Page 25 - Trade

RBI, Bank Indonesia partner to promote use of local currencies for trade

The Reserve Bank of India and Bank Indonesia (BI) on Thursday signed a Memorandum of Understanding to promote use of local currencies for bilateral transactions. The MoU was signed here for establishing a framework to promote the use of local currencies viz., the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions, RBI said in a statement. This framework would enable exporters and importers to invoice and pay in their respective domestic currencies, which in turn would enable the development of an INR-IDR foreign exchange market. "Use of local currencies would optimise costs and settlement time for transactions," RBI said. The MoU was signed by RBI Governor Shaktikanta Das and Bank Indonesia Governor Perry Warjiyo. "The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between India and Indonesia, aims to promote the use of INR and IDR bilaterally," RBI said. The central bank further said the

Exports of diamond expected to hit 5-year low in FY24 at $15-16 billion

India's cut and polished diamond (CPD) exports are expected to hit a five-year low in 2023-24 with a dip of around 25-30 per cent to USD 15-16 billion, according to a rating agency. The demand in the near term is expected to remain subdued with no significant recovery anticipated in the segment in FY'25, CareEdge Ratings said in a note. The US and China, the primary diamond-consuming markets, together account for approximately 65 per cent of India's diamond exports. However, the economic conditions in the US and China, the rise of alternative discretionary spending options, the growing market for lab-grown diamonds (LGD), and geopolitical tensions have negatively affected India's cut and polished diamond exports, the rating agency note said. These factors resulted in a 28 per cent year-on-year drop to USD 13.04 billion in the first ten months (April-January) of FY'24, driven by decreases in volume and value, it said. The impending impact of G7 sanctions on Russian-origin diamonds

Govt extends mandate for utilities to import 6% of coal needs until June

India last year had asked utilities to import 6% of their coal requirements until March due to an unprecedented surge in power and coal demand

Vizag Port signs pact to incorporate traffic management system services

The Visakhapatnam Port Authority on Monday entered into an agreement with the National Technology Centre for Ports, Waterways and Coasts, Chennai for Vessel Traffic Management Systems services. Visakhapatnam Port chairperson M Angamuthu and National Technology Centre for Ports, Waterways and Coasts (NTCPWC) principal scientist D Kumaran Raju signed the deal in the port city. "Vessel traffic management systems is an integral part of modern maritime transportation, where these systems provide a comprehensive solution for monitoring and controlling vessel traffic in port area," said Angamuthu in a press release. For availing vessel traffic management systems services, Visakhapatnam Port will pay Rs 14 crore for a period of 10 years.

China downplays rising frictions with neighbours, says BRI gaining momentum

China on Monday sought to play down increasing tensions with its Asian neighbours over the simmering South China Sea dispute and the eastern Ladakh border issue with India, saying its initiatives like BRI are gaining momentum and trade is booming with regional countries. China has given high priority to its neighbouring countries in its overall diplomatic work, Lou Qinjian, spokesperson for China's parliament - the National People's Congress (NPC) - said while answering a question on China's tensions with Asian neighbours including criticism that Beijing is turning the South China Sea dispute into dangerous flashpoint and the unresolved issues in the region. Lou said, all the countries in the Indo-China peninsula, Central Asia have committed to build a community with a shared future with China, a preferred phrase of Chinese President Xi Jinping to highlight the future of China and the rest of the world is interlinked. You mentioned the South China Sea. Let me stress that China will

Nayara Energy exports decline by 10% in 2023 as domestic demand surges

Nayara Energy, India's largest private fuel retailer, saw petroleum product exports drop by 10 per cent in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy, sources said. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline (petrol) between January 2023 and December 2023, down 10 per cent year-on-year. This was primarily because of larger consumption at home. The company is catering to the domestic market through institutional business, sales to other oil companies and its own retail chain. Of all the petroleum products Nayara produced, 68 per cent were sold within the country and the remaining 32 per cent of products, including, ATF, gasoil and gasoline were exported, sources said. According to the oil ministry's Petroleum Planning and Analysis Cell (PPAC), consumptio

Tamil Nadu contributes to 32% of India's total electronics exports till Jan

The state has been making rapid strides in all areas of industrial growth, primarily due to its connection with stakeholders

China's Premier Li Qiang urges stronger economic, trade ties with US

"Strengthening economic and trade cooperation is a win-win situation for both countries," Li told the delegation led by Chamber of Commerce chief Suzanne Clark

India slowly gaining electronics export market foothold from China: Study

The impact is most pronounced in the UK and US, where geopolitical tensions with China have increased in recent years

