Page 21 - Trade

'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

RBI proposes to change regulations on export, import transactions

The RBI on Tuesday proposed rationalising regulations that cover export and import transactions with an aim to promote ease of doing business and empower banks to provide more efficient service to their foreign exchange customers. The central bank has issued 'Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 Draft Regulations and Directions' in this regard. As per the draft, every exporter should furnish to the specified authority a declaration specifying the amount representing the full export value of the goods or services. "The amount representing the full export value of goods and services shall be realised and repatriated to India within nine months from the date of shipment for goods and date of invoice for services," it said. The draft also proposes that an exporter who has not realised the full value of export within the time specified may be caution listed by the authorised dealer. An exporter who has been caution listed can undertake export

Govt begins anti-dumping probe into glass fibre imports from China, Bahrain

India has initiated an anti-dumping probe into the import of glass fibre from China, Thailand, Bahrain following a complaint by a domestic player. The duty is aimed at protecting the domestic industry from cheap imports. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of glass fibres and its articles originating in or exported from these countries. Glass fibre or fibre glass is reinforced plastic that is strong, lightweight, flexible and can be moulded into many complex shapes. It has many industrial and domestic uses. Owens-Corning (India) has filed the application seeking initiation of an anti-dumping investigation on the imports. The applicant has alleged that material injury is being caused to the domestic industry due to the alleged dumped imports and has requested for the imposition of anti-dumping duties. "On the basis of the duly substantiated written application submitted by the applicant and having rea

Gold demand still lacklustre, jewellers expect import duty cut in Budget

Indian dealers offered a discount of up to $9 an ounce over official domestic prices â€" inclusive of 15% import and 3% sales levies, versus last week's discount of $13

DGTR for continuation of duty on some steel pipes from China, Vietnam

The commerce ministry's investigation arm DGTR has recommended the continuation of countervailing or anti-subsidy duty on welded stainless steel pipes and tubes from China and Vietnam to guard domestic players. In a notification, the Directorate General of Trade Remedies (DGTR) has said that there is a likelihood of injury to the domestic industry in the event of cessation of present countervailing duty on the imports from these two nations. "The authority has reached a conclusion that the duty imposed on subject goods is required to be extended further...The authority recommends extension of countervailing duties on imports of the product under consideration," the DGTR has said. The directorate has recommended a duty of up to 29.88 per cent on the product. The finance ministry takes the final decision to impose this duty. In its probe, the DGTR has concluded that in case of cessation of anti-subsidy duty, the domestic industry is likely to incur financial losses. Chinese produce

Centre should probe alleged leak of confidential data from ICEGATE

The CBIC has cautioned the public that fraudulent persons posing as Customs officers are using phone calls/SMSes, with specific intent to extract money by causing fear of immediate penal action

Signify aims double-digit growth from Indian business in 2024: CEO

Signify, formerly known as Philips Lighting, is targeting double-digit growth from its India business in 2024, a top company official has said. The company, which overall leads the Indian lighting market, also has plans to increase exports from India to other markets, playing a bigger role, Signify CEO and MD Sumit Joshi said. "India is a very important market not because of the domestic market which we have, but also the role which India could play for the world for Signify is becoming far more important," Joshi told PTI. On the domestic market, in which Signify operates in the consumer segment (B2C) and the professional lighting solutions (B2B) vertical, he said the company has been able to "extend its leadership". When asked about the growth, Joshi said: "I think we will continue to do on the consumer part of the business on volume we will continue to grow. In the first half, we are growing in high single digits, hopefully after the budget during the festivals, the numbers will

Rice exporter GRM Overseas to raise Rs 136.5 cr via issue of share warrants

GRM Overseas, one of the leading Indian basmati rice exporters, on Friday said it will raise Rs 136.5 crore through issue of share warrants on a preferential basis to 33 promoters and non-promoter investors. The company's board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs 150, including a premium of Rs 148 per warrant. The board has approved the fund raise of Rs 136.5 core through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors, according to a regulatory filing. "The fund raised will also be used for expanding the '10X' Brand in India, making it a comprehensive food FMCG product company. The funds will also be allocated to explore future inorganic growth opportunities, including strategic mergers and acquisitions, and improve operational capabilities," the company said in a statement. These activities may be undertaken directly by the company or through its subsidiaries or joint ventures. The ..

'EU laws on sustainable products to hurt exports from developing nations'

Since most products covered are consumer products, the price rise may lead to inflation in the EU, the report said

India has sufficient wheat stocks, no plans to change import duty: Govt

India has sufficient wheat stocks to meet domestic requirements and undertake market interventions, if required, to keep prices stable, the government said on Thursday, adding that it has no plans to alter the import duty on the grain for now. The Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution, is closely monitoring the market price of wheat, it said in a statement. "Suitable interventions, as warranted, shall be undertaken to ensure that there is no hoarding by unscrupulous elements and the price remains stable," the statement said. During the 2024 rabi marketing season, the department reported wheat production of 112 million tonnes. The state-run Food Corporation of India (FCI) has procured around 26.6 million tonnes of the grain until June 11. After meeting the requirement for the public distribution system and other welfare schemes, estimated at around 18.4 million tonnes, sufficient wheat stock will be available

Exports from special economic zones up 4% to $163.69 bn in 2023-24

Exports from special economic zones (SEZs) rose by over 4 per cent to USD 163.69 billion in 2023-24 even though the country's total shipments dipped by more than 3 per cent in the last fiscal. According to the data of the commerce ministry, exports from these zones stood at USD 157.24 billion in 2022-23 and USD 133 billion in 2021-22. SEZs are key export hubs which contributed over one-third of the country's total outbound shipments in the last fiscal. SEZs are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market. As many as 423 such zones have been approved by the government, out of which 280 are operational as of March 31 this year. As many as 5,711 units are approved in these zones till December 31, 2023. The data also showed that as on December 31, 2023, over Rs 6.92 lakh crore have been invested in these zones and a total of 30.70 lakh people are employed there. The ma

Brics calls for enhanced use of local currencies in trade between members

At the meeting, the ministers recognised the need for a comprehensive reform of the global financial architecture

Macron hosting Biden for state visit as he looks to resolve trade tensions

President Joe Biden is being feted by French President Emmanuel Macron with a state visit Saturday as the two allies aim to show off their partnership on global security issues and move past trade tensions. Biden and Macron attended ceremonies marking the 80th anniversary of D-Day on Thursday and met separately the following day with Ukrainian President Volodymyr Zelenskyy in Paris. The leaders both used those engagements used to underscore the urgent need to support Kyiv's fight against Russia's invasion. But Macron and Biden have often chafed at the pace of support for Ukraine, especially as the United States, by far the largest contributor to Kyiv's defense, was forced to pause aid shipments for months while congressional Republicans held up an assistance package. The state visit began with a ceremony at the Arc de Triomphe, including a wreath-laying at France's tomb of the unknown soldier, and a military parade along the Champs-lyses leading to the lyse Palace, where the two wil