Page 29 - Trade

Customs to ease export norms for certain dual-use goods, says DGFT

The government is working to liberalise export norms for certain products which have dual-use like chemicals for companies that have proven track record, a senior official said on Tuesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that dual-use goods and technologies are sensitive and if it goes in the wrong hands of non-state actors, it can cause serious disruptions globally. A small group of rebels in Yemen have disrupted the global trade as they are attacking foreign commercial ships with drones and missiles. "We are working with the industry, with the ministry of external affairs, and with the customs to ensure that a whole lot of sectors are liberalised for those companies which have proven track record of responsible use and responsible exports," Sranagi said here at the 'National Conference on Strategic Trade Controls'. It was organised by the DGFT and the external affairs ministry here. Dual use implies the usage of these goods and technologies in

Steel imports hit five-year high in April-December amid soaring demand

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year

Gold imports rise 26.7% to $35.95 billion in Apr-Dec on healthy demand

India's gold imports, which have a bearing on the country's current account deficit (CAD), increased 26.7 per cent to USD 35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at USD 28.4 billion during the same period a year ago. In December 2023, imports of the precious metal jumped by 156.5 per cent to USD 3 billion, as per the data released by the commerce ministry. Despite the increase in gold imports, the country's trade deficit (difference between imports and exports) narrowed to USD 188.02 billion in the first three-quarters of this fiscal against USD 212.34 billion in April-December 2022. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the period dipped by 16.16 per cent to USD 24.3 billion. India's current account deficit declined sharply to 1 per cent of the GDP or USD 8.3 bill

Customs 2.0 in offing, to provide fully automated stakeholder service: Govt

Revenue Secretary Sanjay Malhotra on Saturday said the customs department is developing a fully automated trade interface system, Customs 2.0, which would also help in improving its score in the World Bank's ranking. Speaking on the International Customs Day 2024 celebrations, organised by the Central Board of Indirect Taxes and Customs (CBIC), Malhotra said technology is going to be the main driver in improving customs processes. The World Bank's Logistics Performance Index 2023, which was released in April last year, had ranked Customs processes at 47th spot, down from 40th position in 2018. "India is on course to become the third largest economy surpassing GDP of USD 5 trillion. Yet we are ranked 47th out of 139 countries in the World Bank report'. There is a huge scope for improvement for us not only in terms of score but also in terms of ranking, Malhotra said. He said the systems division in Customs is preparing for a Customs 2.0 to ensure that all processes in customs and wi

Houthi attack: Navy deploys fire-fighting team on board British oil tanker

The Indian Navy on Saturday said its guided missile destroyer INS Visakhapatnam has deployed a team to help fire-fighting efforts on board British oil tanker MV Marlin Luanda which has got 22 Indian and one Bangladeshi crew members. According to foreign media reports, the tanker caught fire after a missile attack by Yemen's Houthi militants, the latest incident linked to the Iran-backed group in the key shipping route Gulf of Aden. On a request from MV Marlin Luanda, INS Visakhapatnam has deployed its NBCD team along with fire-fighting equipment to render assistance to the crew towards augmenting fire-fighting efforts on board the distressed ship, a Navy spokesperson said. "The Indian Navy remains steadfast and committed towards safeguarding MVs (merchant vessels) and ensuring safety of life at sea," the Indian Navy said. The operator of the British oil tanker has said the vessel had been "struck by a missile in the Gulf of Aden after transiting the Red Sea", according to the ...

US antitrust inquiry targets OpenAI, Anthropic's deals with big tech firms

In a statement, Microsoft said it would provide the FTC information to complete its review and that collaboration by American companies put the US ahead in AI

China presses Iran to rein in Houthi attacks in Red Sea, says report

Freight through Suez Canal down 45% since Houthi attacks

Red Sea crisis pushes costs of fuel tanker above $100,000 per day

The cost to ship refined products from the Middle East to Japan added another 3% to $101,000 a day on Thursday, according to data from the Baltic Exchange in London

SC junks review plea on overvaluation in capital goods' import by Adani cos

According to a lawyer associated with the case, the court had found that the project cost of APML and APRL was either similar or lower than the price of their competitors

Agricultural commodities may be significantly impacted by Red Sea crisis

The Red Sea crisis has led to a 122% rise in freight costs in the last few months, according to ICRA

Govt nod to proposal to set up trade committee of India, Dominican Republic

The government on Wednesday approved a proposal to sign a protocol for setting up a Joint Economic and Trade Committee (JETCO) between India and Caribbean nation Dominican Republic. A decision in this regard was taken in a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi here. The joint committee, an official statement said, will provide a platform for the exchange of information between various authorities and their counterparts. "This would help in facilitating trade of goods and services and consequentially help in better employment opportunities for professionals in both the countries," it said. The Cabinet "approved the proposal for signing of a protocol for the establishment of JETCO between the (Indian) Department of Commerce and the Ministry of Foreign Affairs of the Dominican Republic," the statement said. At present, there is no bilateral institutional mechanism between the two nations on trade and commerce, it added. India primarily imports gold fr

