GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] Increasing foreign direct investment (FDI) from China in the domestic market may benefit in the short-term but it risks undermining India's long-term economic security and strategic autonomy. The Global Trade Research Initiative (GTRI) said that dependence on Chinese firms for key manufacturing capabilities could also expose India to supply chain vulnerabilities and geopolitical risks. Chinese firms investing in India may prioritise their own supply chain efficiencies, potentially sidelining local industries and reducing opportunities for home-grown companies to thrive, GTRI Founder Ajay Srivastava. Additionally, he said, there is a risk that the employment generated might not meet expectations if Chinese firms bring in their own managerial and technical staff, limiting the benefits to the local workforce. He said it is crucial for India to develop policies that genuinely support local industry and create meaningful employment opportunities for its population. ...

[ad_1] Niklaus-Samuel Gugger an Indian-born Swiss politician and a member of the National Council of Switzerland has said that the recently signed EFTA has opened new opportunities for India and Switzerland and will help provide skills and jobs to Indians.“EFTA happened after 16 years. It is a unique free trade agreement between four counties that means Liechtenstein, Switzerland, Iceland and Norway. It opens a lot of opportunities for India and Switzerland,” Gugger told ET during his recent visit to India.“There can be cooperation in healthcare, med care, steel sector and aviation. Switzerland’s dual education system that focuses on skills will be beneficial to India,” said Gugger, who played a key role in the conclusion of the European Free Trade Association or EFTA.India-European Free Trade Association signed a Trade and Economic Partnership Agreement (TEPA) today on March 10, 2024. Among EFTA countries, Switzerland is the largest trading partner of India followed by Norway. ...

[ad_1] The share of information technology in India's services exports fell two percentage points over three years, the Economic Survey said, while indicating an expansion of "other business services", which include the captive global capability centres (GCCs) of MNCs, in the services balance of payment."The share of software exports in overall services exports declined from 50% in FY21 to 48% in FY24," the report tabled in Parliament on Monday said. The "other business services" segment was the second-largest contributor to services exports at 26% in the last fiscal year, it observed.India's deep integration into the value chains of the global software industry has led to a change in the composition of its services exports basket. While there was no direct comparison, the rising contribution of other business services to overall services exports was highlighted by the compound annual growth rate of 18% achieved by the segment between FY20 a...

[ad_1] The Union Budget tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday has been received with much enthusiasm within the UK business and investor community, with the fall in the Corporate Tax rate for foreign companies from 40 to 35 per cent and the abolition of the "Angel Tax" among the stand-out proposals. Announcements by the minister on India's fiscal deficit being on a downward trajectory, estimated at 4.9 per cent of GDP for this financial year, were among the aspects that experts feel would help boost "foreign investor sentiment" towards the economy. The country clocking an 8.2 per cent growth in the previous financial year and efforts to create jobs and enhance skills were among the other key highlights for UK business and industry. "Overall, I would say it's a positive Budget for the Indian economy. There have been some really positive measures, particularly on infrastructure and supporting the agricultural eco...

[ad_1] India has significantly rejigged basic customs duties to promote domestic manufacturing and help the country become part of the global value chain. A comprehensive review of the customs duty rate structure will be undertaken over the next six months to rationalise and simplify it for ease of trade, removal of duty inversion, and reduction of disputes.Duty inversion happens when finished products are subject to lower import duty than the inputs needed to make them.Finance minister Nirmala Sitharaman announced a rejig in customs duty on a plethora of products including mobile phones and electronics, gold, silver, critical minerals, leather and certain chemicals to support local manufacturing."My proposals for customs duties intend to support domestic manufacturing, deepen local value addition, and promote export competitiveness," Sitharaman said. "However, the most important step is the commitment to tackle the inverted duty structure through a six-monthly d...

[ad_1] India bought a record amount of edible oils for July delivery, as refiners increased palm oil and soyoil purchases due to lucrative prices and ahead of an anticipated hike in import duties, industry and government sources told Reuters. Higher palm oil purchases by the world's biggest importer of vegetable oils will help to reduce inventories in top producer Indonesia and Malaysia and support benchmark prices. Edible oil imports are set to jump to a record 1.92 million metric tons, up nearly 26% from a month ago, according to average estimates from the data shared by trade houses. India on average has been importing 1.2 million tons of edible oil so far in the current marketing year which began November 2023.Around 1.45 million tons of edible oils have already been discharged at various ports, including 850,000 tons of palm oil, said a government official, who declined to be named as he was not authorised to speak to the media. Palm oil imports in July are expected to ...

