Trade

Nepal, China to resume two-way trade via key border points from today

'We have agreed to have full operation of Rasuwagadhi/Kerung exit and entry point for two-way trade and people to people movement from April 1,' Secretary Marasini told

UK to join Indo-Pacific free trade bloc in major post-Brexit pact

The UK believes membership will give it a role in setting regional trade rules over the coming decades

'India ready for rupee trade with countries facing currency crises'

Commerce Secretary Sunil Barthwal on Friday said India is ready to trade in Indan Rupee with countries which are facing currency failure or have dollar shortage. Speaking after the unveiling of Foreign Trade Policy (FTP) 2023 which seeks to increase India's exports to USD 2 trillion by 2030, the secretary also said the government is focusing on strengthening the rupee payment system. Changes have been made in the FTP to allow international trade settlement in Indian Rupee with a view to making INR a global currency. Addressing the gathering, Commerce and Industry Minister Piyush Goyal exuded confidence that the export target of USD 2 trillion by 2030 will be met. He stressed that any industry cannot succeed only on the basis of subsidy or crutches. In the coming days, the idea of exports will change in the country, Goyal said. FTP 2023 has been announced to provide policy continuity and a responsive framework, said Director General of Foreign Trade (DGFT) Santosh Sarangi. The FT

Govt releases Foreign Trade Policy 2023, eyes $2 trn export target by 2030

India is likely to end this fiscal year with total exports of $760-770 billion as against $676 billion in FY22

G20 working group talks ways to make trade work for growth, prosperity

Minister of State for Finance Bhagwat Karad, who addressed the inception meeting of the TIWG in Mumbai spoke about the widening gap between developing and developed countries

G20 Sherpas meet to take stock of work under India's Presidency

Kumarakom in Kerala to host 3-day meet from tomorrow

G20: Working group meet calls for paperless international trade

An official statement said digitalisation of international trade could be an effective solution towards achieving cost reduction in trade and trade finance

India has made sustained efforts to achieve balanced trade with China: Govt

The PLI schemes envisage a cumulative $21 billion investment

Indian Chamber of Commerce and Industry welcomes Tamil Nadu Budget

The local chapter of Indian Chamber of Commerce and Industry on Monday welcomed the Tamil Nadu Budget, particularly with the announcement of Metro Rail Project for Coimbatore allocating Rs 9,000 crore. State Finance Minister Palanivel Thiaga Rajan presented the budget for 2023-24 in the Assembly today. In a statement, Chamber president B Sriramulu appreciated and thanked Chief Minister M K Stalin for announcing allocation of Rs 77,000 crore for developing Mega Power Project generating 14,500 MW of power by 2030. This will support industrial development and overcome power shortage problem, he said. To felicitate the students from Tamil Nadu to get trained to appear for Civil Services exams, he said the stipend of Rs 7,500 per student each for a period of 10 months will motivate them from this region to join the Civil Services. The announcement for integrated projects for planned development to be launched for Coimbatore Ezhilmigu Coimbatore and allocating Rs 172 crore for Semmozhi

India, EU conclude another round of talks for proposed trade agreement

India and the European Union (EU) on Saturday concluded the fourth round of talks for a comprehensive free trade agreement in Brussels, a move aimed at further strengthening economic ties between the two sides. The next round of the talks is planned for 12-16 June here. India and the 27-nation bloc resumed negotiations on June 17 last year after a gap of over eight years on the proposed agreements on trade, investments and Geographical Indications (GI). "Round 4 of India EU-FTA negotiations held at Brussels," Nidhi Mani Tripathi, Joint Secretary in the Department of Commerce has said in a tweet. She is India's chief negotiator for the agreement. India had started negotiations for a trade pact with the EU in 2007 but the talks stalled in 2013 as both sides failed to reach an agreement on key issues, including customs duties on automobiles and spirits and the movement of professionals. India's merchandise exports to EU member countries stood at about USD 65 billion in 2021-22, while

Rs 450-cr Balagarh terminal to boost trade at Kolkata port: Official

The proposed night navigation facility at the Kolkata dock system, and the upcoming Rs 450-crore terminal in West Bengal's Balagarh will enhance productivity of the Syama Prasad Mookherjee Port by 30 per cent, a top official said on Sunday. The SMP, earlier known as the Kolkata Port, is working closely with IIT-Chennai and Belgium's Port of Antwerp to roll out night navigation over the next three months, he said. The Balagarh terminal is expected to be operational in the next 24 months. The Balagarh Island lies about 85 km upstream from Kolkata port's main docks on the Inland Waterway-1 in Hooghly district. "The upcoming terminal along with night navigation will significantly enhance the port's productivity. The initial plan was to introduce night navigation until Uluberia, but the port has now decided to extend it until Diamond Harbour, " SMP Deputy Chairman (Kolkata) Samrat Rahi told PTI. At present, the night navigation system is available till Haldia. "It will improve the ...

