Page 21 - Trade

Chipmaker Qualcomm forecasts strong revenue, warns of trade-curb impact

Shares of San Diego, California-based Qualcomm rose more than 5 per cent in extended trading after it reported results

Customs duty cut on silver likely to give Centre breather for now

This may help check spurt in imports from UAE under CEPA

Monumental stride in positioning India as logistics powerhouse: Industry

The Union Budget for 2024-25 has taken a "monumental stride" towards positioning India as a global logistics powerhouse as it focuses on infrastructure development, leveraging technology and supporting MSMEs, logistic and shipping industry executives said on Tuesday. "The Union Budget is a monumental stride towards positioning India as a global logistics powerhouse," Gregory Goba Ble, UPS Managing Director in India, said. "This budget has hit all the right notes - focusing on infrastructure development, leveraging technology and supporting MSMEs including traditional artisans through innovative measures such as e-commerce export hubs," He said the initiatives for infrastructure development, particularly the announcement of new economic corridors, along with strategic investments in roads and airports, are poised to streamline logistics operations, reduce costs and enhance connectivity across key regions, charting a clear path towards a more robust, efficient and globally competitive

Economic Survey: What it says on trade, private sector investment and more

The Economic Survey 2024 touched on private sector investment, noting visible green shoots but urging caution. Here's why

Imports from China, Asean at predatory prices main concern: Jayant Acharya

Even imports from Japan and Korea have been elevated. India is basically a vulnerable ground because our domestic demand is very good, said Jayant Acharya, JMD, JSW Steel

India FTA talks set to be revived with first major UK ministerial visit

The renewed parameters of the India-UK free trade agreement negotiations are set to be defined this week as UK Foreign Secretary David Lammy is expected in India on Tuesday, the first high-profile visit under the newly elected Labour government in Britain. The free trade agreement (FTA) talks began in January 2022, under the then Conservative government, with a target to significantly boost the GBP 38.1 billion a year bilateral trading partnership but hit a block in the fourteenth round of negotiations to make way for general elections in both countries. A report in The Daily Telegraph' on Sunday quotes a New Delhi source to claim the Indian side would seek clarity on whether the Labour government intends to pick things up from where they were left off or start afresh in some way. India is keen to resume talks on a positive note, but the date needs clarity, the source told the newspaper. The trade deal was at the final stage in the previous government, and we want to see whether th

India flags high trade deficit in policy review meet of China in WTO

India has flagged its concerns over high trade deficit and non-transparent subsidies of China in a meeting at the World Trade Organisation (WTO), Geneva, stating those measures impact domestic industry, an official said. Participating at the WTO's trade policy review meeting of China this week, India hoped that China will support issues concerning the Global South. The Geneva-based trade official said India noted that its bilateral trade with China records the biggest trade deficit. New Delhi has expressed concerns over the size of this deficit, and the non-transparent subsidies and mechanisms of China that leads to low prices, hurting local industry, the official added. India's exports to China in 2023-24 stopped at USD 16.65 billion, while imports aggregated at USD 101.75 billion, leaving a trade deficit of over USD 85 billion. China has emerged as the largest trading partner of India with USD 118.4 billion two-way commerce in 2023-24, slightly edging past the US. In the meetin

Govt proposes to include moisture measurements in cereal grains, oilseeds

The government has proposed to include moisture meters in the Legal Metrology Rules to measure moisture levels in cereal grains and oilseeds as part of its efforts to bring transparency in agricultural trade practices. The Department of Consumer Affairs organised a meeting with all stakeholders to discuss the draft rules for moisture meters used for measuring moisture levels in cereal grains and oilseeds, an official statement said. Nidhi Khare, Secretary, Department of Consumer Affairs chaired the meeting. Various manufacturers, users, scientific institutions, laboratories, State Government Legal Metrology Departments and VCOs (voluntary consumer organisations) participated in the meeting. The draft rules pertaining to moisture meters were made available for public feedback on May 30, 2024, inviting comments from all stakeholders, by the end of June 2024. All the comments received on the draft rules were discussed in detail during the meeting. "All the stakeholders supported the

