Page 40 - Trade

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

Egyptian supply minister says no credit line has been opened with India

Egyptian Supply Minister Ali Moselhy said on Monday that no credit line had been opened with India but discussions were ongoing regarding payments for imports using currencies other than the dollar

India, UAE looking at ways to expand trade in value-added gold products

India and the UAE are looking at ways to increase trade in value-added gold and gold products, Commerce and Industry Minister Piyush Goyal said on Monday. A decision in this regard would be announced in due course, he said. He said that the UAE is one of the major suppliers of gold to India after Switzerland, and New Delhi would like to encourage that trade even further with the UAE. India has given certain duty concessions on the import of gold from the UAE under a free trade agreement, officially dubbed as CEPA (Comprehensive Economic Partnership Agreement) and it was implemented on May 1 last year. There were certain issues with regard to operationalising those concessions which have been sorted out now, he said. India has given customs duty concessions on imports of gold for up to 200 tonnes per year from the UAE. The import duty in general on gold is 15 per cent. Now this year, India hopes the UAE exporters would be able to ship the specified quantity of gold under the agree

India, UAE central banks discuss rupee-dirham trade progression: Goyal

Discussions between the central banks of India and UAE on promoting bilateral trade in the rupee and dirham to reduce transaction cost is progressing at a "very" fast pace, Commerce and Industry Minister Piyush Goyal said on Monday. As the top leaders of both countries are decisive, so one "can imagine good outcomes very soon" on this, he added. India and the UAE already implemented a free trade agreement (FTA) in May last year to give a boost to bilateral trade and economic ties. The central banks of both countries are discussing the standard operating procedures and modalities. These talks were started in March 2022, and now "it is about a year since then, but both the countries have made significant progress," Goyal told reporters here. The RBI and the Central Bank of the UAE have been in a "very active" dialogue, and the finance ministry here is also "very" supportive and handling the entire issue, he said. "I am sure that given the high level of engagement on both sides, not

Robust trade ecosystem crucial to achieve $2 trn exports by 2030: DGFT

A robust and easy trade finance ecosystem is important for India to achieve the USD 2 trillion exports target by 2030, a senior government official said on Thursday. Additional Director General of Foreign Trade (DGFT) S C Aggarwal said easy availability of affordable trade finance helps promote export competitiveness. Traders and the government have to work on issues like obtaining easy finance both for domestic and cross-border trade, he said. "A robust and easy trade finance ecosystem is very important for moving us to achieve this goal (of USD 2 trillion)," Aggarwal said here at an event. India has set an ambitious target to take its total goods and services exports to USD 2 trillion by 2030. According to the commerce ministry's data, exports of goods and services in 2022-23 rose 14.68 per cent to USD 775.87 billion as against USD 676.53 billion in 2021-22. He suggested the industry to focus on how to make it easier to get the finance and ways to strengthen this ecosystem.

India and US launch strategic trade dialogue ahead of PM Modi's visit

Ahead of the historic US visit of Prime Minister Narendra Modi, the two countries have launched a strategic trade dialogue here during which officials reviewed the ongoing cooperation in multilateral export control regimes and agreed to share the best practices to further the bilateral ties. At the inaugural India-US Strategic Trade Dialogue (IUSSTD), the Indian delegation was led by Foreign Secretary Vinay Mohan Kwatra. The US delegation was co-led by Alan Estevez, Under Secretary for Industry and Security in the US Department of Commerce and Ambassador Victoria Nuland, Under Secretary of State for Political Affairs in the US Department of State. The dialogue is a key mechanism to take forward the strategic technology and trade collaborations envisaged under the India-US initiative on Critical and Emerging Technologies (iCET). The meeting took place ahead of Prime Minister Modi's maiden state visit to the US at the invitation of President Joe Biden. Modi will be visiting the US fro

