Page 36 - Trade

Kolkata Port offers 25% rebate on power charges to boost perishable exports

Kolkata Port, now known as Syama Prasad Mookerjee Port, has offered a 25 per cent waiver on reefer container electricity charges for perishable exports at Kolkata Dock System to attract exporters of eastern and northeastern region who use other ports to ship their cargo, an official said on Sunday. The discount on power for reefers, short for refrigerated containers, will help Kolkata Port to boost exports of perishables considerably from here, the official said. These refrigerated containers play a pivotal role in maintaining the freshness and quality of perishable goods during transportation. "We have the largest infrastructure for reefer container park in the eastern coast and our aim is to take capacity utilisation to 70 per cent in the near term from below 50 per cent now. The rebate benefit will attract more cargo," deputy chairman Samrat Rahi told PTI. Rahi said the discount, which will be available to exporters for a year from now, will put Khidderpore dock in advantageous

Bharat Mandapam, Yashobhoomi to promote trade, employment: Piyush Goyal

The two world class convention and exhibition centres -- Bharat Mandapam at Pragati Maidan and Yashobhoomi at Dwarka -- will help promote trade, industry and employment, Commerce and Industry Minister Piyush Goyal said on Sunday. Prime Minister Narendra Modi dedicated the first phase of India International Convention and Expo Centre - 'Yashobhoomi' to the nation at Dwarka on Sunday, while the ITPO's Bharat Mandapam was inaugurated on July 26. India Trade Promotion Organization (ITPO) is an arm of the commerce ministry. "Bharat Mandapam and Yashobhoomi will promote trade, industry, export and employment. Yashobhoomi will promote MSME sector, farmers and artisans and provide new opportunities and markets for them," Goyal said. He added that steps to make laws simpler, supporting startups, and increasing trade will help to promote the country's economic growth. On PM Vishwakarma Yojana, Goyal said that the prime minister has recognised the hard work of artisans and the scheme will ho

Explore new markets to reach $10 bn exports by 2030: Goyal to spice sector

The spice industry should work together to explore new markets, strengthen the existing ones and focus on value-added products to reach USD 10 billion exports by 2030, Union Minister for Commerce and Industry Piyush Goyal said on Saturday. "Currently our total exports of spices is at USD 4 billion. Rather than exporting spice in the raw form only, we should look for value-added products as we go forward. We should start building up more markets by exploring new markets and strengthening the existing ones. We should look at creating factories for value-added products to reach USD 10 billion exports by 2030 for the spices sector," Goyal said addressing the World Spice Congress 2023. Citing an example, the minister said, during Covid-19 pandemic, the demand for turmeric grew tremendously because of its medicinal properties and in terms of exports it has the potential to reach USD 2 billion. "If we focus all our energy on tumeric by developing value-added products, turmeric exports alon

'Domestic manufacturing of premium lighting products may double in 3 yrs'

The Indian premium decorative lighting industry is focusing on domestic value addition to replace imports, and expects the localisation level to double from the current stage in the next three years as the demand is on the rise, a senior company official said. Localisation refers to locally producing or manufacturing components. It is beneficial for a sector as it cuts down the cost of the component or the whole product. The localisation and domestic manufacturing of premium lighting products is now around 20 per cent, which is expected to double in the next three years, said Usha International. president and business head (lighting) Vikas Gandhi. He explained that the volume did not support complete localisation, but the revival in the market with a boom in the housing and hospitality sectors has encouraged the company to promote local value addition. Currently, most of the imports are from China, according to the executive, whose company sells its products under the Tisva brand

Canada postpones October trade mission to India, offers no reason

This comes at a time when negotiations for a free trade agreement between India and Canada have been stalled, sources informed on Friday

The storytellers' bazaar

The enduring legacy of trade routes lies in shared stories and religious diversity. Can the India-Middle East-Europe Economic corridor harness this legacy to empower nations?

Weekend Bites: FM's wish, 15 yrs since Lehman fell, Taper Tantrum, Apple

In which we munch over the week's platter of news and views

Imports from Russia doubles to $25.69 billion in Apr-Aug on oil, fertiliser

The country's imports from Russia almost doubled to USD 25.69 billion during the April-August period this fiscal due to increasing inbound shipments of crude oil and fertiliser, according to the commerce ministry data. With this, Russia has become India's second-largest import source during the first five months of this fiscal. The imports were USD 13.77 billion during April-August 2022. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's oil imports rose to over 40 per cent. India, the world's third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for the invasion of Ukraine. The ministry's data showed that imports from China dipped to USD 42 billion during the period against USD 43.96 billion in the same period last year. Similarly, imports from the US ..

