Page 44 - Trade

India-Australia FTA to help bilateral trade cross $70 bn in next 5 years

The free trade agreement (FTA) between India and Australia, which comes into effect from Thursday, will help boost bilateral trade in goods and services to cross USD 70 billion in the next five years, according to economic think tank GTRI. The India-Australia Economic Cooperation and Trade Agreement (ECTA) has come into force from December 29. Global Trade Research Initiative (GTRI) said trade of value USD 23 billion would become duty-free from day one. This is 93 per cent of merchandise trade of USD 25 billion in 2021-22 between India and Australia. This creates opportunities for more trade in tough times. GTRI estimates suggest that the bilateral trade will cross USD 70 billion in the next five years due to buoyant trade relations and Australia's gradual weaning away from China, GTRI Co-founder Ajay Srivastava said in a statement. India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22. He said while ..

SBI to facilitate rupee trade with Russia after RBI gives approval

9 Indian banks have permission to open 17 special vostro rupee accounts for overseas trade with sanctions-hit nation

Centre looks to close Chabahar port negotiations by end of FY23

With the international framework broadly agreed on, talks pick up the pace

Rajasthan is making efforts to achieve Rs 1 trn exports target: REPC chief

Rajasthan has traditionally exhibited strength in the export of handicrafts, gems and jewellery, dimensional stones, agro & food, and textile products

State Bank of India to begin overseas rupee trade with smaller nations

Move to steer clear of West sanctions on Russia deals

We see trade with India growing two-fold in next 5 years: Ontario minister

In a Q&A, Victor Fedeli says several top Indian companies are continuing to build their presence in the Canadian province despite concerns of tighter global financial conditions

Port cargo traffic growth in November slows to 3% amid trade slowdown

Flat cargo numbers since Q2 drag total FY23 growth down to 8.8%

German strategy paper targets China trade dependence, says report

Executives from firms including chemicals giant BASF , Deutsche Bank and industrial group Siemens pushed back on the government's plans in a call with Economy Minister

India still a long way from utilising its waterways trade potential

Just 2% of country's cargo transported via navigable waterways; Vietnam at 18% & China 14%

Trade divide could cost global economy $1.4 trillion: IMF chief Georgieva

Trade spats could cut 1.5% from global GDP; 3% in Asia

International trade fair tickets to be available at 67 Delhi metro stations

Entry tickets for the India International Trade Fair to be held from November 14-27 will be available at 67 metro stations of the DMRC, officials said on Saturday. About 2,500 domestic and foreign exhibitors from several countries, including the UK and the UAE, will showcase their products during the 14-day fair at the Pragati Maidan here. India Trade Promotion Organisation (ITPO), an arm of the commerce ministry, said this year, Bihar, Jharkhand and Maharashtra are the 'partner states' while Uttar Pradesh and Kerala are the 'focus states'. Overseas participation is from 12 countries, including Afghanistan, Bangladesh, Bahrain, Belarus, Iran, Nepal, Thailand, Turkey, the UAE, and the UK. The Delhi Metro Rail Corporation (DMRC) said it will start selling IITF entry tickets for 'business days' (November 14-18) from November 14 and for 'general public days' (November 19-27) from November 19. The IITF entry tickets will be available at only 67 selected metro stations, the DMRC said in

Global supply chains gear up for overhaul next year, survey shows

The survey also showed concerns were broader than supply chains, with 51% of respondents saying their expect the environment for international trade to be harder next year

US suggests EU consider using export controls to target China: Report

The conversations came up as European Union and US officials are negotiating the agenda for their next high-level trade forum in early December.

Latest study recognizes India Gate as the world's no. 1 basmati rice brand

Latest Study Recognizes India Gate as the World's No. 1 Basmati Rice Brand

Musical instruments' exports rise 3.5 times to Rs 172 crore in Apr-Sept

The country's musical instruments exports have increased to Rs 172 crore during April-September this fiscal against Rs 49 crore in the same period of 2013-14. Commerce and Industry Minister Piyush Goyal said in a tweet that the exports have risen to more than 3.5 times in the first six months of the current fiscal. "India's exports of musical instruments rose to more than 3.5 times in April-September 2022, as compared to the same period in 2013," Goyal said. On the jump in exports, Prime Minister Narendra Modi said the growth is encouraging. "With Indian music gaining popularity worldwide, there is a great opportunity to further grow in this sector," Modi tweeted.

Rupee trade with few nations may start, internationalisation will take time

Negotiations are on with Russia, Cuba and Sudan among others to do so. Officials are hopeful that Saudi Arabia, UAE and Luxembourg would also come on board

UCO Bank, Yes Bank in talks with Russia to finalise trade mechanism: Report

Indian lenders UCO Bank and Yes Bank are in talks with their Russian counterparts over a payment mechanism for trade between the two countries

Tussle over secrecy delays trade data compilation by Commerce Dept: Sources

The development comes in the backdrop of India's merchandise exports witnessing 4.8 per cent year-on-year rise to $35.45 billion in September

RBI's currency intervention ends up hurting rupee carry trade: Analysts

The Reserve Bank of India's currency intervention is making the rupee less attractive for carry traders, analysts said.

Development at Gujarat port will drive efforts to make India trade hub: PM

Prime Minister Narendra Modi said Wednesday the Union Cabinet's approval to develop a container terminal at Tuna-Tekra, Deendayal Port, in Gujarat is an important decision, which will drive India's efforts to become a hub for trade. "An important Cabinet decision, which will drive India's efforts of port-led development and becoming a hub for trade. This decision will also benefit many states which do not have access to the coastline," he tweeted. The Cabinet approved a proposal to develop a container terminal at Tuna-Tekra, Deendayal Port, in Gujarat under the public-private partnership mode. The estimated cost of Rs 4,243.64 crore will be on the part of the concessionaire while common user facilities of Rs 296.20 crore will be on the part of the concessioning authority. Reacting to other Cabinet decisions, Modi said the nod for the Prime Minister's Development Initiative for North East Region (PM-DevINE) will add impetus to the growth trajectory of the Northeast and provide numer