Page 2 - India Trade Policy

India, S Korea share bill of lading electronically to promote trade: DGFT

India and South Korea have started sharing the bill of lading in an electronic transfer mode between the customs of both sides, a move that will help promote ease of doing business, a senior official said on Thursday. A bill of lading is a legal document that serves as a receipt, contract, and proof of ownership for shipped goods. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as and when the system becomes a norm for all the countries, there will be no requirement for physical submission of records. "India in collaboration with South Korea has now started this concept of sharing the bill of lading in an electronic transfer mode between the customs of both sides," he said while addressing a session in the 'Deloitte Government Summit' here. South Korea is a key trading partner of India and both countries have implemented a comprehensive free trade agreement in 2010. India's exports to the country stood at USD 6.41 billion in 2023-23, while imports aggregated at

India, UK may hold next round of talks on proposed trade agreement in Oct

India and the UK are expected to hold the next round of talks for a proposed free trade agreement in October to resolve the pending issues and close the negotiations, a senior official said on Tuesday. Commerce Secretary Sunil Barthwal said the officials of the UK are briefing their new ministers about the proposed free trade agreement (FTA). The two sides have already taken stock of the progress of talks at secretary and minister levels. "The briefings are going on in the UK...they are briefing their new ministers and based on that, the negotiations will start. We are hoping that in October, the negotiations should resume," Barthwal told reporters here. He also said India is progressing on all FTAs, but there are certain things which are not in control of anyone. The India-UK talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. Due to the elections in India and Britain, both the countries

Russian funds in Indian vostro accounts fall to $3.5 bn: What is their use?

Russian funds in Indian rupee vostro accounts have halved to $3.5 billion in 12-15 months. Vostro accounts, introduced in July 2022 in India, facilitate rupee trade

EOU's B-17 bond serves purpose of continuity bond under IGCR Rules

Rajagopalan answers SME queries related to GST, export and import matters

Indian traders keen to boost ties with Seychelles, says trade commissioner

The Indian trade community in Seychelles is eager to participate in Commonwealth Trade activities and provide a platform for young Commonwealth leaders to discuss trade ties, Honorary Trade Commissioner of India, Commonwealth Trade Council Karunanithy Vaithiyanathasamy said. The business ties between India and Seychelles have been strengthening and there are potential to explore the relationship between the two countries, Karunanidhi Vaithiyanathasamy who was appointed as the Honorary Trade Commissioner of the India Commonwealth Trade Council said in a press release. The Council has proposed to set up an incubation centre in Seychelles based similar to the Centre established in Zanzibar. Seychelles to India High Commissioner Lalatiana Accouche in her address, invited business leaders from Tamil Nadu to set up entities in Seychelles. She appealed to the industry captains to consider Seychelles not only as a place of unparalleled beauty but as a land of significant business ...

US top trading partner, China trade deficit highest in Jan-Jun 2024: GTRI

The US has emerged as India's top trading partner during January-June this year, while the country has recorded its highest trade deficit of USD 41.6 billion with China during the period, according to think tank GTRI. It also said the country's merchandise exports rose 5.41 per cent to USD 230.51 billion during the first of 2024. "China topped the list with a substantial trade deficit of USD 41.6 billion, as exports to China were USD 8.5 billion, while imports reached USD 50.1 billion during January-June 2024," it added. The data analysis for the first half of this calendar year by the Global Trade Research Initiative (GTRI) showed India exports goods to 239 countries and out of these, 126 countries showed positive growth in exports. These nations account for 75.3 per cent of India's total exports. Major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6 per cent of India's ...

India's toy exports dip to $152 million in FY24 due to global headwinds

Union Minister Jitin Prasada informed Rajya Sabha that India's toy imports were recorded at $65 million in 2023-24

All quiet on eastern front: B'desh unrest grinds Petrapole biz to a halt

The total trade at the Petrapole border was Rs 30,420.92 crore in FY24

India-Bangladesh trade headed for uncertainty after Hasina's resignation

Bangladesh is also a key destination for Indian auto exports, alongside African and Latin American countries

Febi expects to become the go-to agency for EU companies in India

A 2024 survey of German companies in India flagged bureaucratic hurdles, high corruption, and the tax system as the three biggest obstacles to doing business in India

