GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] In a strong stance on international trade, US President Donald Trump on Tuesday described China, India, and Brazil as "tremendous tariff-maker(s)" while addressing House Republicans at a retreat in Florida. He emphasized that his administration would no longer tolerate practices that he believes harm the US economy, underscoring his commitment to an "America First" agenda.Trump pledged to impose tariffs on nations that, in his view, act against US interests. “We’re going to put tariffs on outside countries and people that really mean harm to us. Well… they mean us harm, but they basically want to make their country good,” Trump remarked.He specifically named China, India, and Brazil—key members of the BRICS bloc—as examples. "We’re not going to let that happen any longer… because we’re going to put America first,” he declared.Recent talks between Modi and TrumpTrump's comments follow a recent telephonic conversation with Indian Prime Minister ...

[ad_1] In a strong stance on international trade, US President Donald Trump on Tuesday described China, India, and Brazil as "tremendous tariff-maker(s)" while addressing House Republicans at a retreat in Florida. He emphasized that his administration would no longer tolerate practices that he believes harm the US economy, underscoring his commitment to an "America First" agenda. Show more Show less [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/donald-trump-going-to-put-america-first-trump-calls-china-india-high-tariff-countries-cities-harm-to-us-the-economic-times-video/?feed_id=1552&_unique_id=679c26ab1a185

[ad_1] India and Oman have decided to expedite the discussions for an early signing of a bilateral Comprehensive Economic Partnership Agreement (CEPA), the government said Tuesday.The two sides have also signed the Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on cross-border taxation during commerce and industry minister Piyush Goyal’s visit to Oman this week.Goyal co-chaired the 11th Session of the India-Oman Joint Commission Meeting (JCM) with Qais bin Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion of Sultanate of Oman during his visit on January 27-28, according to a statement issued by the commerce and industry ministry.Noting that the two ministers exchanged views on a bilateral India-Oman CEPA which is under advanced stages of negotiations, it said: “Both ministers agreed to expedite the discussions for an early signing of the CEPA which will be a new milestone in bilater...

[ad_1] New Delhi: India is conducting a legal review of US President Donald Trump's America First Trade Policy to gauge its implications on the country's trade agenda.The commerce and industry ministry is undertaking a paragraph-wise review of the executive order issued by Trump last week on the trade policy that entails the US identifying countries with which it can negotiate agreements bilaterally or on a sector-specific basis. US also warns of supplemental tariffs on trade partners to correct America's trade deficits."A detailed review of the executive order is being held to analyse any implication for India," said an official. The review assumes significance with Trump asking Prime Minister Narendra Modi to move towards a fair bilateral trading relationship and buy more America-made security equipment. Modi is likely to visit the US next month.The US' trade deficit with India was above $35 billion in FY24. Review WTO AgreementsIt is India's top ...

[ad_1] The Indian government does not intend to impose immediate restrictions on laptop imports in the New Year, as it expects local production to grow steadily and replicate the success achieved in the smartphone sector, according to IT and electronics secretary S Krishnan. The government expects companies like HP and Dell to significantly increase local output starting in the next fiscal year, mirroring the success seen with smartphone production.Krishnan told the Times of India, “At no stage was it the intention of govt to disrupt import of any of these electronics. Let’s be clear. We don’t want to disrupt. We just want to convince people that while the availability is ensured, at the same time we bring in more of the actual production within the country.” He indicated that any import reductions would be gradual.Also Read: For 2025, Govt presses enter for laptop importsThe government is also developing a new financial incentive plan to attract semiconductor manufacturers. Thi...

[ad_1] New Delhi: The government has laid out a procedure for export of certified organic products, requiring mandatory certification under the National Programme for Organic Production (NPOP) for such shipments, according to a public notice. The Directorate General Of Foreign Trade (DGFT) in a public notice said that a product will be allowed to be exported as "organic product" only when accompanied by a Transaction Certificate (TC) issued by a certification body accredited by the National Accreditation Body for such items under the NPOP of the Department of Commerce. India has fixed a target of USD 2 billion exports for organic food products by 2030. It added that exports of these goods shall only be certified as such if produced, processed, packed and labelled as per the standards laid down in the NPOP. "Procedure for export of certified organic products has been notified," it added. The revised edition of the NPOP will come into force with effect from ...

