GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] India and the European Union have failed to reach an agreement at the World Trade Organization (WTO) on the concessions the bloc can offer to New Delhi to mitigate the adverse impact of duties it levies on some steel imports.The two sides conducted consultations on June 7 on the EU's recent announcement of its decision to extend the existing safeguard measures on some steel product imports beyond the current termination date of June 30 for another two years. "India and the European Union were not able to reach an agreement," India told the WTO on Monday. The measures hurt imports from many countries including India. "India requested the European Union to put forth its proposals for maintaining substantially equivalent level of concessions and other obligations and adequate trade compensation to mitigate the adverse effects of the proposed measure," India said.India, China and Russia, along with five others have criticised the EU's decision to e...

[ad_1] Cooking oil industry body Solvdnt Extractors’ Association has requested the central government to not extend the ban on export of de-oiled ricebran beyond July 31.India usually export about 5 to 6 lakh tons of Deoiled Ricebran mainly to Vietnam, Thailand and other Asian countries.The Government prohibited export of De-oiled Ricebran on July 28, of last year attributing it to the high fodder prices as De-oiled Ricebran is a major component. The ban, which was initially till March 31, 2024, was later extended up to July 31, 2024. “The De-oiled Ricebran prices now are at the lower level and likely to go down further with increased availability of DDGS. In view of the above facts and sharp fall in prices of De-oiled Ricebran, we have has appealed to the Government to not extend the prohibition beyond July 31, 2024,” said SEA. Y-o-y oilmeal export for the month of May down by 31% The export of oilmeals for the month of May, 2024 is provisionally reported at 302,280 tons compar...

[ad_1] New Delhi: US agri trade body Cotton Council International has pushed for the removal of the 11% import duty on shorter staple cotton below the length of 32 mm.The import duty came into effect in 2021. The US is a key supplier of this cotton to India.CCI is a non-profit trade agricultural trade association that promotes American cotton fiber and manufactured cotton products to more than 50 countries.“One of the issues that is a challenge to us is the import duty of about 11% which is applied to the imports of cotton coming from the US,” said Marc A Lewkowitz President and CEO, Supima.Supima allows textile mills, manufacturers, and retailers whose products are made with Supima cotton to become licensed and gain full access to the its brand. CCI and Supima, along with others will discuss topics of mutual interest and chart a path of cooperation with Indian textile companies on Wednesday.While the government had removed the 10% import duty on cotton with staple length above ...

[ad_1] The central government is not likely to remove the 40% export duty on onions imposed last month as onion prices in the domestic markets have almost doubled in the last one month, said trade sources who met commerce minister Piyush Goyal in the capital on Tuesday."The government is in the mood to observe the movement of onion prices for a couple more weeks before it takes any decision on the export duty," said an onion trader, who requested not to be identified.The average rate of onions at the benchmark Lasalgaon APMC was Rs 28/kg on Tuesday, up 40% during the last 15 days and double of what it was exactly a month ago.Imposition of export duty on onions during the election period in May had angered the onion farmers from Maharashtra. They were expecting that the central government would remove the export duty after the elections were over.The rising onion prices in the private trade have slowed down the pace of government's onion procurement operations to cr...

[ad_1] The government on Tuesday proposed to amend the export obligation period for wheat, raw sugar, natural rubber, spices, pharmaceuticals and tea, among other sectors to facilitate their exports.India allows duty free import of inputs used for manufacturing for exports subject in advance authorisation to export obligation period in which exporters have to ship the goods within a stipulated time period otherwise they’re penalised.The Directorate General of Foreign Trade (DGFT) has sought comments of all the concerned stakeholders on the proposed amendments within 15 days.The proposed relaxations in the obligation period for coconut oil to six months from 90 days, silk in any form to 12 months from nine months, and six months for wheat, raw sugar, natural rubber, maize and walnut.“This has been requested to facilitate exports and operate within a higher trust based eco-system,” DGFT said in a trade notice.To amend the export obligation period, the DGFT has proposed to amend an...

[ad_1] India's merchandise exports surged more than 9.1 per cent in May to USD 38.1 billion, compared to last year during the same month, highlights a report by Crisil.The report noted that the country also experienced a modest 1.1 per cent growth in exports compared to April. This growth was driven by both oil and non-oil exports. The report said that India's export performance aligns with the World Trade Organization's latest global trade outlook, which predicts a recovery in global goods trade volume this year.India's top export destinations, including the US, Europe, and the UAE, showed improvements. However, the report also highlighted that the higher prices of global commodities, both energy and non-energy, could partly explain the increase in export values in US dollar terms.Similar to exports, India's imports also rose by 7.7 per cent to USD 61.2 billion in May, marking the highest import value in the past seven months. The increase in imports was mai...

