The duties would be significantly reduced or eliminated over the period of eight to 10 years by both the sides
Imports too rose by 14.85% to $43.48 bn during May, which widened the trade deficit to a four-month high of $14.62 bn according to the data released by the commerce ministry
Apart from the two departments making up the commerce and industry ministry, this will apply to Ministries of Electronics and IT, Agriculture, Textiles, Petroleum, among others
The Chinese tariff barriers on US soya bean imports should also act as a blessing in disguise for Indian exports
Exports constitute only around 18 per cent of the $2.6-trillion GDP, which is currently the fifth largest in the world after the US, China, Japan, Germany and Britain
Trade and observers say easing of GST norms won't be reflected till Nov
Export jump augurs well for economy
While global trade growth is expected to rebound in 2017, India may not be in a position to fully take advantage of it in the United States and China, major markets where consumer and industrial demand is set to drive trade forward.On Thursday, the World Trade Organization (WTO) raised the estimate for growth in world merchandise trade volume for 2017 to 3.6 per cent up from the 2.4 per cent estimate earlier. The latest rise has been due to positive economic trends in North America - with the United States in particular - along with China, which has lead to resurgence of industrial and consumer demand.However, exporters and trade experts alike believe it will be difficult for India to tap into this demand in the near future to a plethora of reasons.The US is the largest destination for Indian exports, earning $ 42 billion in 2016-17. The share of goods heading to the US has gradually increased over the past five years and stood at 15.3 per cent last year. However, major export ...
Key reason for the country's stagnating exports is its failure to build a strong manufacturing base
Other cereals, oil meals, meat, dairy and poultry products and fruits and vegetables too recorded negative growth during the month
India mainly exports processed meat and meat of buffalo, sheep and goat
India's exports of pharma products to the US jumped by 23.4% to $4.74 billion last year
The central bank has announced its second bi-monthly monetary policy statement for FY17
FY16 witnesses second year of contraction at $261 billion- a five-year low
The fall in exports is due to a combination of factors such as low commodity prices, and fall in petroleum product prices
Sitharaman said the government has introduced various measures to increase the country's total exports