Page 41 - Trade

Trade turnover between India, Dominican Republic has reached $1 bn: EAM

On the agreement signed between India and Dominican Republic, the EAM said the two countries concluded talks on a joint economic and trade cooperation JETCO mechanism

Japan to restore preferential trade status for South Korea: Official

Japan's trade ministry on Friday said it has begun procedures to restore preferential trade status for South Korea, days after Seoul took a similar step for Tokyo and requested reciprocity, and more than three years after the countries downgraded each other during a bitter historical dispute. Japan's Ministry of Economy, Trade and Industry said talks with South Korea this month showed that its controls over trade in sensitive materials with both civilian and military uses are now as effective as those used by Japan. It said it has proposed as a result that South Korea be restored to the list of countries which receive preferential Japanese trading status, subject to a month-long public comment period ending May 31. The list currently contains 26 nations including the United States, Britain, Canada, France and Germany. The step would end a trade dispute that began in July 2019 when Japan removed South Korea from its white list of countries given fast-track approvals in trade, in ...

India, EFTA nations discuss prospects of resuming FTA negotiations

The development comes in the backdrop of a meeting between high-level delegations from India and EFTA to boost bilateral trade and economic partnership

Indo-Korea bilateral trade grows 17% to record $27.8 bn in 2022: Kotra

The bilateral trade between India and Korea grew by 17.3 per cent to USD 27.8 billion in 2022, according to Korea Trade-Investment Promotion Agency (KOTRA). In 2021, the value of bilateral trade between the two countries stood at USD 23.7 billion. Korea's exports to India increased by 21 per cent to USD 18.9 billion, while imports increased by 10.5 per cent to USD 8.9 billion. Addressing India-Korea Future Industry Partnership Event 2023, Ambassador of the Republic of Korea to India Chang Jae-bok on Wednesday said, "India and Korea must focus on the critical issue of green energy and learn from each other's strengths. Green energy, hydrogen energy, and EVs are the future, and Korea's leadership in producing EVs since 2005 is an excellent example for India". The two-day event is organised as part of a 50-year celebration of the India-Korea diplomatic relationship. Through collaboration and cooperation, both countries can further emphasise the importance of adopting green energy and

A dispute lost

Electronics tariffs must be temporary at best

As India and Russia discuss FTA, the elephant in the room is rupee trade

Finding alternative paths to buy oil from states under Western sanctions is stretching the government and RBI's creativity

Fuel, electronics exports lead India's post-pandemic trade basket rejig

For FY23, merchandise exports grew 6 per cent to $447 billion mainly due to robust growth during the first six months of FY23

India will work with Russia to resolve trade imbalances: Jaishankar

He further said that there is a need to motivate business on both sides

Russia's Gazprombank deepens ties with Indian banks for bilateral trade

Trade between India and Russia has surged since the West imposed sanctions against Russia for its invasion last year of Ukraine, which has altered flows of oil and other goods

India-US trade rose by 8% to $128.55 bn in 2022-23, fell 1.5% with China

Exports to the US rose by 2.81 per cent to $78.31 billion in 2022-23 as against $76.18 billion in 2021-22, while imports grew by about 16 per cent to $50.24 billion

Future of exports

India needs to do more to integrate with the world

Weekend Bites: IT isn't hot, Taxes, Trade, Musk, and Netflix Chronicles

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

India-EU free trade agreement to promote economic ties: Sanjiv Puri

Signing of free trade agreement between India and the European Union would help promote economic ties between the region and New Delhi. Vice President CII and Chairman and Managing Director, ITC Ltd, Sanjiv Puri, emphasised that signing of India-EU free trade agreement could be a catalyst for further enhancing India-Italy relationship, the commerce ministry said in a statement. He was speaking at the CEOs Business Interactive session organised here in association with the Confederation of Indian Industry (CII) and Confindustria on April 13. He was accompanying commerce and industry minister Piyush Goyal here. Goyal had meetings with CEOs of some prominent Italian companies like SOL, SpA, Piaggio, CIBJO, Nayara Energy and Enel Green Power. The minister explained to them the investment climate in India, the policy reforms and the potential of investing and expanding in India. The CEOs informed the minister that they were looking at expanding operations in India for catering to the

Quest for value chains and exports

There are critical shortcomings in India's export policy that need to be tackled to expand its share of goods trade. Here are three suggestions that merit consideration

India, France's trade ministers discuss progress on India-EU trade pact

Trade ministers of India and France have held discussions related to the ongoing talks for a free trade agreement between India and the European Union, the commerce ministry said on Wednesday. Commerce and Industry Minister Piyush Goyal was here to attend India-France Business Summit and CEOs roundtable meet. He held bilateral meetings with several CEOs and French minister for Foreign Trade, Economic Attractiveness and French Nationals Abroad Olivier Becht. The ministers discussed priority areas related to India - EU FTA (free trade agreement) negotiations where issues related to market access were deliberated," it said. Goyal also said India is looking to buy 2,000 commercial aircraft in the next 10 years and there is a huge opportunity to make commercial aircraft in India to meet domestic and international demand. With the purchase of Rafale and the recent Airbus order, more value has been added to this partnership, he added. In January last year, India and the EU resumed ...

Nepal, China to resume two-way trade via key border points from today

'We have agreed to have full operation of Rasuwagadhi/Kerung exit and entry point for two-way trade and people to people movement from April 1,' Secretary Marasini told

UK to join Indo-Pacific free trade bloc in major post-Brexit pact

The UK believes membership will give it a role in setting regional trade rules over the coming decades

'India ready for rupee trade with countries facing currency crises'

Commerce Secretary Sunil Barthwal on Friday said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage. Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India's exports to USD 2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system. Changes have been made in the FTP to allow international trade settlement in Indian Rupee with a view to making INR a global currency. Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of USD 2 trillion by 2030 will be met. He stressed that any industry cannot succeed only on the basis of subsidy or crutches. In the coming days, the idea of exports will change in the country, Goyal said. FTP 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade (DGFT) Santosh Sarangi. The FT

Govt releases Foreign Trade Policy 2023, eyes $2 trn export target by 2030

India is likely to end this fiscal year with total exports of $760-770 billion as against $676 billion in FY22

G20 working group talks ways to make trade work for growth, prosperity

Minister of State for Finance Bhagwat Karad, who addressed the inception meeting of the TIWG in Mumbai spoke about the widening gap between developing and developed countries