Page 40 - Trade

Top Headlines: Tax credit on Council agenda, rupee internationalisation

Business Standard brings you the top headlines at this hour

Debt-trapped Pakistan slashes trade deficit by 43 per cent in FY23

Cash-strapped Pakistan has slashed its trade deficit by a staggering 43 per cent to USD 27.55 billion in the fiscal year 2023, according to a media report on Wednesday. The government's stringent control over imports played a vital role in this significant reduction, as it aimed to stabilise the country's critically low foreign exchange reserves and mitigate the risk of default. In the previous fiscal year 2022, the trade deficit had widened to a daunting USD 48.35 billion, causing concern about the country's economic stability, The Express Tribune newspaper reported. However, the government's strict administrative measures on imports and the impact of floods in 2022 negatively affected the domestic economy, resulting in a provisional growth rate of only 0.3 per cent in FY23, compared to 6.1 per cent in FY22. Recent data from the Pakistan Bureau of Statistics (PBS) said that imports decreased by 31 per cent to USD 55.29 billion in FY2023. This is a significant drop from the record

Restoration of GSP benefits by US need of hour: CII EXIM committee chair

An early solution for restoration of GSP benefits by the US to Indian exporters is the need of the hour as it would help further boost the bilateral trade, Chairman of the CII national committee on EXIM Sanjay Budhia said on Wednesday. India and the US have agreed to discuss New Delhi's demand for restoration of Generalized System of Preferences (GSP) benefits to domestic exporters and now both sides will commence discussions to find a solution. The previous Trump administration in the US revoked GSP from India in 2019. GSP allows eligible developing countries to export duty-free goods to the US. Budhia said about two-thirds of the US imports under GSP are raw materials, components, or machinery and equipment used by US companies to manufacture goods in America for domestic consumption or for export. GSP also helps American consumers by eliminating duties on a variety of usually inexpensive consumer goods, he said adding these benefits are real and tangible. Both sides have mutu

World Bank, WTO chiefs seek to reignite services trade negotiations

The WTO has a mandate to liberalise services but its member states have not collectively improved market access since 1997 when deals were struck on telecommunications, it said

UK international trade minister to unveil new initiatives in Kolkata

UK Minister for international trade, Nigel Huddleston arrived in the city on Monday on a two-day visit to the metropolis to unveil new initiatives in electric mobility and green construction in West Bengal. The UK minister will launch a center to enhance opportunities in the electric vehicle segment by partnering Indian businesses with academic institutions and industries of that country, a statement by the British Deputy High Commission here said. He will also visit a waste processing company in Kolkata using green technology to recycle construction waste into high quality reusable sand, it said. The UK is aiming to negotiate a trade deal with India with the target to double it by 2030, the statement said. India is its 12th largest trading partner accounting 2.1 per cent of its total trade. UK's bilateral trade with India surged to GBP (British pound sterling) 36 billion in 2022, up 11.2 billion GBP or 45 per cent from 24.8 GBP in 2021. The bilateral trade supports half a millio

Importers must hedge near-term exposures on dollar rally risk, say analysts

The greenback is projected to strengthen against most Asian currencies in the July-September quarter, with a rate hike by the Fed at its July meeting now a near certainty

Comm min allows EPCMD to issue export registration, membership certificates

The commerce ministry has authorised the newly-established Export Promotion Council for Medical Devices (EPCMD) to issue registration-cum-membership certificates for exporters of specific items such as bandages and first-aid boxes. Under the foreign trade policy, a Registration-cum-Membership Certificate (RCMC) is required for exporters to avail benefits under the policy. Holding the certificate can also help exporters in availing benefits with respect to customs and excise. The certificate is issued by export promotion councils and commodity boards. The directorate general of foreign trade (DGFT) in a public notice stated that the council has been included in FTP for "issuing RCMC for specific items". These items also include hot water bottles, ice bags, gloves, personal protective garments for surgical/medical use, surgical gowns and drapes, syringes, with or without needles, and stethoscopes. Raghuveer Kini has recently taken charge as the executive director of the council. ...

Japan to reinstate South Korea as preferred trade nation from July 21

Japan announced a decision on Tuesday to reinstate South Korea as a preferred nation with fast-track trade status starting July 21, virtually ending a four-year economic row that was further strained during their bitter historic disputes. Trade Minister Yasutoshi Nishimura told reporters that Japan and South Korea have also agreed to set up a framework to review and follow up on the systems as needed. Japan and South Korea have been rapidly mending their ties as they deepen three-way security cooperation with Washington in response to growing regional threats from North Korea and China. A reinstatement of South Korea's preferential status next month would end a four-year trade dispute that began in July 2019 when Japan removed South Korea from its white list of countries given fast-track approvals in trade as ties deteriorated over compensation for Japanese wartime actions. Japan's tightening of trade controls against Seoul was an apparent retaliation for South Korean court rulings

Rupee vs rupiah: In high-yield battle, Indian assets may beat Indonesia's

The highest bond yields among major Asian nations and a less volatile currency thanks to the central bank's intervention are burnishing the appeal of rupee assets

India to remove retaliatory customs duties on eight US-origin products

The duties on these eight US-origin products would revert to the current applied most-favoured-nation (MFN) rate after India notifies the rescinding of additional duties