India, South Africa block investment agreement at WTO's Abu Dhabi meet

"It's hard to tell if we are going to land something or if we are sleepwalking into failure," said one trade delegate

Talks on upgrading India-S Korea FTA may conclude in 2024: Korean envoy

South Korea is hoping that the negotiations will conclude before the possible visit of Yoon Suk Yeol, the South Korean President, to India

Over 70 WTO nations agree to take additional obligations in services sector

India would benefit from a move of over 70 nations like the UK, UAE and Australia that have agreed to take on additional obligations in the services sector under an agreement of the WTO, an official said on Tuesday. These WTO (World Trade Organisation) members are taking the additional obligations under the General Agreement on Goods in Services (GATS) to ease non-goods trade among themselves and extend similar concessions to all other members of the WTO. These obligations under their schedules in GATS seek to mitigate unintended trade restrictive effects or measures relating to licensing requirements and procedures, qualification requirements and procedures, and technical standards among themselves, the official added. The disciplines will be applied on a "most-favoured nation" principle, meaning that they will benefit all WTO members. It will also benefit Indian professional companies which will now have equal opportunity to access markets in these 70 countries, if they meet the

Russia puts six months ban exports of gasoline with effect from March 1

The ban, first reported by Russia's RBC, was confirmed by a spokeswoman for Deputy Prime Minister Alexander Novak, President Vladimir Putin's point man for Russia's vast energy sector

'Thermal coal imports falling first time since pandemic on domestic output'

Lower Indian appetite for imports could further pressure prices, even as miners grapple with a 70% plunge from record highs that followed Russia's invasion of Ukraine in 2022

Apparel industry needs to focus on synthetic fabrics to boost exports: GTRI

The Global Trade Research Initiative (GTRI) said that due to weak synthetics, India's apparel industry is a horse running with one leg tied

Govt expresses concerns in WTO meet over unilateral protectionist measures

India on Monday expressed "serious" concerns in a WTO meeting in Abu Dhabi over increase in the use of trade protectionist measures by certain countries in the name of environment protection. The remarks assume significance as the country has earlier flagged issues over the European Union's (EU) decision to impose carbon tax (a kind of import tax) on sectors such as steel and fertiliser; and adoption of deforestation regulation by the 27-nation bloc. Speaking at a session on sustainable development and policy space for industrialisation, Commerce Secretary Sunil Barthwal said developing countries require flexibility in the existing WTO (World Trade Organization) agreements to overcome the constraints faced by them in their industrialisation. He also expressed concerns on the concerted attempt by the developed countries to club long-standing development issues like policy space for industrial development with new issues of 'Trade and Industrial policy'. The CBAM (Carbon Border ...

Govt seeks solution to long-pending food stockpile issue at WTO meet

India on Monday called on WTO members to find a permanent solution to the long-pending public food stockpile issue, saying it is directly related to achieving the sustainable development goal of zero hunger by 2030. Commerce and Industry Minister Piyush Goyal said that the World Trade Organisation (WTO) should not negotiate rules on non-trade-related subjects like climate change, gender, and labour and rather these should be addressed in respective intergovernmental organizations. "I re-emphasize that the development agenda would remain incomplete without a permanent solution on public stockholding (PSH) for food security purposes which is directly related to achieving the Sustainable Development Goal of Zero Hunger by 2030, Goyal said. This continues to be a long-pending issue for the last few decades and despite having a clear mandate agreed by the members in the past, finding a permanent solution on PSH remains an unaccomplished agenda on which we have to deliver in MC13. Trade

Yellow peas import allowed after registration under monitoring system: DGFT

Import of yellow peas is allowed after registration under the import monitoring system with immediate effect for all consignments where bill of lading (shipped on board) is issued on or before April 30, according to a commerce ministry notification. The Directorate General of Foreign Trade (DGFT) said the import is permitted without the MIP (Minimum Import Price) and port restriction conditions. However, the imports are subjected "to registration under the import monitoring system, with immediate effect for all import consignments where bill of lading (shipped on board) is issued on or before April 30, 2024," the DGFT notification said. During April-December this fiscal, the import of yellow peas stood at USD 5.43 million. It was USD 0.14 million in 2022-23.

India should become green energy exporter by 2047 to attract capital: Kant

Addressing at the 'Raisina Dialogue 2024', Kant said today's challenge is climate change and the World Bank needs to become a climate bank

Amul's golden jubilee: Modi calls for making it biggest dairy firm globally

A co-operative which started in FY1973-74, already saw its revenue at Rs 72,000 crore in FY23 and exports its products to more than 50 countries