GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] The Solvent Extractors Association of India (SEA) has made a fresh appeal to the government to reconsider its decision to extend the ban on de-oiled rice bran exports until January 31, 2025. The industry body argues that the continued restriction is causing severe underutilisation of processing plants, particularly in eastern India. In a letter to its members, SEA highlighted the plight of rice bran processors in West Bengal, where plants are operating at low capacity or shutting down entirely. The association warned that this situation is negatively impacting the production of rice bran oil nationwide. "We once again appeal to the government to reconsider this matter and allow the export of de-oiled rice bran in the larger interest of the industry, rice millers, farmers, and the nation," SEA President Ajay Jhunjhunwala stated. The industry's concerns extend beyond the export ban. Recent instances of adulteration in rice bran oil and de-oiled rice bran with ...

[ad_1] Finance minister Nirmala Sitharaman Monday met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to take forward bilateral strategic partnership.She was joined by external affairs minister S Jaishankar, commerce minister Piyush Goyal and railway minister Ashwini Vaishnaw, who are accompanying her on the visit to participate in the India-Singapore Ministerial Roundtable (ISMR)."FM Smt. @nsitharaman appreciated President Mr. @Tharman_S for being a strong proponent of multilateralism through his seminal contribution to developing far-reaching reforms that can enable governments and institutions to deal with 21st century challenges," the finance ministry said in a post on X.The meeting is crucial ahead of Prime Minister Narendra Modi's likely visit to the country next month.During the meeting, the leaders emphasised on ways of further enhancing co-operation between India and Singapore in emerging and futuristic areas."Both sides de...

[ad_1] Discussions for the proposed free trade agreement (FTA) between India and Oman are at an advanced stage and both sides hope to conclude the pact early, Indian Ambassador to Oman Amit Narang said on Tuesday. The pact will give a significant push to bilateral trade and investment ties between the two countries, he said. The pact, officially known as the Comprehensive Economic Partnership Agreement (CEPA), is expected to boost Indian exports to the west Asian country by eliminating duties, especially on petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel. "Discussions for a bilateral CEPA with Oman are at an advanced stage. We hope to conclude these discussions early and once this is done, this will be a significant push to bilateral, not just trade, but also bilateral investment ties," Narang said. Addressing an event organised by Ficci here, the Indian Ambassador to Oman also highlighted the significant potential for enhan...

[ad_1] The government has notified the import of up to 160 tonnes of gold by manufacturers and traders from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, an official said on Tuesday. The agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) came into force on May 1, 2022. Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff concession under Tariff Rate Quota (TRQ). Last fiscal, India notified 140 tonnes, and 160 tonnes for 2024-25, the official added.Think tank GTRI in its report in June stated that India's gold imports from UAE rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24. It has sought a review of the agreement. RECOMMENDEDSTORIES FOR YOU India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 ...

[ad_1] Argentina, one the key countries in Latin America, is hosting Indian firms that are not only exploring lithium but also copper and gold, Argentine Ambassador to India Mariano A. Caucino has informed. “It is in the economical field that I am pleased to highlight the remarkable progress in our bilateral trade over the past year. With a total trade volume reaching 4.6 billion US dollars, Argentina has solidified its position as the leading supplier of soybean oil to the Indian market and the third-largest provider of sunflower oil, significantly contributing to the food security of the Indian consumer. Furthermore, 2023 marked a significant milestone for Indian mining companies. The province of Catamarca is now hosting Indian firms that are not only exploring lithium but also showing interest in copper and gold,” Caucino mentioned on the occasion of celebration of the 75th anniversary of bilateral relations held in New Delhi recently.These investments are particularly import...

[ad_1] New Delhi: Commerce and industry minister Piyush Goyal on Wednesday suggested the seven member countries of the BIMSTEC bloc to relook and re-examine the proposed free trade agreement, the talks for which have been slow and instead suggested negotiating a preferential trade agreementwhich could then be fast tracked to a full fledged free trade pact. At the CII BIMSTEC Business Summit 2024, he also suggested looking at local currency trade in the bloc so as to balance out the trade imbalances.BIMSTEC, or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is a grouping of countries in South Asia and South East Asia – Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.“I would like to raise a few fundamental issues about where we stand and what are the possibilities of making this FTA a reality,” Goyal said as 21 rounds of talks have taken place since 2004 and the last round was in 2018.“This itself raises a question on whether ...