Next round of India-Asean trade agreement review talks in November

The next round of talks for the ongoing review meeting of the India-Asean free trade agreement in goods will be held in November, an official statement said on Saturday. The third round of the negotiations was concluded on August 1 in Jakarta, Indonesia. Eight sub-committees have been constituted under the India-Asean Free Trade Agreement Joint Committee for undertaking negotiations on different areas related to the review of the pact. "The next meeting of the AITIGA (Asean-India Trade in Goods Agreement) Joint Committee will be held in India from 19-22 November 2024," the Commerce Ministry said. The AITIGA was signed in 2009. In September 2022, both sides tasked the AITIGA Joint Committee to undertake the review to make the agreement more trade-facilitative and mutually beneficial. During the third round of negotiations in Jakarta, Indonesia, all eight Sub- Sub-Committees dealing with national treatment and market access, rules of origin, standards, technical regulations, custom

Economic Survey: Silver linings amid slower growth, export woes linger

Tax revenue's continued growth, meanwhile, is led by direct taxes

India-UAE trade pact: GTRI expresses concerns over precious metal imports

Think tank GTRI on Tuesday expressed serious concerns over spurt in import of precious metals from the UAE under a free trade agreement and demanded an investigation as it is impacting domestic jewellery industry and leading to potential annual revenue loss. The Global Trade Research Initiative (GTRI) said that by addressing these issues, authorities can ensure the integrity of import practices, safeguard domestic industries, and prevent significant revenue losses. Seeking an urgent review of the agreement, it said the India-UAE comprehensive economic partnership agreement (CEPA) allows unlimited imports of gold, silver, platinum, and diamonds from the UAE into India with zero tariffs in the coming years. This will lead to significant "annual revenue losses, move import business from banks to a few private traders, and replace top suppliers with Dubai-based firms," it said in its report. "The zero-tariff policy under CEPA is projected to cause an annual revenue loss of Rs 63,375 cr

India seeks to boost exports to Russia after PM Modi's Moscow trip

Surging Russian exports to India accounted for $61.43 billion of the $65.7 billion in trade between the two countries in the last fiscal year that ended in March

Commerce ministry developing platform for registration, resolution of NTB's

The commerce ministry is developing a platform for registering non-tariff barriers (NTBs) faced by exporters and taking up with the concerned countries for their resolution, a senior official said. At present, there is an information gap on these barriers particularly for small items. "We are making a portal so that we can prioritise all the NTBs. Traders will register their complaints and the ministry will pursue that," the official said. In cases where the barrier is impacting a large volume of goods will be prioritised for their redressal and action-taking. Economic think tank GTRI in its report has stated that India needs to act in a fast-track manner for the removal of NTBs, being faced by domestic exporters in different countries like the US, China and Japan, to achieve export target of USD 1 trillion for goods by 2030. The Global Trade Research Initiative (GTRI) has suggested a two-pronged strategy to mitigate the influence of NTBs on exports. It asked for upgrading domest

Piyush Goyal meets exporters; reviews trade scenario, non-tariff barriers

Exporters asked the government to firm up a strategy to deal with the issue of non-tariff barriers imposed by trade partners that ultimately hurts India's exports

A champion of trade liberalisation

Arvind Panagariya's book offers a rich and fascinating analysis of how protectionism has harmed the country's trade and economy

100-day plan: Govt e-platform to spur exports, connect with stakeholders

Since India has been on a free trade agreement (FTA) signing spree, the platform will offer easy access to benefits under these agreements

Changing terms of trade

India must aim to boost export share

India seeks arbitration proceedings with Aus under WTO rules on services

India has sought arbitration proceedings under the WTO rules against Australia to resolve an issue with regard to services sector, as it could impact New Delhi's trade in services, an official said. The official said India has already communicated to the World Trade Organisation (WTO) regarding its request for arbitration on the issue. On November 17, 2023, Australia notified to the secretariat of the WTO about its intention to modify its schedule of specific commitments under the GATS (General Agreement on Trade in Services) to incorporate additional commitments relating to services domestic regulation. GATS is a WTO agreement that came into force in 1995. India is a member of the Geneva-based organisation since 1995. WTO is a global tarde watchdog and adjudicates trade disputes among member nations. As an "affected member", India has stated that Australia's intended modification of its specific commitments does not satisfy certain conditions, the official said. "Thereafter... In