Page 28 - Trade

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

Merchandise exports set to moderate to $435 billion in FY24: Exim Bank

India's merchandise exports are likely to moderate to USD 435.3 billion in FY24 against 447.46 billion in FY23, the Exim Bank said on Wednesday. The merchandise exports are set to grow by nearly 3 per cent to USD 118.2 billion in the March quarter compared to the same period a year ago. It can be noted that the merchandise exports declined for the first two quarters of the ongoing 2023-24. In its quarterly study on the overall exports, the policy bank said the non-oil exports will grow 4.55 per cent to USD 95 billion in the January-March 2024 quarter. "Positive growth in India's exports could be as a result of India's strong GDP growth fundamentals and outlook and expected global easing of monetary tightening spurring global demand," the bank said in the report. The oil exports are likely to remain subdued during the year, contracting by USD 12.5 billion compared to FY23, the bank said. The outlook is subject to risks of uncertain prospects for advanced economies, geopolitical sh

India exported 0.78 MT coal to neighbouring countries in Apr-Nov: Govt

India's coal export to neighbouring countries was 0.78 Million Tonnes (MT) in the April-November period of the ongoing fiscal, Parliament was informed on Thursday. Among the neighbouring countries, India exports coal to Nepal, Bangladesh, and Bhutan. Replying to a question in Lok Sabha, Coal Minister Pralhad Joshi said, "Coal export by the country during the last three years... is 2.945 MT in 2020-21, 1.316 MT in 2021-22, 1.166 MT in 2022-23 and 0.78 MT in 2023-24 (up to November)." Most of the coal produced in the country is consumed domestically. The major coal consuming sectors in the country are power, steel, cement, sponge-iron, and fertiliser. As the primary source of commercial energy in India, coal accounts for half of our energy consumption and remains the dominant fuel for power generation due to its reliability compared to other renewable energy sources.

Free trade agreement with India by year-end: Sri Lankan foreign minister

Sri Lanka on Tuesday said it has plans to establish a free trade agreement with India by the end of 2024, Foreign Minister Ali Sabry said here as the cash-strapped island nation tries to spur economic growth. Similar Free Trade Agreements (FTAs) would be worked out for Indonesia, Malaysia, Vietnam, and China too by the year's end, Sabry told reporters here. These agreements will open up new markets for the cash-strapped Sri Lankan businesses, contributing directly to the nation's economic growth. The government continues to struggle to restructure its external debt on the one hand and has raised utility rates and taxes on the other. Sri Lanka and India resumed talks on the Economic and Technology Cooperation Agreement in Colombo at the 12th round in October last year. The original talks were stalled after several rounds of talks between 2016 and 2018 due to political and trade union opposition. Last week, Sri Lanka inked an FTA with Thailand. This has already provided Sri Lanka acc

100 delegates from 31 nations take part in session of committee of spices

As many as 109 delegates from 31 countries participated in a session of the Codex Committee on Spices and Culinary Herbs (CCSCH) which was held from January 29-February 2 in Kochi, the commerce ministry said on Saturday. After the Covid-19 pandemic, CCSCH was the first session of this committee to be conducted physically. In this session, quality standards for five spices -- small cardamom, turmeric, juniper berry, allpice and star anise -- were finalised. CCSCH has forwarded these five standards to the Codex Alimentarius Commission (CAC) recommending for adoption. The next meeting of the committee will be conducted after 18 months. The CAC, jointly established by FAO and WHO, is an international, intergovernmental body with membership of over 194 countries, which is based in Rome and is tasked with formulating internationally accepted standards pertaining to human food. The CCSCH was established as one of the commodity committees under the CAC in 2013.

Govt extends export incentive scheme for apparel, garment till March 2026

The government on Thursday approved the continuation of an export incentive scheme - RoSCTL - for apparel, garments and made-ups up to March 31, 2026. The Rebate of State and Central Taxes and Levies (RoSCTL) scheme is aimed at compensating for the state and central taxes and levies in addition to the rebate provided under duty drawback scheme on export of apparel/garments and made-ups. "The Union Cabinet chaired by Prime Minister Narendra Modi approved the continuation of scheme for RoSCTL for export of apparel/garments and made-ups up to March 31, 2026," an official statement said. It said that the move will provide a stable policy regime which is essential for long-term trade planning, more so in the textiles sector where orders can be placed in advance for long-term delivery. "The continuation of RoSCTL will ensure predictability and stability in policy regime, help remove the burden of taxes and levies and provide level-playing field on the principle that goods are exported an

Conflict in West Asia remains growing risk for energy markets: J P Morgan

Recent attacks on vessels in the Red Sea by Iranian-backed Houthi militants in Yemen have disrupted international commerce on the shortest shipping route between Europe and Asia

In separate missions, Navy rescues two hijacked vessels in Arabian Sea

The Indian Navy rescued an Iranian-flagged fishing vessel with 19 Pakistani crew members and a Sri Lankan trawler in two swift operations after armed pirates hijacked the boats in the Arabian Sea amid deteriorating security situation arising out of Iran-backed Houthi rebels targeting various cargo ships in the region. Indian warship INS Somalia rescued fishing vessel (FV) Al Naeemi from 11 Somali pirates off the east coast of Somalia on Monday, in the second such rescue of an Iranian-flagged vessel in the troubled region, officials said. In total, the Indian Navy rescued three hijacked vessels in the Arabian Sea since January 28. "Indian naval ship Sumitra, having thwarted the piracy attempt on FV Iman, has carried out yet another successful anti-piracy operation off the east coast of Somalia, rescuing fishing vessel Al Naeemi and her 19 Pakistani crew from 11 Somali pirates," Navy spokesperson Commander Vivek Madhwal said. The warship had responded to a distress call from FV Iman

Red Sea crisis: Exports, higher freight impacts wire maker R R Kabel

Attacks by Yemen's Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted up tensions in the Middle East as the Gaza war rages on

Red Sea crisis: India on track to export record-low diesel to Europe in Jan

Volumes have so far declined by roughly 80% month-on-month to 33,400-58,000 barrels per day (bpd), Kpler, LSEG and Vortexa shiptracking data showed

As demand for fast deliveries surge, industry struggles on EV transition

All of this comes with a hefty climate footprint. FedEx Corp., United Parcel Service Inc. and DHL Group

China threat an opportunity for India-US ties, strong FTA: Congressman Issa

The "threat" posed by China offers an opportunity for the US and India to make strong agreements, including a genuine Free Trade Agreement (FTA) to ensure that the two countries will look at each other as first partners, according to Darrell Issa, an influential American lawmaker. Issa, a Republican Congressman from California, said this during a conversation with Aparna Pande, Research Fellow, India, and South Asia with the think tank Hudson Institute here on Monday. Agreeing that the India-US relationship today does seem to be based in no small part on the China threat, he said, Having said that, I view this China threat as an opportunity to do with that we did not do. The items produced in China could be produced in India, at substantially similar costs (and) would more than allow for India to substantially replace its dirty fuel with clean fuel, Issa said. But that requires that the two countries really make strong agreements, including a genuine Free Trade Agreement (FTA), one