[ad_1] India's seafood exports have recorded a growth of 3 per cent in volume terms, but a decline of about 8 per cent in value during the last financial year, according to the data of the commerce ministry. Exports in volume terms have increased to 17,81,602 MT (tonnes) worth USD 7.38 billion during 2023-24 as against 17,35,286 MT (USD 8.0 billion) in 2022-23. "India recorded an all-time high export in terms of volume by shipping 17,81,602 MT of seafood...despite the several challenges in its major export markets like the USA, European Union and the UK," D V Swamy, Chairman of Marine Products Export Development Authority (MPEDA), said. Frozen shrimp, with exports of USD 4.88 billion, retained its position as the top item in the seafood export basket, accounting for a share of 40.19 per cent in quantity and 66.12 per cent in dollar terms. The US was the largest market for frozen shrimp (2,97,571 MT) in the last fiscal. It was followed by China (1,48,483 MT), the...

[ad_1] The EU’s recently passed regulation, Ecodesign for Sustainable Products Regulation (ESPR) will lead to high costs and hurt exports from developing countries, economic think tank Global Trade Research Initiative (GTRI) said Wednesday. The ESPR mandates that imported products meet stringent sustainability standards, including a Digital Product Passport for traceability.ESPR will cover all products by 2030 but would begin with regulating items such as textiles, furniture, mattresses, tyres, detergents, paints, lubricants, iron and steel from January 2026.“ESPR will lead to high costs of products because of changes needed in production processes. Since most products covered are consumer products, the price rise may lead to inflation in the EU,” GTRI said.Besides, it could hurt exports from developing countries due to the increased costs and challenges of meeting high EU standards and compliance cost.GTRI said that Indian firms exporting to the EU must proactively prepare to c...

[ad_1] NEW DELHI: The government has permitted exports of 2,000 tonnes of non-basmati white rice to two African nations - Malawi and Zimbabwe. The export is permitted through National Cooperative Exports Limited (NCEL), the Directorate General of Foreign Trade (DGFT) has said in a notification. Though exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply, exports are allowed on the basis of permission granted by the government to certain countries to meet their food security needs on request. Malawi is a landlocked country in south-eastern Africa, while Zimbabwe is a South African nation. According to the notification, exports of 1,000 tonnes of non-basmati rice were allowed to each of the countries. "Exports of non-basmati white rice to Malawi and Zimbabwe though NCEL is notified," the DGFT said. RECOMMENDEDSTORIES FOR YOU India has earlier also allowed such exports to countries like Nepal, Cameroon, Cote D' Ivore, Guin...

[ad_1] Electric vehicles (EVs) can become a trigger for a new trade war. As Europe is hitting China where it hurts the most by raising duties on China's cheap and efficient EVs, China too is looking for soft targets in Europe.Last week, the European Commission, the EU’s executive arm, said the preliminary results of its ongoing investigation into Chinese EV subsidies show that the country's battery electric vehicle value chain benefits from "unfair subsidisation" that hurts EU rivals. It said it plans to impose provisional tariffs of up to 38.1% on electric vehicles shipped from China. That's on top of the 10% duties for all imported EVs. The commission took aim at three of the biggest Chinese EV players in Europe, saying it would impose extra duties of 17.4% on electric cars from BYD, 20% on those from Geely and 38.1% for vehicles exported by China's state-owned SAIC.Also Read: Counterstrike! China eyes trade war targets across EuropeChina is now looki...

[ad_1] In a move to ease foreign trade procedures, the Directorate General of Foreign Trade (DGFT) has implemented a new automated system for fixing adhoc input-output norms.As part of the measure announced Thursday, exporters can now import duty-free raw materials or inputs for manufacturing goods meant for export under an advance authorisation scheme allowing them greater flexibility.With the new system, exporters who find that standard norms do not suit their specific needs, can apply for their own adhoc norms through a rule-based, system-driven process. This initiative is expected to enhance efficiency and simplify the licencing process.Earlier, the DGFT adhered to a fixed standard input-output norm for various products to issue licenses for such duty-free imports.The Foreign Trade Policy 2023 has focused on revamping its systems to incorporate automated, rule-based processes. These improvements also include post-issuance audit capabilities and risk mitigation functions, aim...

