India and Iran on Friday carried out a comprehensive review of their ties including the joint development of the Chabahar port, ways to boost trade and economic engagement and possible cooperation in agriculture and some other sectors. At the 19th India-Iran Foreign Office Consultations held in Delhi, the Iranian side is learnt to have requested New Delhi to explore ways to resume procurement of Iranian crude oil. India stopped the procurement of crude oil from Iran in mid-2019 following sanctions imposed on the Persian Gulf nation by the United States. The Iranian delegation at the talks was led by Deputy Foreign Minister Majid Takht Ravanchi while the Indian side was headed by Foreign Secretary Vikram Misri. Ravanchi met External Affairs Minister S Jaishankar and the discussions focused on bilateral matters and current regional challenges. "Discussed our bilateral ties, progress in Chabahar port and regional developments. Confident that the Foreign Office Consultations will give
India's trade relations with the world have evolved in the last 25 years. New partnerships have been forged, old ones have been strengthened, but challenges remain
Experts fear that Indian exporters might have to pay higher duties while exporting pharmaceuticals, textiles, chemicals, and engineering goods
India has initiated a probe into an alleged increase in imports of certain steel flat products into the country following a complaint from the Indian Steel Association, according to a government notification. The Directorate General of Trade Remedies (DGTR), under the commerce ministry, has started the investigation into imports of 'Non-Alloy and Alloy Steel Flat Products', used in various industries, including fabrication, pipe making, construction, capital goods, auto, tractors, bicycles, and electrical panels. According to the notification of the DGTR, the Indian Steel Association, on behalf of its members - ArcelorMittal Nippon Steel India, AMNS Khopoli, JSW Steel, JSW Steel Coated Products, Bhushan Power & Steel, Jindal Steel and Power, Steel Authority of India - has filed an application under the customs tariff Act, 1975. They have sought imposition of safeguard duty on imports of these products into India. The applicant has alleged that there is a "recent, sudden, sharp and
The latest Economic Survey said, India has to find the right balance between importing goods from China and importing capital (FDI) from China
Speaking at an industry event organised by the US-India Business Council (USIBC), Garcetti called India the "highest tariff" major economy in the world
He called for mutual recognition agreements (MRAs) to facilitate trade
India has reduced its tariffs significantly over the years, bringing them down to the world average level, yet the domestic industries continue to suggest increasing the duties, a senior government official said on Wednesday. Secretary in the Department for Promotion of Industry and Internal Trade Amardeep Singh Bhatia said that it needs to be examined why such requests come. "On the export market side and integration with the (global) supply chains, there is also a lot of work which has been done in terms of reduction in tariff, the weighted tariff has come down substantially and it is almost at the world average level. But of course, there are pressures that it should be increased by the domestic industry, which we need to look at why these requests keep coming up. Why are we not competitive enough," he said. India has also free trade agreements with different countries to push exports. The Secretary was speaking at CII's Global Policy Forum 2024. Cut in customs duties on raw ..
The balances in the RVAs are built through inward remittances in freely convertible currencies
Senior officials of India and Australia have reviewed the progress of talks on the proposed free trade agreement between the two countries, the commerce ministry said on Monday. The two countries had implemented an interim trade pact in December 2022 and now they are negotiating to widen the scope of the pact for a Comprehensive Economic Cooperation Agreement (CECA). "The three-day stocktake visit for the India-Australia CECA concluded in New Delhi on December 6," the ministry said. The stocktake discussions covered several critical areas of the agreement, including trade in goods, services, mobility, agri-tech cooperation, and more. "The discussions also centered on market access modalities that align with India's food security objectives," it said. Both parties evaluated the progress made so far and outlined a path forward for the early conclusion of the CECA. The Indian delegation was headed by Additional Secretary and Chief Negotiator, Department of Commerce, Rajesh Agrawal,
Coming calendar year may see change in trade partner dynamics for copper rods, concentrate imports
Growth may falter if the President-elect follows through on his stated agenda
The talks come at a time when multiple domestic steelmakers, such as JSW Steel and SAIL, are also in talks with the landlocked nation to import coking coal
The CBIC should do away with the IGCRS Rules for the EOUs, as they serve no useful purpose, only cause harassment and encourage corruption
Trump's return to power could also bring a fresh wave of scrutiny toward India. In October, he had cited it as the "biggest tariff charger" and has threatened reciprocal tariffs
The commerce ministry's investigation arm DGTR has recommended imposition of an anti-dumping duty of up to USD 339 per tonne on imports of PVC resins from seven countries, including China, the US and Korea, with a view to guard domestic producers. In its preliminary findings, the Directorate General of Trade Remedies (DGTR) has concluded that 'PVC suspension resins' have been exported to India at a price below the normal value, resulting in dumping. The notification of the directorate said that the imports from these countries - China, Indonesia, Japan, Korea RP, Taiwan, Thailand and the US - have caused material injury to the domestic industry. "Accordingly, the authority recommends imposition of provisional anti-dumping duty on the imports," it has said. The recommended duty ranges between USD 25 per tonne and USD 339 per tonne. The finance ministry takes the final decision to impose duties. The DGTR conducted the probe following applications regarding the same from domestic ..
Indian officials still tend to think of trade as a zero-sum game, with tariffs as the only real levers
Experts say higher trade curbs under Donald Trump could hurt India's export competitiveness
Here is the best of Business Standard's opinion pieces for today
India has not been able to attract a notably greater share of global FDI. Some of this is due to political resistance to stronger ties with China, some of it is held back by structural barriers