Page 3 - International Trade

India-Australia free trade agreement to come into force from Dec 29

Trade between the two countries is expected to cross $45-50 bn in five years

RBI permits banks to open 12 special vostro accounts for trade in rupees

So far, not a single overseas trade transaction directly involving the rupee has taken place

Australian Parliament clears path for free trade agreement with India

Both nations prepare for New Year roll-out; DTAA with New Delhi amended, too

Asia-Pacific leaders to tackle trade, sustainability in Pacific-Rim summit

The war in Ukraine, great power rivalry Asia, inflation and food and energy shortages are on the agenda as leaders prepare for the third back-to-back gathering this week, a Pacific-Rim summit taking place in a heavily guarded venue in Thailand's capital. Leaders from the 21-member Asia-Pacific Economic Cooperation forum will meet formally in closed-door sessions on Friday and Saturday. For some, it will be at least the third such opportunity for face-to-face talks in the past two weeks, though the US is represented in Bangkok by Vice President Kamala Harris, who is attending instead of President Joe Biden. APEC's official mission is to promote regional economic integration. Most of the business conducted happens on the summit's sidelines in meetings such as a planned meeting between Chinese President Xi Jinping and Japanese Prime Minister Fumio Kishida. The two Asian powers have a history of tense relations, a legacy of Japan's World War II aggression compounded by territorial ...

To globalise or not: Everything you need to know about friendshoring

In her visit to India last week, treasury secretary Janet Yellen said that the US is pursuing an approach called "friendshoring"

ESMA logjam: India, EU differences may impact trade between two countries

ESMA has this week said Indian clearing corporations will not be recognised as such in Europe because "no cooperation arrangements" could be signed between it and the Indian regulators

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

Centre allows export incentives for those settling trade in rupee

DGFT makes key amendments to foreign trade policy

Centre allows trade settlement for export promotion schemes in Indian rupee

With the amendment to the Foreign Trade Policy, invoicing, payment, and settlement of trade can now take place in Indian rupee

How reliable is India's China trade data?

The mystery of missing $12 bn from India-China trade is fascinating. China said, its trade with India touched $103 bn in the first nine months of 2022. But India says that it is $91 bn. Who is right?

Trade data from China, India shows gaping hole of $12 billion: Report

India-China trade: Under-invoicing of shipments by Indian importers is believed to be the main reason behind the gap in figures

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

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

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

India pushes for settlement of international trade in rupee with Sudan

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India

Hardeep Puri flags Offshore Bid Round; promises transparency to investors

Union minister Hardeep Singh Puri on Monday launched the Offshore Bid Round offering and assured transparency, efficiency and ease of doing business to investors. In a keynote address to industry leaders in Houston, the Union Petroleum and Natural Gas Minister described the initiatives taken by his Ministry in accelerating the exploration and production activities in India. Puri also gave his views on the importance of Coal Bed Methane in increasing India's domestic production and reducing the country's import burden. He launched the Special CBM (popularly known as Coal Seam Gas) Bid Round - 2022 for International Competitive Bidding on Monday at Houston. Simultaneously, Puri launched the Offshore Bid Round offering 26 blocks -- 18 carved out by DGH and eight as a result of expression of interests (EoI) from potential investors -- covering an area of approximately 2.3 lakh Sq. Km. Out of 26 blocks, three blocks based on EoIs are onshore covering an area of only 3,666 sq km, a medi

Rupee trade: Understanding difference between Nostro and Vostro accounts

The RBI has allowed two Russian banks, Sberbank and JSC VTB, to open Vostro accounts for rupee trade. Read more to find out what a Vostro account is and how it is different from a Nostro account

Slowdown in West, on balance, would be positive for India: CEA Nageswaran

'Signs are very encouraging' are for the Indian economy, he says in an interview

A lot has to be done in India-Myanmar trade, says envoy Moe Kyaw Aung

"We are happy to be a part of ASEAN as it's a bridge between India and Southeast Asia," the Myanmar envoy added

India aspiring to take intl trade to $2 trn by 2030, says Goyal in US

India's goods and services exports crossed $675 billion in the last financial year and the government has set a target of achieving $750 billion for 2022-23

India aspiring to take international trade to $2 trn by 2030: Piyush Goyal

India's goods and services exports have already crossed USD 675 billion in last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said. Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a USD 30 trillion economy. "...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy on a business as usual scenario and possibly a USD 35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table, Goyal said. India, with a GDP of USD 3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany. A decade back, India was ranked 11th among the large