[ad_1] New Delhi: The decision to cut "too high" import duty on gold will help in containing smuggling and boost the country's exports of gems and jewellery, CBIC Chairman Sanjay Kumar Agarwal said on Wednesday. In the last financial year, seizures of gold made by Customs formation and the DRI together were around 4.8 tonnes, up from 3.5 tonnes in 2022-23. The Budget has announced a drastic cut in import duty on the precious metal to 6 per cent from 15 per cent. The Central Board of Indirect Taxes and Customs (CBIC) Chairman said that the duty was hiked in July 2022 as at that time there was a worsening current account deficit (CAD) due to the geo-political situation. To cut down on the non-essential imports, the duty was increased. CAD in 2022-23 was 2 per cent of GDP, which came down to 0.7 per cent in 2023-24. In the March quarter, it was a surplus. "In that count the position is now better," he said, adding that "15 per cent is too high a rat...

[ad_1] New Delhi: In a move to make imports easier under free trade agreements (FTA), the government has proposed to accept self-certification to prove the origin of such goods. At present, a certificate of origin is issued for meeting the source criteria of imports which is crucial for customs clearance and determine the duties that have to be paid.An amendment in the Customs Act in Budget FY25 aims to replace the word "certificate" with "proof". The proof of origin means a certificate or declaration issued in accordance with a trade agreement certifying or declaring, as the case may be, that the goods fulfil the country of origin criteria and other requirements specified in the said agreement, according to the Budget documents."The idea is basically to align this with FTAs as we now also accept self-certification. It is basically to enable self-certification," revenue secretary Sanjay Malhotra told ET, explaining the rationale behind the move. Ame...

[ad_1] India’s trade dependence on China and the EU increased in the first quarter of 2024 while it reduced on Saudi Arabia, the United Nations Trade and Development (UNCTAD) said Tuesday.In its Global Trade Update, it said that the global trade trends have turned positive and global trade growth was driven by increased exports from China, India, and the US, while Europe and Africa disappointed.As per the report, India’s trade dependence on the EU and China increased 1% and 1.2%, respectively while that on Saudi Arabia fell 0.5% in the quarter.“Global trade growth in the first quarter of 2024 was primarily driven by increased exports from China (9%), India (7%) and the US (3%),” it said.Conversely, Europe’s exports showed no growth and Africa’s exports decreased by 5%.On the export side, China and India exhibited very strong quarter-over-quarter export performance, according to the Geneva-based organisation.During the first quarter of 2024, trade growth in developing countries a...

[ad_1] The volume of world merchandise trade turned up in the first quarter of 2024 after remaining flat throughout 2023, the World Trade Organization (WTO) said Tuesday.Merchandise trade as measured by the average of exports and imports was up 1 per cent in the first quarter compared to the previous quarter. Trade in the first quarter was up 1.4 per cent compared to the same period in 2023.Most regions contributed positively to the upturn in trade volume, with Europe remaining a notable exception as its exports and imports continued to decline. In April, WTO predicted that world merchandise trade volume would grow 2.6 per cent in 2024 and 3.3 per cent in 2025.RECOMMENDEDSTORIES FOR YOU“The 1% increase in the first quarter is broadly consistent with these projections; if the current pace of expansion continues through the end of this year, trade volume for the whole of 2024 will be 2.7 per cent higher than in 2023,” the WTO said.The US dollar value of world merchandise trade was...

[ad_1] New Delhi: The US has asked India to delay by six months the requirement of a health certificate accompanied with imported food consignment of milk, pork and fish. At the World Trade Organization (WTO) last week, Washington also suggested that the certificate requirement be deferred till the two sides can reach a mutually agreed solution. The EU, Australia and Japan also raised concerns on the issue. India now requires all milk and milk products, pork and pork products, and fish and fish products imported into the country to be accompanied with a health certificate issued by the competent authority of the exporting country. The requirement is crucial to confirm that the milk had been processed to a temperature, which ensures destruction of organisms causing tuberculosis, listeriosis, paratuberculosis, Q fever and brucellosis. Also, the imports should not contain drugs, antibiotics, pesticides or heavy metal residues.The US has alleged that this measure is trade restrictiv...

