Page 24 - Trade

Opec+ ministerial panel unlikely to change output policy at April 3 meeting

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) to support the market

India, EEU bloc officials hold talks to formally start negotiation for FTA

Senior officials of India and the five-nation Eurasian Economic Union (EEU) bloc held detailed discussions last month to formally start negotiations for a free trade agreement to boost economic ties, an official said. The five members of the EEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The official said two feasibility studies have already been conducted on the proposed agreement. In such agreements, two or more trading partners either eliminate or significantly reduce customs duties on the maximum number of goods traded between them. These agreements provide greater market access to Indian goods and services. "Senior officers of both sides have met on March 28 here and have discussed formally starting talks for the FTA," the official said. An industry expert said domestic exporters from sectors like engineering goods, electronics and agriculture can get an edge from the agreement. Russia is the top trading partner of India in the bloc, with bilateral trade worth

Sunflower oil imports hit second-highest level as palm oil retreats

Lower palm oil purchases by India, the world's biggest importer of vegetable oils, could cap the rally in benchmark Malaysian palm oil futures that are trading near their highest in a year

DGFT notifies policy for general authorisation for export of SCOMET goods

The commerce ministry on Wednesday notified a policy for general authorisation for the export of certain telecommunication-related and information security-related items under a SCOMET category to grant one-time bulk licences. A detailed procedure for these authorisations has also been notified by the Directorate General of Foreign Trade (DGFT). Special chemicals, organisms, materials, equipment and technologies (SCOMET) items are dual-use goods. "The policy for general authorisation for export of telecommunication-related items under SCOMET category...and export of information security items under SCOMET category...to grant one-time bulk licences for these items has been notified," the DGFT said in a notification. The applicant exporter will have to submit an application for getting a one-time license through the online SCOMET portal and attach the information in the prescribed format.

Govt to begin procurement of 500,000 tonnes of rabi onion in 2-3 days

Amid concern over likely fall in mandi prices in view of extension of onion export ban, the government on Tuesday assured farmers that it will start procurement of 5 lakh tonnes of rabi onion in next 2-3 days to protect their interest. Last week, the commerce ministry extended the ban on onion export till further orders. The ban on onion shipment was valid till March 31. "We want to assure farmers that their concern will be taken care of. ...We will begin procurement of 5 lakh tonne of rabi (winter) crop in the next 2-3 days for maintaining a buffer stock," Consumer Affairs Secretary Rohit Kumar Singh told reporters. The onion export ban is affecting traders and not farmers as average mandi (wholesale) prices are ruling currently at around Rs 13-15/kg in Maharasthra, which is almost double from the previous year level, he said. "Even if prices crash, we will protect the interest of farmers," he added. The secretary said the government normally buys onion for the buffer stock at a

'Rice exports at risk as exporters get huge tax demand notice from cutoms'

Exporters don't have the financial muscle to pay the duty difference for nearly two years; instead, they would close the business, said an exporter based in southern state of Andhra Pradesh

US durable goods orders best expectation, biz spending outlook brightens

The rebound in orders reported by the Commerce Department on Tuesday, which was driven by increases in transportation equipment, primary metals and machinery

Govt imposes minimum export price of $2,000 per tonne on honey till Dec

The government on Thursday imposed a minimum export price (MEP) of USD 2,000 per tonne on natural honey till December this year. The notification will be effective immediately. Exports below this MEP value will not be permitted. "Export of natural honey is free. Minimum export price (MEP) of USD 2,000 per metric ton is imposed till December 31, 2024, or until further orders, whichever is earlier," the Directorate General of Foreign Trade said in a notification. During April-January this fiscal, natural honey exports stood at USD 153.21 million. It was USD 203 million in 2022-23. The major exporting destinations include the US and the UAE.