[ad_1] China's commerce ministry said on Tuesday it will impose anti-dumping deposits on cypermethrin imported from India starting Jan. 8, following preliminary findings of dumping.Cypermethrin, an insecticide used in agriculture and sanitation, controls pests on crops such as cotton, vegetables, corn, and flowers, according to the ministry. [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/china-to-impose-anti-dumping-deposits-on-cypermethrin-from-india/?feed_id=1523&_unique_id=67943c445220d

[ad_1] India and Malaysia on Tuesday agreed to deepen cooperation in counter terrorism and deradicalization; cyber security; defence industry; and maritime security. They also explored ways to enhance cooperation in critical minerals and rare earths. It was agreed to institutionalise the dialogue by holding annual meetings. The first India- Malaysia Security Dialogue was co-chaired by Ajit Doval, National Security Adviser and Raja Dato Nushirwan Bin Zainal Abidin, Director General of the National Security Council of Malaysia in New Delhi.During the security dialogue both sides exchanged views on the global and regional security environment and reviewed on-going bilateral cooperation in the security, defence and maritime fields.The dialogue is an outcome of the visit of Prime Minister of Malaysia Anwar Ibrahim to India in August 2024 at the invitation of Prime Minister of India Narendra Modi. During this visit India- Malaysia bilateral ties were elevated to a Comprehensive Strate...

[ad_1] New Delhi: Exporters and freight agencies Tuesday raised the issue of high terminal handling charges at ports and low usage of dry ports or inland container depots , which add to the overall logistics costs.At a meeting with commerce and industry minister Piyush Goyal, they said the fee charged by shipping terminals to store and position containers before they are loaded on a vessel is higher by ₹10,000-15,000 per consignment than what ports charge. "It was a stock-taking meeting on logistics and shipping issues. The government is looking at reducing logistics costs everywhere," said an official. India aims to cross $800 billion of goods and services exports in fiscal 2025 as against $778 billion in the last 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/exporters-flag-terminal-fee-low-dry-ports-use-to-piyush-goya...

[ad_1] India has cut its November gold import estimates by an unprecedented $5 billion, the largest revision for any commodity in history, after errors in preliminary calculations inflated the figure to a record, government data showed on Wednesday.New Delhi said last month its gold imports hit a record high of $14.8 billion in November, more than doubling from $7.13 billion in October. The spike widened the country's merchandise trade deficit to a record $37.84 billion in November, exceeding economists' forecast of $23.9 billion and spooking financial markets.The country's gold imports in November were $9.84 billion, compared with a preliminary estimate of $14.8 billion published last month, data compiled by the Directorate General of Commercial Intelligence and Statistics (DGCIS) showed. The downward revision in gold imports by $5 billion would reduce the trade deficit by a similar amount, said a government official, who declined to be named because he was not auth...

[ad_1] Senior officials from the commerce ministry, and commercial wings of Indian Missions of 20 countries on Wednesday discussed ways to promote exports of goods and services. The three-day meeting was concluded on Wednesday. "Discussed country-specific and sector-specific opportunities and challenges in trade, technology, investment & tourism. Together, we explored ways to strengthen India's global leadership and foster deeper international collaborations," Commerce and Industry Minister Piyush Goyal said on X. The issues which came up during the three-day deliberations included opportunities and challenges and the way ahead in six focus sectors (of goods and services each) in 20 countries of significance; non-tariff barriers; logistics; WTO (World Trade Organisation) matters; and role and importance of MAI (market access initiative), the official said. The meeting was important as the commerce ministry is in the process of formulating a strategy to push ...

[ad_1] The government revised gold and silver imports for April-November FY25, with the steepest downward revision of $5 billion in the former. Data for November gold imports was revised to $9.84 billion, from the $14.86 billion announced last month, narrowing the trade deficit for the month to $32.8 billion, from the record $37.8 billion estimated earlier.The high trade deficit had sparked concerns and contributed to the weakening of the rupee against the dollar.According to the latest data by the Directorate General of Commercial Intelligence and Statistics (DGCIS), even after the downward revision, gold imports in November are up 186% from a year ago.DGCIS also revised the gold import numbers since April 2024, revealing excess imports of about $11.7 billion in April-November FY25. The cumulative gold imports during the first eight months of FY25 are $37.38 billion, as against the earlier estimate of $49.08 billion.Similarly, silver imports data for April-November were revised...