[ad_1] New Delhi: The share of Russian crude in Indian imports rose to 42% in June from 37% in May and was more than the combined share of the next four largest suppliers, according to energy cargo tracker Vortexa.Crude imports from Russia jumped 13% in a month to 1.92 million barrels per day (mbd) in June. Russia's share in Indian imports exceeded the combined share of Iraq (16%), Saudi Arabia (8%), the UAE (8%) and the US (7%).Supplies from Iraq dropped 22% in a month to 754,000 barrels per day (bpd) in June and imports from Saudi Arabia fell 36% to 386,000 bpd. Supplies from the US, however, rose 63% to 330,000 bpd.More crude oil from Russia was discharged in June at Indian ports than in China and Europe combined. Chinese imports of seaborne Russian crude fell 16% to 1.15 mbd and Europe's dropped 19% to 396,000 bpd. China and Europe also take Russian oil by pipeline. "India's imports of Russian crude in June have reached the highest since last July, driven by...

[ad_1] India has initiated an anti-dumping probe into the import of Chinese lift guide rails following a complaint by a domestic player. The duty is aimed at protecting the domestic industry from cheap imports. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of 'T-Shaped Elevator/Lift Guide Rails and Counterweight Guide Rails' from China. Savera India Riding Systems Company has filed an application for the initiation of an anti-dumping investigation on the imports of this product from China.The applicant has alleged that material injury is being caused to the domestic industry due to the alleged dumped imports and has requested for the imposition of anti-dumping duties. RECOMMENDEDSTORIES FOR YOU "On the basis of the duly substantiated written application submitted by the domestic industry and having reached satisfaction based on the prima facie evidence submitted by the industry concerning ...

[ad_1] India aims to clock $2 trillion goods and services exports by 2030 amid the Red Sea crisis and two ongoing wars. Ecommerce exports are growing rapidly and those done through the postal and courier routes are pegged at $1.5 billion. ET looks at the export sector’s budget wishlist and the challenges it faces. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/india-aims-to-clock-2-trillion-goods-and-services-exports-by-2030/?feed_id=384&_unique_id=669874568f6f5

[ad_1] India aims to clock $2 trillion in goods and services exports by 2030 amid the Red Sea crisis and ongoing war between Ukraine-Russia and Israel-Hamas. E-commerce exports are growing rapidly and those done through the postal and courier routes are pegged at $1.5 billion. Here's a look at the challenges the export sector is facing and its budget wishlist.India's goods and services exports in FY24 were at an all-time high of $778.2 billion, up 0.23% from $776.4 billion in 2022-23 (goods USD 437.1 billion and services USD 341 billion).Key issues in India's export saga;Geopolitical uncertaintiesThe ongoing Russia-Ukraine war coupled with various major geo-political tensions, including the Red Sea crisis and the Israel-Hamas conflict, has also made the international trade scenario much tougher for the Indian exporters.India's top five export destinations are the US, the Netherlands, UAE, Malaysia, and the UK - recorded healthy growth in May.According to the comm...

[ad_1] Astana, Kazakhstan: Singapore is keen on establishing a trade route with resource-rich Eurasia through the Chabahar port, whose management contract has been awarded to India for 10 years, ET has learnt.The city state is India's strategic partner in Southeast Asia and the financial hub for the Indo-Pacific region. It has a free trade agreement (FTA) with Eurasian Economic Union (EAEU) and is exploring the establishment of a trade and transit corridor with Kazakhstan, in which the Chabahar port would be a key link between SE Asia and Central Asia, according to people in the know.The president of Kazakhstan recently visited Singapore and the issue of trade and transit corridor figured prominently in his dialogue with his host.In May last year, when the then Singapore President visited Kazakhstan, the two sides had decided to put in place a trade and transit corridor that would connect Eurasia with the SE Asian market. Singapore had signed an FTA with EAEU in 2019.An impo...

