Page 2 - International Trade

Int'l transport corridor: Reflection of India's expanding global footprint

The development of INSTC shows the strategic vision, political will and state capacity of countries like India, Iran and Russia to establish an alternative vision for the economic growth

BRICS pitches for using local currencies in international transactions

The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023. The joint statement titled 'The Cape of Good Hope', said ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO) at its core, with special and differential treatment (S&DT) for developing countries, .

South Korea formally restores Japan on trade 'white list' after 3 years

South Korea formally restored Japan to its list of countries it gives preferential treatment in trade on Monday, three years after the neighbours downgraded each other's trade status amid a diplomatic row fuelled by historical grievances. In announcing the move through a government gazette, South Korea's Ministry of Trade, Industry and Energy also said Seoul will further restrict technology and industrial exports to Russia and its ally Belarus to support the U.S.-led pressure campaign against Moscow over the war in Ukraine. After years of friction, Seoul and Tokyo are working to repair relations as they tighten their three-way security cooperation with Washington to counter the threat posed by North Korea. Pyongyang has used the distractions caused by the war to accelerate testing of nuclear-capable missiles. South Korean officials expect Tokyo to restore Seoul as a favoured trade partner too, but expect that step to take more time based on the procedures to revise Japan's export ..

May feel pressure on non-tariff barriers in FTA, says UK panel

As much as 60 per cent of Indian exports to the country are already tariff free, while only three per cent of UK exports to India are tariff free

'Rapid growth of trade is testament to bilateral ties of US-India'

The United States' becoming India's largest trading partner is testament to the strengthening of bilateral ties between the two democracies, an Indian American Congressman said Tuesday. The rapid growth of trade between the United States and India is a testament to the ties between our democracies growing stronger as our partnership increases both the prosperity and the security of our nations and the broader world, Congressman Raja Krishnamoorthi said. Even as the United States has become India's largest trading partner, it is essential that we continue to recognise the enormous potential for further growth to strengthen both of our economies and create American jobs, Krishnamoorthi said in response to recent news that the US has emerged as India's biggest trading partner in 2022-23.

November launch missed, India-GCC trade talks likely to resume in March

Both sides were expected to launch trade negotiations in November last year

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

Europe open for international trade, says German Chancellor Scholz

German Chancellor Olaf Scholz also said he is doing his utmost to ensure that the free trade agreements with India and some other countries gets sealed

Dec traffic at major ports sails to highest in FY23, rises 10.4 per cent

Twelve major ports handled cargo of 69.5 million tonnes in December, which is highest during current fiscal year

International trade faces a stagnant decade lagging the world economy

Trade largely tracked the growth rate of world GDP during the decade preceding the pandemic

India-China trade at $135.98 bn in 2022. Trade deficit crosses $100 bn mark

This is the first time the trade deficit has crossed the $100 billion mark

Top headlines: Govt may go easy on capex in FY24, India-US trade dispute

Business Standard brings you the top headlines at this hour

Trade settlements in rupee starts with Russia, more likely to join: Report

India is trying to promote trade settlements in rupee with not just Russia, but also Sri Lanka and Mauritius

Australia FTA: Wine industry gears up for foreign market's entry in India

The duty cut regime on Australian wine under the recent trade agreement strikes a balance between protecting the domestic industry and opening the path for greater investments and tie-ups

India, Bangladesh discuss trade settlement in rupee, free trade agreement

India-Bangladesh: Other issues that were discussed were the removal of non-tariff barriers and the re-opening of border haats

Revisiting international trade's role in domestic development

Unlocking trade-enabled economic development alongside tenets of development including gender equity, income inequality, infrastructure, and other SDGs is very much possible

Centre likely to announce measures to curb Chinese imports in Budget 2023

The imports of finished goods entering India from China directly or indirectly via a third country will most likely be restricted

Trade settlement with Russia in rupees to start next week: Report

Five to six banks have been allowed to open Vostro accounts for rupee trade settlement and 10-11 such accounts have been opened so far

Developing world may need to find $2.5 trn over 5 yrs to meet debt costs

A greater proportion of poorer-country debt is now owed to commercial lenders, which offer shorter maturities, and capital markets have largely closed to many governments

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%