GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] India has to be prepared for higher tariffs in the Trump regime and slower global export growth, which will present challenges, chief economic advisor (CEA), V Anantha Nageswaran said. Exports is not an effective engine for growth because global trade is projected to slow and US tariffs may make it more challenging, Nageswaran said at the SBI Banking & Economics Conclave.“At this stage it is difficult to give quantifiable answers on Trump tariffs. We know that India has a bilateral trade surplus with the United States both in goods and services so there will be pressure, but some of it also work to our advantage because in some of those areas we may have to reduce some duties to be competitive as well. So I don’t think it would be necessary for us to assume that it will be negative for India and right now we don’t have orders of magnitude I don’t think we should be too exercise about various scenarios and building theoretical constructs as to how much it will impact e...

[ad_1] Commerce and Industry Minister Piyush Goyal on Tuesday said that India's current account deficit (CAD) is manageable as it is doing well in services exports. He said that the import numbers of the country are correlated with exports as much of the imported goods are shipped back after value addition. "Our services exports are significant. It is an increasingly growing surplus. So if I have a trade deficit of USD 250-300 billion, almost USD 175-200 billion get made up by services exports. So the net CAD is still in the one per cent of GDP category, which I do not think is a matter of serious enough to be concerned about," he said at an event here. The country's CAD widened marginally to USD 9.7 billion or 1.1 per cent of the GDP in April-June 2024 against USD 8.9 billion or 1 per cent in the year-ago period. A current account deficit occurs when the value of goods and services imported and other payments exceed the value of the export of goods and serv...

[ad_1] India and the UK will relaunch trade negotiations in 2025, UK Prime Minister Keir Starmer said after his meeting with Prime Minister Narendra Modi on the sidelines of the G20 Summit in Rio De Janeiro.In their first meeting, Modi and Starmer also agreed on the need to make progress on issues related to migration and mobility, which would involve visas for Indian professionals in the UK. Modi announced the establishment of two new Consulates General of India in the UK-in Belfast and Manchester. He also stressed the importance of addressing the issue of economic offenders from India in the UK, as extradition of fugitives, including Vijay Mallya, remain pending.Both leaders underlined the importance of resuming the Free Trade Agreement (FTA) negotiations at an early date and expressed confidence in the ability of the negotiating teams to address the remaining issues to mutual satisfaction, leading to a balanced, mutually beneficial and forward-looking FTA, according to a stat...

[ad_1] India has to be prepared for higher tariffs in the Trump regime and slower global export growth, which will present challenges the country has to be prepared for, chief economic advisor (CEA) V Anantha Nageswaran said Tuesday.Exports may not be an effective engine for growth in the near future because global trade is projected to slow and US tariffs may make it more challenging, Nageswaran said at the SBI Banking and Economics Conclave."At this stage, it is difficult to give quantifiable answers on Trump tariffs. We know that India has a bilateral trade surplus with the United States - both in goods and services - so there will be pressure, but some of it also works to our advantage because in some of those areas, we may have to reduce some duties to be competitive as well," Nageswaran said.He held out hope for India as tariffs get recalibrated and the trade map becomes more predictable."So, I don't think it would be necessary for us to assume that it w...

[ad_1] India and the United Kingdom will restart negotiations on their Free Trade Agreement (FTA) early next year, as announced after a bilateral meeting between Indian Prime Minister Narendra Modi and British Prime Minister Keir Starmer during the G20 Summit in Brazil. The talks aim to conclude a balanced and mutually beneficial agreement addressing pending issues from previous discussions.The FTA negotiations, which began in January 2022, stalled after the 14th round due to political changes and elections in both countries. "The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal," India’s Ministry of Commerce stated.Focus Areas in NegotiationsKey areas of discussion include India’s demand for greater market access for skilled professionals and tariff-free entry for goods such as pharmaceuticals and textiles. The UK seeks reductions in import duties on products like scotch w...