[ad_1] Kolkata: Despite ongoing political turmoil in Bangladesh, trade between India and the neighbouring country through land ports in West Bengal is expected to normalise soon while some movements of goods via one of these facilities were reported on Wednesday, officials said. A meeting between the land port authorities of the two countries is scheduled on Wednesday at South Asia's largest land port Petrapole in West Bengal's North 24 Parganas district, which is "expected to provide clarity on transportation of goods", the officials said. The Director General of the Border Security Force was also in Petrapole on Tuesday to review the situation along the international boundary in the wake of the crisis in Bangladesh. "Trucks are getting ready, and some cargo movement via Ghojadanga has started for the Bangladeshi side. This is possible because the situation in Bhomra in the neighbouring country, the opposite side of Ghojadanga, remains stable," Carry...

[ad_1] Amid the civil unrest in Bangladesh, buyers will remain hesitant to place their orders in India unless the Modi government tweaks its import policies to allow greater and easier access to imported man-made fabrics, trims and accessories, Apparel Export Promotion Council (AEPC) said on Wednesday. AEPC also stated that buyers are "very concerned" with the escalation of the civil unrest in Bangladesh and have no option but to pull out their orders from the nation and place them elsewhere at least in the short term. According to AEPC Chairman Sudhir Sekhri, most of these orders are in man-made fabrics, purchased from buyer nominated sources in China, Korea and even Europe. "Shifting these short-delivery orders using special imported fabrics to India is not viable, given India's current import policies. Only orders in fabrics of Indian origin are expected to be shifted to Indian factories," he added. The AEPC Chairman observed that buyers will contin...

[ad_1] India exported 2.6 lakh tonne of onions till July of this fiscal year, the government said on Wednesday. "Government has lifted the onion prohibition from 4th May, 2024 and allowed the export with minimum export price of (MEP) of USD 550 per tonne and export duty of 40 per cent. "Till 31st July, 2024, a total quantity of 2.60 lakh tonne of onion had been exported in current financial year 2024-25," Minister of State for Food and Consumer Affairs B L Verma said in a written reply in Lok Sabha. India had exported 16.07 lakh tonne of onions in the last fiscal. Further, he said the government had procured 4.68 lakh tonne, majorly from Maharashtra, through NCCF and NAFED for the price stabilisation buffer. "In comparison with last year (2023), the price realisation by onion farmers in current year has been much higher. The average monthly mandi modal prices of onion in Maharashtra between April and July, 2024 were in the range of Rs 1,230 to Rs 2,578 per...

[ad_1] While the proposed BIMSTEC Free Trade Agreement (FTA) is key to boost trade, investment promotion is another priority area to ensure greater intra-regional trade and establishment of regional value chains, said Indra Mani Pandey, Secretary General, BIMSTEC Secretariat at the Valedictory Session of the two-day CII BIMSTEC Business Summit 2024 held in New Delhi on August 6-7.Pandey said the idea of holding an annual BIMSTEC Business Summit and the proposal to set up a BIMSTEC Industry Chamber have given a great beginning to a new phase of enhanced business relationships.The business community has an important role to play in all these areas including strengthening connectivity, promoting human resources development, ensuring technology collaborations and energy security, Mr Pandey said.Speaking on the occasion, Amb P Kumaran, Special Secretary [ER & DPA], Ministry of External Affairs, said there is a renewed commitment among BIMSTEC member countries for an early conclus...

[ad_1] New Delhi: India's garment industry could reap a 10-20% boost in export orders over the next 18 months following the political turmoil in Bangladesh, said executives and industry bodies.In value terms, India's apparel exports could surge by $2-3 billion annually. Exports stood at $14.5 billion last fiscal.The domestic textile industry is in a wait-and-watch mode, but exporters say New Delhi needs to be ready for a potential trade diversion triggered by the political unrest in the eastern neighbour, one of the world's top garment exporters. "India can benefit from garment exports. We expect a 10-15% gain in the short to medium term on garment exports," said Sanjay Jain, chairman, Indian Chamber of Commerce, National Expert Committee on Textiles. Many global brands are already mulling shifting their sourcing once Bangladesh graduates from its least developed country status by 2027 as it would garment exports from Bangladesh costlier. India's bigges...

