Page 36 - Trade

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

Need for real-time data on production, prices of tea: IIPM Director

The government should set up an institutional mechanism to bring out real-time data on production, consumption, trade, and prices for the tea sector, Indian Institute of Plantation Management (IIPM) Director Rakesh Mohan Joshi said on Friday. He also said there is an urgent need to bring out enabling policies with targeted interventions to address the rapidly emerging novel issues such as climate change, curtailing production costs and achieving efficiency across the value chain in the sector. To cope with emerging challenges in the tea industry, the government should focus upon adopting an integrated approach to evolve an institutional mechanism with active participation of producing states along with other stakeholders in tea production. "The tea industry, once a gold mine for the British planters and a major source of foreign exchange earnings that played a critical role in India's trade and economy in the last century, struggles today even for survival," Joshi said. India's sha

UK says it won't change immigration policy to secure India trade deal

There is growing optimism that a free trade deal between the countries could be concluded this year though the remaining topics to be discussed are some of the difficult

EAM, Russian FM discusses steps to boost trade, economic cooperation

Foreign Minister Jaishankar and his Russian counterpart held talks on the sidelines of the 18th East Asia Summit on Wednesday

Will only agree an India trade deal that works for Britain: PM Sunak

"He said negotiations around a free trade deal were progressing and that he would only agree an approach which worked for the whole UK," his spokesperson told reporters

Sebi likely to implement one-hour settlement of trades by March 2024

Markets regulator Sebi will introduce one-hour trade settlements by the end of this fiscal, in the run up to making such processes instantaneous, a top official said on Tuesday. Amid concerns raised by certain foreign portfolio investors on the shortening of the settlement cycles citing forex-related worries, the official made it clear that faster settlements are optional and investors can opt out. Securities and Exchange Board of India (Sebi) has adopted a roadmap towards realising its aim of making trade settlements instantaneous, the official told reporters. "From one day to one hour to instantaneous is the roadmap," the official said, adding one hour settlements are much quicker to implement than instantaneous. The official said technology for one hour trade settlements already exists and the regulator is confident about the same, while the instantaneous settlements need more technology development. At present, Sebi is thinking of rolling out the one hour trade settlement for

IEX trade volume rises over 13% to 8,865 million units in August

Indian Energy Exchange's total trade volume rose by over 13 per cent year on year to 8,865 million units in August. The total trade volume of IEX stood at 7,805 million units (MU) as per its data. "IEX attained 8,865 MU overall volume, including green market trade of 242.3 MU, ancillary market trade of 40MU, 2.53 lakh RECs (equivalent to 253 MU) and 1.03 lakh ESCerts (equivalent to 103 MU)," an IEX statement said. The overall volume traded during the month increased to 13.3 per cent on YoY (year on year) basis. IEX achieved 8,469 MU total electricity volume in August 2023, registering an increase of 21 per cent on YoY basis, the statement said. In August 2023, the country experienced its lowest August rainfall since 1901, resulting in hot weather conditions. This, in turn, led to an unprecedented surge in electricity demand during the month, it explained. Due to the combination of higher demand and supply constraints, prices on IEX during the month reached Rs 6.89/unit, marking a

AI fused with trade data may finally smooth clogged supply chains

AI tools are helping many organizations simplify trade-data analysis in ways that may help smooth cross-border commerce

G20 Presidency helping India deepen trade ties with member nations: Experts

The G20 Presidency with India is helping New Delhi to strengthen trade ties with member nations and provides an opportunity to attract investments from those countries in sectors like infrastructure, experts say. They said that the G20 (Group of 20) holds a strategic role in securing future global economic growth and prosperity, as its members represent about 85 per cent of the global GDP (Gross Domestic Product), 75 per cent of global trade and two-thirds of the world's population. Presiding over this multilateral forum is an opportunity for India as it can showcase its strength and achievements for attracting investment and deepen its trade relation with these large economies, the experts added. Fast-tracking negotiations for free trade agreement, ease of doing business, development of modern infrastructure, skilled manpower, large population with growing income are some of the positives which help India to enhance trade realisations with these member countries. The G20 has 43 ..

India's crude oil imports from Russia down 24% MoM, lowest in 7 months

Indian refiners also cut shipments from Iraq, another top supplier, by 10% on the month in August to 848,000 barrels a day

Palm oil futures edges up on supply concerns amid India festive demand

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange strengthened 7 ringgit, or 0.18% to 3,937 ringgit ($849.22) per metric ton by the midday break

India, UK to continue free trade agreement negotiations till Aug-end

Indian and UK officials will continue their negotiations till the month-end to iron out differences on the proposed free trade agreement (FTA), the commerce ministry said on Sunday. This meeting will be followed by a review at the higher level, it said. Following the G20 Trade and Investment Ministers Meeting (TIMM) at Jaipur, the progress of the negotiations was reviewed by Commerce and Industry Minister Piyush Goyal and UK's Secretary of State for Trade Kemi Badenoch on August 26. "Teams are going to continue negotiations till the end of August 2023 which will be followed by stock taking at the higher level, it said. While expressing satisfaction over the last 12 rounds of negotiations wherein several chapters have been finalized, both exuded confidence that the next round of talks to be similarly successful. "Both Chief Negotiators apprised the ministers about the current state of play, issues outstanding for resolution and their continuous joint efforts to iron out the same,"

US trade chief flags concerns over India's license rule for laptop imports

US' intervention comes amid worries the licensing regime could impact shipments from the likes of Apple and Dell and force firms to boost local manufacturing