Page 38 - Trade

Trade deficit falling at rapid pace, exports to see growth: Piyush Goyal

India's trade deficit is falling at a rapid pace and the exports are expected to see positive growth in the coming months, Commerce and Industry Minister Piyush Goyal said on Thursday. He said that countries in the world are facing a slowdown and global trade is relatively weak right now. Given the challenging situation, high interest rates, and cut down in discretionary spending have led to a fall in the exports of readymade apparel and the gem and jewellery sector, the minister said adding lower petroleum prices have resulted in lower export numbers. All in all, trade continues to be robust, our trade deficit is falling rapidly. And India will continue to benefit significantly from our global outreach, Goyal told PTI. When asked if he expects the country's merchandise exports to come in positive growth from September, he said, "I do believe it is possible". India's exports contracted by 15.88 per cent in July, the sixth straight month of decline, to USD 32.25 billion this year d

GCC keen to 'quickly' start talks for free trade agreement: Goyal

The Gulf Cooperation Council (GCC) has expressed the desire to "quickly" get back on the negotiating table to discuss a potential trade agreement, Commerce and Industry Minister Piyush Goyal said on Thursday. Last year, both the regions agreed to pursue an FTA and resume the negotiations. GCC is a union of six countries in the Gulf region -- Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. The council is the largest trading bloc of India. "We have large investments coming from GCC countries. We already have a FTA with UAEThe GCC countries led by Saudi Arabia have expressed the desire to quickly get back on the negotiating table to discuss potential agreements with the GCC countries. Many GCC member nations have also approached India individually with the request to enter into a bilateral agreement," he told reporters here. The minister is here for the G20 trade and investment ministerial meeting. Among the economic regions, GCC is the top source of imports. Imports from GC

Trade talks with UK progressing extremely well, says Piyush Goyal

The ongoing negotiations between India and the UK on a free trade agreement (FTA) are progressing "extremely well" and it is expected to conclude at an early date, Commerce and Industry Minister Piyush Goyal said on Thursday. He said both sides are confident that they will come out with a "very" balanced, equitable and fair agreement in the interest of businesses and people of both the countries. When asked about the UK's demand on import duty concessions on auto, whiskey and dairy products, he said India and the UK both are pressing hard for their requests and concerns. "There is hardly an issue on which we are not negotiating and I assure you that it will be a strong and hard outcome that will come out of all these negotiations... I believe we have to talk with sincerity, with speed but ensuring balance... and we are both committed to come up with a win-win solution for both countries. I hope it can happen at an early date," Goyal told reporters here. The UK team is here for the

Onion export duty: Auctions begin in Maha APMCs, stop later over low prices

Onion auctions resumed for some time in a few APMCs in Nashik in Maharashtra on Thursday after being stalled since Monday even as more than 500 farmers blocked the Mumbai-Agra highway seeking cancellation of the Union government's decision to impose 40 per cent export duty on the kitchen staple, officials said. Auctions began at the APMCs in Lasalgaon, the largest wholesale onion market in the country, as well as Pimpalgaon and Chandwad in the morning but were stopped some time later after the farmers did not get the Rs 2,410 quintal as promised by NAFED, an apex organisation under the Union Agriculture ministry, and NCCF, they said. Officials said farmers also stopped the auction since personnel from NAFED, or National Agricultural Cooperative Marketing Federation of India Limited, were absent during the auctions. "In Lasalgaon, as many as 300 vehicles laden with onions arrived for auction in the morning with minimum price per quintal being Rs 600, the maximum being Rs 2,500 and ..

India, US looking at ending poultry dispute at WTO, says official

After mutually resolving six trade disputes with the US at the World Trade Organization (WTO), New Delhi and Washington are now trying to engage in ending their last pending dispute over poultry products, a senior government official said on Thursday. In July, India and the US mutually resolved six trade disputes pending at the WTO, in line with the commitment made by the two countries during the US visit of Prime Minister Narendra Modi in June. The six disputes include three initiated by India and as many by the US. The official said that now the two countries have resolved six out of seven trade disputes, and we are trying to resolve the seventh also. This matter along with some others are expected to figure during the bilateral meeting of Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) Katherine Tai in New Delhi. The official added that both countries are also exploring participation of their companies in government procurement systems in either .

Competition Comm issues draft regulations for settlement provisions

Fair trade regulator CCI on Wednesday issued the draft regulations for commitment and settlement provisions under the competition law. The provisions, introduced in the Competition Act through the amendments made earlier this year, are aimed at ensuring quicker market correction, according to the Competition Commission of India (CCI). Stakeholders can submit their comments on the draft regulations from August 24 to September 13, according to communications issued by the regulator. A commitment application should be filed within 45 days from the receipt of CCI order on investigation. In the case of a settlement application, the same has to be filed within 45 days f receiving the Director General's report. For both, commitment and settlement applications, the 45-day period could be extended if CCI is satisfied that there is a sufficient cause for extension. "The settlement amount may extend up to the maximum amount of penalty that would have otherwise been leviable under section 27