[ad_1] Ending 14 years of Conservative Party rule, Labour Party’s Keir Starmer is set to become the next Prime Minister of the United Kingdom. The change in government is likely to have a minor impact on India-UK ties, especially on the FTA (Free Trade Agreement).Starmer’s manifesto included a commitment to pursue a "new strategic partnership" with India, emphasising the FTA and marking a significant shift from the party's stance under former leader Jeremy Corbyn, who had a perceived anti-India stance, particularly regarding Jammu & Kashmir. The Labour Party has maintained its commitment to finalise the FTA, although the specific timelines will remain unclear for the foreseeable future. With the arrival of the Labour Party at the helm of affairs in the UK there is a possible potential shift in the dynamics of the FTA negotiations, says Dr Amit Singh, Associate Professor, Special Centre for National Security Studies, JNU, adding that the Labour Party may like to...

[ad_1] London: The landslide majority of new Prime Minister Keir Starmer on Friday has paved the way for a fresh chapter in the country's relations with India as the Labour Party takes charge of steering the stalled Free Trade Agreement negotiations that got stalled with the outgoing Rishi Sunak-led administration. If recent high-profile visits by the shadow cabinet members, stepping up as Cabinet members, are anything to go by, the choreography around India being a priority country is likely to see at least some degree of continuity. However, despite a manifesto commitment to build a "new strategic partnership" and the then shadow foreign secretary and now the Foreign Secretary in Starmer's government, David Lammy promising to be on a flight to India before the end of July if elected, how much of a priority India will be among the various domestic pressures facing a cost-of-living crisis hit Britain remains an unknown factor. The India-UK FTA talks began in ...

[ad_1] New Delhi: A change in political guard in the United Kingdom is unlikely to impact the proposed free trade agreement deal with India, though some tweaks could be likely, trade experts said.The Labour Party gained a landslide majority in Thursday's parliamentary elections and dealt a bruising defeat to incumbent Rishi Sunak's Conservative Party. "Smooth transition of current talks will take place as the Labour Party has shown support to the trade deal with India," said Sachin Chaturvedi, Director General, Research and Information System for Developing Countries. The Labour Party holds a different position on social service payments and totalisation issues, he said, adding that this could be an arena of discussion in upcoming rounds of talks. Arpita Mukherjee, economic policy researcher, India Council on International Economic Relations, said the Labour Party is not looking for a mini trade deal, instead a fully-fledged FTA, which essentially will require ...

[ad_1] Exports of mangoes from West Bengal's Malda district have been hit this year as exporters have failed to secure remunerative prices from overseas buyers, while sellers are getting lucrative prices in the domestic market, officials said on Saturday. Importers from the UK and the UAE had initially shown interest, which could not materialise in shipments due to price disagreements, they said. Sellers, however, are getting good responses from the domestic market as around 17 tonnes of Malda mangoes were sold between Rs 100 and Rs 150 a kg in an expo in Delhi, the officials said. Wholesale prices surged by 50-80 per cent due to a combination of low-crop and high-quality produce. "This year, export deals were scrapped by buyers from the UK and Dubai, who initially showed interest but couldn't meet our price demands," Malda Deputy Director of Horticulture Samanta Layek to PTI. West Bengal Exporters' Coordination Committee general secretary Ujjwal Saha said ...

[ad_1] Prime Minister Narendra Modi on Saturday spoke to newly elected British Prime Minister Keir Starmer as the two leaders agreed to work towards an early conclusion of a mutually beneficial India-UK free trade agreement, a statement said. Modi congratulated him on assuming charge and a remarkable victory of his Labour Party in the election."Discussing the Free Trade Agreement, the Prime Minister said he stood ready to conclude a deal that worked for both sides," said UK government in a statement. Both the leaders recalled the historic relations between India and the UK and reaffirmed their commitment to further deepen and advance the Comprehensive Strategic Partnership between the countries. Appreciating the positive contributions of the Indian community in the social, economic and political development of the UK, they agreed to continue to promote the close people-to-people ties. Modi also extended an invitation to Starmer for an early visit to India as the two le...