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[ad_1] A group of WTO member countries, including Brazil, Canada and the European Union, have urged India to submit timely notifications on sugar subsidies in the World Trade Organisation, an official said. The issue came up for discussion during the meeting of the WTO's agriculture committee on May 23-24 in Geneva. These countries are also major sugar exporters like India and they allege that support measures by India distort global sugar trade. Brazil, Canada, Costa Rica, Paraguay, New Zealand, the EU, and Guatemala have "urged India to submit timely notifications on the subsidies", the Geneva-based official said. India has stated that the Indian central and state governments neither paid for nor procured sugarcane from farmers, as all purchases were made by private sugar mills, hence, this information was not included in its notifications of domestic support. The discussion assumes significance as in 2022, India has appealed against a ruling of the World Trad...

[ad_1] New Delhi: India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. The data also showed that the deficit with China, Russia, Korea, and Hong Kong increased in the last fiscal compared to 2022-23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed. The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23. China has emerged as India's largest trading partner with USD 118.4 billion of two-way commerce in 2023-24, edging past the US. The bilateral trade between India and the US stood at USD 118.28 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 20...

[ad_1] New Delhi: India on Sunday touted a new global treaty on intellectual property, genetic resources and associated traditional knowledge (ATK) as a “significant win” for countries of the global South and for itself.Members of the Geneva-based World Intellectual Property Organization (WIPO) have concluded an agreement that creates a mandatory disclosure requirement on the patent applicant, when a claimed invention is based on genetic resources.Countries would need to make changes in their existing legal framework for enforcing disclosure of origin obligations on patent applicants.The treaty will provide additional protection for Indian genetic resources and traditional knowledge besides safeguarding and protecting biodiversity and increasing transparency in the patent system.“The treaty also marks a big win for India and the global south which has for long been a proponent of this instrument,” the commerce and industry ministry said in a statement Sunday.The extant patent le...

[ad_1] New Delhi: A treaty on intellectual property, genetic resources and associated traditional knowledge at the World Intellectual Property Organization (WIPO) is a "significant win" for India and the global South ,comprising mainly low-income and developing countries, the commerce and industry ministry said on Sunday.The treaty will establish in international law a new disclosure requirement for patent applicants whose inventions are based on genetic resources and associated traditional knowledge. This will also offer added protection to Indian generic resources and traditional knowledge in countries that don't currently have disclosure obligations.The signing of the treaty on Friday capped two decades of negotiations. It was adopted at the multilateral fora with a consensus among more than 150 countries, the ministry said in a statement.India and the Global South--which are biodiversity hotspots with abundance of traditional knowledge and wisdom--have long bee...

[ad_1] Russia's ongoing conflict with Ukraine and the resulting international sanctions have significantly impacted India's export landscape. Over the past financial year, India saw a substantial increase in the export of engineering goods, machinery, machine parts, and aircraft spares to Russia, while traditional exports such as pharmaceuticals, tea, coffee, and tobacco either stagnated or declined, reported TOI.Despite the growing interest from Russia to import Indian goods, exporters face challenges due to the fear of sanctions and the reluctance of banks to process transactions. Industry experts suggest that some goods destined for Russia may be rerouted through the UAE, which has benefited from the geopolitical tensions between Ukraine and Russia.Russia has become India's fourth-largest trading partner, with total trade estimated at $65.7 billion, driven largely by substantial oil imports. However, this trade relationship has also resulted in India having a sign...

[ad_1] Exports of marine products contracted by 8.74 per cent to USD 7.37 billion during 2023-24 due to demand slowdown in key markets of the US and Europe, according to the commerce ministry data. Indian exporters, however, expressed confidence that in 2024-25, marine exports would register a healthy growth as they are getting good orders. The shipments stood at USD 8 billion in 2022-23, the data showed. According to exporters, demand slowdown, high inflation in developed economies and increasing exports of frozen shrimp from Ecuador to America are some of the reasons for dip in India's exports last fiscal. Leading exporters from the sector Yogesh Gupta, Managing Director, Megaa Moda, said that as the US has imposed anti-dumping duty on Ecuador, "our products would now compete and increase exports". He said that the order books are healthy so far. "Now frozen shrimp from India and Ecuador will compete in the US market and we are hopeful to gain. In 2024-2...

