Page 43 - Trade

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

India-UK ongoing FTA negotiations won't be hit by BBC row: Govt official

"As per the UK government, BBC is an autonomous organisation and the even UK government is not owning up to it," said the official

Illegal subsidies by trade partners hurt Indian trade, business: Govt

The government on Monday said illegal subsidies by trade partners and other countries hurt Indian trade and business, and that corrective actions are taken in the form of invoking dispute settlement mechanisms. The Department of Commerce on February 9, 2023 had stated that illegal subsidies by trade partners and other countries hurt Indian trade and business, Minister of State for Corporate Affairs Rao Inderjit Singh told the Lok Sabha. "At a multilateral forum, the disciplines regulating the provision of subsidies and the use of countervailing measures to offset injury caused by subsidized imports are addressed in the Agreement on Subsidies and Countervailing Measures," he said in a written reply. According to him, the subsidies whether they are prohibited (illegal) or actionable are determined by three major steps within the Subsidies and Countervailing Measures agreement. Based on them, corrective actions are taken in the form of invoking dispute settlement mechanism, Singh said

Greener trade, investment crucial to face Asia Pacific climate change: ADB

The Asian Development Bank (ADB) on Tuesday said greener trade and investment are crucial for tackling climate change in Asia Pacific, and incorporating a separate chapter on efforts to mitigate environmental concerns in regional trade agreements can help ensure their effectiveness in achieving climate goals. The Asian Economic Integration Report (AEIR) 2023, released by ADB said Asia is one of the most vulnerable regions to climate change risks, yet it emits the largest volume of carbon dioxide. Annual temperatures have risen faster in the last 30 years than in any other region, and are now 0.86C above the 19812010 average. Asia is also increasingly facing more extreme precipitation incidences such as storms, floods, and landslides, having borne the brunt of almost 40 per cent of disasters worldwide in the past 2 decades. Ironically, it is responsible for about a half of global annual carbon dioxide (CO2) emissions, the AEIR said. Asia and the Pacific's remarkable growth has lift

India, EU set up three working groups under Trade and Tech Council

Ministerial meet of Council to be held within two weeks

Foreign trade policy to focus on long-term strategy to boost exports

Final call on announcement of the policy will be taken by March-end

Promoting int'l trade in rupee to help reduce currency volatility: Survey

Promoting international trade in the domestic currency will help in protecting the rupee from volatility and reduce cost of doing business in the global markets, Economic Survey said on Tuesday. The survey suggested that it could assist Indian exporters in getting advance payments in rupee from overseas clients and in the longer term promote the domestic currency as an international currency once the rupee settlement mechanism gains traction. In July 2022, the Reserve Bank of India issued a circular permitting an additional arrangement for invoicing, payment, and settlement of exports/imports in Indian rupees (INR) to promote the growth of global trade with emphasis on exports from India and to support the increasing interest in the global trading community in rupee as an international currency. The framework involves invoicing of exports and imports in rupee, market-determined exchange rates between the currencies of the trading partner countries, and settlement through special rup

Diverse views on trade & investment at Davos

Beneath the high sounding words during the discussions, willingness to co-operate on trade and investment issues was missing

Three points for the Budget

Of the many things to watch in the Budget, three things-growth, fiscal deficit and stance on trade-will receive special attention from analysts. Getting the tone right will be crucial

Future of trade is digital, green and inclusive, says WTO Director-General

The World Trade Organization Director-General Ngozi Okonjo-Iweala on Tuesday said the future of trade is in services and it has to be green, digital and inclusive

Supply chain disruptions likely despite falling trade

After two years of revenue and profit growth, the shipping lines are facing losses on most sailings due to falling freight rates

China's trade tumbles sharply in Dec, clouds 2023 growth outlook

Exports contracted 9.9 per cent year on year in December, extending a 8.7 per cent drop in November

India, US create new working group on 'resilient trade' under TPF

There will also be discussion on issues such as digitisation of Customs procedures and strengthening the resilience of global supply chains in critical sectors

DPIIT working on policy for auction of salt land to private players

The Department for Promotion of Industry and Internal Trade (DPIIT) is working on formulating a policy for auction of salt land to private players, sources said. The department had received requests from different ministries, departments, state governments, central and public sector enterprises for transfer of land owned by the Government of India through the Office of the Salt Commissioner, at places other than Mumbai and its suburbs, for public purposes. Sources said that the department is finalising a draft policy on auction of salt land to private players. A drone survey of salt land is also being undertaken. In May last year, the DPIIT had sought applications for the empanelment of valuers in Salt Commissioner's Organization (SCO) for a period of five years. About 60,000 acres of salt land is available in various states. Land declared surplus to the requirement of SCO would be considered for transfer for public purposes in accordance with the General Financial Rules under ..

Huge potential to boost exports of processed food: Trade Promotion Council

India's agri exports are growing at a healthy pace and there is a need to focus on the processed food sector as it holds huge potential to boost the country's outbound shipments, Trade Promotion Council of India (TPCI) said on Sunday. Keeping this in mind, the council's three-day IndusFood expo kickstarted on January 8 in Hyderabad. It was inaugurated by Additional Secretary in the commerce ministry Rajesh Agrawal and Joint Secretary in the ministry Srikar K Reddy. Speaking on the occasion, Agrawal said there is a need to create global brands in the food and beverages industry. Ideally, we need to create 50 brands, then we will be able to do our job well. We must think globally and build brands. We must pay serious attention on how to promote Indian cuisine abroad, TPCI said in a statement quoting Agrawal. He added that though India is doing well in the agri exports front, our share of processed food is less than 1 per cent in exports of processed food category. We must aspire to

India-US Trade Policy Forum to meet on January 11 in Washington

The India-US Trade Policy Forum (TPF), a forum to resolve trade and investment issues between the two countries, will hold a meeting in Washington on January 11, the commerce ministry said on Sunday. The TPF has five focus groups -- Agriculture, Investment, Innovation and Creativity (intellectual property rights), Services and Tariff and Non-Tariff Barriers. The meeting will be co-chaired by Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai. Goyal will be on an official visit to New York and Washington DC from 9-11 January, the ministry said. The 12th TPF meeting was held on November 23, 2021, after a gap of four years here. "Working groups were re-activated after the last ministerial. TPF is a platform for continuous engagement between two countries in the area of trade and to further the trade and investment relations between the two countries. Both countries are looking forward to the meeting and confident of making progress on the trade issu

Indian Energy Exchange's trade volume falls 7% to 8,452 mn units in Dec

The Indian Energy Exchange's total trade volume in December 2022 dipped 7 per cent to 8,452 million units as compared to the year-ago period mainly due to higher average spot price of electricity and lower trading of renewable energy certificates. "The overall volume on the exchange in December 2022 increased 9 per cent on a MoM basis. However, it declined by 7 per cent on YoY basis due to high REC (renewable energy certificates) traded volumes of 13.85 lakh in (December 2021) the previous year," an IEX statement said. The IEX total trade volume in December 2021 was 9,035 million units (MU). The IEX achieved 8,452 MU total volume in December 2022, including green power trade of 377 MU, and 4.87 lakh RECs (equivalent to 487 MU), it stated. The total electricity volume on the exchange last month was 7,964 MU, a rise of 8 per cent as compared to November 2022 and 4 per cent as compared to the year-ago period, it stated. For the third quarter (October-December 2022) of the ongoing fi