India set to become exporter of forged wheels used in railways: Vaishnaw

Sixty to seventy years after being an importer of forged wheels used in the railways, India is all set to become an exporter of the train component, Union Minister of Railways Ashwini Vaishnaw said here on Thursday. The minister, who also holds the portfolio of Electronics and Information Technology, was here to inaugurate the Chennai Design Centre of US-based semiconductor manufacturer Qualcomm, when he said that construction activities for setting up a plant to produce forged wheels for the railways has commenced in Tamil Nadu. The railways has entered into a joint venture with Ramakrishna Forgings Ltd to set up the manufacturing facility at Gummidipoondi near Chennai, at an outlay of Rs 650 crore in the first phase. "As you are aware, Vande Bharat trains have been very successful. The wheels that are used in Vande Bharat trains are of special quality. They undergo a special manufacturing process. The wheels that we use in the wagons undergo a casting process," he told ...

Reliance's fuel supply to Europe avoids Red Sea to keep clear from Houthis

Globally fuel producers are avoiding the Red Sea and go around Africa to avoid Iran-aligned Houthi attacks despite the Suez canal being the shortest route between Asia and Europe

India remains world's top arms importer, Pakistan ranks 8th: SIPRI report

India remained the world's top arms importer, but its imports declined by 11 per cent between 2013-17 and 2018-22, according to a report released on Monday by Stockholm-based defence think-tank SIPRI. The decline was linked to a complex procurement process, efforts to diversify arms suppliers and attempts to replace imports with local designs, the report said. The Stockholm International Peace Research Institute (SIPRI) said the five largest arms importers in the world during 2018-22 were India, Saudi Arabia, Qatar, Australia and China. The five largest arms exporters were the United States, Russia, France, China and Germany. The imports by Pakistan, the world's eighth-largest arms importer during 2018-22, increased by 14 per cent, with China as its main supplier, the report said. It said France's arms exports increased by 44 per cent between 2013-17 and 2018-22 and most of these exports were to countries in Asia and Oceania and the Middle East. The report said India received 30

SJM hails India for blocking China-led investment facilitation pact at WTO

The Swadeshi Jagran Manch on Monday hailed India's success in blocking a China-led investment facilitation pact in the recently concluded WTO ministerial meeting in Abu Dhabi and said it was a "very significant" move for global peace. Addressing a meeting organised here to discuss the outcomes of the WTO ministerial meet which concluded on March 1, Swadeshi Jagran Manch (SJM) co-convenor Ashwani Mahajan said China, joined by more than 120 countries, had tried to push the Investment Facilitation for Development Agreement (IFDA) as a plurilateral agreement at the meet. "China's proposal was presented as if it was going to bring a big revolution in the world. But, its entire efforts to push the addition of IFDA at the 13th WTO ministerial meet collapsed like a pack of cards after India and South Africa took a firm stand against it," Mahajan said. "It was a very significant step for world peace and India should be seen as a saviour for the way it was blocked," he added. Mahajan said th

India, EFTA trade pact will push growth of domestic wine industry: CIABC

Alcoholic beverages makers' body CIABC on Monday said the free trade agreement between India and four European nation bloc EFTA will help push the growth of the domestic wine industry. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway and Switzerland. The Confederation of Indian Alcoholic Beverage Companies (CIABC) Director General Vinod Giri said that time-bound reduction of customs duties on an equitable and sustainable level will support the domestic industry. As per the documents of the agreement, duty concessions on wine are similar to those given to Australia, with no concessions for wines costing less than USD 5. Wines priced between USD 5 and less than USD 15 will see a duty reduction from 150 per cent to 100 per cent in the first year, then decreasing gradually to 50 per cent over 10 years. For wines costing USD 15 or more, he said, the initial duty cut is from 150 per cent to 75 per cent, eventually reducing to 25 per cent after 10 ...