[ad_1] New Delhi: The dates for the India-UK free trade agreement (FTA) talks in early 2025 would be finalized through diplomatic channels at an early date, the commerce and industry ministry said Wednesday, a day after Britain said that the two will “relaunch in the new year” talks for a trade pact.“The FTA talks would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal,” the commerce and industry ministry said in a statement.An announcement on the issue was made following a meeting between Prime Minister Narendra Modi and his British counterpart Keir Starmer on the sidelines of the G-20 summit in Brazil. It was the first meeting between the two leaders.“We welcome the announcement by the UK to relaunch the India-UK Free Trade talks in the new year,” the ministry said.Noting the importance for securing a balanced, mutually beneficial and forward looking FTA, India said that it looks forward to closely...

[ad_1] New Delhi: India’s services exports are expected to reach $618.21 billion by FY30, edging past merchandise exports, which are projected at $613.04 billion, think tank Global Trade Research Initiative (GTRI) said Wednesday.It said the country needs to diversify its IT exports beyond the US, regulate the dominance of American tech giants and strategically tap into high-growth areas like transport, travel, maintenance and repair, to continue this momentum.The growth estimates are based on compound annual growth rate (CAGR) between FY19 and FY24 of 5.8% for merchandise exports and 10.5% forservices exports.“Regulating the dominance of US tech giants like Google, Facebook, Amazon, and OpenAI is essential to foster the growth of homegrown digital enterprises. Establishing regulations to promote a level playing field can empower Indian companies to compete globally,” GTRI said.Software and IT services, and other business services (OBS) accounted for 86.4% of total services expor...

[ad_1] India and Australia sealed an ambitious renewable energy partnership and set their eyes on a comprehensive economic cooperation agreement as Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese vowed to significantly ramp up overall bilateral ties. A raft of issues including ways to boost ties in areas of defence and security ties, mobility, science and technology and education figured prominently at the second India-Australia annual conclave held on the sidelines of the G20 summit late on Tuesday. The two leaders also looked forward to a long-term vision of defence and security collaboration to enhance collective strength, contribute to both countries' security, and make an important contribution to regional peace and security, according to a joint statement. The Renewable Energy Partnership (REP) would provide the framework for practical cooperation in priority areas such as solar energy, green hydrogen, energy storage, investments in relat...

[ad_1] India is set for a major change in its export trends, with outbound shipments of the services sectors expected to overtake merchandise exports by 2030 and touch USD 618 billion, think tank GTRI said on Wednesday. Between 2018-19 and 2023-24, the country's merchandise exports grew at a compound annual growth rate (CAGR) of 5.8 per cent, while services exports surged ahead at a robust CAGR of 10.5 per cent. "At this rate, by FY2030, services exports are expected to reach USD 618.21 billion, edging past merchandise exports, which are projected at USD 613.04 billion," the Global Trade Research Initiative (GTRI) said. It added that most growth in India's services sector comes from two categories -- software & IT services, and Other Business Services (OBS). Together they accounted for 86.4 per cent of total exports in the last fiscal year. GTRI Founder Ajay Srivastava said OBS, encompassing areas such as legal, accounting, tax consultancy, management co...

[ad_1] New Delhi: Indonesia and Thailand have questioned at the World Trade Organization (WTO) India’s quality control orders (QCO) on various products including medical textiles, footwear and viscose staple fibre, and certain measures which restrict its import of copper, wooden boards and tyres. These issues came up at a meeting on market access in WTO on Wednesday.Last year, Canada, Japan, the UK and the EU had raised concerns at India’s QCOs terming them protectionist.“Some new trade concerns pertaining to India’s QCOs were raised at the meeting,” said a Geneva-based official.Indonesia also raised concerns at QCOs on plywood and wooden flush door shutters, viscose rayon cut staple spun yarn, and dyed knitted or crochet fabric made from synthetic fibres.To encourage local manufacturing, India has issued QCOs on many products such as toys, aluminium products, lighters, sports goods, potable water bottles and insulated flasks, resin-treated compressed wood laminates and wooden f...