Goyal likely to attend Brics trade ministers' meeting in Moscow on July 26

Commerce and Industry Minister Piyush Goyal is expected to attend the BRICS trade ministers' meeting in Moscow on July 26, an official said on Friday. BRICS members are Brazil, Russia, India, China, and South Africa. It is a grouping of major emerging economies of the world, comprising over 40 per cent of the world population and accounting over 16 per cent in the global trade. During Prime Minister Narendra Modi's Russia visit on July 8-9, India and Russia have set an ambitious bilateral trade target of USD 100 billion by 2030. India is focussing on various sectors like electronics, besides taking up issues of non-trade barriers removal, to boost exports to sanction-hit Russia and move towards achieving this target. At present, the bilateral trade stands at about USD 67 billion. The country is looking at various sets of commodities such as electronics, and engineering to increase exports to Russia. Indian marine and pharma exporters face issues in Russia, which New Delhi is loo

Global shipping-market strain revives fear of inflation comeback again

The historic disruption of $25 trillion in global goods trade that culminated two years ago left the deep economic scars of inflation and paranoia about shortages

Budget 2024: Aluminium makers urge govt to up import duty on scrap to 7.5%

Aluminium producers have made a plea to the government to increase import duty on aluminium scrap to 7.5 per cent from present 2.5 per cent in the upcoming budget. They have also sought maintaining the duty on primary aluminium imports at the current rate of 7.5 per cent or a marginal rise to 10 per cent. The move would discourage the influx of sub-standard materials and safeguard the domestic industry which provides livelihood to over 10 lakh people. In its representation to the finance minister, the Aluminium Association of India (AAI) has asked the government to control imports by fixing scrap import duty at par with that on primary aluminium, i.e. 7.5 per cent. AAI has also called for maintaining the duty on primary aluminium imports at the current rate of 7.5 per cent or a marginal rise to 10 per cent, encompassing downstream products as well, in order to protect the domestic market from inundation of cheap imports. Despite sufficient domestic production, primary aluminium .

India's trade deficit narrows in June; exports fall to 7-month low

Growth in merchandise exports fell to 2.6% amid muted demand overseas

'India, Eurasian Economic Union finalizing broad contours for proposed FTA'

India and the five-nation Eurasian Economic Union bloc are working to finalise broad contours and their terms of reference on a proposed free trade agreement, an official said. The five members of the Eurasian Economic Union (EEU) are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Additional Secretary in the Department of Commerce Anant Swarup said that on the EEU proposed free trade agreement (FTA), chief negotiators of both sides have already met and broad contours are being finalised. "Scope and the ToRs (terms of reference) of the proposed free trade agreement are under stakeholder consultation internally in India and same with Russia and soon it will be exchanged so that the next steps can take place," he told reporters here. On the timeline for both sides to formally launch negotiations for the pact, he said that unless there is an understanding on the ToR, the launch date is premature to be decided. In such agreements, two or more trading partners either eliminate or

Piyush Goyal to hold meetings with G7 trade ministers in Italy next week

Commerce and Industry Minister Piyush Goyal will hold bilateral meetings at Reggio Calabria in Italy next week with his counterparts from G7 nations and discuss ways to boost trade and investments, an official statement said on Saturday. Reggio Calabria is a coastal city in southern Italy. The Group of Seven (G7) industrialised nations are Canada, France, Germany, Italy, Japan, the UK, and the US. These meetings aim to explore new avenues for trade and investment, resolve bilateral trade issues, and deepen economic cooperation, it said. Goyal will hold these deliberations on the sidelines of the outreach session of the G7 Trade Ministers' Meeting (July 16-17) in Italy. "During this visit, Goyal will also engage in bilateral meetings with the trade ministers of G7 countries and other participating nations in the outreach session, reinforcing India's commitment to global trade and investment partnerships," the commerce and industry ministry said. It added that India would showcase t