Smooth functioning of dispute settlement mechanism in WTO reforms: Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said that the smooth functioning of the dispute settlement mechanism and consensus-based decision-making process of the World Trade Organisation (WTO) are key in the process of the reforms of the Geneva-based body. Several developed countries including the US are pitching for WTO reforms. It is also one of the priority areas of discussion in the meeting of trade and investment meetings here. G20 member countries are gathering here for that meeting. Goyal also said that common but differentiated responsibility (CBDR) should be there in the reforms as different countries have different levels of economic development. The dispute resolution mechanism, which is not working properly for the last few years, needs to be re-established consensus based decision-making should continuethese are few central principles, which should be there in the WTO reforms, he told reporters here. Goyal held a bilateral meeting with WTO Director-Gene

Reaching consensus on Jaipur call for action to promote global trade: Goyal

A day ahead of the G20 trade ministers meeting here, Commerce and Industry Minister Piyush Goyal on Wednesday said the member countries are looking at reaching a consensus on a "Jaipur call for action" to help promote industry, MSMEs, and global trade. Representatives of the G20 countries are gathering here for the trade and investment ministerial meeting, scheduled on August 24-25. Briefing the media about the meeting, Goyal said that the officials of the countries have been burning the midnight oil to forge consensus and build a document on the priority areas. When asked whether disagreement among G20 member countries over the Russia-Ukraine conflict is a concern, Goyal said members are trying to build a consensus on as many issues as possible keeping in mind this reality. ".there are some realities on which there is no possibility of a consensus ... barring this we are trying to build a consensus on all the remaining priorities, he added. In February, the meeting of finance lea

India, Asean agree to speed up negotiations to conclude FTA review in 2025

India and the 10-nation bloc Asean have agreed to fast track negotiations for the review of the existing free trade agreement in goods between the two regions and conclude the talks in 2025, an official statement said on Monday. The issue was discussed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting, held at Semarang, Indonesia. The commerce ministry said that the main agenda of this year's meeting was the timely review of ASEAN-India Trade in Goods Agreement (AITIGA) which was signed in 2009 and implemented in January 2010. The economic ministers' meeting was preceded by AITIGA Joint Committee meeting, which deliberated the roadmap for the review and finalised the term of reference and the work plan of the review negotiations. The review of the AITIGA was a long-standing demand of Indian businesses and the early commencement of the review would help in making the FTA trade facilitative and mutually beneficial, it said. "The ministers agreed to follo

RBI nudges local banks to settle UAE trades in rupee, dirham: Report

India's trade deficit with the UAE was $21.62 billion in 2022/23, or 8.2% of its total deficit, government data shows. In July, the two countries agreed to facilitate trade in rupees instead of dollar

Rural demand to boost revenue of hosiery industry by 18-20% in FY24: Crisil

The Indian hosiery industry is likely to witness 18-20 per cent revenue growth to Rs 36,000 crore this financial year, supported by the revival in rural demand, a report said on Monday. Rural demand, which accounts for almost half the domestic revenue, was impacted last fiscal amid rising inflation and lower farmer income and as a result, the overall volume declined by 30 per cent year-on-year, a report by Crisil Ratings said. "This fiscal, urban demand is expected to remain stable, while a well distributed monsoon and probable inflation moderation should boost rural demand, leading to a recovery of 35-40 per cent in volume. Potential export opportunities, especially to Gulf countries, could bump up volume further," Crisil Ratings Director Rahul Guha said. The Comprehensive Economic Partnership Agreement (CEPA) signed by the government with the UAE could boost textile segment exports, especially of hosiery. Tailwinds from the agreement could add 2-3 per cent to hosiery exports from

G20 Trade and Investment Working Group meeting in Jaipur on August 24-25

Trade and investment ministers from G20 members, heads of international organisations like the World Trade Organization and representatives of invitee countries will attend a meeting here on August 24-25, an official release said on Sunday. More than 300 delegates are arriving in Jaipur to attend the meeting of the trade and investment ministers of G20 under India's presidency. Notably, trade ministers from the US, the UK, China, Canada, Indonesia, Japan, EU, Republic of Korea, Turkiye, Saudi Arabia, France, Bangladesh, Egypt, Netherlands, Oman, Singapore and UAE will be attending the meeting which will be chaired by Commerce and Industry Minister Piyush Goyal, the release said. In the opening session on August 24, a video message of the Prime Minister will also be played which will set the stage for fruitful discussions on global trade and investment issues. The ministers will deliberate on issues of common interest impacting global trade and investment across three sessions focus

India, Asian decision on review of FTA in goods expected tomorrow

A decision on a long pending issue of initiating a review of the existing free trade agreement on goods between India and the 10-nation Asean bloc may be taken up during a meeting in Indonesia on Monday, an official said. The issue will come up for discussion and decision during the India-Asean economic ministers meeting on Monday. The meeting is being held on the sidelines of the ongoing meeting of the Economic ministers of ASEAN. An Indian delegation is already there for the deliberations. India has asked for the review of the agreement with an aim to eliminate barriers and misuse of the ASEAN India Trade in Goods Agreement, which came into effect on January 1, 2010. The agenda will come up for discussion and decision tomorrow during the India-Asean (Association of Southeast Asian Nations) economic ministers meeting, the official said. Members of the Asean include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. In general