[ad_1] New Delhi: Coal import in April-September increased 1.4% year-on-year reaching 129.5 million tonnes (mt) compared to 127.8 mt in the corresponding period of the previous year.In value terms, imported coal in the said period amounted to ₹1.4 lakh crore, a decline from ₹1.5 lakh crore during the same period last year. The reduction in value has resulted in savings of ₹13,629 crore because of a more cost-effective approach to coal procurement, the government said on Wednesday.The ministry of coal is committed to reducing dependency on imported coal where feasible, it said, highlighting the steps taken by the government.The ministry has facilitated higher domestic production and better logistics, among others. Nominations for ET MSME Awards are now open. The last day to apply is November 30, 2024. Click here to submit your entry for any one or more of the 22 categories and stand a chance to win a prestigious award. [ad_2] Source link Follow Us: https://facebook.com/gag...

[ad_1] Investments in India by Swiss companies such as engineering group ABB and transport firm Kuehne+Nagel are on the rise, with a $100 billion regional trade deal expected to further open it up to businesses long geared towards China. India's appeal has already reflected a broader shift among businesses in Europe eager to balance the costs of a U.S.-China trade spat and recognition that the Chinese economy is, by comparison to India, losing steam. But the trade and economic partnership (TEPA) signed in March with the European Free Trade Association, whose biggest member is Switzerland, is likely, when ratified, to provide an extra incentive to Swiss investment as it will slash tariffs on exports from chocolates to watches and machinery. Under the deal, EFTA, whose other members are Norway, Iceland and Liechtenstein, will invest $100 billion in India and will benefit from easier and cheaper access to the Indian market of 1.4 billion people. India expects the agreement to b...

[ad_1] India remains highly dependent on imports for minerals critical to accelerating its energy transition, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for critical minerals is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, ...

[ad_1] The WTO's dispute settlement body on Monday again accepted a request from India and Chinese Taipei not to adopt the ruling against New Delhi's import duties on certain information and technology products till April next year, as both sides are engaged in resolving the matter mutually, an official said. The issue came up during a meeting of the dispute settlement body (DSB) in Geneva. "The DSB agreed to the latest requests from Chinese Taipei and India," the Geneva-based official said. At the October 28 meeting, India and Chinese Taipei once again requested additional time from the DSB to consider the adoption of the panel rulings in the case initiated by Chinese Taipei regarding India's tariffs on certain high-tech goods. The two sides had requested that the DSB further delay consideration of the panel reports until October 28, 2024, to help facilitate the resolution of the disputes. "The parties asked that the DSB further delay consideration of...

[ad_1] The increase in ethanol production in India due to higher blending rates will reduce local sugar availability and prevent the country from exporting sugar in the 2024/25 season, Singapore-based commodities trader Wilmar said. India is the world's second-largest sugar producer after Brazil, but the country has been absent from export markets to guarantee local supplies as larger shares of its sucrose output are diverted to produce ethanol instead of sugar. Wilmar projected on Monday that a total of 5 million metric tons of sucrose will be diverted to ethanol production in the 2024/25 season as India targets higher blending rates of ethanol into gasoline to reduce its oil imports. As a result, the Asian trader estimates net sugar production to reach only 27.5 million tons in India, for a total country consumption of 29.5 million tons. The difference will come from stocks, which Wilmar projected to fall 2 million tons to 3.3 million tons at the end of the season."Su...

[ad_1] New Delhi: Spanish President Pedro Sanchez on Tuesday said he looks forward to advancing EU-India FTA negotiations, highlighting the "enormous" potential for a stronger relationship between India and the 27-nation European Union bloc, including Spain. The European Union (EU)-India proposed a free trade agreement (FTA) aimed at further boosting bilateral trade and investments between the two regions. The two sides are negotiating FTA, investment protection treaty and agreement on geographical indications (GIs). "The potential for a stronger relationship between India and the European Union (including Spain) is enormous. Spain is one of the largest economies in the world and has invested USD 4.2 billion in India... We look forward to advancing negotiations on a European Union-India free trade agreement. This will help our markets grow in size and diversity," Sanchez observed while addressing the CII Spain India Business Summit in Mumbai, a statement issu...