[ad_1] India's coal import rose 5.3 per cent to 52.29 million tonnes (MT) in the first two months of the ongoing fiscal as against the year-ago period. The country's coal import was 49.62 MT in April and May in FY24, according to data compiled by mjunction services ltd -- a B2B e-commerce platform from a joint venture between Tata Steel and SAIL. However, coal import in May dropped marginally to 26.19 MT, from 26.57 MT a year earlier. "Coal imports... were down 1.43 per cent as against 26.57 MT imported in May 2023," it said. According to mjunction MD and CEO Vinaya Varma, the demand for imports is likely to remain subdued in the coming weeks due to the onset of monsoon while the production growth should stay healthy in the domestic market. Also, coking coal prices are expected to move up in the seaborne market due to supply tightness and this may impact buyers' interest in the country. Of the total imports in May, non-coking coal imports stood at 17.53...

[ad_1] With the new government taking charge in Britain, senior officials of India and the UK will hold the next round of talks this month for the proposed free trade agreement to resolve the pending issues and close the negotiations, an official said. The India-UK talks for the proposed free trade agreement (FTA) began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. The official said the two sides are in touch, and the next round would start this month only. Britain's newly-elected Prime Minister Keir Starmer spoke to Prime Minister Narendra Modi on Saturday and said he stood ready to conclude an FTA that worked for both sides.The two leaders agreed to work towards the early conclusion of a mutually beneficial India-UK FTA. There are pending issues in both the goods and services sectors. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK m...

[ad_1] New Delhi: The Centre will refund compensation cess levied on imported goods under Goods and Services Tax (GST) to businesses operating in special economic zones and their developers effective 2017.The Central Board of Indirect Tax and Customs also directed issuance of refunds of 5% GST collected on food packages intended for the public distribution system (PDS). These refunds could total about ₹6,500 crore, people familiar with the matter said.The move follows a recent GST Council decision exempting imports by SEZ units and developers retrospectively from July 1, 2017 -- the date of introduction of GST."Cess collected would be refunded and any notices served to SEZ units or developers would be refunded," a senior official told ET. These refunds would be issued within the next six months, the official added.AgenciesThe GST Council's latest decision assumes significance in the light of Andhra Pradesh High Court ruling this January in a case that held no such ...

[ad_1] New Delhi: India’s goods exports rose 9.1% to a three-month high of $38.1 billion in May, outpacing imports that grew 7.7% on a higher base to $61.9 billion. The trade deficit zoomed to a seven-month high of $23.8 billion.The rise in exports was led by engineering goods, electronics, drugs, pharma products and plastics, official data showed Friday.Terming May as an “excellent” month for exports, commerce secretary Sunil Barthwal said that the situation was looking more optimistic for trade this year, with even sectors such as textiles recording healthy growth after months of sluggishness.Easing inflation in developed economies is expected to lift demand and exports, he said. “We hope this trend continues this year… Also hope that there are no more geopolitical conflicts and disruptions in major global shipping routes,” Barthwal said. “This will be a positive trend for Indian exports this fiscal year.”The trade deficit was $19.1 billion in April and $22.5 billion in May 20...

[ad_1] The Group of Seven industrialised nations have committed to promoting concrete infrastructure initiatives such as the India-Middle East-Europe Economic Corridor (IMEC) in the G7 Summit Communique issued at the end of the three-day G7 Summit, attended by Prime Minister Narendra Modi. The Communique was issued on Friday evening after the customary "family photo" at the luxury resort of Borgo Egnazia, where the G7 also reiterated a commitment to a "free and open Indo-Pacific" based on the rule of law. Prime Minister Modi attended the G7 Summit at the invitation of Italian Prime Minister Giorgia Meloni, the host. "We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corrid...

[ad_1] Sri Lankan President Ranil Wickremesinghe said on Sunday that the feasibility study on a proposal to establish land connectivity with India is in its final stages. Wickremesinghe, who was travelling in the northeastern district of Mannar to inspect the development work in the region, said that the preliminary work of the feasibility study was over and the final phase would be completed soon. This proposal and the prospect of a power grid connection between the two nations are likely to be discussed during the visit of External Affairs Minister S Jaishankar to Lanka this week. Wickremesinghe said a commercial venture to sell the excess renewable energy to India would also be discussed during the minister's visit. On Saturday, the Lankan foreign ministry here announced that Jaishankar would arrive in Colombo on June 20. However, there was no official announcement on Jaishankar's visit from India's Ministry of External Affairs. If confirmed, this could be Jaishan...

[ad_1] New Delhi: India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previousl...