Page 32 - Trade

Indian goods worth $3.7 billion entering Oman to get boost by FTA: GTRI

Over 83.5 per cent of Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement, a report said on Tuesday. According to the - India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond - report, prepared by think tank Global trade Reproach Initiative (GTRI), these goods at present face a 5 per cent import duty in Oman. India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods agreed between them. With the new trade agreement, these products, including major export items like motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), aluminium oxide (USD 126 million), textiles (USD 110 million), alumina

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Rajasthan trade body eyes business opportunities in the Asean region

ARTIA's chief advisor Kamal Kandoi said that Asean countries are attracting the entire world because of their enormous business possibilities

Govt extends export ban on de-oiled rice bran till March-end 2024

The government has extended the export ban on de-oiled rice bran, a major ingredient in preparation of cattle and poultry feed, till March 31 next year, according to a notification. It was first banned in July this year. "Export prohibition of de-oiled rice bran is extended till March 31, 2024," the directorate general of foreign trade has said in a notification. According to experts, rise of prices of the feed is one of the major reasons for increasing milk prices in the country and putting a ban on the exports can help increase availability of the product in the domestic market, thereby containing rates. However, Solvent Extractors Association of India had earlier asked the government to reconsider its decision on banning the exports as the move is likely to have minimal impact on the prices of cattle feed and milk. As per estimates, in cattle feed, about 25 per cent rice bran extraction is used.

Crucial to identify real beneficiaries of interest subvention scheme: GTRI

It is crucial for the government to identify real beneficiaries of the interest subvention scheme provided to various export sectors, think tank GTRI said on Saturday. The Union Cabinet on Friday approved an additional allocation of Rs 2,500 crore for the continuation of interest equalisation or subsidy scheme on pre- and post-shipment rupee export credit up to June 30 next year. Launched on April 1, 2015, the scheme was initially valid for five years up to March 31, 2020. It has been continued thereafter, with a one-year extension during COVID, and further extensions and fund allocations. "No detailed study of the scheme has been done yet. It is important for the government to identify the actual beneficiaries. Considering the low spending, it is possible that a few large entities, rather than MSMEs, are reaping the most benefits," the Global Trade Research Initiative (GTRI) said. It is also necessary to find out which product groups receive the most credit and the effectiveness

World recognizes India only option for large demand: Piyush Goyal

The Union Commerce Minister emphasized the unprecedented opportunity presented by 1.4 billion people aspiring for a better future

Preventing carbon leakage CBAM's aim: Europe as India threatens retaliation

The European Commission on Friday said the sole aim of CBAM -- a tax the European Union plans to impose on energy-intensive goods from countries like India and China -- is to prevent carbon leakage, a situation where companies decide to shift out their production from a country with stringent policies. European Commissioner Wopke Hoekstra made this statement at a press conference at the UN climate talks here even as India's Commerce and Industry Minister Piyush Goyal threatened retaliatory action at an event in New Delhi. Hoekstra said, "CBAM's sole aim is to prevent carbon leakage." Peter Liese, a German politician and a member of the European Parliament, said the bloc aims to reduce emissions by 55 percent by 2030 and that achieving such a significant reduction without CBAM would not be feasible. Stressing that CBAM is crucial for funding the bloc's climate goals, he cautioned that any attempt to dismantle it would have far-reaching consequences beyond its scope. "Any agenda to .

Union Cabinet approves Rs 2,500 crore for Interest Equalisation Scheme

This would help exporters from identified sectors and all MSME manufacturer exporters to avail of pre and post-shipment Rupee export credit at competitive rates

India moving towards T+0 for market settlement before end-FY24: Sebi

Currently trades in India are settled in "T+1" or one day after the trades are initiated. T+0 would mean settlements in the same day and instant settlement would ensure trades are settled immediately

Plan shared by departments to improve logistics efficiency, global ranking

The commerce and industry ministry on Thursday said a targeted action plan has been shared with various departments and big data is being generated to improve the logistics efficiency of the country. These efforts will improve India's ranking in the World Bank's LPI (logistics performance index), the department for promotion of industry and internal trade (DPIIT) said in a statement. A meeting to showcase ongoing and upcoming initiatives and reforms to improve India's logistics efficiency to the World Bank team was held under the chairpersonship of the Special Secretary (Logistics), DPIIT, Sumita Dawra here on Wednesday. Nodal officers of the LPI-dedicated team, including those from Land Ports Authority of India (LPAI), Civil Aviation, Railways, Ports, Shipping and Waterways, Central Board of Indirect Taxes and Customs (CBIC) and National Industrial Corridor Development Corporation Limited (NICDC) and members from World Bank participated in the meeting. "The targeted action plan ha

India, UK seek to wrap up trade negotiations before busy election year

It's the 13th round of negotiations on a deal intended to expand a trading relationship that was worth more than $24 billion last year

Waltair Division breaks Nov loading records, crosses 1,700 loading barrier

The Waltair Division is one of three railway divisions in the East Coast Railway zone. In 2020-21, the division loaded 61.17 million tonnes