[ad_1] The commerce ministry has asked the commercial wings of Indian Missions of 20 countries to specifically identify market opportunities in six goods and services to promote India's exports, an official said on Thursday. Ways to increase the exports were discussed during a three-day meet, concluded on January 8, between senior officials from the ministry and commercial wings of Indian Missions. The official said the missions were asked to market opportunities in these six sectors, competitors and specific companies. The meeting was important as the commerce ministry is in the process of formulating a strategy to push exports of six key product categories, including engineering goods and electronics, to 20 focus countries, including the US, Australia, France, China, Russia, the UK, Japan, South Korea, Singapore and Indonesia. These countries, including the US and the European Union nations, account for a major chunk of India's total exports. After recording double...

[ad_1] The country's organic products' exports have the potential to jump over three-fold to Rs 20,000 crore in the next three years, Commerce and Industry Minister Piyush Goyal said on Thursday. He said this while releasing the eighth edition of the National Programme for Organic Production (NPOP) with new regulations aimed at enhancing clarity and transparency in organic product standards as well as aligning with global standards."Currently, our organic product exports are at Rs 5,000-6,000 crore. In the next three years, we can easily achieve Rs 20,000 crore exports, about 3-3.5 times increase from the current level," Goyal said.He said the global demand for these products is about Rs 1 lakh crore, which can grow up to Rs 10 lakh crore in the coming years, a unique opportunity India should not miss.India already has one of the largest numbers of farmers in the world undertaking organic farming.He also asked startups to come out with solutions that help in gr...

[ad_1] The revision of data by the commerce ministry's arm DGCIS is reflecting adjustments in the imports of gold, silver, and electronics for the period from April to November 2024, think tank GTRI said on Thursday. Global Trade Research Initiative (GTRI) said the revisions highlight discrepancies in earlier data reporting and underscore the need for accurate trade documentation, especially in high-value commodities like gold. The government should share the details of why such large-scale revisions were needed, GTRI founder Ajay Srivastava said. According to the GTRI report, India's electronics imports for April to November 2024 were revised from USD 63.9 billion to USD 61.2 billion, a reduction of USD 2.7 billion. In November 2024, electronics imports were adjusted from USD 7.6 billion to USD 7.2 billion. Similarly, it said, the country's silver imports during April-November 2024 were revised down from USD 3.28 billion to USD 2.33 billion, marking a USD 0.95 billi...

[ad_1] New Delhi: The government has setup a committee to create a mechanism for publishing consistent export-import data even as multiple official portals continue to capture trade data, the commerce and industry ministry said Thursday, a day after its data collection arm steeply revised downwards the gold and silver imports for April-November FY25. Transmission of data from the special economic zone (SEZ) portal to the Indian Customs Electronic Gateway (Icegate) may have led to calculation errors.“A committee has been formed with stakeholders from DGCIS, DG Systems (CBIC) and SEZs for creation of a robust mechanism for publishing consistent data,” it said in a statement, citing “persistence of certain technical glitches”. The Directorate General of Commercial Intelligence and Statistics (DGCIS), an arm of the ministry, is responsible for the collection, compilation and dissemination of India’s trade statistics and commercial information.The provisional Quick Estimates (QE) o...

[ad_1] New Delhi: Distant suppliers Russia, the US, Venezuela and Brazil lost a combined 17% share of the Indian crude import market in December compared to a month earlier as increased demand from their own refineries curtailed exports to India. Iraq, the UAE, Kuwait, Angola and Nigeria together gained almost 19% share in India's crude imports, more than offsetting supply losses from Russia and American suppliers, according to energy cargo tracker Vortexa. Russia remained the top supplier in December with a 33.4% share of India's crude imports, declining from 41.3% in November. India received 1.5 million barrels per day (mbd) of Russian crude in December compared to 1.75 mbd in November. "There has been an overall decline in Russian crude exports, most likely driven by domestic refining demand which was responsible for lower flows to India," said Rohit Rathod, an analyst at Vortexa. "As for lower volumes from the US, Venezuela and Brazil, these barrels we...

