Page 3 - Trade

India, US create new working group on 'resilient trade' under TPF

There will also be discussion on issues such as digitisation of Customs procedures and strengthening the resilience of global supply chains in critical sectors

DPIIT working on policy for auction of salt land to private players

The Department for Promotion of Industry and Internal Trade (DPIIT) is working on formulating a policy for auction of salt land to private players, sources said. The department had received requests from different ministries, departments, state governments, central and public sector enterprises for transfer of land owned by the Government of India through the Office of the Salt Commissioner, at places other than Mumbai and its suburbs, for public purposes. Sources said that the department is finalising a draft policy on auction of salt land to private players. A drone survey of salt land is also being undertaken. In May last year, the DPIIT had sought applications for the empanelment of valuers in Salt Commissioner's Organization (SCO) for a period of five years. About 60,000 acres of salt land is available in various states. Land declared surplus to the requirement of SCO would be considered for transfer for public purposes in accordance with the General Financial Rules under ..

Huge potential to boost exports of processed food: Trade Promotion Council

India's agri exports are growing at a healthy pace and there is a need to focus on the processed food sector as it holds huge potential to boost the country's outbound shipments, Trade Promotion Council of India (TPCI) said on Sunday. Keeping this in mind, the council's three-day IndusFood expo kickstarted on January 8 in Hyderabad. It was inaugurated by Additional Secretary in the commerce ministry Rajesh Agrawal and Joint Secretary in the ministry Srikar K Reddy. Speaking on the occasion, Agrawal said there is a need to create global brands in the food and beverages industry. Ideally, we need to create 50 brands, then we will be able to do our job well. We must think globally and build brands. We must pay serious attention on how to promote Indian cuisine abroad, TPCI said in a statement quoting Agrawal. He added that though India is doing well in the agri exports front, our share of processed food is less than 1 per cent in exports of processed food category. We must aspire to

India-US Trade Policy Forum to meet on January 11 in Washington

The India-US Trade Policy Forum (TPF), a forum to resolve trade and investment issues between the two countries, will hold a meeting in Washington on January 11, the commerce ministry said on Sunday. The TPF has five focus groups -- Agriculture, Investment, Innovation and Creativity (intellectual property rights), Services and Tariff and Non-Tariff Barriers. The meeting will be co-chaired by Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai. Goyal will be on an official visit to New York and Washington DC from 9-11 January, the ministry said. The 12th TPF meeting was held on November 23, 2021, after a gap of four years here. "Working groups were re-activated after the last ministerial. TPF is a platform for continuous engagement between two countries in the area of trade and to further the trade and investment relations between the two countries. Both countries are looking forward to the meeting and confident of making progress on the trade issu

Indian Energy Exchange's trade volume falls 7% to 8,452 mn units in Dec

The Indian Energy Exchange's total trade volume in December 2022 dipped 7 per cent to 8,452 million units as compared to the year-ago period mainly due to higher average spot price of electricity and lower trading of renewable energy certificates. "The overall volume on the exchange in December 2022 increased 9 per cent on a MoM basis. However, it declined by 7 per cent on YoY basis due to high REC (renewable energy certificates) traded volumes of 13.85 lakh in (December 2021) the previous year," an IEX statement said. The IEX total trade volume in December 2021 was 9,035 million units (MU). The IEX achieved 8,452 MU total volume in December 2022, including green power trade of 377 MU, and 4.87 lakh RECs (equivalent to 487 MU), it stated. The total electricity volume on the exchange last month was 7,964 MU, a rise of 8 per cent as compared to November 2022 and 4 per cent as compared to the year-ago period, it stated. For the third quarter (October-December 2022) of the ongoing fi

India-Australia FTA to help bilateral trade cross $70 bn in next 5 years

The free trade agreement (FTA) between India and Australia, which comes into effect from Thursday, will help boost bilateral trade in goods and services to cross USD 70 billion in the next five years, according to economic think tank GTRI. The India-Australia Economic Cooperation and Trade Agreement (ECTA) has come into force from December 29. Global Trade Research Initiative (GTRI) said trade of value USD 23 billion would become duty-free from day one. This is 93 per cent of merchandise trade of USD 25 billion in 2021-22 between India and Australia. This creates opportunities for more trade in tough times. GTRI estimates suggest that the bilateral trade will cross USD 70 billion in the next five years due to buoyant trade relations and Australia's gradual weaning away from China, GTRI Co-founder Ajay Srivastava said in a statement. India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22. He said while ..