[ad_1] India's onion exports in June are estimated to have plunged by more than 50 percent as the minimum export price of $550 per tonne and an export duty of 40 percent combined to make Indian onions more expensive than the competition, exporters said,Exporters and growers have asked the central government to remove the duties, assuring that the increased sowing driven by good rainfall and a strong buffer stock of onions with the central government can keep the domestic prices under control even if exports increase. The Centre informed the Lok Sabha on Wednesday that the government has lifted the onion export prohibition from May 4, 2024, and set the minimum export price at (MEP) $550 per MT and an export duty of 40 percent. Till July 31, 2024, a total quantity of 2.60 lakh tons of onion had been exported in the current financial year 2024-25. India exported 17.17 lakh tonnes of onions in the 2023-24 fiscal year. During a recent visit of the central government officials to ...

[ad_1] Trade between India and Bangladesh through Petrapole land port in West Bengal, resumed Thursday morning amid tight security, officials said. The two South Asian neighbours' trade came to a halt on August 5 following the fall of the Sheikh Hasina government in Bangladesh and it partially resumed on Wednesday through several land ports in West Bengal, except Petrapole. Bilateral trade via Petrapole is the highest among all land ports shared with Bangladesh. "Trade began from Petrapole since morning. There was a meeting yesterday with stakeholders from both countries to resolve the stalemate," an official said, declining to be quoted. Sajedur Rahman, general secretary of the Benapole C&F Staff Association, had said after the meeting on Wednesday evening that trade is expected to resume in the morning on Thursday. Benapole is located on the Bangladesh side of the Petrapole border in West Bengal. Trade, mostly of perishable goods, partially resumed at land po...

[ad_1] Commerce and industry minister Piyush Goyal Thursday has asked the leather and footwear industry to target $50 billion worth of exports by 2030 and also said that the sector has a potential to employ one crore people from 40 lakh now. At the India International Footwear Fair, he also asked industry to leverage India’s free trade pacts and build a strong Indian branding for their products.“Today you are creating more than 40 lakh jobs. My sense is this should go up to one crore jobs, one crore people,” Goyal said.He also said that the sector should keep a target of $50 billion exports by 2030.He also asked industry to have a strong Indian branding, ensure that the designs are exceptional and leverage the various free trade agreements India has signed. The commerce and industry ministry has proposed a Rs 2,600 crore production-linked incentive scheme for leather and footwear.India’s leather and its products are around $5 billion.“My desire is that from the second largest ma...

[ad_1] NEW DELHI: India has begun an exercise to identify critical sectors where dependence on imports is making them vulnerable to supply chain disruptions, as part of an agreement under the 14-member Indo-Pacific Economic Framework (IPEF).The government has zeroed in on chemicals, automobiles, pharmaceuticals, advanced technology, electronics and critical minerals, which are important from the perspective of national security and economic stability, under the IPEF Supply Chain Resilience Agreement, which came into force this February.Officials said discussions are on to finalise more sectors and inputs are being sought from industry on the issue."Discussions are on to work on sectors where supply chain concentration and vulnerabilities are crucial to be addressed before they become bottlenecks," said an official.As part of the exercise, industry has been asked to share data related to critical imports and domestic production capacity besides issues related to supply ...

[ad_1] Germany's proposed Low Emission Steel Standard (LESS) is expected to pose new challenges to Indian industry which is already reeling with lower exports, higher imports and Europe's carbon tax, think tank GTRI said on Friday. India's steel exports have dropped by 31.2 per cent from USD 31.7 billion in 2021-22 to USD 21.8 billion in 2023-24, while imports have increased by 37 per cent, from USD 17.3 billion to USD 23.7 billion, making India a net importer, it said. The Global Trade Research Initiative (GTRI) said that the Indian steel industry is not legally bound to follow the new German steel standard, but ignoring it could hurt domestic exports. "Global markets are demanding low-carbon products, and Indian steel producers not aligning with LESS may struggle to compete," GTRI Founder Ajay Srivastava said. He added that India's steel industry must prepare to comply with new steel standards introduced by Germany, but may soon be adopted by other...

[ad_1] India's import of pulses may decline to 40-45 lakh tonnes this fiscal from 47.38 lakh tonnes in the previous year, as a good monsoon is likely to result in higher domestic production and lower retail prices, industry body IPGA Chairman Bimal Kothari said on Friday. India Pulses & Grains Association (IPGA) also demanded that the government should frame a long-term policy for the Rs 2.5 lakh crore pulses market, as frequent changes in policies hurt the interest of all stakeholders. It also demanded imposition of import duties on yellow peas. "Pulses imports are likely to be 40-45 lakh tonnes this fiscal," Kothari told reporters at 'Bharat Dalhan Seminar 2024' being held here in the national capital. He said the imports would fall because of expectation of better production of pulses in 2024-25 crop year and also higher imports in the previous fiscal. Kothari said the country imported 16 lakh tonnes of masoor dal last fiscal. "We need only 1...

