Page 26 - Trade

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 ...

India's lentil imports from Canada surge despite diplomatic strains

After Trudeau's comments, Indian lentil buyers slowed purchases from Canada, fearing that New Delhi or Ottawa could impose barriers on trade

US-India partnership to grow no matter who wins election: Trade group

As the US and China compete, Washington and New Delhi have come closer to collaborating on critical areas such as semiconductors, artificial intelligence, quantum computing and space

WTO meet: Govt to oppose continuation of moratorium on e-comm trade duties

India is not in favour of further continuation of moratorium on customs duties on e-commerce trade at the WTO's meeting in Abu Dhabi later this month as it is impacting the developing countries, an official said on Tuesday. The official said that there is a work programme on e-commerce trade and the members of the World Trade Organisation (WTO) should continue to discuss the issue under that. "We are not in favour of extension. We are in favour of continuation of the work programme. There is a need to look at the subject from a development dimension and not from the eyes of big tech companies," the official said. There is a need to discuss the scope of moratorium as there are revenue implications because of it. As per estimates, the potential tariff revenue losses to the developing countries are about USD 10 billion every year. For India, it could be over USD 500 million every year. "There is a need for a clear definition of e-commerce trade. We need policy space for the sector,"

Ship attacked in Gulf of Aden at risk of sinking, say Yemen's Houthis

The Iran-aligned Houthis have made repeated drone and missile strikes since November in the Red Sea and Bab al-Mandab Strait, drawing US and British bombing against them

Crude oil steadies as demand jitters counter conflict in West Asia

The March contract for U.S. West Texas Intermediate (WTI) crude, which expires on Tuesday, was up 7 cents at $79.26 in tepid trade while the WTI April contract slipped 13 cents to $78.33

Tea exports decline by 1.17% to 207.14 mkgs in first 11 months of 2023

Tea exports from India have declined by 1.17 per cent to 207.14 million kgs in the January-November period of 2023, according to official data. The country shipped out 209.60 mkgs of tea during a similar 11-month period of the previous year. During the calendar year 2022, the total tea exports were 231.08 mkgs. Region-wise, exports from North India, comprising primarily the states of Assam and West Bengal, stood at 125.27 mkgs, down from 132.21 mkgs in the comparable periods of 2023 and 2022 respectively, the Tea Board data said. Shipments from South India during the first 11 months of 2023 increased to 81.87 mkgs from 77.39 mkgs in the previous similar period, according to the data. Industry sources said that the dip in exports was due to the volume loss in the Iran market due to payment problems. The Iranian market constitutes 20 per cent of India's total tea exports after the Commonwealth of Independent States bloc. The sources also said the export scenario for the full calen

Chinese minister says trying to cut country out of trade would be mistake

China's foreign minister told a gathering of international security policy officials Saturday that trying to shut China out of trade in the name of avoiding dependency would be a historic mistake. Wang Yi spoke at the Munich Security Conference. Host Germany wants to avoid over-reliance on trade with an increasingly assertive China and diversify its supply of key goods in an approach it calls de-risking. That's in line with the approach of other industrial powers in the Group of Seven, which has stressed that it doesn't seek to harm China or thwart its development. Beijing has criticized the strategy. Today ... more people have come to realize that the absence of cooperation is the biggest risk, Wang said through an interpreter. Those who attempt to shut China out in the name of de-risking will make a historical mistake. The world economy is like a big ocean that cannot be cut into isolated lakes, he added. The trend toward economic globalisation cannot be reversed. We need to wor

India, UK trade pact talks at advance stage; we want a fair deal: Govt

The negotiations for the proposed India-UK free trade agreement are at an advanced stage, and both sides are working to iron out differences on the remaining issues, a top government official said on Thursday. Commerce Secretary Sunil Barthwal said the negotiations are taking time because "we want" to safeguard India's interest. "India should commercially gain out of it and we should also be able to safeguard the interest of our farmers, PLI (production linked incentive) scheme goods. So, we are there to see that the deal is a fair deal," he told reporters here. Additional Secretary in the Commerce Ministry L Satya Srinivas said the talks are at an advanced stage and going on at a "very" high level to iron out differences. The 14th round of talks started on January 10. The investment treaty is being negotiated as a separate agreement between India and the UK. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23 from USD 17.5 billion in 2021-22.