SBI to facilitate rupee trade with Russia after RBI gives approval

9 Indian banks have permission to open 17 special vostro rupee accounts for overseas trade with sanctions-hit nation

Centre looks to close Chabahar port negotiations by end of FY23

With the international framework broadly agreed on, talks pick up the pace

Rajasthan is making efforts to achieve Rs 1 trn exports target: REPC chief

Rajasthan has traditionally exhibited strength in the export of handicrafts, gems and jewellery, dimensional stones, agro & food, and textile products

State Bank of India to begin overseas rupee trade with smaller nations

Move to steer clear of West sanctions on Russia deals

We see trade with India growing two-fold in next 5 years: Ontario minister

In a Q&A, Victor Fedeli says several top Indian companies are continuing to build their presence in the Canadian province despite concerns of tighter global financial conditions

Port cargo traffic growth in November slows to 3% amid trade slowdown

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

German strategy paper targets China trade dependence, says report

Executives from firms including chemicals giant BASF , Deutsche Bank and industrial group Siemens pushed back on the government's plans in a call with Economy Minister

India still a long way from utilising its waterways trade potential

Just 2% of country's cargo transported via navigable waterways; Vietnam at 18% & China 14%

Trade divide could cost global economy $1.4 trillion: IMF chief Georgieva

Trade spats could cut 1.5% from global GDP; 3% in Asia

International trade fair tickets to be available at 67 Delhi metro stations

Entry tickets for the India International Trade Fair to be held from November 14-27 will be available at 67 metro stations of the DMRC, officials said on Saturday. About 2,500 domestic and foreign exhibitors from several countries, including the UK and the UAE, will showcase their products during the 14-day fair at the Pragati Maidan here. India Trade Promotion Organisation (ITPO), an arm of the commerce ministry, said this year, Bihar, Jharkhand and Maharashtra are the 'partner states' while Uttar Pradesh and Kerala are the 'focus states'. Overseas participation is from 12 countries, including Afghanistan, Bangladesh, Bahrain, Belarus, Iran, Nepal, Thailand, Turkey, the UAE, and the UK. The Delhi Metro Rail Corporation (DMRC) said it will start selling IITF entry tickets for 'business days' (November 14-18) from November 14 and for 'general public days' (November 19-27) from November 19. The IITF entry tickets will be available at only 67 selected metro stations, the DMRC said in

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

US suggests EU consider using export controls to target China: Report

The conversations came up as European Union and US officials are negotiating the agenda for their next high-level trade forum in early December.

Latest study recognizes India Gate as the world's no. 1 basmati rice brand

Latest Study Recognizes India Gate as the World's No. 1 Basmati Rice Brand

Musical instruments' exports rise 3.5 times to Rs 172 crore in Apr-Sept

The country's musical instruments exports have increased to Rs 172 crore during April-September this fiscal against Rs 49 crore in the same period of 2013-14. Commerce and Industry Minister Piyush Goyal said in a tweet that the exports have risen to more than 3.5 times in the first six months of the current fiscal. "India's exports of musical instruments rose to more than 3.5 times in April-September 2022, as compared to the same period in 2013," Goyal said. On the jump in exports, Prime Minister Narendra Modi said the growth is encouraging. "With Indian music gaining popularity worldwide, there is a great opportunity to further grow in this sector," Modi tweeted.