[ad_1] NEW DELHI: India has the potential to increase exports of organic products up to Rs 20,000 crore in the next three years from Rs 5,000-6,000 crore now, commerce and industry minister Piyush Goyal said Thursday."Currently, our organic product exports are at Rs 5,000-6,000 crore. In the next three years, we can easily achieve Rs 20,000 crore exports, about 3-3.5 times increase from the current level," Goyal said at the eighth edition of National Programme for Organic Production (NPOP). The new regulations are aimed at enhancing clarity and transparency in organic product standards and aligning with global standards.Goyal said the global demand for these products is about Rs 1 lakh crore, which can grow up to Rs 10 lakh crore in the coming years and asked startups to come out with solutions that help in growth of the sector. He also said the cooperative sector, farming sector and the trade sector will assist the organic sector to grow in the future.The revised NPOP...

[ad_1] Russian nuclear major Rosatom has announced the figures for cargo shipments along the Northern Sea Route (NSR) for 2024. The total volume of cargo transported was 37,893.5319 tons, which is almost 37.9 million tons. This represents an increase of more than 1.6 million tons compared to the previous record.“The year of the 65th anniversary of the nuclear icebreaker fleet was not only a time of new records in cargo shipping. In January, we laid down the icebreaker Leningrad, and in November, we launched Chukotka. The participation of Russian President Vladimir Putin in both ceremonies evidences the importance of the events for the country. Literally a few days before the New Year, the flag was raised on the icebreaker Yakutia. Another significant development in 2024 was the support for the concept of the Great Northern Sea Route by the country’s leader. This concept will govern our future efforts in the Arctic for the next few decades. We are facing the task of creating a ne...

[ad_1] Commerce and Industry Minister Piyush Goyal has assured garlic traders to look into their concerns over illegal imports of the agri commodity, an official said on Saturday. A delegation of garlic traders met the minister on January 10 and highlighted difficulties faced by farmers and traders due to imports of Chinese garlic, the commerce ministry official said. According to the traders, Chinese garlic is banned in India, but it is being brought into the country, which is hurting farmers and traders, apart from distorting the garlic market. The traders have alleged that some imports were routed via Afghanistan, Iran and Iraq to circumvent the ban on Chinese imports. "The minister assured them that the government will examine their petition and take strong action against illegal imports, if any," the official added. The country's garlic imports stood at USD 7 million during April-October this fiscal. It was USD 31.4 million in 2023-24. Artificial Intelligence(...

[ad_1] The commerce ministry this time around may witness a repeat of 2011 when a discrepancy of about USD 9 billion was detected in the trade data for the April-November period. This time, the issue involves suspected errors in calculating gold import figures for November 2024. In 2011, there was over-reporting of export data on account of miss-classifications and double counting due to problems in the computer software, which was getting upgraded. Noticing an unusual surge in the gold imports in November this year, pushing the country's trade deficit to a record, a commerce ministry official on Wednesday said that DGCIS (Directorate General of Commercial Intelligence and Statistics) has taken up detailed examination of the gold import data and reconciliation would be done with the data received by CBIC (Central Board of Indirect Taxes and Customs). The country's gold imports in November reached a record high of USD 14.86 billion, registering a four-fold increase, mainl...

[ad_1] India’s import data since July may have to be recast as the ministries of finance and commerce & industry look into the sudden spike recorded in imports of gold. Officials from both ministries will hold discussions this week and next to examine the issue.Transmission of data from the special economic zone (SEZ) portal to the Indian Customs Electronic Gateway (Icegate) may have led to calculation errors in the case of gold. Officials ruled out a similar issue with any other commodity.“SEZ Online was merged with Icegate in July,” an official said. “We will examine the import data since then, and it could be recast.” Another official said, “We are checking if there are errors related to this transition. Sometimes, there are flaws when we shift to a new system. So, all imports (numbers) will be checked if that is the case.”A similar issue had surfaced in 2011, when over-reporting of export data on account of misclassification, as well as double counting due to problems in...