[ad_1] The US, EU, UK and Australia, along with four others, raised concerns at India’s input subsidies for power, irrigation and fertilisers reaching $48 billion in 2022-2023. The US said at a meeting at the World Trade Organization (WTO) last week that this was more than twice the value of all tradedistorting support that it had notified in 2021-22 and called for greater transparency from India. Input subsidies available to lowincome or resource-poor producers in the country amounted to $32 billion in 2021-22. As per the Agriculture Census for 2015-16, 99.43% of farm holdings in the country are of low-income or resource poor farmers.The input subsidies, covered in Article 6.2 of the Agreement on Agriculture of the WTO, allow developing countries additional flexibilities in providing domestic support. They are not subjected to caps as other farm subsidies, such as price and income support, included in Aggregate Measurement of Support (AMS) which is fixed at 5% of agriculture pr...

[ad_1] India's Reliance Industries, operator of the world's biggest refining complex, has signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told Reuters.The shift to rouble payments follows Russian President Vladimir Putin's push for Moscow and its trading partners to find alternatives to the Western financial system to facilitate trade despite U.S. and European sanctions.A term deal with Rosneft also helps privately run Reliance to secure oil at discounted rates at a time when the OPEC+ group of oil producers is expected to extend voluntary supply cuts beyond June.The OPEC+ group comprising the Organisation of the Petroleum Exporting Countries (OPEC)) and allies including Russia is due to discuss the output cuts in an online meeting on June 2.India, the world's third-biggest oil importer and consumer, has become the biggest buyer of seaborne Russian crude since the West ...

[ad_1] The commerce ministry held deliberations with experts, former officers and senior officials from different departments on framing a standard operating procedure for free trade pacts and other related issues under these agreements, an official release said on Tuesday. The commerce ministry in the release stated that the 'Chintan Shivir' was organised on May 16-17 at Neemrana, Rajasthan. "The Shivir facilitated discussions on various issues related to negotiations of Free Trade Agreements (FTAs) by India, its position and strategy that should be adopted for such negotiations," the ministry said. The participants also deliberated on standard operating procedures (SoP) for FTA negotiations, capacity building and resource management for trade negotiations as well as certain contemporary issues under modern FTAs such as labour, environment, and gender. It said that Commerce Secretary Sunil Barthwal spearheaded the deliberations which sought to chart a strat...

[ad_1] New Delhi: India and Vietnam are gaining the most from the China plus one strategy, which is also expected to unlock new growth opportunities for Asian economies, according to Nomura. India's exports will likely surge to $835 billion by 2030 from $431 billion in 2023 with its large domestic market helping attract firms looking for supply chain alternatives to China, Nomura said in a report on Tuesday."Firms in electronics, apparel & toys, automobile & components, capital goods and semiconductor manufacturing are looking to invest in India. Given India's large domestic consumer market, firms setting up shop in India are attracted also because of the captive domestic market," Nomura said, predicting a 10% annual growth over the period.The global research firm expects electronics to become the fastest-growing sector, clocking a compound annual growth rate of 24% in exports, with value nearly tripling to $83 billion by 2030. Machinery exports will mo...

[ad_1] India's silver imports in the first four months of the year have already surpassed the total for all of 2023, on rising demand from the solar panel industry and as investors bet on an outperformance versus gold, government and industry officials told Reuters. Increased imports by the world's biggest silver consumer could support global prices, which are trading near their highest level in more than a decade. India imported a record 4,172 metric tons of silver during January to April, up from 455 tons in the same period a year ago, said a government official, who declined to be named as he was not authorised to talk to the media. India imported a total of 3,625 tons of silver last year."Industrial and investment demand are driving up silver imports," said a Mumbai-based dealer with a private bullion importing bank. "Silver prices haven't done as well as gold in the past decade, but investors think it will do better than gold this year." Loca...

[ad_1] The United Arab Emirates is looking to expand the scope of trade and services covered under the Comprehensive Economic Partnership Agreement (CEPA) with India to further accelerate bilateral trading volume, a senior UAE official said here on Thursday. India and the UAE signed the historic CEPA on February 18, 2022, to further boost bilateral trade and economic ties. Feryal Ahmadi, the Chief Operating Officer of the Dubai Multi-Commodities Centre (DMCC), said that the UAE is looking at agri-commodity potential and working on adding other sectors including critical minerals under the CEPA. The United Arab Emirates is looking to expand the scope of trade and services covered under the Comprehensive Economic Partnership Agreement (CEPA) with India to further accelerate bilateral trading volume, she said. Emphasising the importance of India as the largest trading partner for the Emirates, she said, "We are absolutely looking at agri-commodity potential and working on addi...