US, India decision to end trade disputes a big victory, says Piyush Goyal

The decision of the US and India to end six major trade disputes at WTO is a "big victory" and will be mutually beneficial for both countries, Commerce and Industry Minister Piyush Goyal said on Friday. He said resumption of talks at the Trade Policy Forum has started yielding significant results. India and the US have agreed to end six trade disputes at the World Trade Organization while New Delhi will also remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples. A joint statement issued after the meeting of Prime Minister Narendra Modi and US President Joe Biden in Washington said the two leaders welcomed the resolution of six outstanding WTO disputes through mutually agreed solutions. "It is a big victory for India and is a mutually beneficial arrangement for both countries," Goyal told reporters here. He said, now there are no pending India-US disputes at WTO. On the poultry case, he said both sides are discussing it and will find a

Spain has lot to offer in terms of defence trade: Indian ambassador Patnaik

Indian ambassador to Spain Dinesh Patnaik has said that the European country has "a lot to offer" in terms of bilateral trade in defence, start-up and IT ecosystem, and cultural exchange. The two countries share an increasingly important relationship through bilateral exchanges, he said, adding more and more Indian filmmakers are now exploring Spain's scenic locations, the latest being films such as Pathaan and Tu Jhoothi Main Makkar, and India is buying C295 aircraft, submarines and automotive components from Spain. The European country, in turn, procures chemicals, mechanical, engineering and electrical equipments from India, he said. "In the last one-and-a-half years, our trade has increased by about 30 per cent. We have a surplus of USD 4 billion with them. With very few countries we have such large surpluses, especially when it is non-petroleum products. But there is a lot more that can be done. This is just the tip of the iceberg," Patnaik told PTI in an interview. Speaking o

Govt authorises DGFT for TRQ items allocation under new India-Nepal Treaty

The commerce ministry's arm DGFT has been authorised to allocate and monitor imports of 10,000 tonne of copper products and 2,500 tonne of zinc oxide from Nepal under a concessional customs duty provision of a treaty between the countries, according to a public notice. The directorate general of foreign trade (DGFT) will be the designated authority for allocation and monitoring of all TRQ (tariff rate quota) items under the revised India-Nepal Treaty. Under TRQ, a specified quantity of an item is allowed for export or import at concessional customs duties. Beyond that quantity, the product attracts normal duties. "DGFT is authorised for allocation and monitor of 10,000 MT of TRQ of copper products...and 2500 MT of zinc oxide from Nepal," the public notice said on Thursday. It said the allocated quota to each manufacturer/exporter on a quarterly basis would be communicated by the designated authority of Nepal to DGFT. Imports will be permitted through the land customs stations at .

India, UK conclude another round of talks on free trade agreement: Official

Technical discussions were held across 10 policy areas in over 50 separate sessions, according to statement

Chamber India to take delegation to global south nations: Abhinav Balyan

The Chamber of Commerce, Sustainable Development and Foreign Relations on Friday said it will be taking delegations to eight global south destinations to explore opportunities for Indian business with a view to increasing the country's exports. Global south region includes Africa, Latin America and the Caribbean, and Asia. Chamber of Commerce, Sustainable Development and Foreign Relations or Chamber India President & CEO Abhinav Balyan said that they are focusing on increasing exports and enhancing cooperation with the Global South nations. "We would be taking a delegation to 8 global south destinations to create more opportunities for Indian business and increase our exports," he said here at the Chamber India-Global South Meeting. He added that the chamber will organise these meetings in the state capitals with foreign delegations to explore business opportunities for all states. Information and Broadcasting Minister Anurag Thakur, Minister of State for Panchayati Raj Kapil ...

This is the right time for trade between India and US: TCS' Muthuswami

With India's growth story attracting a large number of US companies, especially in the technology sector, this is the right time for the bilateral trade to grow exponentially as both nations are witnessing a better business-friendly environment, Suresh Muthuswami, the official overseeing TCS' operations in North America has said. I have not seen a better business-friendly climate from both governments and there is an increasing interest from US companies to deal with India, especially in areas of technology, Muthuswami, Chairman of North America for Tata Consultancy Services (TCS), told PTI in an interview. India's bilateral trade with the US has been on the rise since 2000, but from 2020 to 2022, it has grown from USD 120 billion to USD 191 billion. I think we're just scratching the surface. (There is) enormous interest from the US government. India is a growing economy and (there is) a lot of interest to do business with India. So, the time is right for trade between the two ...

S Korea dismisses chances of lifting Japan Fukushima seafood import ban

S Korea's current ban on imports of seafood from Japan's Fukushima area will remain in place regardless of Tokyo's planned release of contaminated water from its crippled Fukushima nuclear power plant

Pak biz house seeks revival of trade with India to bail out ailing economy

"Pakistan needs to overhaul the regulatory system along with implementation of structural changes to address the economic crisis"

Seafood exports up 4.31% to $8.09 bn in 2022-23, on jump in shrimp trade

India's seafood exports rose by 4.31 per cent to USD 8.09 billion in 2022-23 on account of a jump in the shipments of frozen shrimp, the commerce ministry said on Wednesday. In volume terms, the exports increased to 17,35,286 tonnes in the last fiscal against 13,69,264 tonnes in 2021-22. "Frozen shrimp remained the major export item in terms of both quantity and value while USA and China turned out to be the major importers of India's seafood," it said. Frozen shrimp exports increased to USD 5.48 billion in 2022-23. The sector accounts for about 41 per cent of India's total seafood exports in volume terms. The US is the largest market of frozen shrimp, followed by China, the European Union, South East Asia, Japan, and the Middle East, the ministry said. The other segments which recorded a healthy growth in exports include black tiger, shrimp, frozen fish, frozen octopus, canned products, and frozen lobster. It added that the US continued to be the major importer of Indian seafood

Smart home security camera import shipments grew 48% in Q1 2023: Report

India's smart home security camera shipments grew 48 per cent year-over-year (YoY) in the first quarter (Q1) of this year-- January to March, a report said on Wednesday