TVS, Bajaj Auto forecast lingering challenges to recovery of exports

On top of festive season, Bajaj Auto also benefited from strong demand for its premium motorcycles, led by the two Triumph models

Coffee exports from India decline by 5.4% to 377,000 tonne in 2023

Coffee shipments from India declined 5.4 per cent to 3.77 lakh tonne in 2023 due to a fall in the shipment of Robusta coffee, according to the official data. The country had exported 3.98 lakh tonne of coffee in 2022. India, Asia's third-largest producer and exporter, grows Arabica and Robusta variety of coffee. Arabica coffee bean has lesser caffeine content than the Robusta. Arabica has a sweet and smoother taste, while the Robusta is generally more bitter and harsher on the taste buds. According to the Coffee Board of India's latest data, export of Robusta coffee bean declined 15 per cent to 1.87 lakh tonne in 2023, from 2.20 lakh tonne in the previous year. However, the shipment of Arabica coffee bean rose 5.79 per cent to 46,869 tonne in 2023 from 44,302 tonne in the previous year. Even Instant Coffee exports rose 6.68 per cent to Rs 1.42 lakh tonne as against 1.33 lakh tonne in the said period, as per the data. In terms of value, total coffee exports were at Rs 9,580.58 cr

Bilateral trade between India, Russia likely to increase this year: Sonowal

Bilateral trade between India and Russia was at USD 50 billion in the last financial year and is expected to increase this year, said Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, here on Wednesday. The Eastern Maritime Corridor between the ports on the east coast of India and the Far East region of Russia promises "immense potential" to unlock new trade opportunities, he said. The minister was speaking at a conference on 'Operationalising Eastern Maritime Corridor' which was attended by a delegation from Moscow led by A Yu Bobrakov, Deputy Minister for the Development of the Far East and the Arctic of the Russian Federation, among others. While welcoming the visiting delegates, Sonowal said the India-Russia partnership is strong and steady building upon strategic convergence, geo-political interests and mutually beneficial cooperation. "Prime Minister Narendra Modi remains engaged with President Putin through telephonic conversation. The latest discussion t

Consensus on food security solution at WTO meet next month difficult: GTRI

Reaching an agreement on food stockpile issue at the WTO meet next month is difficult as both developed and developing countries have diverse views on the matter, economic think tank GTRI said on Tuesday. The Global Trade Research Initiative (GTRI) said that developed countries like the US argue that India's programme could distort trade. The issue will figure in the 13th ministerial conference (MC 13) at Abu Dhabi from February 26-29. MC is the highest decision making body of the 164-member Geneva-based global trade body WTO. "MC13 might not resolve the issue, showing the conflict between developing countries wanting to protect food security and developed countries pushing for free trade," the GTRI said in its report. India's top priorities for the MC13 include securing a permanent solution for its public stockholding (PSH) programme. This programme seeks flexibility in food procurement and pricing, crucial for India's food security needs. The PSH programme is a policy tool unde

Sunflower oil imports to falter as Red Sea attacks lift freight costs

The world's biggest sunflower oil buyer typically sources most of its imports from the Black Sea region via the Red Sea

Trade resumes as Pak and Afghanistan reopen Torkham border after 10 days

Trade between Pakistan and Afghanistan resumed on Tuesday after the two sides reopened a key northwestern border crossing shut for more than 10 days. Truckers for years have been able to cross the border without documents, so they generally do not have them. But Pakistan began mandating truck drivers get visas last week. The two sides after a series of meetings agreed to reopen the Torkham border crossing but Pakistan set a new deadline of March 31 for the truck drivers to get visas, said Ziaul Haq Sarhadi, a director of the Pakistan-Afghanistan joint Chamber of Commerce and Industry. Abdul Basir Zabali, the Taliban-appointed spokesman for the police chief in Nangarhar province, said the Torkham crossing was reopened after the two sides talked, but he didn't give details. The Torkham border crossing has been closed a number of times in recent months, mainly following clashes between the security forces for varied reasons including repairs of the border fence by Pakistan.

India likely to resume Iran crude oil imports due to Houthi threat

The issue may have been discussed during recent bilateral meetings between the countries last week when External Affairs Minister S Jaishankar travelled to Iran

Best of BS Opinion: Reconfiguration of global trade and FDI & more

Here is the best of Business Standard's opinion pieces for today

Reconfiguration of global trade and FDI

Third globalisation has seen slow but profound changes