International Trade

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

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

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

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

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

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

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

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

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

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

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

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

Flat cargo numbers since Q2 drag total FY23 growth down to 8.8%

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

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

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

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 ...

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