Govt rejects EU FTA's data exclusivity demand to protect drug cos' interest

India on Thursday said it has rejected the demand of the four European nations EFTA bloc for inclusion of a 'data exclusivity' provision in proposed free trade agreements, stating that it always protects the interests of the domestic generic drugs industry. Commerce Secretary Sunil Barthwal said there is no Free Trade Agreement (FTA) in which India will go against the generic drug industry. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The bloc is negotiating a trade agreement with India. "They want that there should be data exclusivity, we rejected their demand. We are with our generic industry. "There is no fear for Indian generic industry (from this agreement). In fact, it is our very important objective to see that generic drug industry flourishes," he told reporters here. The secretary said the industry is contributing significantly to India's exports, which are also growing. "So we are there to protect the interest o

Economic cooperation must continue despite Gaza, Red Sea conflicts: Kwatra

He was responding to a question on whether Israel's latest conflict would impact the India, Israel, US and the United Arab Emirates (I2U2), and the proposed India Middle East Economic Corridor (IMEC)

India, UAE sign agreement to develop trans-continental trade corridor

The corridor, announced last September on the sidelines of the G20 summit in New Delhi, aims to extend from India across the Arabian Sea to the United Arab Emirates and through Saudi Arabia

Walmart procured goods worth $30 bn from India in 20 yrs for global ops

Walmart has sourced goods worth over USD 30 billion from the Indian market in the last two decades for its global operations, a company official said on Tuesday. Now the Bentonville-headquartered firm has a goal to triple its sourcing of goods from India up to worth USD 10 billion per year by 2027, said Walmart Inc Executive Vice President, Sourcing Andrea Albright. Walmart is encouraging MSMEs (Micro, Small and Medium Enterprises) and entrepreneurs with proper training and believes that there is a tremendous opportunity to continue to contribute to India's growing economy, she said. The company has been doing business in India for the last 25 years, Albright said. "We have already sourced more than USD 30 billion in products from India," she said speaking at the Walmart Growth Summit here. The company is building an ecosystem and taking a people-led approach to connect its work across the country. "Investing in high growth markets like India helps us strengthen our relationships

India should be atmanirbhar in all aspects: Principal secretary to PM Modi

India should go beyond achieving the desired level of per capita income and be 'atmanirbhar' in all aspects, Principal Secretary to the Prime Minister PK Mishra said on Saturday. Speaking at the 56th annual conference of the Odisha Economic Association at Sambalpur, he also stressed on sustainable growth while achieving high growth trajectory to become a developed nation by 2047. "High growth that is not sustainable will not be meaningful," Mishra said. "India should go beyond achieving the desired level of per capita income and be 'atmanirbhar' (self-reliant) in all aspects. Women will be leading India's development story, the economy will be more inclusive and innovative, and corruption, casteism and communalism will have no place in our national life," he said. Mishra said that the G20 Presidency led by India was recognised globally for its unprecedented scale and success, emphasising the adoption of new concepts for a sustainable and better future. "The concept of LiFE (Lifesty

Apple is settling 2022 chip secrets theft case against startup Rivos

In a joint court filing Friday, the companies told a judge they're aiming to finalize an accord that resolves their claims against each other by March 15

Future India expansion will have Tier-II, -III focus: Verma and Wang

VINEET VERMA, managing director, WTC Bengaluru, and SCOTT WANG, vice-president, Asia-Pacific-WTCA, share their insights into the organisation's growth drivers

Govt will seek an end to WTO's 1998 tariff freeze on trade of digital goods

The WTO has had a moratorium on customs duties on electronic transmissions since 1998, and members have extended the rule every two years