Page 3 - India Trade

India trade deal offers biggest hope for UK economy heading for a crisis

It has been anything but a smooth ride for the Rishi Sunak led UK government, with the latest official data released this week reflecting a shrinking economy and a looming two-year-long recession. The British Indian former finance minister, who took charge at 10 Downing Street last month with the promise to fix the fiscal errors of predecessor Liz Truss' disastrous mini-budget, has pledged to get a grip on the soaring inflation as a priority and warned of tough tax and spending decisions ahead. Economic experts agree on the massive scale of the challenge, even as they hold out the prospect of a free trade agreement (FTA) with India as a potential generator of much-needed economic growth. The economic crisis in the UK is caused by some new and some longstanding factors, explains Dr Anna Valero, Senior Policy Fellow at the London School of Economics (LSE) Centre for Economic Performance. High inflation, high interest rates and tightening fiscal policy occurs against the backdrop of .

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

Trade service officers to engage more in FTA negotiations, policy making

Indian trade service officers would be engaged more in the negotiations of free trade agreements (FTA), industry deliberations and policy-making, Commerce Secretary Sunil Barthwal said on Tuesday. He was addressing an Indian Trade Service Officers conference, which was held at Kevadia, Gujarat. It was conducted for brainstorming on future foreign trade policy (FTP), and to formulate sector-wise and state-wise export strategies to boost exports from India. Over 75 officers attended the conference. The secretary emphasised the importance of specialising in the specific area of international trade. He underlined the importance of institutional memory for any department and urged the trade service officers to specialise, and become a more effective resource for the Department of Commerce. "He also laid out the plans for deeper engagement of the cadre into FTA negotiations, industry deliberations and policy making," the commerce ministry said in a statement. Earlier, Director General

Piyush Goyal asks exporters make price adjustments to retain market share

A temporary change in pricing will help them accommodate short-term challenges, an official statement says; minister reviewed sectoral progress in exports with EPCs and Industry bodies

India flags key agri-sector issues, rice export in meet with UAE minister

India on Friday flagged to the UAE some of the issues faced by its agriculture sector, including problems faced by rice exporters, during a meeting here. S Vikramjit Singh, MP, Chair, India-Arab Council, and Member of the India-UAE Joint Task Force, met Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of UAE and discussed various areas of bilateral cooperation. Singh said that trade with the UAE would take new dimensions with two major bilateral agreements already in place. He also flagged issues faced by the Indian agriculture exporters to the Gulf nation. Major discussions took place between both sides regarding trade between India and the UAE after the conclusion of the Comprehensive Economic Partnership Agreement (CEPA) and the Free Trade Agreement (FTA), Singh said in a statement. Singh, a member of the India-UAE Joint Task Force, flagged the key issues faced by the agriculture sector regarding the rejection of rice exports from India due to the presence of

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

Like imports, exports to soon have a single window clearance system

Several export consignments need to be checked by various regulatory agencies like drug controllers etc, all these will be integrated into the new customs system

UK FTA deadline depends on talks: Commerce secretary Sunil Barthwal

Deadline for agreement will depend on talks, he says as Diwali timeline goes by

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

Development at Gujarat port will drive efforts to make India trade hub: PM

Prime Minister Narendra Modi said Wednesday the Union Cabinet's approval to develop a container terminal at Tuna-Tekra, Deendayal Port, in Gujarat is an important decision, which will drive India's efforts to become a hub for trade. "An important Cabinet decision, which will drive India's efforts of port-led development and becoming a hub for trade. This decision will also benefit many states which do not have access to the coastline," he tweeted. The Cabinet approved a proposal to develop a container terminal at Tuna-Tekra, Deendayal Port, in Gujarat under the public-private partnership mode. The estimated cost of Rs 4,243.64 crore will be on the part of the concessionaire while common user facilities of Rs 296.20 crore will be on the part of the concessioning authority. Reacting to other Cabinet decisions, Modi said the nod for the Prime Minister's Development Initiative for North East Region (PM-DevINE) will add impetus to the growth trajectory of the Northeast and provide numer

Large Indian lenders shun direct rupee transactions in Russia trade: Report

Large Indian lenders are reluctant to process direct rupee trade transactions with Russia months after the mechanism was put in place for fear of becoming the target of sanctions by the United States

Wheat arrivals in India at 12-year high during Aug-Sept across markets

According to the agriculture ministry's data, wheat arrivals are the highest since 2010 when the amount was 4.38 MT

Dip in demand from China, Italy may have hit India's merchandise exports

India's merchandise exports contracted 3.5% to $33.6 bn in September

Foreign trade: Going beyond a phrase

India's trade policy needs to expand on what 'self-reliance' means

Surge in import cost may negate positive impact of rupee fall: Experts

According to an analysis done by FIEO, the rupee has depreciated by 8.1 per cent till September 7, 2022 since the same point last year

UCO Bank becomes first lender to get RBI's approval for rupee trade

Many banks in India are planning to open such special vostro accounts for settling trade transactions with other nations

Currency internationalisation: India pushes for rupee trade with Cuba

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

Russia's secret gem sales fracturing diamond trade from Mumbai to New York

Many in the industry refuse to deal in Russian gems following the invasion of Ukraine and after mining giant Alrosa PJSC was hit with US sanctions

Rice prices soften in domestic markets after ban; exports may shrink by 25%

India, which commands 40% share in the global rice trade, exported 21.23 mt of rice in 2021-22, against 17.78 mt in the previous year

India's exports surge 1.62% in Aug with outbound shipments worth $33.92 bn

External demand for key commodities such as engineering goods, gems and jewellery, and textiles fell in August