Trade

Modi's Kuwait trip first by an Indian PM in 43 yrs; focus on trade, defence

PM Modi will embark on a historic Kuwait visit, marking the first by an Indian PM in 43 years, aiming to boost ties in trade, energy, investment, and cultural exchanges

India doing sector-wise analysis amid Trump tariff threat: Report

Government ministries and departments are examining different scenarios after US President-elect Donald Trump's open threat to impose reciprocal tariffs on Indian goods

Dissanayake's India visit marks positive shift in Sri Lanka's foreign ties

On Monday, statements from Mr Dissanayake assured India that he would not allow Sri Lankan territory to be used in a way that would be detrimental to India's interests

17 direct selling firms face CCPA notices over alleged 'unfair practices'

Consumer protection regulator CCPA on Friday said it has issued notices to 17 direct selling firms, including Oriflame India, for alleged unfair trade practices and violations of consumer protection rules. The notices have been served on companies such as Vihaan Direct Selling India, Triptales Pvt Ltd, Oriens Global Marketing, Zennesa Wellness, and others for alleged service deficiencies and non-compliance with the Consumer Protection (Direct Selling) Rules, 2021. An official statement revealed that 13 of these cases are under investigation, while replies from three companies are still awaited. The action comes in response to concerns about deceptive practices in the direct selling industry. The ministry warned that some fraudulent entities are misusing the direct selling model to promote illegal pyramid or money circulation schemes. These companies often make unrealistic promises of high commissions, foreign trips, and entrepreneurship opportunities contingent on recruiting ...

India not re-considering joining mega trade agreement RCEP, says Goyal

India in 2019 decided not to join the mega free trade agreement RCEP as the pact was not addressing its concerns and since then there has been no change in that position, Commerce and Industry Minister Piyush Goyal said on Friday. The RCEP (Regional Comprehensive Economic Partnership) agreement is being negotiated among 10 ASEAN members (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and their six free-trade pact partners Australia, China, India, Japan, South Korea and New Zealand. In a written reply to the Rajya Sabha, Goyal said that the structure of RCEP did not adequately address the ambitions and concerns of India's stakeholders. Due to that, India decided not to join the bloc, in its current form. Accordingly, during the third RCEP Leaders Summit held on November 4, 2019, in Bangkok, India conveyed its position that current structure of RCEP did not address the outstanding issues and concerns of the country. "There ha

India eyes opportunity in US-China trade war under Trump's presidency

Govt identifies electronics, pharma, textiles, auto parts, and chemicals as sectors primed to benefit

Why Trump's tariff threat over Brics currency may be false alarm

While there is a strong case for tariff reduction, India must be prepared to engage with the US establishment more actively to present its position

Sustainability measures in trade adding to economic uncertainties: Govt

FTAs need to take a holistic view of the commercial significance they hold for the country and emphasise the importance of looking at goods, services, and investment together

Longer ship routes causing delays, impacting global trade: Piyush Goyal

The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports, Commerce and Industry Minister Piyush Goyal said on Tuesday. This has resulted in increased time for goods to reach international markets, he said. "No shortage of containers has been, however, reported on account of the longer voyage time or the Red Sea conflicts issues and Russia-Ukraine War," the minister said adding regular interactions are done with shipping lines, port/ terminal, and export/import associations to assess for possible interventions. He added that there is limited demand for containers manufactured in India and accordingly the limited manufacturing capacity for containers in India. The container manufacturing industry is dominated by economies of scale that favour established manufacturers from other countries, who benefit from lower production costs, advanced technologies, and immediate cargo loading opportunities. "The long voy

Sustainability playing important role in global trade discussions: Official

New elements related to sustainability, inclusivity and security are now playing an important role in global trade discussions and they would dictate the future talks, a senior official said on Tuesday. Additional Secretary in the Department of Commerce L Satya Srinivas also emphasised on the importance of adopting a holistic perspective on the commercial significance of free trade agreements (FTAs) for the country. "On the plate of trade, there are vast new dimensions getting added...How do we deal with those new dimensions...These new regulations and new focus areas of present will dictate our trajectory towards the future," he said at CII's Partnership Summit here. Earlier in trade discussions, the main issues which used to figure included reduction or removal of customs duties and non-tariff barriers. In addition to these, now "new dimensions are coming into the trade play which is sustainability and security induced," he said, adding these issues like environment and labour ar

Commerce ministry reviewing India-US trade relations amid Trump statements

The commerce ministry is reviewing various aspects of India-US trade relations focusing on implications of statements made by US President-elect Donald Trump during his election campaign and after the results, an official said. The official added that there are no irritants in the relations between the two countries that can lead to discriminatory tariffs against India. Trump, during his election campaign, has called India an "abuser" of import tariffs, a claim that echoed his October 2020 statement labelling India the "Tariff King". Trump on Saturday also warned BRICS countries against any move to replace the US dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil. In the wake of such statements, brainstorming is fundamental to discuss the trade relations as the US is the largest trading partner of India. Trade experts have time and again stated that Trump's claim that India is an "abuser" of import tariffs is unfair as many

