Page 23 - Trade

'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

'IT services export from STPI register unit crossed Rs 9 trillion in FY24'

IT services exports from STPI-registered units have crossed Rs 9 lakh crore in the 2024 financial year, a senior official said on Wednesday. While speaking at the 33rd Foundation Day of Software Technology Parks of India, Director General Arvind Gupta announced an initiative towards developing India's sovereign cloud journey under the brand name 'Ananta', which will be a hyperscale cloud made by Indians for Indians. Apart from the conventional Compute Infrastructure Services (IAAS), Ananta will also offer PAAS, SAAS and GPU-based services. "STPI has played a very crucial and important role for nurturing the IT industry so that it could have reached this stage. The exports from STPI registered units have also reached Rs 9.19 lakh crore," Gupta said. The STPI registered units in the first year of its establishment in 1991 reported exports of Rs 17 crore. STPI at the event signed a memorandum of understanding with Sabudh Foundation for creating skill-development initiatives and nurtu

Adopting global standards to help India improve quality of goods: GTRI

Steps such as adoption of international standards, using risk-based regulations, and modern infrastructure development will help further improve quality of goods manufactured and exported from India, economic think tank GTRI said on Friday. The Global Trade Research Initiative (GTRI) also recommended support to small and medium enterprises, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India's quality systems. These suggestions come at a time when India is on the fast track to issue Quality Control Orders (QCOs) and Compulsory Registration Orders (CROs) with a view to curb imports of sub-standard goods from countries like China, boost domestic manufacturing and push exports of high-quality goods from the country. GTRI Founder Ajay Srivastava said that to fully capitalize on these initiatives, it is crucial to comprehensively .

At $10,000, shipping container rates are again the talk of global trade

With capacity stretched by more than five months of attacks on vessels in the Red Sea, the container shipping industry is scrambling to meet demand that's picking up in the US and Europe

India to begin wheat imports after six years, to shore up reserves

As the new-season wheat harvest rolls in, the government is likely to wait until after June to scrap the import tax, in time for Russia's harvest, the sources said

'Silver imports in 4 months surpass all of 2023 due to solar panel demand'

Increased imports by the world's biggest silver consumer could support global prices, which are trading near their highest level in more than a decade

Trade strains boost cargo freights at pace recalling Covid 'chaos'

Some of the catalysts for the monthlong advance in seaborne freight rates stem more from worry than optimism

Exports of marine products contract 9% to $7.3 bn in 2023-24 on slow demand

Exports of marine products contracted by 8.74 per cent to USD 7.37 billion during 2023-24 due to demand slowdown in key markets of the US and Europe, according to the commerce ministry data. Indian exporters, however, expressed confidence that in 2024-25, marine exports would register a healthy growth as they are getting good orders. The shipments stood at USD 8 billion in 2022-23, the data showed. According to exporters, demand slowdown, high inflation in developed economies and increasing exports of frozen shrimp from Ecuador to America are some of the reasons for dip in India's exports last fiscal. Leading exporters from the sector Yogesh Gupta, Managing Director, Megaa Moda, said that as the US has imposed anti-dumping duty on Ecuador, "our products would now compete and increase exports". He said that the order books are healthy so far. "Now frozen shrimp from India and Ecuador will compete in the US market and we are hopeful to gain. In 2024-25, our exports will register go

Coffee exports rise 12% to $1.28 billion in 2023-24 on higher demand

India's coffee exports rose by 12.22 per cent to USD 1.28 billion in 2023-24 on higher demand for Robusta coffee in the global markets, according to the commerce ministry data. The country exported coffee worth USD 1.14 billion in 2022-23. India is Asia's third-largest producer and exporter of coffee. The country grows Arabica and Robusta varieties. Arabica coffee beans have less caffeine content than the Robusta. Arabica has sweet and smoother taste, while Robusta is generally more bitter and harsher on the taste buds. In volume terms, coffee shipments from India rose 13.35 per cent to 1,25,631 tonnes during the January-March period of 2023-24. The country had exported 1,10,830 tonnes of coffee in the same period in 2023. Italy, Russia, the UAE, Germany and Turkey are major coffee export destinations for India.

