GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] India has initiated an anti-dumping investigation into imports of Cold-Rolled Non-oriented Electrical Steel (CRNO) from China on complaints by South Korean and Taiwanese steel makers.One of the complainants, POSCO Maharashtra Steel Pvt Ltd, is a fully owned subsidiary of POSCO Korea, while the other, CSCI Steel Corporation Pvt Ltd, is a subsidiary of CSC Taiwan. Both had approached the commerce ministry seeking an investigation into CRNO dumping from China.On Monday, Directorate General of Trade Remedies initiated an anti-dumping probe into imports of CRNO from China.As per a notification from DGTR, prima facie evidence submitted by the domestic industry points to dumping of CRNO harming domestic players and a causal link between alleged dumping and injury to the industry. "There is sufficient prima facie evidence that domestic industry has suffered material injury... due to dumped imports from the subject country to justify the initiation of the anti-dumping investi...

[ad_1] New Delhi: The government on Wednesday launched Trade Connect ePlatform, a portal to provide all kind of information related to exports and imports, a move aimed at ease of doing business for aspiring and existing entrepreneurs.The platform is developed in collaboration with the Ministries of external affairs and MSME, EXIM Bank, IT major TCS, and Department of Financial Services (DFS).It will connect more than 6 lakh import-export code (IEC) holders, over 180 Indian Mission officials, above600 Export Promotion Council Officials, besides the officials from Directorate General of Foreign Trade (DGFT), department of commerce and banks.Launching the portal, commerce and industry minister Piyush Goyal said that it would act as a one-stop solution for all kinds of information such as customs duties, rules and regulations.“The global trade is in a paralytic situation but this is our effort to increase India's market share in the world,” he said, adding that it will be relea...

[ad_1] New Delhi: India and the US are working together towards becoming self-reliant in critical minerals, strengthening supply chains and adopting cutting-edge technologies, commerce and industry minister Piyush Goyal said Wednesday, adding that he will visit Washington early next month for the India-US CEO Forum.“With both of us suffering a common source of concern.. common concern C…(there is) lots to be done. We have a lot to offer, you have a lot to offer,” he said at the US-India Business Council’s (USIBC) 49th Annual General Meeting.He said that India and US share one of the most strategic and consequential relationship with shared interests in bilateral and geopolitical issues.“The aspirations of 100 million small retailers, which have disappeared from the US landscape, but we’re making an effort to protect to some extent,” Goyal said.He added that the two sides should reinforce and recommit to a better world. [ad_2] Source link Follow Us: https://facebook.com/ga...

[ad_1] The launch of work on the India-UAE virtual trade corridor (VTC) and MAITRI interface on Tuesday will facilitate VTC under the framework agreement between India and the UAE on the India-Middle East-Europe Economic Corridor (IMEEC).The Virtual Trade Corridor (VTC) will be an integral part of IMEEC. Benefits of VTC include reduction of administrative processes and time, reduction of logistics and transport costs, and enhancing ease of doing business .MAITRI is a Master Application for International Trade and Regulatory Interface that integrates multiple Indian operational portals to facilitate interfacing with UAE portals.It optimises efficiencies, leverages technologies, eases regulatory compliance, streamlines operations and enhances transparency. MAITRI is also scalable, secure, unified and credible.IMEEC is an ambitious infrastructure project which will define global connectivity in the decades to come. Following the announcement of the project in G20 summit in Delhi la...

[ad_1] India's crude soyabean oil imports reached a seasonal high of 4,54,639 tonnes in August, even as local soyabean prices have dropped below the minimum support price (MSP), industry body Solvent Extractors Association (SEA) said on Thursday. According to SEA, crude soyabean oil imports in August 2023 stood at 3,57,890 tonnes. The share of non-palm oils, including soyabean oil, made up 48 per cent of the total vegetable oil imports. The surge in imports comes as local soyabean prices dropped below the MSP, raising concerns about farmers' income with the new crop's arrival expected in the coming weeks. SEA praised the government's efforts to procure soyabean at MSP in Madhya Pradesh, Maharashtra and Karnataka, but suggested increasing import duties on crude and refined edible oils by 20 to 25 per cent across the board as a more effective solution."This will translate into remunerative price to the farmers for his produce and the market forces will be ab...