Huge import opportunities for UK apparel companies in India: AEPC

Apparel Export Promotion Council (AEPC) on Sunday said huge import opportunities are there for British apparel firms in India and they should participate in large numbers in the upcoming mega textile show here next year. Bharat Tex 2025 will be held here from February 14-17, 2025, at Bharat Mandapam and from February 12-15 next year at the India Expo Centre and Mart in Greater Noida. Companies will showcase the entire textile value chain, with a special focus on key sectors such as Handicrafts, Apparel Machinery, Chemicals, and Dyes. AEPC Chairman Sudhir Sekhri said that the UK is a global fashion hub and the sixth largest importer of apparel, with a total import value of USD 20.27 billion in 2023. "India, with its robust textile and apparel sector, has long been a trusted partner for the UK. In the past year (2023) alone, India's exports to the UK reached USD 1.2 billion, securing a 6.14 per cent share of the UK's textile and apparel market," he said. Exports of ready-made garmen

Trudeau, Trump discuss trade, border at crucial Mar-a-Lago meeting

The two leaders also discussed several pipeline projects, including the Keystone XL line the Biden administration killed

Best of BS Opinion: Standards on trade, efficient movement and more

Here is the best of Business Standard's opinion pieces for today

India must adapt to evolving global trade norms for meaningful FTAs

Both countries have been negotiating to arrive at a mutually beneficial agreement since 2022

Indo-Russia trade at $66 bn in 2024, can meet $100 bn target: Russia envoy

A senior Russian diplomat on Wednesday said bilateral trade between the two countries has reached a record USD 66 billion in 2024, marking a fivefold increase over the past five years, with a 9 per cent rise in the first eight months of this year. The envoy said Russia and India are on track to achieve the ambitious USD 100 billion trade target by 2030, bolstered by expanding collaborations and diversified trade opportunities. "The recent dialogues between leaders of both countries on the possibilities of diversifying the trade basket and increasing the volume of investments in multiple sectors make the target of USD 100 billion by 2030 an achievable one," said Maxim V. Kozlov, Russian Consul General in Kolkata, at an interactive session with members of the Bharat Chamber of Commerce (BCC). "India and Russia are more than strategic partners; we are all-weather friends. Our bond is built on mutual trust and shared interests, making the growth of our economic ties both natural and ...

FTA talks with India to relaunch early 2025: UK PM Starmer tells Parliament

The Free Trade Agreement negotiations with India -- expected to significantly boost the estimated GBP 42-billion a year bilateral trade partnership -- will be relaunched early in the new year, Prime Minister Keir Starmer has informed the UK Parliament here. It came during his statement to update the House of Commons on Thursday about his G20 Summit visit to Brazil, where he said he had a good discussion with Prime Minister Narendra Modi among other world leaders. The meeting earlier this week had led to both countries agreeing to resume the election-stalled Free Trade Agreement (FTA) talks. I had a good discussion with Prime Minister Modi about deepening our bilateral ties, Starmer told the members of Parliament. We agreed to raise the ambition of our UK-India comprehensive strategic partnership, which covers security, defence, technology, climate, health and education, building on the unique bonds and cultural ties between our two countries. Crucially, this work will start with t

Trade associations should work within competition law framework: CCI chief

Trade associations should work within the framework of the competition law as their activities can sometime lead to unintended consequences such as anti-competitive practices, CCI Chairperson Ravneet Kaur said on Friday. The Competition Commission of India (CCI) works to promote fair competition and curb unfair business ways in the market place. Addressing a regional workshop on competition law in Kolkata organised by CCI, along with Merchants' Chamber of Commerce & Industry, Kaur highlighted the instrumental role played by trade and industry chambers in providing a platform for engaging in open dialogue and maintaining a level-playing field. She said trade associations have to operate within the framework of competition law, according to a release issued by the regulator. The influence wielded by trade associations can sometimes lead to unintended consequences, such as the facilitation of anti-competitive agreements or practices, she said, adding that CCI will work proactively ...

India's FTAs not paused, all talks progressing as per schedule: Official

Negotiations for all the proposed free trade agreements, including those with the UK and European Union (EU), are progressing as per the schedule and the country's FTAs are not paused, a top government official has said. The official said that an impression is going around that FTAs are paused, which is not correct. "All our FTAs, whether it is with the EU or UK, all are progressing as per the schedule," the official said. In the coming weeks, a bilateral meeting is scheduled between the commerce secretary and the Director-General of the European Union to take stock of the negotiations for the proposed trade agreement with the European Union. They will also meet as part of the Trade and Technology Council (TTC). Besides the EU and the UK, India is negotiating these agreements with Australia, Peru, Sri Lanka, and Oman. In such pacts, two trading partners either significantly cut customs duties or remove the maximum number of goods traded between them. They also ease norms to promo

China's Xi warns against 'going back in history' as Trump tariffs loom

Xi called for emerging nations in the so-called Global South to have a greater voice in world affairs, with all countries enjoying equitable rights and opportunities in development