[ad_1] New Delhi: US Ambassador to India Eric Garcetti highlighted the potential of the US-India partnership, emphasising the need to lower tariffs and to increase trade and make it more fair and equal.While addressing an event organised on Thursday by the US-India Business Council (USIBC), Garcetti said, "We need, together, to lower tariffs, not to see them go up. We need, together, to increase trade and to make it more fair and equal. We need to, together, make sure that there's training and talent that meets the needs of companies on both sides of the Indo-Pacific."He further said, "We have to protect our trademarks and our intellectual property, and we have to make sure that transportation and infrastructure exists, for India to reach its goals more quickly, that is in the American interest, and vice versa, in the Indian interest as well. So let us renew our commitment to being more ambitious, to not settling for what is, and what is good, but reaching for...

[ad_1] India has flagged barriers being faced by domestic industry in the European Union (EU) markets and urged to address the issue, an official statement said on Friday. The issue besides the progress of proposed free trade agreement between the two was discussed during the meeting of Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic last night virtually. "Minister Goyal underlined that non-tariff barriers were impeding trade and emphasized the need to address long pending issues as a confidence building measure," the commerce ministry said. Both sides agreed to explore a balanced, equitable, ambitious and mutually beneficial FTA, it added. Following nine rounds of intensive negotiations, FTA (Free Trade Agreement) discussions require strategic political guidance to conclude a commercially significant and mutually beneficial agreement, with due consideration given to each side's sensitivities, ...

[ad_1] India has flagged non-tariff barriers being faced by its domestic industry in the European Union (EU) and emphasised the need to address long pending issues as a confidence building measure under the bilateral free trade agreement (FTA) talks, the government said Friday.The issue were discussed during a meeting between commerce and industry minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic last night virtually.“Goyal underlined that non-tariff barriers were impeding trade and emphasized the need to address long pending issues as a confidence building measure. Both sides agreed to explore a balanced, equitable, ambitious and mutually beneficial FTA,” the commerce and industry ministry said in a statement.New Delhi has been raising concerns regarding the EU’s sustainability measures, such as Carbon Border Adjustment Mechanism, Deforestation Regulation, and termed them non-tariff barriers. On October, Goyal said that the two sides...

[ad_1] India has initiated a probe into an alleged increase in imports of certain steel flat products into the country following a complaint from the Indian Steel Association.In a notification, the Directorate General of Trade Remedies (DGTR) said that it has started the investigation into imports of Non-Alloy and Alloy Steel Flat Products used in various industries, including fabrication, pipe making, construction, capital goods, auto, tractors, bicycles, and electrical panels.The DGTR said that the Indian Steel Association, on behalf of its members - ArcelorMittal Nippon Steel India, AMNS Khopoli, JSW Steel, JSW Steel Coated Products, Bhushan Power & Steel, Jindal Steel and Power, Steel Authority of India - has filed an application seeking imposition of safeguard duty on imports of these products into India.The product under consideration of the probe includes hot rolled (HR) coils, sheets and plates; HR plate mill plates; cold rolled (CR) coils and sheets; metallic coated...

[ad_1] Indian exporters of garments, handicrafts, and engineering goods expect 5-10% gains from the rupee’s depreciation, but more import-dependent sectors such as gems and jewellery and electronics see rising oil and commodity prices offsetting any benefits, trade insiders said.Moreover, the sharper depreciation of the Chinese yuan, Japanese yen, and Mexican peso against the US dollar may prompt buyers to pressure Indian exporters to pass on the gains, besides undermining any long-term competitive advantage from the rupee’s fall, they said.The rupee hit an all-time low of 85.09 per dollar on Thursday, crossing the 85 mark for the first time. On Friday, the rupee hit a new low of 85.10/$1. Almost 60% of India’s goods trade is in dollars, and the depreciation will help traditional sectors such as textiles and leather.“The rupee depreciation will help the entire textile chain, and the benefit is usually 50% of the depreciation. The rest of the benefit gets passed on to the buyers,...