Page 33 - Trade

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

In India, Russia calls for 'extra efforts' to overcome payment hurdles

Aiming at strengthening economic ties with India, Russia's envoy to India on Monday said payment problems hinder trade and there is a need for "extra efforts" from banks and exporters to overcome this hurdle. Denis Alipov, Russian Ambassador to India, said that the Vostro trade settlement mechanism (Rupee payment) did not work well. "Some extra efforts are needed by companies and banks to explore the conditions," he said. He, however, did not elaborate on what he meant by "extra efforts". In response to a question on the sidelines of an MCCI-organised interactive session, he emphasised the necessity for additional efforts from Indian banks and exporters to resolve this issue. Though he admitted that resolving the payment method would require much fine-tuning, Alipov said banks are willing to cooperate. On the defence deal for the advanced long-range surface-to-air missile defence system S-400, Alipov acknowledged delays but said supplies are on but in a new schedule. Sanctions l

India, US, 12 other IPEF members conclude talks on fair economy agreements

After signing the supply chain resilience pact, India, the US, and 12 other members of the Indo-Pacific Economic Framework for Prosperity (IPEF) have announced the conclusion of negotiations on fair and clean economy agreements. Commerce and Industry Minister Piyush Goyal was here for the IPEF ministerial meeting. According to a joint statement from IPEF partner nations, the member countries will now undertake the necessary steps, including further domestic consultations and a legal review, to prepare the final texts of the agreements. Once finalised, the proposed agreements will be subject to IPEF partners' domestic processes for signature, followed by ratification, acceptance, or approval. "Today, the 14 IPEF partners announced the substantial conclusion of the negotiations of the IPEF Clean Economy Agreement, the IPEF Fair Economy Agreement, and the Agreement on the Indo-Pacific Economic Framework for Prosperity at the IPEF Ministerial Meeting in San Francisco, California," the

Visakhapatnam Port handles record 50 MMT cargo in 228 days in FY2023-24

Visakhapatnam Port has handled a record volume of 50 million Metric Tonnes of cargo in just 228 days in the financial year 2023-24, surpassing its previous record of 50 MMT in 251 days in FY 2022-23. The figures of the milestone achievement were put out in a press release issued by the Visakhapatnam Port Authority (VPA) on Wednesday. VPA Chairperson M Angamuthu praised the efforts of VPA's staff, officers and all stakeholders and exhorted them to maintain the same pace to reach the target fixed by the shipping ministry of 83 MMTPA for the year 2023-24, according to the release.

Goyal meets Micron CEO, discusses options in India semiconductor ecosystem

Union Commerce and Industry Minister Piyush Goyal held a meeting with the CEO of Micron Technology Sanjay Mehrotra on Wednesday (local time) and discussed how India's growing semiconductor ecosystem presents vast opportunities for company to collaborate and expand its footprint in India.Taking to X, Piyush Goyal stated, "Met Mr. Sanjay Mehrotra, CEO & President of @MicronTech. Discussed how India's growing semiconductor ecosystem presents vast opportunities for the company to collaborate & expand its footprint in the country."Earlier this July, Mehrotra had met with Prime Minister Narendra Modi in Gujarat's Gandhinagar and they discussed US chip giant's plans to bolster the semiconductor manufacturing ecosystem within India.In June this year, Micron Technology had announced its plans of investing USD825 million in a new chip assembly and testing plan in Gujarat. India hopes to become a major global hub in semiconductor manufacturing over the next 10 years.Meanwhile, Goyal,

Jaishankar concludes timely visit to UK amid substantial progress on FTA

External Affairs Minister S Jaishankar concluded his five-day visit to the UK on Wednesday, which he described as timely after a series of cross-party engagements amid substantial progress on the ongoing free trade agreement negotiations. During a media interaction at the High Commission of India in London before leaving, the EAM shared some insights from his discussions with the UK Cabinet ministers and Opposition leaders which covered a whole spectrum of global and bilateral issues. India's concerns regarding pro-Khalistan extremism in relation to the safety of its diplomats in the country were among the topics that came up during his meetings with UK Home Secretary James Cleverly and National Security Adviser (NSA) Tim Barrow. We have long-standing concerns about extremist and sometimes even violent activities of various forces, including those who propagate Khalistan, said Jaishankar. We have been trying to get the government here to understand that while we as a fellow democra