Govt can withdraw duty concessions if EFTA doesn't invest $100 billion

India will have the option of temporarily withdrawing customs duty concessions on EFTA country goods under the trade agreement between the two sides, if the four European nation bloc would not fulfil its USD 100 billion investment obligations. Though the investments have to flow in 15 years -- USD 50 billion in the first 10 years (counted after implementation of the pact) and another USD 5 billion in next five years, the trade deal also provides for a three-year grace period to the EFTA bloc to meet the obligations, according to the documents accompanying the agreement. India and four-nation European Free Trade Association (EFTA) bloc signed Trade and Economic Partnership Agreement (TEPA) on March 10 under which New Delhi received a foreign direct investment commitment of USD 100 billion in 15 years from the member countries of the grouping. The EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. There is a three-stage government-to-government consultation process ...

Exporters body FIEO unanimously elects Ashwani Kumar as new President

Exporters body FIEO on Monday said Ashwani Kumar has been elected as its new President. The Federation of Indian Export Organisations (FIEO) said that Kumar was elected as president unanimously. He has replaced A Sakthivel. Kumar, who is a Jalandhar-based engineering exporter, replaced A Sakthivel. Besides serving as the Regional Chairman (Northern Region) of the organisation, Kumar has also represented various forums of Jalandhar including its Focal Point Industries Association, Effluent Treatment Society, Management Association, Badminton Association, and Integrated Association of SMEs. He is taking over the post at a time when global trade is undergoing a sea change.

CBIC issues circular to encourage women participation in logistics, trade

The Central Board of Indirect Taxes and Customs (CBIC) has asked field offices to support in upskilling women logistics service providers and custom brokers as well as for custodians of freight stations to ensure safe and secure working environment. The CBIC has issued two circulars coinciding with International Women's Day on March 8. One relates to encouraging women participation in international trade, while the other is on inclusion of gender specific infrastructure facilities to be provided by the custodians of Inland Container Depot (ICD), container freight station (CFS) and Air Freight Stations (AFS). "It has been decided that in addition the existing infrastructural facilities as provided by the custodian CFS/AFS/ICD -- following gender specific infrastructure facilities may also be encouraged for inclusiveness of women participation," it said. The CBIC said gender responsive infrastructure at the logistics facilities, including sufficient lighting, panic buttons, should be

India-US trade likely to top $200 billion this year: Ambassador Garcetti

The India-United States trade is likely to surpass the previous record of USD 200 billion this year and huge opportunities exist for the two countries to expand cooperation in defence, space besides critical emerging technologies like semiconductors and artificial intelligence, said American Ambassador Eric Garcetti on Thursday. The US is proud to be India's No. 1 trading partner with two-way trade reaching nearly USD 200 billion last year, Garcetti told reporters in Indore. "I think this year we will break the (previous) record of USD 200 billion in bilateral trade (between India and the US)," he said. The envoy asserted that US President Joe Biden in the past had emphasized that trade between India and America should rise to the level of USD 500 billion given the potential for expansion. Efforts are on achieve this goal, said the Ambassador who took charge of his new diplomatic assignment last year. Garcetti said huge opportunities exist to further grow Indo-US trade, and for ..

India's free trade agreement with EFTA likely to be signed on March 10

The Union Cabinet on Thursday discussed the proposed free trade agreement between India and four European nation bloc EFTA and the pact is likely to be inked on Sunday, said sources. The negotiations for the pact with the European Free Trade Association (EFTA) members -- Iceland, Liechtenstein, Norway, and Switzerland -- have concluded. The pact is expected to be signed on Sunday here, sources added. India and EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. The agreement has several chapters including trade in goods, rules of origin, intellectual property rights (IPRs), trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. EFTA has 29 free trade agreements (FTAs) with 40 partner countries, including Canada, Chile, China, Mexico, and Korea. Under free trade pacts, two trading partners significantly reduce or eliminate .

UK trade minister Badenoch doesn't see Indian election as deadline for FTA

Indian Prime Minister Narendra Modi is seeking to win a third term, with the official election campaign expected to begin in the coming weeks

Govt panel backs higher carbon tax on coal imports to limit polluting fuel

Coal is among India's top five commodity imports by value. Despite surging domestic production, mainly of low-quality coal with high ash content