at $2,670 in official open-outcry trading

Unilateral trade measures in name of climate action 'discriminatory': India

India on Friday said unilateral trade measures in the name of climate action are "discriminatory, harm multilateral cooperation" and go against the principles of the UN climate change convention. Making an intervention in the presidential consultations on 'unilateral measures' at COP29 in Baku, India said this is a matter of global concern that needs urgent consideration to ensure the development pathways of developing countries are not constricted. Other groups of developing countries, including the G77, the largest bloc representing over 130 nations at the UN climate talks, and Like-Minded Developing Countries also registered their strong opposition on the issue. However, developed countries, particularly the European Union, argued that the United Nations Framework Convention on Climate Change (UNFCCC) is not the right platform to discuss this issue, as it is already being addressed by the World Trade Organization. India said restrictive unilateral measures force developing and .

Imports from UAE surges 70% in October to $7.2 billion, shows data

India's imports from its free trade agreement partner UAE have jumped by 70.37 per cent year-on-year to USD 7.2 billion in October, leaving a trade deficit of about USD 3.5 billion during that month, according to the commerce ministry data. The deficit, the difference between imports and exports, was USD 2.47 billion in September. Cumulatively also, the imports from the UAE during April-October rose by 55.12 per cent to USD 38.64 billion against USD 24.91 billion in the same period previous fiscal, while exports were up by 15.86 per cent year-on-year to USD 20.93 billion compared to USD 18 billion in April-October 2023-24. The trade deficit during the seven-month period has widened to USD 17.71 billion from USD 6.85 billion in the same period a year ago. The FTA between India and the UAE came into effect in May 2022. According to the data, India's imports from UAE rose by 49.22 per cent to USD 5.38 billion in September and 72.7 per cent to USD 6.38 billion in August. Exports, on

Russia keen to strengthen trade cooperation of pulses with India: Govt

Russia, which is mulling diversifying to urad and tur production, is keen to strengthen pulses trade cooperation with India, the government said on Tuesday. A Russian delegation led by Deputy Minister Maxim Titov had on Monday met Consumer Affairs Secretary Nidhi Khare, discussing in details the possibility of enhancing the trade cooperation in the field of pulses. The consumer affairs department, in a statement, said Russia has emerged as a major source of India's import of masur (lentils) and yellow peas from the recent past. Apart from these two pulses, Russia is also contemplating to diversify its pulses production to urad (black matpe) and tur (pigeon pea), it said. India is dependent on pulses imports to meet the domestic shortages of 3-4 million tonne. On pulses availability in the country, the government said there is a significant ease in supply of key pulses like tur, urad and change since July 2024 due to better kharif prospect and continuous imports. "The overall ...

Ocean freight rates increase for first time since July, shows data

Drewry World Container Index up 4% ahead of Christmas, New Year rush

Maruti Suzuki eyes 850,000 export mark after historic high in October

EVs to play a key role in reaching 850,000 units in exports by 2030-31

The End of the Chinese Century? New book critiques BRI's flawed assumptions

The BRI has been compared to the US Marshall Plan launched after the end of the Second World War to enable the recovery of the war-ravaged economies of western Europe

Chhath Puja 2024: CAIT estimates Rs 12,000 cr nationwide trade on festival

The surge in Chhath Puja demand for handmade goods and festive clothing boosts job opportunities and supports cottage industries, energising India's local economies

WTO accepts India request to defer ICT import duty dispute ruling until Apr

The WTO's dispute settlement body on Monday again accepted a request from India and Chinese Taipei not to adopt the ruling against New Delhi's import duties on certain information and technology products till April next year, as both sides are engaged in resolving the matter mutually, an official said. The issue came up during a meeting of the dispute settlement body (DSB) in Geneva. "The DSB agreed to the latest requests from Chinese Taipei and India," the Geneva-based official said. At the October 28 meeting, India and Chinese Taipei once again requested additional time from the DSB to consider the adoption of the panel rulings in the case initiated by Chinese Taipei regarding India's tariffs on certain high-tech goods. The two sides had requested that the DSB further delay consideration of the panel reports until October 28, 2024, to help facilitate the resolution of the disputes. "The parties asked that the DSB further delay consideration of the panel report until 25 April 202

Turkiye's measures on polyester impact exports; India seeks compensation

India has sought compensation from Turkiye as Ankara's decision to extend safeguard measures on polyester staple fibres has impacted the product's exports, an official said. India flagged concerns and impact from these measures during a recent bilateral consultations with Turkiye under the WTO's safeguard agreement. On October 14, India sought consultations with Turkiye under the agreement following Ankara's decision to extend safeguard measures on polyester staple fibres. "We have sought compensation as we have a loss of trade. India has the option to propose retaliatory customs duties equivalent to the value of export loss if the issue will not be resolved through consultations," the official said. India has exported these fibres worth USD 22.18 million during 2023-24. It was USD 23.55 million in 2022-23. In September, Turkiye decided to extend safeguard measures against imports of polyester staple fibres. "As a member having a substantial trade interest in the export of produc

Govt lifts curbs on non-basmati white rice exports, removes floor price

The government on Wednesday removed the minimum export price (MEP) of USD 490 per tonne on overseas shipments of non-basmati white rice, a move aimed at promoting shipments of the commodity. On September 28, the government withdrew a blanket ban on overseas shipments of non-basmati white rice and imposed the floor price. "The requirement of MEP for the export of non-basmati white rice...has been lifted with immediate effect," the Directorate General of Foreign Trade (DGFT) said in a notification. The government had imposed a ban on exports of non-basmati rice exports on July 20, 2023. These measures came at a time when the country has ample stock of rice at government godowns and retail prices are also under control. Earlier, the government scrapped the minimum export price for basmati rice to boost outbound shipments and enhance farmers' income. The country exported non-basmati white rice worth USD 201 million during April-August this fiscal. It was USD 852.52 million in ...

DGFT notifies policy conditions for exports of sesame seeds to US

The government on Wednesday notified the policy conditions for exports of sesame seeds to the US. The new rule will come into effect from November 16 this year. The Directorate General of Foreign Trade (DGFT) in a notification said that the India Oilseeds and Produce Export Promotion Council has been designated as the authority to issue the export certification. "Policy conditions for the export of sesame seeds to the US have been notified," it said. In a separate notice, the DGFT notified the procedure for filing of annual Remission of Duties and Taxes on Exported Products (RoDTEP) return. The scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the Centre, state, or local level. It said that non-reporting of the ARR (annual RoDTEP return) will lead to denial of benefit

DGTR suggests anti-dumping duty on Chinese drawer sliders to protect MSMEs

The commerce ministry's investigation arm DGTR has recommended an anti-dumping duty of USD 422 per tonne on Chinese drawer sliders with a view to guard MSME units. In its findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'Telescopic Channel Drawer Slider' has been exported to India at a price below the normal value, resulting in dumping. The imports are also undercutting the prices of the domestic industry, the DGTR has said in a notification. "The authority recommends imposition of anti-dumping duty on the imports," it said. The directorate had "suo-motu" initiated the probe against the alleged dumping of this product to guard micro, small & medium enterprise (MSME) units against cheap imports from the neighbouring country. Usually, anti-dumping investigations are initiated based on an application filed by domestic producers, but since the fragmented industries did not have the know-how of the procedures involved in the trade remedy probe, the ...