GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] New Delhi: American goods ranging from wines and spirits to dry fruits will enter India either duty-free or at reduced import tariffs, a move expected to make these imports cheaper for domestic consumers. India and the US on Saturday announced that they have reached a framework for the first phase of the bilateral trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade.The framework will be converted into a legal agreement, which is expected to be signed by mid-March. The duty concessions will take effect on the day of implementation. According to a joint statement, India will eliminate or reduce tariffs on all US industrial goods and a wide range of American food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, and wine and spirits.The other US goods which will enjoy duty concession by India include walnuts, almonds, pista...

[ad_1] New Delhi: India needs information and communication technology (ICT) goods from the US for developing data centres and promoting artificial intelligence initiatives, Commerce and Industry Minister Piyush Goyal said on Saturday. Under the interim trade agreement between India and the US, New Delhi has agreed to address long-standing barriers to the trade in US medical devices; eliminate restrictive import licensing procedures that delay market access for, or impose quantitative restrictions on, US Information and Communication Technology (ICT) goods.It will also determine, with a view towards a positive outcome, within six months of entry into force of the Agreement whether US-developed or international standards, including testing requirements, are acceptable for the purposes of US exports entering the Indian market in identified sectors. The statement said India and the United States will significantly increase trade in technology products, including Graphics Processing...

[ad_1] New Delhi: India's exports from labour-intensive sectors such as apparel, footwear, plastics, rubber, organic chemicals and home decor will get a major fillip in the US market following a reduction in tariffs by the US under the interim trade pact. India and the US on Saturday announced that they have reached a framework for the first phase of the bilateral trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade.According to a joint statement, the US will reduce tariffs on Indian goods to 18 per cent. The US has removed the punitive 25 per cent additional duty on Indian goods, and the 25 per cent reciprocal tariffs are expected to be reduced to 18 per cent soon. The duties will be cut down on Indian goods including textile and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery.Duties will also be reduced on gems and diamonds and aircraft parts....

[ad_1] Pune | New Delhi: Duty-free imports of dried distillers grains with solubles (DDGS) and red sorghum from the US would support India's poultry industry in procuring raw materials at internationally stable prices, helping escalate its competition in the global market for eggs and chicken. Imported DDGS also has comparatively lower levels of aflatoxins than Indian DDGS, according to poultry industry executives. Aflatoxins are a type of toxins produced by certain types of fungi found on agricultural crops like corn, and peanuts.There's no clarity yet on the level of import duty reduction by India on US tree nuts comprising walnuts, almonds and pistachios. The domestic industry however believes that any duty cut would lead to lower prices, driving consumption among Indian consumers.At the same time, duty-free access to the US market for spices, tea, coffee, mango, bananas, among various items is expected to boost exports. Wines and spirits from the US will also get con...

[ad_1] New Delhi | Mumbai: The interim agreement between India and the US marks a step towards a bilateral trade agreement (BTA) with duty-free exports for many sectors, including most labour-intensive sectors such as textile, leather, handicrafts, toys, gems and jewellery, and a hi-tech sector like aviation.Boeing and Airbus are looking to India as its largest foreign OEM base for components going forward, commerce and industry minister Piyush Goyal said Saturday."Already Boeing and Airbus are large buyers of aircraft parts from India. I am told both these companies are looking at India as the largest foreign OEM for parts going forward, and I have had conversations with the top boards and CEOs of both companies. There is a lot of excitement about the India-US partnership," he said.In response to ET's query sent to Boeing, the company's India and South Asia President Salil Gupte said, "The US-India trade agreement opens up multi-fold opportunities, and we...

[ad_1] Our BureauNew Delhi: India and the US announced a framework for an interim trade agreement under which tariffs on "originating goods of India" will be reduced to 18% from as much as 50%. Clearing the path for a full-fledged bilateral trade agreement (BTA), the interim pact covers tariff cuts and non-tariff barriers with a broader, legally binding BTA covering goods, supply chains and digital trade. This is in line with statements issued by Prime Minister Narendra Modi and US President Donald Trump on February 2.India's exports of about $44 billion to the US will enter the American market at zero reciprocal tariffs under the first phase of the BTA, which is expected to be signed by mid-March. This will include spices, tea, coffee, copra, coconut oil, certain nuts, banana, guava, mango, bakery goods, and home decor.Indian goods worth about $30 billion will attract an 18% tariff, including those from labour-intensive sectors. There will be no change in duties o...