[ad_1] The government on Friday said India's toy exports dipped from USD 177 million in 2021-22 to USD 152 million in 2023-24 due to overall decline in the global demand of these products. In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India's key export markets including the USA, UK and Germany have also registered decline in toys imports by 16-20 per cent. "The decline in India's exports of toys from USD 177 million in 2021-22 to USD 152 million in 2023-24 is due to overall decline in global demand of toys," he said. He added that the various initiatives of the government together with the endeavours of the domestic manufacturers have resulted in remarkable growth of the Indian toy industry. The imports have declined by 76 per cent from USD 276 million in 2014-15 to USD 65 million in 2023-24. "However, on account of international headwinds, geo-political tension, red sea crisis and overal...

[ad_1] Germany’s proposed Low Emission Steel Standard (LESS) could present new challenges for the Indian steel industry, Global Trade Research Initiative (GTRI) said Friday. LESS, which is a voluntary labelling programme that classifies steel based on the carbon dioxide emissions released during pre-production and production stages of steel, could add to Indian steel industry’s woes which is already struggling with lower exports, higher imports, and the EU’s Carbon Border Adjustment Mechanism.“The Indian steel industry is not legally bound to follow the LESS but ignoring it could hurt exports,” said GTRI co-founder Ajay Srivastava.LESS categorizes steel products into five classes based on their carbon footprint and scrap content, ranging from ultra-low emission Class A to high emission Class E.Category A has the least carbon dioxide emissions, while Category E has the most, with B, C, and D in between.CBAM makes foreign firms pay carbon costs at the EU’s border and allows trade ...

[ad_1] A report has emphasised the critical role of public and private sector interventions towards creating a robust export ecosystem as the country aims to achieve USD 1 trillion in merchandise overseas shipments by 2029-30. The Government has a significant role to play in the creation of an enabling ecosystem and the VIKSIT framework offers strategic guidance to various government bodies to resolve bottlenecks and drive export growth across key sectors such as automobiles, electronics and food processing, said the PwC report. The report 'VIKSIT: An approach for India to achieve USD 1 trillion exports' was launched by Minister of Commerce and Industry Piyush Goyal on Thursday. The report suggested five considerations that need to be weighed in while charting India's export growth journey. While adding scale, India's manufacturing sector also needs to improve its value addition ratio to prevent commoditisation of the export basket and ensure that exports move to...

[ad_1] TuneCore, a digital self-publishing music service, plans to ramp up its investments in India, which has emerged as its third biggest market in terms of new artist additions and among the top 10 markets that are driving revenue growth, said chief executive Andreea Gleeson.She also stated that TuneCore has helped music artists earn more than $4 billion globally in 18 years since it launched in 2006. TuneCore is owned by French digital music company Believe Music.India is TuneCore's second-biggest office globally in terms of headcount. The company had set up its Mumbai office, which has 83 employees, in 2020. Globally, TuneCore has 300 employees."India is a digital market, and we are also digital. We have had a lot of growth, and we are investing very heavily here," Gleeson said.She also stated that there are lots of parallels between Latin America, Southeast Asia, and India, as all these markets are at an inflection point as far as the growth of independent mu...

[ad_1] Think tank Global Trade Research Initiative (GTRI) has suggested suspension of quality control orders (QCO) on polyester and viscose staple fibre for a few years to allow domestic manufacturers to become competitive, expansion of products covered and criteria relaxation in the textile production linked incentive (PLI) scheme, overhaul of Directorate of Foreign Trade (DGFT) and Customs procedures, and addressing monopolistic practices of domestic suppliers, to boost India’s garment exports.Highlighting complex procedures, import restrictions and domestic vested interests are hindering the export growth of the Indian garment sector, it said that sourcing quality raw fabric, particularly synthetic fabric being the root causes of exporters’ problem.The report assumes significant in the wake of India losing to other countries even as garment and textile imports rise steadily.In 2023, China exported $114 billion worth of garments, followed by the EU with $94.4 billion, Vietnam ...

[ad_1] Trade between India and Bangladesh via land ports came to a standstill on Sunday as there was no movement of cargo trucks to and fro due to the ongoing student protests in the neighbouring country, officials said. The Bangladeshi side of the Petrapole landport remained non-functional, they said. Nearly one-third of land-based trade between India and Bangladesh takes place through Petrapole. "Trade from other land ports to Bangladesh, including Petrapole, Gojadanga, Fulbari, and Mahadipur, has also stalled as Bangladeshi Customs announced a two-day holiday from Sunday, following the government's declaration of a holiday except for essential services due to unrest," West Bengal Exporters' Coordination Committee Secretary Ujjal Saha said. The cargo trucks that crossed over to Bangladesh on Saturday from Mahadipur port in Malda have not returned, but they are safe, he said. "There has been no movement of trucks (import and export) at the Petrapole borde...