India-UK FTA talks: Good progress on rules of bilateral investment treaty

The talks on the proposed free trade agreement between India and the UK are moving and there is "good progress" on issues such as rules of origin and bilateral investment treaty (BIT), a senior official said on Friday. These were few of the issues where there were differences between the two sides. "Many things are moving very fast. Like rules of origin and bilateral investment treaty, there is a good progress. Negotiations are happening... Towards the end of the deal, it is the difficult issues which are to be closed and therefore it requires more time and more deliberations," Commerce Secretary Sunil Barthwal told reporters here. He said that mobility is also one of the subjects which is being negotiated. The 'rules of origin' provision prescribe that minimal processing should happen in the FTA country so that the final manufactured product may be referred as goods originating in that country. Under this provision, a country that has inked an FTA with India cannot dump goods fro

India shares unique relationship with UNCITRAL: MoS Rajkumar Ranjan Singh

At the Conference, UNCITRAL Secretary Anna Joubin-Bret gave an overview of the various projects and subjects undertaken by UNCITRAL through its Working Groups and the status of the same

Key trade crossing between Afghanistan and Pakistan reopens after 9 days

A key north-western border crossing between Pakistan and Afghanistan reopened Friday after a nine-day closure due to clashes between border forces, officials from both sides said. Pakistan shut the Torkham border with its neighbour on September 6 after guards from both countries exchanged fire. It accused Taliban authorities of building unlawful structures in the vicinity. Pakistani government official Nasir Khan said the crossing reopened Friday morning. Afghanistan's commissioner in Torkham, Ismatullah Yaqoob, said stranded trucks and pedestrians have started passing through the border. A representative from the Pakistan and Afghanistan Joint Chamber of Commerce welcomed the move. The reopening has ended the nine-day-long trouble faced by traders on both sides of the border, said Ziaul Haq Sarhadi. Traders have faced heavy losses in perishable items, he said. Pakistan's envoy to Afghanistan Ubaidur Rehman Nizamani met the Taliban administration's Foreign Minister Amir Khan Mutt

India agrees to cut tariffs on US frozen turkey, fresh blueberries: USTR

With India and the US announcing the resolution of their last trade dispute on poultry products at the WTO, New Delhi has agreed to reduce tariffs on certain American products like frozen turkey, frozen duck, fresh blueberries and cranberries, the USTR has said. The United States Trade Representative (USTR) Katherine Tai in a statement said the US and India have agreed to resolve their last outstanding dispute at the World Trade Organization (WTO) on Indian measures concerning the importation of poultry and poultry products. "As part of the agreement, India also agreed to reduce tariffs on certain US products, including frozen turkey, frozen duck, fresh blueberries and cranberries, frozen blueberries and cranberries, dried blueberries and cranberries, and processed blueberries and cranberries," the statement dated September 8 said. These tariff cuts, it said, will expand economic opportunities for US agricultural producers in a critical market and help bring more US products to ...

G20 commits to WTO reforms, aims for dispute settlement system by 2024

The G20 leaders on Saturday expressed their commitment to conduct discussions for having a fully and well-functioning dispute settlement system of the World Trade Organisation (WTO) by 2024. Besides formulating norms for global exports and imports, the Geneva-based 164-member multi-lateral body adjudicates trade disputes among the member countries. The dispute settlement mechanism of the WTO has been derailed due to a non-functional appellate body since December 2019. "We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process, and remain committed to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024, the G20 declaration said. It said that the leaders expressed commitment to work constructively to ensure positive outcomes at the WTO's Thirteenth Ministerial Conference (MC13). MC, which is the highest decision-making body of the WTO, is schedul

Global Biofuel Alliance, UK-Middle-East economic corridor launched at G20

GBA becomes the third multilateral initiative launched by the Central government

Modi, Sunak agree to 'work at pace' towards FTA at G20 bilateral meet

Negotiations good for both countries, says British deputy high commissioner on pending FTA issues

India, US express support for building resilient semiconductor supply chain

India and the US on Friday expressed their support for building a resilient global semiconductor supply chain while reaffirming a pledge to sustain high-level engagements between governments, industries and academic institutions. In a joint statement issued their bilateral talks here, Prime Minister Narendra Modi and US President Joseph Biden called upon the two governments to continue the work of transforming the India-US Strategic Partnership across all dimensions based on trust and mutual understanding. The meeting was held soon after Biden arrived in New Delhi to participate in the G20 Summit to be chaired by Prime Minister Modi. The two leaders expressed their support for building resilient global semiconductor supply chains while noting a multi-year initiative of Microchip Technology to invest approximately USD 300 million in expanding its research and development presence in India and also Advanced Micro Device's announcement to invest USD 400 million over the next five years

India, US settles last trade dispute at WTO over poultry products

India and the US have settled the last trade dispute at the World Trade Organization (WTO) over poultry products, according to a joint statement released on Friday. With this, the two countries have mutually resolved all the seven pending trade disputes at the WTO. "The leaders lauded the settlement of the seventh and last outstanding WTO dispute between India and the United States. This follows the unprecedented settlement of six outstanding bilateral trade disputes in the WTO in June 2023, the joint statement said. It was issued after the meeting of Prime Minister Narendra Modi and United States President Joseph R Biden, Jr., here. Biden is here to attend the G20 Summit to be held on Saturday and Sunday. Modi and the US President vowed to "deepen and diversify" the bilateral major defence partnership while welcoming forward movement in India's procurement of 31 drones and joint development of jet engines. In their over 50-minute talks, the two leaders deliberated on India's G20

British PM Rishi Sunak says 'won't rush' into UK-India trade deal

The remarks assume significance as the 12th round of talks concluded last month between the officials of the two countries. The talks for the agreement were launched in January 2022

With 23-fold increase, Indian defence exports reach Rs 16,000 crore mark

The Indian indigenous defence industry has achieved the success in expanding exports with sale of major defence systems including the BrahMos supersonic cruise missiles

China slows fertiliser exports, raising concerns for Indian industries

As the world's largest producer of urea, China accounts for about a third of global supplies of the nitrogen-based fertiliser, which is critical to growing crops