[ad_1] Govt is hoping to extend the duty remission scheme for exporters beyond Sept, but a decision on interest subvention is awaited in the absence of a finance ministry nod, as per a TOI report. TOI Sources said the duty refund scheme or RoDTEP is likely to continue in its existing form as govt seeks to ensure that exports stay competitive and are not burdened by levies.On Wednesday, the commerce department sought to bridge the information gap through Trade Connect ePlatform that will provide detailed information on global demand of a product, country-wise trade information, global standards, market access conditions, compliance requirements and forge connections with international buyers."It will be a ChatGPT for exporters... We want entrepreneurs to grow in the trade business. Unless and until, we have entrepreneurs, the dream of $2 trillion exports of goods and services (by 2030) will be difficult to achieve," said commerce secretary Sunil Barthwal.Commerce and in...

[ad_1] Ministry of External Affairs Spokesperson Randhir Jaiswal on Thursday said that trade and commerce have started with Bangladesh. "Trucks carrying essential commodities and other items are plying between the two countries carrying essential commodities," said the the spokesperson in a press conference. Jaiswal added that everything traded between India and Bangladesh had resumed. He said that the Indian High Commissioner in Bangladesh had called upon Chief Advisor Muhammad Yunus and discussed issues of mutual interest. "He conveyed that India would continue to work with Bangladesh to fulfill the shared aspirations of prosperity, security and development."He said that the projects carried out by India in Bangladesh had been impacted due to the unrest in the country. It would begin only when the nation was safe to travel to, said the External Affairs spokesperson. Talking about the friendship pipeline project that supplies high speed diesel, he said that ...

[ad_1] For the first time in five years, Bengalis will not enjoy ‘Padma ilish’ (hilsa from the Padma River) during Durga Puja this year. The interim government in Bangladesh has decided not to continue its hilsa export to India, prioritising domestic demand.The Fish Importers’ Association in Kolkata had requested the Bangladesh government to allow the continuation of hilsa exports as per the usual practice. Since 2019, under the leadership of the now-deposed Prime Minister Sheikh Hasina, Bangladesh had been exporting over 1,000 tonnes of hilsa to India in the month leading up to Durga Puja.On August 9, the association wrote to Bangladesh government adviser Touhid Hossain, asking to permit limited hilsa trade. However, Farida Akhtar, an adviser to Bangladesh's fish and animal resource ministry, has refused the request, citing rising domestic demand. Reports from Dhaka indicate that Akhtar has instructed the commerce ministry to ensure no hilsa exports this year.Syed Anwar Maq...

[ad_1] India has extended countervailing or anti-subsidy duty on a Chinese chemical used in pesticides for five more years to guard domestic players. The decision followed a recommendation of the commerce ministry's investigation arm DGTR for continuation of the duty on the imports of 'Atrazine Technical' from China. "The countervailing duty imposed under this notification shall be levied for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification," a finance ministry notification has said. The finance ministry has imposed a duty of up to 11.94 per cent on the product. In its probe, the DGTR had concluded that the current duties have allowed more Indian producers to enter the market and have helped the domestic industry to expand its capacity. The subsidised exports were hurting Indian players. Earlier the revenue department had imposed the duty in September 2019. Subsidised exports impact...

[ad_1] The government has removed the minimum export condition on onion exports with immediate effect, as per a notification issued on Friday. In May 2024, the Modi-led government had lifted the ban on onion exports but imposed minimum export price at (MEP) $550 per MT. 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 told ET in August. 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. [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/centre-removes-minimum-export-condition-on-onions-effective-immediately/?feed_id=...

[ad_1] The Indian government on Friday announced that it has removed the $950/tonne minimum export price on basmati rice. Union Commerce Minister Piyush Goyal announced the decision, in addition to a government order.In a letter to the Agricultural & Processed Food Products Export Development Authority (APEDA), the Commerce & Industries Ministry said that the minimum price would be immediately done away with, but the prices of basmati will continue to be monitored."The undersigned is directed to refer to this Department's letter dated 25th October 2023 on the above mentioned subject and to inform that it has been decided to remove current Minimum Export Price (MEP) of USD 950 MT for issuing Registration - cum - Allocation Certificates (RCAC) for export of Basmati Rice," the order from the Ministry of Commerce stated. "It is requested that APEDA should take immediate action to implement the above. However, APEDA will closely monitor export contract for ...

