Page 26 - Trade

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

Govt extends the interest equalization scheme until June 30, 2024

The scheme, inaugurated on April 1, 2015, was originally slated for a five-year duration until March 31, 2020

IMEC has potential to create more opportunities: Albanian foreign minister

Hasani, who is in the national capital to attend the Raisina Dialogue, said the India Middle-East Economic Corridor (IMEC) has the potential to create more market opportunities

Govt negotiates trade, investment agreements with open mind: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said India negotiates trade and investment agreements with fairness and open mind and takes care of interest of people. He also said countries that are negotiating Free Trade Agreements (FTAs) and investment pacts with India should keep in mind that New Delhi offers huge market to them in terms of demand and business opportunities. "I can assure you that India negotiates with fairness, with an open mind... India also takes care of its wider and larger interest in the long run," he said at the CII India-Europe conclave. FTAs, or Bilateral Investment Treaties (BITs), or agreements on geographical indications, will have to stand the test of fair, equitable, and balance agreements as the level of economic developments varies, he said. "We will have to respect the very different opportunities that are offered by India vis-a-vis the offer on the table from other countries," he said, adding that India is one of the fastest growing .

India, Canada discuss collaboration in science, technology sector

India and Canada on Wednesday discussed collaboration as well as joint ventures in areas like electric vehicles, cyber physical system, quantum technologies, green hydrogen fuel and deep ocean mining. A high-level Canadian delegation led by Scott Moe, Premier of Saskatchewan province, held discussions with Science & Technology Minister Jitendra Singh on partnerships in areas such as clean technologies, bioeconomy, bio-based materials for different applications, food & agriculture technologies, affordable healthcare including pharmaceuticals and biomedical instrumentation. Singh categorically mentioned 'Global Biofuels Alliance' (GBA), an initiative by India as the G20 Chair last year, bringing together the biggest consumers and producers of biofuels to drive development and deployment of biofuels. Welcoming the Canadian delegation, Singh said 23 lakh Indian diaspora were reinforcing Indo-Canadian relations and contributing to the development of both the nation. Moe said the ...