GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] New Delhi: India and the six-nation Gulf Cooperation Council (GCC) Tuesday signed the Joint Statement for the India–GCC free trade agreement (FTA), formally launching negotiations for a comprehensive and mutually beneficial agreement.GCC is India’s largest trading partner bloc with bilateral trade reaching $178.56 billion in FY25, accounting for 15.42% of India’s global trade.Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain are members of the GCC.The statement was signed between commerce and industry minister Piyush Goyal and GCC Secretary General Jasem Mohamed Albudaiw. The two sides had signed the Terms of Reference (ToR) on February 5.“This marks a major step toward deeper collaboration in key strategic areas, including trade in goods, customs procedures, services, digital trade, cutting-edge technologies, and enhanced investment flows between India and the six GCC member nations,” Goyal said in a post on X.Live EventsThe GCC region is also a significant source o...

[ad_1] New Delhi, The World Trade Organisation's dispute settlement body has set up a panel in a case filed by China against India over its measures in the automotive and renewable energy sectors, an official said on Tuesday.The panel was set up as both sides failed to resolve the issue through a bilateral consultation process under the aegis of the WTO.In October last year, Beijing alleged that certain conditions in India's Production Linked Incentive (PLI) schemes for advanced chemistry cell batteries, automobiles and the policy to promote the manufacturing of electric vehicles violate global trade rules by discriminating against Chinese goods."At the second request of China, the Dispute Settlement Body (of the WTO) agreed at its meeting to establish a panel to examine certain Indian measures in the automotive and renewable energy sectors," the Geneva-based official said.In a communication to the World Trade Organisation (WTO), China has stated that consultat...

[ad_1] New Delhi: The World Trade Organisation (WTO) Tuesday agreed to establish a dispute panel in a case filed by China against India over its measures in the automotive and renewable energy sectors.In October last year, Beijing alleged that certain conditions in India's Production Linked Incentive schemes for advanced chemistry cell batteries, automobiles, and the policy to promote the manufacturing of electric vehicles violated global trade rules by discriminating against Chinese goods.On Tuesday, Beijing alleged that India's incentive schemes unfairly discriminate against foreign businesses and restrict trade, thereby violating WTO rules while New Delhi insisted that it participated in consultations with China in good faith and provided detailed explanations to show that its measures comply with WTO obligations.India had blocked the first request for a panel by China at a Dispute Settlement Body (DSB) meeting on January 27. The two sides engaged in consultations but...

[ad_1] New Delhi: The government on Tuesday clarified that the reduced rates and value caps under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme are not applicable to the export of agricultural and processed food products.The clarification came a day after the government halved the rate of duty benefits under the scheme with immediate effect, prompting exporters to seek a review of the decision.Also read: India halves remission benefits to exportersThe commerce and industry ministry moved a note to the expenditure finance committee (EFC) for a higher allocation of ₹21,000 crore in 2026-27 for the scheme against ₹10,000 crore provided in the budget, said people familiar with the development. "Comments from all line ministries have also been sent to the department. We are seeking a date for the EFC meeting," said one of the persons, who did not wish to be identified, adding that the date had yet to be communicated. Under the scheme, a rebate will ...

[ad_1] Pune | Mumbai: Textile and vehicle exporters are bracing for tighter margins and a squeeze on working capital after the government halved tax refunds under the Remission of Duties and Taxes on Exported Products (RoDTEP) programme.The government decision announced on Monday could impact export growth and hurt profitability, particularly for cotton textiles, yarn and two-wheelers, said companies.RoDTEP reimburses exporters for certain domestic taxes and levies embedded in goods, helping them stay competitive abroad.About 58% of India's $11.03 billion cotton textile exports-including raw cotton, cotton yarn and cotton fabric- are likely to be affected, according to industry data. "The reduction in RoDTEP rates has come as a surprise and shock to the trade," said Vijay Agarwal, chairman of industry body TEXPROCIL.Exporters said the timing is especially disruptive for shipments already at sea and for contracts signed with incentives factored into pricing. The rat...

[ad_1] New Delhi: India has begun an exercise to map gaps in its manufacturing base and identify import reliance.The Department for Promotion of Industry and Internal Trade (DPIIT) is drawing up a list of commonly procured goods across various ministries and departments in which local manufacturing is unavailable to estimate the scale of imports. "To estimate the public procurement of these goods, the DPIIT will collate the data from all ministries," said an official, adding that a consolidated five-year procurement plan for such items would be made.Also read: India won't be importing 80% of its energy in next decadeIndia's goods imports in April-January FY26 were almost $650 billion with China being the top source with $108.18 billion of inbound shipments coming from Beijing. "Various departments will also give their inputs to arrive at increased local content thresholds for individual departments and items," the official added.India is conducting im...