Page 45 - Trade

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

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%