Budget 2024: EEPC urges revival of interest subvention scheme for exporters

The Engineering Export Promotion Council (EEPC India) has urged the government to revive the interest subvention scheme for exporters in its pre-budget recommendations. EEPC India Chairman Arun Kumar Garodia emphasised the scheme's importance, especially with rising interest rates. He called for restoring the three per cent subvention rate for specific tariff lines and a 5 per cent rate for MSME exporters across all product categories. The recent exclusion of merchant exporters from the Interest Equalisation Scheme (IES) raised concerns. EEPC India argued that merchant exporters, with low profit margins, are significantly impacted by credit costs. They proposed extending the IES benefits to them with a three per cent subvention rate. A government notice extended the IES for two months, but only for MSMEs. This left merchants and large exporters ineligible after June 30. The apex engineering exports promotion body warned this exclusion could hurt these businesses, especially those

GoM to decide on lifting export ban on certain non-basmati rice: Goyal

Union Commerce Minister Piyush Goyal on Wednesday said a Group of Ministers will take a decision on lifting the ban on certain varieties of non-basmati rice after considering demand-supply and price situation. The Group of Ministers (GoM) always take a balanced decision, he added. The Centre has banned exports of non-basmati white rice since July 20, 2023, to boost domestic supply. When asked if the government is considering the removal of ban on rice exports, he said: "These decisions are taken by a Group of Ministers. We meet periodically, assess the production of agri produce, the consumption patterns, price in the retail and wholesale market, and we take a balanced decision". According to the agriculture ministry's estimates, India's rice production is estimated at 136.7 million tonnes in 2023-24 compared to 135.75 million tonnes in the preceding year.

Exporters conscious of quality, spice shipment issues miniscule: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said Indian exporters are conscious about quality standards and the problem of some spices consignments were "very very" miniscule and need not be exaggerated. He said that the consignments that had some problem were miniscule compared to India's USD 56 billion worth of food and related product exports. "I think the media should resist exaggerating one or two incidences... They were company-specific issues which are being addressed between FSSAI (Food Safety and Standards Authority of India) and the concerned authorities," Goyal told reporters when asked about the recent issues with regard to some spices consignments. Certain products of MDH and Everest were rejected by Singapore and Hong Kong for allegedly containing carcinogenic pesticide 'ethylene oxide' beyond permissible limits. The minister added that even the consignments originating from developed countries are rejected on quality issues. "India is very proud of its

Govt considers easing rice export limitations in boon to world buyers

The government is considering allowing white rice shipments with a fixed duty, said the people, who asked not to be identified as the talks are confidential

India, UK to hold next round of talks on proposed trade pact this month

With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for the proposed free trade agreement (FTA) began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. The official said the two sides are in touch, and the next round would start this month only. Britain's newly-elected Prime Minister Keir Starmer spoke to Prime Minister Narendra Modi on Saturday and said he stood ready to conclude an FTA that worked for both sides. The two leaders agreed to work towards the early conclusion of a mutually beneficial India-UK FTA. There are pending issues in both the goods and services sectors. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besi

Govt, industry to discuss ways to promote growth of toy sector on July 8

Government officials and industry will hold a detailed discussions on ways to further boost domestic manufacturing and exports of toys on July 8, an official said. The meeting is organised by Invest India, an arm of the Department for Promotion of Industry and Internal Trade (DPIIT), in collaboration with the Toy Association of India. The main issues that would figure in the meeting include growing opportunities and regulatory developments in the toy sector to chart a path forward; making India a global toy hub; and ways to integrate Indian toy manufacturers in the global supply chain. Toy Association of India Senior Vice-President Naresh Kumar Gautam said the government has already taken a series of steps to boost the growth of the sector. To showcase domestic products, an international fair is being organised from July 6-9 here at Pragati Maidan where over 150 foreign buyers from 35 nations are visiting. Over 400 domestic toy players will exhibit their innovative products, Gauta