Indian Energy Exchange trade volume grows 8% to 8,251 mn units in May

The total trade volume of the Indian Energy Exchange grew by 8 per cent year-on-year to 8,251 million units (MU) in May. The average spot power price during May 2023 was 30 per cent lower at Rs 4.74 per unit against Rs 6.76 per unit in May 2022, due to an improving supply-side scenario, leading to increased liquidity, and cooler weather conditions. "Indian Energy Exchange achieved 8,251 MU overall volume in May 2023, including green market trade of 358 MU, 1.42 lakh RECs (equivalent to 142 MU) and 2.02 lakh ESCerts (equivalent to 202 MU). The overall volume during the month was higher by 8 per cent on YoY (Year-on-Year) basis," an IEX statement said. While an increase in power demand is expected in the coming months, the supply-side liquidity is likely to further improve due to enhanced coal supply, reduction in e-auction coal prices and consistently declining imported coal and gas prices. This will lead to competitive prices and higher clearance for Discoms and Open Access consume

Int'l transport corridor: Reflection of India's expanding global footprint

The development of INSTC shows the strategic vision, political will and state capacity of countries like India, Iran and Russia to establish an alternative vision for the economic growth

Invest India to set up desks in all states to promote investment: Goyal

Officials of the Directorate General of Foreign Trade would be shifted to 'Invest India', which will set up trade and investment desks in each state of the country, Union Minister Piyush Goyal said here on Friday. These desks will promote investments and exports, he said, adding that work of the DGFT will be moved online so that no one will need to visit offices. Interacting with industry captains in Panaji in presence of Goa Chief Minister Pramod Sawant, the Union Minister for Commerce and Industry said Invest India, which was helping foreign investors, will now also help domestic investors. "They (Invest India) will encourage more investment and also partnerships between the industries. They will also do match making," Goyal said. Goyal said his ministry would be inviting 20-30 top pharma players to create four to five hubs of the sector in different states, including Goa. Efforts will be taken to expand pharma industries in states like Goa, Gujarat, Hyderabad (Telangana), Himac

Global trade indicates possible turnaround in second quarter of 2023: WTO

Global goods trade is expected to witness a turnaround in the second quarter of this year due to a recent pickup in export orders, the WTO said on Wednesday. According to the WTO's Goods Trade Barometer, preliminary data suggest that trade remained depressed in the first quarter of 2023. "But the recent pickup in export orders points to an increase in demand for traded goods in the second quarter," it added. These results are broadly consistent with the WTO's most recent trade forecast issued on April 5, which projects 1.7 per cent growth in world merchandise trade in 2023. The WTO's (World Trade Organisation) expectation augurs well for India, which is struggling to push its outbound shipments. India's exports contracted by 12.7 per cent, the third month in a row, to USD 34.66 billion in April even as the trade deficit reduced to a 20-month low of USD 15.24 billion, the government data showed.

Sebi levies penalty of Rs 40 lakh on 8 entities for non-genuine trades

Capital markets regulator Sebi on Tuesday levied fines totalling Rs 40 lakh on eight entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. The regulator slapped a fine of Rs 5 lakh each on Sunbright Commodities Trade, Sunita Gupta, Ecospace Distributors, Fendra Infrastructure, Fastglow Distributors, Fort Gloster Industries, Flute Developers and Franklin Leasing and Finance Ltd. The Securities and Exchange Board of India (Sebi) had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. The regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. According to Sebi, these eight entities that have been fined on Tuesday were among those who indulged in the execution of reversal trades. The reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of ..

Govt to brief industry on US-led initiative IPEF's supply chain pillar

Government officials said there will be more rounds of stakeholder and legal consultations will take place before the text is finalised

EU's proposed carbon tax won't affect trade relation with India: Timmermans

European Union's climate policy chief Frans Timmermans on Friday said the bloc's proposed carbon tax will not have any negative effect on its trade relationship with India and that it would do nothing that is in violation of World Trade Organisation rules. The EU plans to implement a carbon import tax of 25 to 30 per cent on high carbon goods such as steel, cement, aluminum, iron, fertilisers, electricity and hydrogen. This has led to concerns about the impact on developing nations heavily reliant on carbon-intensive industries. The Carbon Border Adjustment Mechanism (CABM), expected to be introduced in its transitional phase from October, is part of the EU's larger climate strategy which focuses on incentivising member countries to reduce their carbon emissions and adopt greener practices. "If India fulfills all its ambitions in terms of greening the economy and reducing the carbon footprint and creating comparable footprints to the EU, there is no worry that CBAM will have a ...