RBI, UAE central bank signs pact to enhance cooperation in various areas

The RBI and the UAE central bank on Wednesday signed an agreement to enhance cooperation in various areas, including exploring interoperability of Central Bank Digital Currencies (CBDC). Under the MoU (memorandum of understanding), the two central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies (CBDCs) and explore interoperability between the CBDCs of CBUAE and RBI, the Indian central bank said in a statement. According to the statement, the CBUAE and RBI will jointly conduct proof-of-concept (PoC) and pilot(s) of the bilateral CBDC bridge to facilitate cross-border transactions of remittances and trade. This bilateral engagement of testing cross-border use cases of CBDCs is expected to reduce costs, increase the efficiency of cross-border transactions and further the economic ties between India and UAE, it added.

Banks from 18 nations open 30 special vostro accounts for trade in rupee

Several banks, including HDFC Bank and UCO Bank, have opened as many as 30 special vostro accounts as of date to facilitate overseas trade in the rupee, a top government official said on Wednesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as of date, some 18 countries have already opened special vostro accounts with Indian banks. "About 30 banks from overseas countries have signed up with 30 banks on our side, so 30 accounts...The transaction has started in bits and pieces," he told reporters here. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval after the RBI announced the guidelines on overseas trade in the rupee in July last year. Another Russian bank Gazprom, which does not have its unit in India, has also opened this account with Kolkata-based UCO Bank. The move to open the special vostro account clears the deck for settlement of payments in rupee for trade

India-European Union trade council's first ministerial meet by June

Last month, both sides constituted three trade working groups under the council that will cover key issues, such as strategic technologies, digital governance, connectivity and trade

PM Modi stresses on the rich cultural connect between India, Australia

PM Modi said that during his lunch with Australian counterpart Anthony Albanese, he came to know how one of Farrell's teachers had migrated from Goa to Australia

Rajesh Agrawal to lead London trade mission to India starting March 13

On a four-day mission from March 13-16, India-born Agrawal will visit New Delhi and Bengaluru and will be joined by 10 London tech companies including Electric Miles, Guider, OneID and Softools

India's jalebi of friend & foe

Modi govt finds itself in a contradiction of its own making. It has encouraged pro-Russian, Westophobic public sentiment while setting strategic policy that's exactly the opposite

US commerce secretary Gina Raimondo begins four-day visit to India

The Commercial Dialogue includes regular government-to-government meetings held in conjunction with private sector meetings, to facilitate trade, and maximise investment opportunities

China uses trade as weapon, wants world to be dependent on it: Tony Abbott

He said that Australia wants to be as helpful as it can be. "I think Australia has this great sense of mateship, global mateship, as well as local and insular mateship," he said

Indian Energy Exchange trade volume falls 7% to 8,200 mn units in February

The total trade volume at the Indian Energy Exchange (IEX) declined seven per cent to 8,200 million units in February on an annual basis, due to lower availability of electricity. Sell side liquidity continued to be affected due to high input costs, the IEX said in a statement. According to the bourse, supply constraints are expected to ease in the coming months due to the conducive policy and regulatory initiatives that will lead to an increase in coal and gas-based generation. This will also provide cost optimisation opportunities to discoms and open access consumers. The overall trade volume on the IEX in February was 8,200 Million Units (MU), a de-growth of 7 per cent on a year-on-year basis. The 8,200 MU included 7,673 MU of conventional power, green power trade of 341 MU, 3.74 lakh of Renewable Energy Certificates (equivalent to 374 MU) and 1.54 ESCerts (equivalent to 154 MU). ESCerts are Energy Saving Certificates. In February 2022, the trade volume stood at 8,760 MU, ...