[ad_1] With crucial state elections around the corner, the central government scrapped the minimum export price (MEP) on onions and basmati rice, according to a notification from the ministry of commerce and industry. It has also reduced the stock holding limit for wheat for traders, wholesalers and retailers to increase supply in the market.The government had imposed an MEP of $ 500 per tonnes on onions in May which discouraged exports of the bulb. The move comes ahead of assembly elections in Maharashtra, a key onion producing state.As prices of onions had started inching up, the government, which has created a buffer of 4.7 lakh tonnes from the rabi crop of onions for any price interventions in case the prices rise, has started the retail sale of onion at Rs 35 per kg from the stocks available with the National Cooperative Consumer’s Federation of India (NCCF) and National Agricultural Cooperative Marketing Federation of India (NAFED) last week."The Minimum Export Price ...

[ad_1] The government has extended incentives for exports through the courier medium, a move aimed at promoting shipments through e-commerce. This was informed in the meeting of Board of Trade (BoT) in Mumbai. "In the realm of e-commerce exports, the Board of Trade was informed by officials from the Central Board of Indirect Taxes and Customs (CBIC) that effective immediately, RoDTEP, RoSCTL, and drawback benefits will be extended to all exports made via courier," the commerce ministry said in a statement. It added that plans to extend these benefits to postal route exports are also in the pipeline, creating a more equitable environment for e-commerce exporters utilising the courier and postal mode. RoDTEP (Remission of Duties and Taxes on Exported Products) provides refunds of central, state, and local taxes and levies on exported products that are not covered by other schemes. The scheme covers a range of sectors, including marine, leather, gems and jewellery, agr...

[ad_1] MUMBAI: India has raised the basic import tax on crude and refined edible oils by 20 percentage points, the government said on Friday, as the world's biggest edible oil importer tries to support local oilseed farmers. The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil. New Delhi on Friday imposed a 20% basic customs duty on crude palm oil, crude soyoil and crude sunflower oil from Sept. 14, the notification said. This will effectively increase the total import duty on these three oils to 27.5% from 5.5% as India also imposes the Agriculture Infrastructure and Development Cess on these oils.Imports of refined palm oil, refined soyoil and refined sunflower oil will attract 35.75% import duty against the earlier duty of 13.75%.Artificial Intelligence(AI)Java Programming with ChatGPT: Learn using Generative AIBy - Metla Sudha Sekhar, Developer and Lead InstructorView Program Artificial I...

[ad_1] Piyush Goyal, minister for commerce and industry, on Friday launched two digital initiatives to resolve issues faced by exporters, bring transparency, and make exports more convenient.The Jansunwai Portal provides exporters with necessary information, clarifications, concerns, find the status of complaints and a video-conferencing facility to directly speak to officials of the various departments concerned with exports."There wouldn't be need for running behind officials, the intention of the government is that nobody ever is required to come to commerce department's various wings," Goyal said on the sideline of the Board of Trade Meeting in Mumbai.Goyal launched the second portal called the Enterprise Resource Planning (ERP) portal of the Export Credit Guarantee Corporation of India (ECGC).The new portal will make all services offered under ECGC online like filling forms, claims, reimbursements, grievance redressal, policy information, credit support.EC...

[ad_1] The government on Friday extended benefits to exporters sending overseas shipments through courier services. The move is likely to support sellers, especially smaller ones, using the online mode or social media platforms for exports.The courier services benefits follow amendments made by the Central Board of Indirect Taxes and Customs (CBIC) to the Courier Imports and Exports Regulations, including to tax neutralisation schemes such as Duty Drawback, Rebate of State and Central Levies and Taxes (RoSCTL) and Remission of Duties and Taxes on Export Products (RoDTEP)."It is a positive for e-commerce exports and will boost trade. Connectivity should be expedited so as to allow such exports from foreign post offices as well," said Ajay Sahai, director general, Federation of Indian Export Organisations.The new rules will be effective September 12. The latest changes will allow businesses to utilise courier services for imports and exports related to these schemes, off...