Tariff increases on Chinese EVs, batteries, chips to start Aug 1, says US

The United States in 2023 imported nearly $640 million of gloves, masks and syringes from China that will be affected by the new measures

Gold imports could fall by a fifth as record price prompts jewellery swaps

Lower imports by India, the world's second biggest consumer of the precious metal, could cap a rally that carried global prices to a record this week

Paper, paperboard imports up 34% on higher supplies from Asean bloc: IPMA

Imports of paper and paperboard in the country rose by 34 per cent to 19.3 lakh tonnes in 2023-24, driven by higher shipments from ASEAN countries, an industry association said on Wednesday. The Indian Paper Manufacturers Association (IPMA) in a statement said that the increasing imports of these products are hurting the domestic industry. Paper and paperboard imports, as per the commerce ministry data, were 14.3 lakh tonnes in the financial year ended on March 31, 2023, the IPMA said. "ASEAN has come to account for the largest chunk in the paper import pie in the country accounting for 27 per cent share. Paper imports from ASEAN, which enter the country at zero import duty under the ASEAN-India free trade agreement, doubled to 5.1 lakh tonnes during the year from 2.7 lakh tonnes in FY23," the association said citing commerce ministry data. The Association of Southeast Asian Nations (ASEAN) is a 10-member bloc. The members include Singapore, Thailand, Cambodia and Laos. In value .

Hope India-UK FTA not far away, says incoming Ficci UK Council chair

The proposed India-UK free trade agreement is hopefully not far on the horizon as it will offer immense opportunity to be leveraged within the bilateral partnership, said the new chair of a trade council that has played a key role in shaping the ongoing negotiations. UK-based tech professional Priya Guha, who invests in women-led innovation as Venture Partner of Merian Ventures, took over as chair of the Federation of Indian Chambers of Commerce and Industry (FICCI) UK Council from Baroness Usha Prashar at a hand-over ceremony at the High Commission of India in London on Monday evening. The India-UK Free Trade Agreement (FTA) negotiations opened in January 2022 and are aimed at significantly enhancing bilateral trade currently worth around GBP 38.1 billion a year. The negotiations are now in their fourteenth round of talks, and likely to pick up pace following the Indian general election. Guha, the British Indian investor, expressed the hope that the bilateral partnership would ..

India's role in easing fragmentation of global trade amid US-China tensions

Considering India's merchandise exports, the US is still our largest partner. But, it is India's imports that have solidified China as a significant trading partner

'Govt releases rules to prevent EtO contamination in spices for export'

India has come out with detailed guidelines to prevent EtO (ethylene oxide - a carcinogenic chemical) contamination in spices for exports, an official said on Monday. The government has put in place other preventive measures like mandatory testing of spices being exported to Singapore and Hong Kong, the official added. The steps assume significance amid reports on the recall of two Indian spice brands' -- MDH and Everest -- products in Singapore and Hong Kong due to the presence of EtO residue in certain spices. "Mandatory pre-shipment sampling and testing for EtO for Singapore and Hong Kong has been started; and guidelines have been put in place for all exporters to avoid possible contamination of EtO covering all stages (sourcing, packaging, transportation, testing) of supply chain, for all jurisdictions," the official said. The official added that periodic sampling is also being done from exporters by the Spices Board based on which corrective measures are enforced. Explaining

Commerce ministry holds discussions on formulating SOPs to negotiate FTAs

The commerce ministry has held detailed discussions with senior officials of different departments and trade experts on formulating standard operating procedures (SOP) for negotiating free trade agreements (FTAs), an official said. To discuss the various aspects of these agreements, the commerce ministry has organised a two-day 'Chintan Shivir' on FTA strategy and SOPs for trade negotiations on May 16-17. Suggestions that came up during the discussions included comprehensive consultations with public and private sector players and sharing details of the proposed FTAs with the line ministries, the official said. "Consultations should be held at every stage of FTA negotiations. Representatives of certain ministries suggested the commerce ministry to share FTA details with them in a timely manner so that they can prepare their views on those agreements," the official added. The exercise assumes significance as India is engaging with several trade partners to negotiate free trade ...