[ad_1] Denying reports of offering any Free Trade Agreement (FTA) proposals to Maldives, the Ministry of External Affairs on Thursday said that if Maldives is considering FTA with India, it will surely be looked into.MEA Spokesperson Randhir Jaiswal said that the Indian government has not offered any Free Trade Agreement (FTA) proposal to the Maldivian government."On Maldives, we have seen some reports the Minister speaking about we (India) offering FTA. We havent done so. If Maldives is considering FTA with us, we will surely look into it," Jaiswal said during the weekly presser.Last week, Maldivian Economic Minister Mohamed Saeed announced that efforts were underway to reach a new Free Trade Agreement (FTA) between Maldives and India, as reported by Maldivian online news outlet Adhadhu.Notably, an FTA was signed between South Asian countries in 2004. The agreement was titled the South Asian Free Trade Agreement (SAFTA). The agreement was signed to empower the region ...

[ad_1] New Delhi: India is considering a challenge against the European Union's Carbon Border Adjustment Mechanism (CBAM) at the World Trade Organization, ET has learnt. CBAM mandates non-EU steel producers to report direct and indirect emissions.New Delhi sees it as a unilateral move that would be detrimental for its iron and steel, cement, aluminium, electricity, and hydrogen sectors, and is eyeing multiple actions to deal with it, officials said."We have been getting ready for a dispute. Multiple actions are being taken at all levels that also includes bilateral engagement," said one of the officials familiar with the deliberations.CBAM will lead to imposition of 20-35% tax on select imports into the EU from January 1, 2026. From that date, EU importers will have to declare and purchase CBAM certificates to cover the emissions associated with producing imported steel products. The EU tax drill began on October 1, 2023, when non-EU steel producers began reporting...

[ad_1] Agricultural markets are on watch for potential shakeups in India’s trade policies after a new government assumes office this month, which could have significant ramifications on global food prices.The fifth-biggest economy has kept key crops like sugar and some major rice varieties off the global markets for more than a year. Prime Minister Narendra Modi sought to ensure adequate domestic supplies and temper consumer costs ahead of national elections, walking back a pledge to “feed the world” in the wake of Russia’s invasion of Ukraine. It also refrained from cutting a tax on wheat imports to appease farmers, a large voting bloc.Prices of some farm commodities have softened from their peaks, with state agencies also cracking down on hoarding and selling some grains from state reserves. That raises the chance of a shift in the restrictions after election results are announced on June 4.A spokesperson representing both the food and commerce ministries didn’t immediately co...

[ad_1] India's import of refined products from Russia increased by 14% sequentially in May, while that of crude remained flat.Import of refined products increased to 164 thousand barrels per day (TBD) in May from 144 TBD in April on higher imports of naphtha, which more than tripled to 77 TBD, according to energy cargo tracker Vortexa.Fuel oil and naphtha are the key refined products that India imports from Russia, said Serena Huang, an analyst at Vortexa.State-run refiners, who account for about a third of the refined products imported from Russia, brought in 77% more Russian products in May. India's imports of Russian products in May were 30% lower than China's and 70% lower than Europe's. In the same month, China's import of Russian products was down 37% sequentially to 238 TBD while that of Europe was 12% higher at 548 TBD. Before the start of the Russia-Ukraine war in February 2022, India imported little refined products or crude oil from Russia. But imp...

[ad_1] New Delhi, India's palm oil imports registered a 34.11 per cent jump on-year in April to 6,84,000 tonnes, buoyed by a fall in global prices, the Solvent Extractors' Association of India (SEA) said on Tuesday. Palm oil accounted for 52 per cent of India's total edible oil imports of 13,04,409 tonnes in April, the trade body said in a statement, adding that sunflower and soybean oils import stood at 6,20,315 tonnes. Including non-edible oils, overall vegetable oil imports rose 26 per cent in April to 13,18,528 tonnes compared to 10,50,189 tonnes a year ago, it said. Bearish global prices encouraged higher imports of refined, bleached and deodorized (RBD) palmolein and crude palm oil (CPO), which declined by nearly USD 100 a tonne last month, SEA said. Soybean oil prices fell USD 40 per tonne globally, while the sunflower oil rate dropped just USD 15 a tonne over the last month, it added. Among palm oils, RBD palmolein imports climbed to 1,24,228 tonnes as aga...