[ad_1] Customs duty on crude, refined sunflower and soyabean oil increased [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/customs-duty-on-crude-refined-sunflower-and-soyabean-oil-increased/?feed_id=746&_unique_id=66e4f8ec35486

[ad_1] There is a huge potential to increase economic cooperation between India and Africa as both regions can look at doubling two-way trade to USD 200 billion in the next seven years, Commerce and Industry Minister Piyush Goyal said on Wednesday. Speaking at CII's India-Africa business conclave, Goyal said the main sectors where businesses of the two sides can collaborate include agriculture, pharmaceuticals, mining, tourism, auto, critical minerals, and renewable energy. "I would like to suggest six areas for collaboration and cooperation as a way forward to take this relationship to the next level," he said, adding, "can we look at doubling our trade. So far we have only a few African countries who trade with India". He said as many as 33 countries do not participate in the duty free tariff preference (DFTP) scheme of India. "Can we look at getting more and more countries to enjoy the fruits of this partnership and set a benchmark to double th...

[ad_1] New Delhi: Russia and Azerbaijan have agreed to boost the Azerbaijan route of the International North-South Transport Corridor (INSTC), a decision taken during Russian President Vladimir Putin’s two-day visit to Baku this week which will enable Russian to increase volume of trade with India.During a joint presser on Monday, with Putin by his side in Baku, Azerbaijan President Ilham Aliyev said the implementation of the INTSC project has been of exceptional importance for interstate relations as well as for joint efforts in leveraging regional transport corridors and routes.“I must say that both the railway and automobile segments of the North-South corridor have been fully implemented and are successfully operating on the territory of Azerbaijan,” Aliyev said. “At the moment, we are actively modernising the railway segment of this corridor to increase its throughput capacity. We are considering the possibility of transporting up to 15 million tonnes of cargo per year, wit...

[ad_1] An inter-ministerial panel has cleared five-six investment proposals in the electronics manufacturing sector, which include some pure-play Chinese companies and others with connections to the neighbouring country, people familiar with the matter said.The development is significant as these are among the first such approvals in recent times given border tensions and the scrutiny that investments from China have been attracting in India.Prominent names that have recently got approval include Chinese electronics major Luxshare, which is also a vendor for Apple, and a joint venture (JV) between Bhagwati Products (Micromax) and Huaqin Technology, in which the Chinese company will own a minority stake. Other proposals cleared include some Taiwan-based firms listed in Hong Kong or having investments from there.“Some are Taiwanese companies which have one beneficial owner who has some interest in Hong Kong or is listed on the Hong Kong exchange while a few are genuine Chinese fir...

[ad_1] Commerce secretary Sunil Barthwal Thursday said that the bilateral trade between India and Africa was $100 billion in 2022 and there is a need to double this to $200 billion by 2030.At the CII India Africa Business Conclave, he said that the African Continental Free Trade Area (AfCFTA) has identified four potential sectors - automobiles, agriculture and agro-processing, pharmaceutical and transportation and logistics- where the two sides can collaborate.“We firmly believe that these sectors have huge potential for collaboration in terms of investment, trade, technology and capacity building between Africa and India,” he said.In agriculture, he said that both sides can increase trade and cooperation in areas like processed foods and seed technology whilethere are opportunities to increase pharmaceutical trade and provide affordable medicines and healthcare to African people.Pharmaceutical exports to Africa were $3.8 billion in 2023.Barthwal said that India can share its ex...

[ad_1] The government has sought proposals from the industry to set up e-commerce export hubs (ECEH) in the country for examination, support, and hand-holding. Based on the proposal, further details, including software requirements for ECEH, to facilitate seamless and expeditious export clearances, will be firmed up, the Directorate General of Foreign Trade (DGFT) has said in a trade notice. In this regard, it said, draft modalities for operation of these hubs have been formulated. Based on draft modalities proposed, the government would like to initiate a pilot launch of ECEH. "In this regard, detailed proposal(s) for setting up ECEH may be submitted to this directorate, for examination, support and hand-holding," the DGFT said. In the Budget, the government announced setting up of these hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode. Initially there are plans to set up 10-15 hubs in the country. These hubs would be desi...