[ad_1] New Delhi: In a breather for manufacturers of mobiles and components in India, the World Trade Organization’s dispute settlement body (DSB) has accepted a request from India and Taiwan to further defer the adoption of the ruling against New Delhi’s import duties on certain information and technology products till April 25 next year.This is the fifth time the adoption of the ruling has been deferred.The two were earlier given time until September 19, 2023 then December 18, then April 26, 2024 and then October 31 to resolve the dispute regarding New Delhi’s import duties on certain information and technology products.India has appealed against the ruling in its dispute with Japan and the EU. The dispute was filed in 2019 when the three members had challenged the import duty of 7.5%—later increased to 15%—levied by India in 2017. India further raised the duty to 20%. India had imposed these duties to boost local manufacturing.“The US and Korea supported the two sides’ effort...

[ad_1] The share of BRICS+ grouping in global merchandise exports can overtake the G7 bloc by 2026, EY India said on Wednesday. The October edition of EY Economy Watch reveals a significant shift in global trade dynamics, with the BRICS+ group rapidly increasing its share in merchandise exports and imports. From 2000 to 2023, the BRICS+ group's share of global merchandise exports has risen from 10.7 per cent to 23.3 per cent, marking an impressive increase of 12.6 percentage points. In contrast, the G7's share has seen a notable decline, dropping from 45.1 per cent to 28.9 per cent. Meanwhile, the rest of the world has maintained a relatively stable share, increasing slightly from 44.2 per cent to 47.9 per cent. G7 is a grouping of advanced economies -- the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. This trend highlights the growing prominence of the BRICS+ group in the global trade arena, suggesting a potential shift towards a multi...

[ad_1] The country's gold imports, which have a bearing on the country's current account deficit (CAD), rose by 21.78 per cent to USD 27 billion during April-September this fiscal due to strong domestic demand, according to the government data. The imports stood at USD 22.25 billion in April-September 2023-24. An industry expert said that the ongoing festival demand is helping the increase in imports. In 2023-24, India's gold imports surged 30 per cent to USD 45.54 billion. Switzerland is the largest exporter of gold, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent). The precious metal accounts for over 5 per cent of the country's total imports. The jump in gold imports pushed the country's trade deficit (difference between imports and exports) to USD 137.44 billion during the first half of the current fiscal compared to USD 119.24 billion during April-September 2023. India is the world's secon...

[ad_1] India is not looking at the ongoing US-China trade tensions as an opportunity for its own benefit and the country stands on its strengths such as democratic institutions, robust rule of law, and talented youth, Commerce and Industry Minister Piyush Goyal said on Wednesday. Speaking at the eighth Future Investment Initiative (PII) Plenary in Riyadh (Saudi Arabia), he said India offers huge opportunities and the world is building stronger ties with the emerging markets. "India does not look at the US-China tensions as a source of benefit. We believe we can stand on our own feet, on the strength of our democracy, the rule of law that we offer, the strength of our young population, and our demographic dividend works well. It is talented, spirited and aspirational," the minister said. He was replying to a question about huge economic potential in the country and India is one of the major beneficiaries of the developments in the world like US-China trade tensions. ...

[ad_1] India doesn’t look at US-China tension as a source of benefit and the country can stand on its own feet, commerce and industry minister Piyush Goyal said Wednesday.“India doesn’t look at US-China tension as a source of benefit. We believe we can stand on our own feet The strength of our democracy, the rule of law that we offer, the strength of a young population, that demographic dividend works well for us,” Goyal said at the 8th Edition of the Future Investment Initiative Plenary in Riyadh, Saudi Arabia.He also said that the World Trade Organization (WTO) has not failed but going through certain stresses and grappling with issues like not having an Appellate Body so disputes are not being resolved through the multilateral framework.“We have challenges on certain agendas where the developed world and the emerging markets think differently.We've not been able to reconcile those differences but I am one who believes that the future is bright,” Goyal said, citing the exa...