Proposed 5% biogas blending with LNG can cut imports worth $1.17 bn: IBA

The proposed 5 per cent blending of biogas with natural gas supplies in the country can cut LNG imports worth USD 1.17 billion annually, says a study by the Indian Biogas Association (IBA). The study comes against the backdrop of the government's recent mandate to blend one per cent biogas with piped natural gas (PNG) supplies in the country from April 1, 2025 under the compressed biogas blending obligation (CBO) scheme. The biogas blending is proposed to be further increased to 5 per cent by fiscal year 202829. According to the study, this blending initiative gels well with the government's macro-level move to make India a gas-based economy, with a target to increase the current share of gas in the energy mix from 6 per cent currently to 15 per cent by 2030. The IBA estimates show that 5 per cent blending of biogas with natural gas can reduce LNG imports worth USD 1.17 billion. This can also bring down per capita CO2 emissions by two per cent, benchmarked to the 2019 figure, which

Russian oil turns dearer for Indian refiners after US enforces price cap

Moves by Washington to enforce the price cap strictly by opening investigations into five tankers transporting Russian oil has created concerns among refiners and traders

India set to restart imports of Venezuelan oil as US sanctions ease

Private refiner Reliance Industries Ltd has booked two supertankers, C. Earnest and C. Genuine, which are scheduled to load crude cargoes from Venezuela between December to early January.

AIPEF demands probe into coal shortage at thermal power plants, imports

All India Power Engineers Federation (AIPEF) on Tuesday demanded an independent enquiry into shortage of coal at various thermal power plants as well as the imports of dry fuel in the country. The engineers' body also said the central government should bear the additional cost of coal imports by power generation utilities, according to an AIPEF statement. It said that certain entities are benefitting from rising coal imports and demand from a number of power producers leads to an increase in the price of the dry fuel in the international market. AIPEF chairman Shailendra Dubey said the term of reference of the enquiry should include who are the main beneficiaries of coal imports. According to AIPEF, imports of coal have increased after the government has made it mandatory for imported coal based plant to run with full capacity and instructed the domestic coal based plants to increase blending of imported coal from 4 per cent to 6 per cent. In March this year, the government issued

Global South calls for ramped up global efforts to improve supply chains

The Global South leaders further highlighted the role of South-South cooperation in this regard and discussed ways to promote mutual cooperation and investments amongst the Global South countries

ASEAN wants India to join RCEP for greater market access: Secretary-General

ASEAN Secretary-General Dr Kao Kim Hourn has said that the 10-member bloc of the Southeast Asian countries wants India to join the landmark Regional Comprehensive Economic Partnership (RCEP) for greater market access as he asserted that all partners stand to gain from the inclusive, open and rule-based trade pact. Dr Kao also said that India and ASEAN have been working together across different sectors - from space to investment, to tourism, to the defence sector and counter-terrorism, among others - and advocated expanding such cooperation in new sectors. Talking to a select group of Indian journalists here on Monday evening, Dr Kao said joining the Regional Comprehensive Economic Partnership (RCEP) would benefit India as the agreement would provide greater market access. He added that all partners will gain from the inclusive, open and rule-based trade pact. The RCEP is a free trade area (FTA) consisting of 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapo

Rupee appreciates 6 paise to 83.32 against US dollar in early trade

The rupee recovered from its all-time low levels and appreciated 6 paise to 83.32 against the US dollar in morning trade on Tuesday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said the rupee fell to fresh record lows on Monday despite broad weakness in the dollar against its major crosses on suspected importer-related buying. At the interbank foreign exchange, the rupee opened at 83.33, then touched 83.32 against the American currency, higher by 6 paise over its previous close. On Monday, the rupee declined by 12 paise to settle at its all-time low of 83.38 against the US dollar. Investors will focus on the existing home sales data from the US and weaker-than-expected numbers could keep the dollar weighed down. We expect the USDINR (Spot) to trade sideways and quote in the range of 83.05 and 83.40, Gaurang Somaiya, forex and bullion analyst at Motilal Oswal Financial, said. Meanwhile, the dollar index was tra

Rules of origin for medical sector remains sticking point in India-UK FTA

Finalising the rules of origin for the medical devices sector remains a sticking-point in the proposed free-trade agreement (FTA) between India and the UK and the talks are on to iron out the differences, an official said. Huge potential is there in the medical devices sector in India, as it imports about 80 per cent of its requirement, with the US, Germany, China, Singapore and Netherlands being top exporters of such devices to the country. "In the medical devices sector, a lot of issues related to rules of origin are still there. Demand for customs duty concessions is also there," the official said, adding negotiations are going on between the two countries to resolve the differences in both goods and services sectors. The government has taken steps to promote domestic manufacturing of medical devices/equipment and attract large investment in the sector. Such schemes/initiatives include Promotion of Medical Device Parks, National Biopharma Mission, and a production-linked Incentiv