Page 12 - Trade Exports

GTRI suggests duty cuts withdrawal on gold jewellery under India-UAE FTA

With the government seeking a review of certain provisions of a free trade agreement with UAE, think tank GTRI on Friday asked for the withdrawal of duty cut concessions on platinum, silver, diamonds, gold jewellery, and tweak the rules of origin norms in the pact. India and the United Arab Emirates (UAE) signed the Free Trade Agreement (FTA), officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) on February 18, 2022, and implemented on May 1, 2022. The Global Trade Research Initiative (GTRI) has earlier stated that the pact contains provisions for unlimited imports of duty-free gold, silver, platinum, and diamonds into India over the next few years and it would hurt domestic industry. It has also alleged that there is a potential misuse of the rules of origin in the agreement and due to that India should review the CEPA. Meeting these rules are must to get duty concessions under the agreement. In the review, it said India should focus on issues such as "withdraw

Indian rice export rates fall on muted demand, prospects of higher supply

India's discount to Thailand and Vietnam's prices has narrowed, leading to lower exports

EEPC India, ISSDA sign MoU to promote MSME exports, international trade

The Engineering Export Promotion Council of India (EEPC India) and the Indian Stainless Steel Development Association (ISSDA) on Tuesday signed an MoU to promote exports by MSME members. The two organisations will collaborate to identify potential export products and organise trade exhibitions, buyer-seller meets, and economic summits, an EEPC statement said. The agreement also aims to facilitate the exchange of trade information and encourage international investment through joint ventures and technical collaborations. The MoU was signed by EEPC India's Executive Director Adhip Mitra and ISSDA's Executive Director Rohit Kumar. ISSDA President Rajamani Krishnamurti and other EEPC India's senior officials were also present. EEPC India and ISSDA will jointly conduct capacity-building sessions in different regions to help the engineering goods and stainless steel sectors grow.

Merchandise exports growth may slow to 4.2% in Q2, says Exim Bank

Merchandise exports are projected to increase to $111.7 billion in Q2 against $109.9 billion recorded in Q1

Despite PLI push, electronics imports top $20 bn for fifth quarter

Electronic goods include the imports of computer hardware, consumer electronics, electronics components, electronic instruments and telecommunications instruments

Trade via Bengal land ports disrupted amid political unrest in Bangladesh

India-Bangladesh trade, which was disrupted in the wake of the unrest in the neighbouring country and the resignation of embattled prime minister Sheikh Hasina, remained stalled on Tuesday, traders said. West Bengal Exporters Coordination Committee secretary Ujjal Saha said trade through land ports in the state has been halted due to "non-clearance of goods by Bangladesh customs, resulting in hundreds of trucks being lined up in parking lots". Trade between the two countries through land ports at Petrapole, Gojadanga, Mahadipur, and Fulbari in West Bengal has been affected, while some passenger movement has been reported but turnout remains low, sources said. Saha noted that a Bangladesh government notification issued on Sunday declared a three-day holiday till Wednesday, except for essential services. Trade through Petrapole in North 24 Parganas district, the largest land port, remains halted as the Benapole customs in Bangladesh remained non-functional. Security at the land port

Chatroom: EGM proof required under IGST Rate Notification 41/2017

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

'India's bilateral trade to face issues as Bangladesh crisis deepens'

Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade. However, exporters expect that the situation may normalise soon. According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country. India's exports of perishable goods are facing challenges at the border. Bangladesh Prime Minister Sheikh Hasina has resigned, and an interim government is taking over in the country. The neighbouring country has been witnessing fierce demonstrations over the controversial quota system that reserves 30 per cent of jobs for the families of veterans who fought the 1971 liberation war. More than 100 people have been killed in the protests against the Hasina government in the last two days. "We were facing some disruptions due to the issues in Bangladesh, but we are expecting that the situation will be restor

Customs, banking rules level with China, help boost e-com exports: GTRI

Reforms in certain customs and banking rules, access to credit, and incentives at par with China will be key for India to boost its exports through e-commerce medium to USD 350 billion by 2030, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) report also suggested creation of separate regulations and ecosystems to support two different types of e-commerce exports - direct export and overseas warehouse models; supporting firm to open warehouses in key foreign cities; export incentives at par with physical shipments; marketing support; and creation of regional hubs for MSMEs. "Over 60 per cent of Chinese e-commerce exports (USD 330 billion in 2023) use foreign warehouses for faster delivery. They have special rules and support systems that help their e-commerce sector grow. If we do not adopt similar measures, our e-commerce exports might only reach USD 25 billion by 2030, despite having the potential to reach USD 350 billion," GTRI Founder Ajay Srivastava ..

Govt must take note of CEA's warning on China

Our government is best placed to assess national security considerations and determine the extent of access we should give to Chinese goods and investments

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

India adds two more ports for export of essential commodities to Maldives

India has announced two additional ports for the export of essential commodities from India to the Maldives for the financial year of 2024-25.The two new ports announced are namely: Kandla Sea (INIXY1) and Vishakhapatnam Sea (INYTZ1)."Government of India has announced the inclusion of two additional ports for export of essential commodities from India to the Maldives for FY 2024-2025," the Indian High Commission in Maldives said in a post on X.Kandla and Vishakhapatnam Customs Sea ports have been added to the list of ports allowed for Export of Essential Commodities. This is in addition to four ports which were already in use."In exercise of the powers conferred by Section 3 read with Section 5 of the Foreign Trade (Development & Regulation) Act. 1992. read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP) 2023, as amended from time to tone, the Central Government hereby amends Notification No 06/2023 dated 15 04 2024 incorporating (2) additional Ports for Export of

Best of BS Opinion: Weapons and technology, War on peace and more

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

Electronics export opportunity

India must aim for greater global integration

Chipmaker Qualcomm forecasts strong revenue, warns of trade-curb impact

Shares of San Diego, California-based Qualcomm rose more than 5 per cent in extended trading after it reported results

Economic Survey pessimistic on export growth prospects

In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before

Amid geopolitical tensions, growing exports to be stiffer challenge: Survey

Cites risks of geopolitical tensions, rise in protectionism, higher trade cost because of the Red Sea crisis, and commodity price volatility as reasons

Exports to top-10 nations grow faster than overall figures in Q1 FY25

After witnessing a 3 per cent contraction in the financial year 2023-24, outbound shipments from India saw positive growth in the three consecutive months

DPIIT's efforts attract over Rs 1,100 cr investment from global tyre makers

Leading global tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. "This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India," the official said. Additional applications receive

Statsguru: Six charts explain increasing defence production in India

The rise in exports comes even as India remains among the world's biggest arms importers, with others such as Saudi Arabia and Qatar topping the list between 2018 and 2023