Paper, paperboard imports surges 39% to 409,000 tonnes in Apr-Jun qtr

India's imports of paper and paperboard surged by 39 per cent at 409,000 tonnes in the first quarter of 2023-24 against 294,000 tonnes in the year-ago quarter, according to an industry body. In value terms, imports rose by 28 per cent to Rs 3,153 crore in the first quarter of FY2023-24 compared to the year-ago period, Indian Paper Manufacturers Association said citing Directorate General of Commercial Intelligence and Statistics data. The surge in imports comes on the back of a 25 per cent increase in paper and paperboard imports in FY2022-23 over the previous fiscal, according to the official trade data. In FY23, paper and paperboard worth Rs 12,531 crore were imported. In the April-June period of FY24, imports from ASEAN jumped nearly three-fold and from China by 37 per cent in volume terms. Imports of all grades of paper accelerated in the first quarter with the highest jump of 214 per cent seen in imports of uncoated writing & printing paper, 28 per cent in coated paper and ...

Using all platforms to flag non-tariff barriers impacting trade: Official

India is using all multilateral and bilateral platforms including G20 to flag concerns with regard to non-tariff barriers (NTBs) which are impacting the free flow of trade, a top government official said on Friday. India has already raised its concerns on issues like the European Union's (EU) carbon tax on different platforms, including the World Trade Organisation (WTO). Such measures by G20 member countries are likely to figure in the trade ministers' meeting of the grouping next week in Jaipur. "Definitely, we are discussing those NTBs and we are also discussing how to find a good solution, how to find a platform where we can coordinate on these issues and we can understand these issues," Commerce Secretary Sunil Barthwal told reporters here. The two-day Trade and Investment Ministerial Meeting (TIMM) is scheduled on August 24 and 25 in Jaipur. The secretary also said that on the sidelines of TIMM, several high-level bilateral meetings will be held with countries such as the UK

High-level meetings on FTA between India, UK scheduled for next week

High-level meetings of ministers and top officials of India and the UK are scheduled next week to review the progress of talks for the proposed free trade agreement (FTA) between the two countries, a senior government official said on Friday. The meetings assume significance as both countries have reached a crucial juncture of the FTA negotiations. Commerce Secretary Sunil Barthwal also said that bilateral meetings will also be held with the official teams of the European Union (EU) and Canada. These teams are coming for the two-day Trade and Investment Ministerial Meeting (TIMM) in Jaipur. It is commencing on August 24. High-level bilateral meetings will be held with countries such as the UK, Canada and EU to discuss progress with regard to proposed free trade agreements, he told reporters here while briefing about the TIMM. Negotiations on such agreements are underway with all these countries. "This G20 ministerial meeting is useful for us to conduct some of the important bilat

Vegetable oil July imports up 46% to 1.7 mn tn due to palm oil shipments

India's vegetable oil imports increased by 46 per cent to 17.71 lakh tonnes in July this year on rise in palm oil shipments, industry body SEA said on Monday. The country's vegetable oil imports stood at 12.14 lakh tonnes in the year-ago period, it said. Similarly, during the first nine months of the 2022-23 oil year (November-October), the overall import of vegetable oils increased by 23 per cent to 122.54 lakh tonnes from 99.74 lakh tonnes in the same period last year. Vegetable oil imports comprise both edible and non-edible oils. According to the Solvent Extractors Association (SEA), edible oil imports rose 46 per cent to 17.55 lakh tonnes during July this year, when compared to 12.05 lakh tonnes in the year-ago period. Non-edible oil imports too increased to 15,999 tonnes from 9,069 tonnes in the said period. With sharp reduction in domestic prices of edible oils, "demand has returned which is evident from the rising import in spite of better domestic availability reflecting

Govt expects PLI payouts to rise Rs 13,000 cr this year: DPIIT official

Under the $24 billion scheme, the federal government pays local manufacturers when targets such as sales are met, aiming to boost investment in manufacturing. Targets differ from sector to sector

Improved capacity, reduced turnaround time: India's ports mean business

Major ports have added more than 100 million tonnes in additional traffic since 2014-15

Non-tariff barriers emerging as tool to disrupt textiles trade: AEPC

Non-tariff barriers (NTBs) are gradually emerging as a potent tool to damage and even disrupt legitimate textiles trade, apparel export promotion council (AEPC) said on Thursday. As many as 131 NTB notifications are issued related to the textile sector since 2019 with Uganda at the top position with 71 notifications, it said. It was followed by Ecuador (10), China (8), Taiwan (7), Israel (5), USA (4), and Peru (3). These barriers include certifications, inspections, regulations, standards, SPS (sanitary and phyto-sanitary - related with plants and animals) measures, and technical barriers to trade (TBT). These measures are by and large in conformity with the rules of the World Trade Organisation (WTO). But when these measures are used unfairly, in violation of WTO agreements to discriminate against imports and restrict market access, then they become non-tariff barriers hampering legitimate trade. The council has organized a webinar on emerging non-tariff barriers in the apparel