[ad_1] India on Friday released the draft modalities to setup e-commerce export hubs (ECEH) wherein small producers will be facilitated to sell to aggregators and then that aggregator will find markets to sell.The Directorate General of Foreign Trade (DGFT) said in a trade notice that ECEH will have two physical components- a fulfilment area for packing, labelling, storing to take place after pre-screening and till a buyer is found; and the second would be a customs station where the goods will be customs cleared after the buyer is found, ready for dispatch. The hubs were announced in the Budget.“Based on the draft modalities proposed, the government would like to initiate pilot launch of ECEH,” the DGFT said.Export clearances can be facilitated in such hubs and they can also have warehousing facilities, customs clearance, returns processing, labelling, testing and repackaging.The major objectives are to provide for predictability and shortest possible turnaround time for e-comm...

[ad_1] The United States has emerged as India's top trading partner in January-June this year, while the country has recorded its highest trade deficit of $41.6 billion with China during the period, think tank Global Trade Research Initiative (GTRI) said Friday. India exports goods to 239 countries of which 126 countries showed positive growth in exports. Imports from Russia grew to $34.4 billion from $30.8 billion, a 11.65% increase.It also said the country's merchandise exports rose 5.41% to $230.51 billion during the first half of 2024, led by sectors like iron ore, pharmaceuticals, precious stones, basmati rice, chemicals, and smartphones. Major countries with increased exports include the USA, UAE, the Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6% of India's exports, with notable declines in Italy, Belgium, Nepal, and Hong Kong.In the first half of 2024, China remained the largest import supplier, with impo...

[ad_1] Four union ministers- Nirmala Sitharaman, S Jaishankar, Piyush Goyal and Ashwini Vaishnaw- will attend the India-Singapore ministerial roundtable (ISMR) on Monday to further strengthen trade and economic ties between the two countries, the government said Sunday.Goyal will engage with leading global business figures in Singapore, including DBS Bank, Temasek Holdings, OMERS, Keppel Infrastructure, and the Owners Forum, according to a statement issued by the commerce and industry ministry.“The minister will explore strategies to bolster bilateral trade and investment, capitalising on India's burgeoning market opportunities and its dynamic growth trajectory,” it said.The meeting assumes significance as Singapore has been a major source of foreign direct investment (FDI) for India. In the FY24, Singapore was the largest source of FDI for India, with an estimated $11.77 billion in inflows. The cumulative inflow of FDI from Singapore from April 2000 to March 2024 is around ...

[ad_1] Senior officials from India and Australia are expected to hold the next round of talks for a comprehensive free trade agreement (CECA) in November in New Delhi, as per the commerce ministry. The countries, which implemented an interim trade deal in December 2022, are now looking to expand its scope through ongoing negotiations.The tenth round of India-Australia CECA negotiations took place from August 19 to 22 in Sydney. Discussions covered a variety of areas including goods, services, digital trade, government procurement, rules of origin, and agri-tech. Both parties engaged in intense dialogues on these subjects to achieve clarity and understanding, which is expected to help in bringing convergence on the remaining provisions of the agreement."The next round of CECA negotiations is likely to be held in November," stated the commerce ministry.Rajesh Agrawal, the Chief Negotiator and Additional Secretary of India's Department of Commerce, led the Indian dele...

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[ad_1] The recent developments in Bangladesh have implications for India not only in the political sphere but also in economic arena. Because of its fast pace economic growth over last decade Bangladesh has emerged as one of India’s leading export destinations in the world and the largest in the South Asian region in the recent years. In fact, in 2023-24, India’s exports to Bangladesh were higher than many of the world’s leading economies like Japan, Germany and France. However, the ongoing socio-political turmoil has impacted economic activities in Bangladesh and is very likely to adversely affect its bilateral trade relations with India. One of the biggest achievements of former Bangladesh Prime Minister Sheikh Hasina has been the impressive economic progress over the last decade or so. During her tenure from 2009-2024, Bangladesh’s economy had grown at an average rate of 6.3 per cent per annum, which is among the highest in the world. The size of its gross domestic product (G...