Page 43 - Trade

India, EU conclude another round of talks for proposed trade agreement

India and the European Union (EU) on Saturday concluded the fourth round of talks for a comprehensive free trade agreement in Brussels, a move aimed at further strengthening economic ties between the two sides. The next round of the talks is planned for 12-16 June here. India and the 27-nation bloc resumed negotiations on June 17 last year after a gap of over eight years on the proposed agreements on trade, investments and Geographical Indications (GI). "Round 4 of India EU-FTA negotiations held at Brussels," Nidhi Mani Tripathi, Joint Secretary in the Department of Commerce has said in a tweet. She is India's chief negotiator for the agreement. India had started negotiations for a trade pact with the EU in 2007 but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals. India's merchandise exports to EU member countries stood at about USD 65 billion in 2021-22, while

Rs 450-cr Balagarh terminal to boost trade at Kolkata port: Official

The proposed night navigation facility at the Kolkata dock system, and the upcoming Rs 450-crore terminal in West Bengal's Balagarh will enhance productivity of the Syama Prasad Mookherjee Port by 30 per cent, a top official said on Sunday. The SMP, earlier known as the Kolkata Port, is working closely with IIT-Chennai and Belgium's Port of Antwerp to roll out night navigation over the next three months, he said. The Balagarh terminal is expected to be operational in the next 24 months. The Balagarh Island lies about 85 km upstream from Kolkata port's main docks on the Inland Waterway-1 in Hooghly district. "The upcoming terminal along with night navigation will significantly enhance the port's productivity. The initial plan was to introduce night navigation until Uluberia, but the port has now decided to extend it until Diamond Harbour, " SMP Deputy Chairman (Kolkata) Samrat Rahi told PTI. At present, the night navigation system is available till Haldia. "It will improve the ...

RBI, UAE central bank signs pact to enhance cooperation in various areas

The RBI and the UAE central bank on Wednesday signed an agreement to enhance cooperation in various areas, including exploring interoperability of Central Bank Digital Currencies (CBDC). Under the MoU (memorandum of understanding), the two central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI, the Indian central bank said in a statement. According to the statement, the CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of the bilateral CBDC bridge to facilitate cross-border transactions of remittances and trade. This bilateral engagement of testing cross-border use cases of CBDCs is expected to reduce costs, increase the efficiency of cross-border transactions and further the economic ties between India and UAE, it added.

Banks from 18 nations open 30 special vostro accounts for trade in rupee

Several banks, including HDFC Bank and UCO Bank, have opened as many as 30 special vostro accounts as of date to facilitate overseas trade in the rupee, a top government official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as of date, some 18 countries have already opened special vostro accounts with Indian banks. "About 30 banks from overseas countries have signed up with 30 banks on our side, so 30 accounts...The transaction has started in bits and pieces," he told reporters here. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval after the RBI announced the guidelines on overseas trade in the rupee in July last year. Another Russian bank Gazprom, which does not have its unit in India, has also opened this account with Kolkata-based UCO Bank. The move to open the special vostro account clears the deck for settlement of payments in rupee for trade

India-European Union trade council's first ministerial meet by June

Last month, both sides constituted three trade working groups under the council that will cover key issues, such as strategic technologies, digital governance, connectivity and trade

PM Modi stresses on the rich cultural connect between India, Australia

PM Modi said that during his lunch with Australian counterpart Anthony Albanese, he came to know how one of Farrell's teachers had migrated from Goa to Australia

Rajesh Agrawal to lead London trade mission to India starting March 13

On a four-day mission from March 13-16, India-born Agrawal will visit New Delhi and Bengaluru and will be joined by 10 London tech companies including Electric Miles, Guider, OneID and Softools

India's jalebi of friend & foe

Modi govt finds itself in a contradiction of its own making. It has encouraged pro-Russian, Westophobic public sentiment while setting strategic policy that's exactly the opposite

US commerce secretary Gina Raimondo begins four-day visit to India

The Commercial Dialogue includes regular government-to-government meetings held in conjunction with private sector meetings, to facilitate trade, and maximise investment opportunities

China uses trade as weapon, wants world to be dependent on it: Tony Abbott

He said that Australia wants to be as helpful as it can be. "I think Australia has this great sense of mateship, global mateship, as well as local and insular mateship," he said

Indian Energy Exchange trade volume falls 7% to 8,200 mn units in February

The total trade volume at the Indian Energy Exchange (IEX) declined seven per cent to 8,200 million units in February on an annual basis, due to lower availability of electricity. Sell side liquidity continued to be affected due to high input costs, the IEX said in a statement. According to the bourse, supply constraints are expected to ease in the coming months due to the conducive policy and regulatory initiatives that will lead to an increase in coal and gas-based generation. This will also provide cost optimisation opportunities to discoms and open access consumers. The overall trade volume on the IEX in February was 8,200 Million Units (MU), a de-growth of 7 per cent on a year-on-year basis. The 8,200 MU included 7,673 MU of conventional power, green power trade of 341 MU, 3.74 lakh of Renewable Energy Certificates (equivalent to 374 MU) and 1.54 ESCerts (equivalent to 154 MU). ESCerts are Energy Saving Certificates. In February 2022, the trade volume stood at 8,760 MU, ...

Myanmar's trade with ASEAN countries tops $10.3 bn in 9 mths till Dec 2022

The Ministry reported on Thursday that imports surpassed exports, with exports reaching more than $3.538 billion and imports valued at more than $6.77 billion, Xinhua news agency reported

More hiccups: No Dutch courage in Delhi govt's new excise policy

The new liquor policy promised several changes to the way alcoholic drinks are sold in Delhi

Robust US-Pak trade relationship is more important than ever: US Official

A robust US-Pak relationship is more important than ever to bolster the economy of Pakistan, which is recovering from devastating floods, the Biden Administration has said. Speaking at the daily news conference, State Department Spokesperson Ned Price told reporters said that the robust trade relations between the US and Pakistan is also providing business opportunities for the Americans. We believe that a robust trade relationship between the United States and Pakistan is more important than ever to bolster Pakistan's economic stability as it recovers from devastating floods, while at the same time also providing opportunity to Americans and to American businesses in this country, exposing them to new markets, Pakistani markets in this case, State Department Spokesperson Ned Price told reporters at his daily news conference. A delegation of Pakistani officials is here in town for the Trade and Investment Framework Agreement Council ministerial meeting, which was Co-chaired by US ..

Trade in local currency: India may ink pacts with UAE, Nigeria, Malaysia

The move is aimed at reducing transaction costs for exporters and importers, a source said

Technology is making trade more trendy

In past decades, global trade grew with consistent investment in infrastructure such as ports, shipping lines and cargo facilities. Now, global trade will be driven by high-tech and digitization

Myanmar's maritime trade up 19.42% to $22.24 billion in over 10 months

The Southeast Asian country usually does most of its foreign trade through sea routes as it has a long coastline. It conducts border trade with China, Thailand, Bangladesh and India

Countering non-tariff barriers

Tanu Singh's book demystifies the World Trade Organization jargon on tariffs and is a valuable source of information for both industry and academia

Pakistan economist Per­vez Tahir urges resumption of trade with India

Pakistan poli­ti­cal economist Per­vez Tahir has called for revival of trade with India to decrease people's woes, local media reported.

Foreign trade in rupee no great shakes despite surge in vostro accounts

Teething troubles in exchange rate mechanism, repatriation cited as roadblocks, even as Russia, African and Gulf nations and a few others evince interest in rupee-denominated trade