[ad_1] Finance Minister today released the Economic Survey for the financial year 2023-2024. In the economic survey highlighting the performance of Indian economy, the ministry has also touched upon the topic of Chinese challenge. The Economic Survey has called it the Chinese Conundrum. The Survey highlights that it would be wrong to presume that India will automatically take over the manufacturing space vacated by China due to changes in global supply chains. "It may not be the most prudent approach to think that India can take up the slack from China vacating certain spaces in manufacturing. Indeed, recent data cast doubt on whether China is even vacating light manufacturing," the Survey said.The Survey said that the Chinese domination over the global supply chains across product categories is a key global concern, especially in the wake of supply disruption accompanying the war in Ukraine. Even though India is the fastest-growing G20 country and is now recording gro...

[ad_1] Domestic production of electronic items increased significantly to Rs 8.22 lakh crore, while exports rose to Rs 1.9 lakh crore in FY23. As per the survey, Apple assembled $14 billion worth of iPhones in India during FY24, constituting 14% of its global iPhone production.The share of electronics goods in merchandise exports of India increased to 6.7% in FY24 as compared to 2.7% in FY19, the survey said. India's electronic exports to the US have transitioned from a trade deficit of $0.6 billion in FY17 to a trade surplus of $8.7 billion in FY24.Over the last five years, a seismic change has occurred in the global manufacturing realm, with major multinational companies, including Apple and others, looking to 'de-risk' themselves from China.“The appeal of India lies in its large domestic consumer market, which makes it attractive for companies to set up operations there. In the electronics sector, there is a focus on smartphone manufacturing and assembly,” the sur...

[ad_1] Fall in demand from major trading partners such as the US, rising trade costs, protectionism, commodity price volatility and changes in trade policies by major trading partners or geopolitical developments are risks to India’s export opportunities and market access, according to the Economic Survey 2023-24, even as trade deficit is expected to decline further due to the expansion of the production-linked incentive schemes scheme and the recently signed free trade agreements (FTA).After a gap of nearly 10 years, India has inked four new FTAs between 2021 to 2024. These FTAs are with Mauritius (signed in February 2021), the UAE (February 2022), Australia (April 2022) and the European Free Trade Association or EFTA (March 2024)Economic Survey 23-24: Indian Economy on a strong wicket & stable footing, says CEA NageswaranEconomic Survey 23-24: Indian Economy is on a strong wicket & stable footing, saysV Anantha Nageswaran, Chief Economic Advisor.“The risks to the perfo...

[ad_1] It's rare trend for India's economy when global supply chains have started to shift towards India. India is fast bridging the gap with China and Vietnam in terms of mobile phone exports. While FY24 mobile exports from China and Vietnam fell 2.78% and 17.6%, respectively, from the year before, exports from India surged 40.5%, officials told ET recently, citing global trade data. Further, the officials added that India has captured nearly 50% of the reduction in corresponding mobile phone exports from China and Vietnam. Behind India's export push is the “the production-linked incentive (PLI) schemes annoucned for nearly a dozen sectors to capture supply chain shifts from China. The results are beginning to show now. Mobile phones are not the only product India is priming fo exports. The Economic Survey 2023-24 points out a series of measures undertaken by the government have shown a remarkable increase in product-specific exports. The Survey explains how some pr...

[ad_1] Indian exporters are adding more geographies to promote their outbound shipments and tide over the problems emerging due to global uncertainties caused by geopolitical tensions, the Economic Survey 2023-24 said. Amidst the prevailing geopolitical dynamics, India is expected to benefit from its strong trade relations across countries, it said. India has broad and diversified trade relationships with Asia, Europe, and the US. It also said that the country's external sector remained strong amidst ongoing geopolitical headwinds accompanied by sticky inflation. "India is adding more export destinations, signalling regional diversification of exports," the survey said. Citing a government data, it said the share of the top 10 countries in India's merchandise exports has registered a declining trend, falling from a high of 61.9 per cent in FY2000 to 50.5 per cent in FY24. Post-FY2000, Asian, African and Middle East nations, such as the UAE, Singapore, Hong ...