India, US, 12 other IPEF members ink supply chain resilience agreement

India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would provide benefits like potential shifting of production centres in critical sectors and mitigating risks of economic disruptions from supply chain shocks. The agreement was signed in San Francisco, where Commerce and Industry Minister Piyush Goyal is attending the ministerial meeting of the Indo-Pacific Economic Framework For Prosperity (IPEF). The agreement would help member countries like India to reduce its dependence on China. The COVID outbreak had severely disrupted the global supply chain, as most countries were dependent on China for various products, like pharma raw materials. On the social networking platform X, on Wednesday, Goyal said: "India joins US and 12 other IPEF partners to ink the IPEF Supply Chain Resilience Agreement, a first-of-its-kind international agreement that will fortify and strengthen global supply chains; and foster adaptability, stabilit

Jaishankar, Cameron discuss progressing India-UK Free Trade Agreement

The duo also discussed shared global challenges, including the situation in Israel and Gaza and the war between Russia and Ukraine

Trade with Africa in excess of $100 billion, is fairly evenly balanced: EAM

The EAM said that in the last decade, a bulk of Indian embassies have also opened in Africa

India proposes slashing EV import taxes to clinch UK free trade deal

The UK's demand for import concessions on electric vehicles is one of the few outstanding issues in the free trade talks

Kuala Lumpur looking at accepting RuPay, UPI service: Malaysian FM

India and Malaysia are firming up a framework for conducting trade in national currencies and initiating a process to review the 12-year-old comprehensive economic cooperation agreement to include new domains and items, Malaysian Foreign Minister Zambry Abdul Kadir said. At the end of a three-day visit to India, Kadir told PTI that Malaysia is also in the process of accepting India's Unified Payments Interface (UPI) system and RuPay payment service that will boost overall financial engagement. The Malaysian foreign minister said Prime Minister Anwar Ibrahim is likely to visit India in the first half of next year in reflection of growing upswing in overall ties between the two nations. He said both sides are keen to expand trade engagement in new and emerging areas such as electronics, semiconductors, fintech, renewable energy, new technology and startups besides joining hands in defence industrial cooperation. Ways to further boost the overall trajectory of ties were discussed ...

India, United Kingdom negotiations for proposed FTA going on, says Official

Negotiations between senior officials of India and the UK on the proposed free trade agreement are going on with a view to bridge differences on issues related to goods and services sector, a senior government official said. "Talks on the 13th round is underway virtually. We have not talked about any deadlines to conclude talks," the official said. India and Britain launched the talks for Free-Trade Agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights. The investment treaty is being negotiated as a separate agreement between India and the UK. The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the

FM Nirmala Sitharaman seeks global help to nab smuggling masterminds

Export-import frauds threaten the global supply chain and are inimical to economic and national security

India, EU discuss progress in the Free Trade Agreement negotiations

The Group of Seven is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, UK and the US

India pitches for clear definition of e-commerce trade in goods in WTO

India has asked the WTO members to work on a clear definition of e-commerce trade in goods and services as it would help provide developing countries a policy space to make decisions on the fast-growing sector, an official said. At present, there is a difference of understanding about the subject between developed and developing member countries of the World Trade Organization (WTO). The issue came up for discussion during a recent meeting of senior officials of WTO members in Geneva last week. "India stated that the definition should be clear about digital goods and services because customs duties are there on goods and not on services. The Western world wants no customs duties, and on the other hand, developing countries want that policy space to impose the duties," the official said. Customs duties help protect domestic industries and provide a policy space to support the growth of MSMEs. Though certain WTO members have been discussing the e-commerce issue since 1998, there is