[ad_1] India and Saudi Arabia on Wednesday discussed ways to enhance cooperation in areas of fertilizers, petrochemicals, and mining to boost trade and investments. These sectors were discussed during a meeting between Commerce and Industry Minister Piyush Goyal and Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh. Goyal is in Riyadh on an official visit. "We further deliberated and explored potential areas for cooperation in the fertilizers, petrochemicals, and mining sectors," Goyal said in a post on a social media platform. The minister also inaugurated the 'Lulu Wali Diwali' at the Lulu Hypermarket. "From the Apple orchards of Ladakh to the markets of Riyadh! For the first time, Saudi Arabia gets to taste these exotic home-grown delights," he said on X. India is the second largest trade partner for Saudi Arabia whereas Saudi Arabia is India's fourth largest trading partner. The bilateral trade betw...

[ad_1] The growing influence of countries like India and China is reshaping the global economic landscape, shifting the focus from G7 nations to the BRICS alliance, according to a recent report by EY India.The report highlights a significant shift in global trade dynamics, with the BRICS+ group rapidly expanding its share in global exports and imports."Central to this transformation are India and China, two key members of the BRICS+ alliance. In 2023, they ranked third and first globally in terms of purchasing power parity (PPP), both countries are projected to retain these positions by 2030," the report stated.The report also highlighted that between 2000 and 2023, the BRICS+ group's share of global merchandise exports surged from 10.7 per cent to 23.3 per cent, reflecting an increase of 12.6 percentage points. In contrast, the G7's share saw a sharp decline, dropping from 45.1 per cent to 28.9 per cent.« Back to recommendation storiesThe rest of the world mai...

[ad_1] After facing disastrous results in United Kingdom, Kemi Badenoch on Saturday became the first Black woman to lead Britain's Conservative Party as she succeeded Rishi Sunak in the House of Commons as the Leader of Opposition. The 44-year-old Nigerian-heritage parliamentarian defeated former Cabinet minister Robert Jenrick after a three-month-long leadership election following Sunak's resignation after the Tories suffered a bruising general election defeat on July 4.The shadow secretary of state for Housing, Communities and Local Government began by thanking her predecessor – who was the first British Indian leader of the party."I want to thank Rishi, no one could have worked harder in such difficult times. Rishi, thank you for everything you did. We all wish you and your wonderful family the very best for the future," said Badenoch in her acceptance speech.Rishi Sunak took to social media to extend his support. "Congratulations to Kemi Badenoch on be...

[ad_1] Mumbai: Ahead of the November 20 Maharashtra assembly polls, state Congress chief Nana Patole on Sunday urged the Centre to ban cotton imports, claiming it was affecting farmers, and demanded the produce be purchased at the MSP of Rs 7,122. In a letter to Prime Minister Narendra Modi, Patole said Maharashtra ranks second in the country for cotton production, with more than 40 lakh farmers engaged in its cultivation. "Despite the state producing an ample cotton yield, reports of import of 22 lakh bales of cotton have raised concerns about a potential sharp decline in the domestic cotton prices," he said in the letter. The Cotton Corporation of India (CCI) also has 11 lakh million unsold bales in stock, the Congress leader said. Considering farmers' welfare, Patole said the Centre should impose an immediate ban on cotton imports and instruct the CCI to purchase cotton at the guaranteed price. He said the current cotton price is between Rs 6,500 and Rs 6,600 pe...

[ad_1] India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade, according to the commerce ministry data. The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. The ministry data analysis showed that petroleum exports rose to USD 84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018. In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching USD 1.52 bill...