GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] New Delhi: The US has told the World Trade Organization (WTO) that there was "no basis" for India seeking consultations with it under the trade watchdog's safeguard agreement over American tariffs on automobiles and auto components.Last week, India sought consultations with the US after Washington adopted a measure in the form of a tariff increase of 25% ad valorem on imports of passenger vehicles and light trucks, and certain automobile parts originating in or from India. The measure on automobile parts applied from May 3, 2025, and for an unlimited duration.On Monday, Washington informed the WTO that the tariffs on autos were imposed pursuant to Section 232, which is a national security statute, and the US is "maintaining these actions pursuant to the essential security exception" in the global trade rules.Insisting that it did not act pursuant to Section 201 of the Trade Act of 1974, under which it imposes safeguard measures, the US said, "...

[ad_1] New Delhi: India and the EU have closed five chapters including on intellectual property, and customs and trade facilitation of their proposed free trade agreement (FTA) in the 11th round of talks held on May 12-16 in New Delhi. The two sides also discussed the EU's proposal for easing the process of certification under India's Quality Control Orders, especially improvements in online application and accreditation of EU Conformity Assessment Bodies, said an official. The 12th round of negotiations is likely in Brussels in July, but intensive intersessional engagement will take place virtually and in person, besides discussions at the political level. The two sides aim to conclude the FTA by the end of 2025. Negotiators also made substantive progress on the text of digital trade facilitation provisions such as e-invoicing, e-authentication, e-contract, paper-less trade, online consumer protection, spam, digital identities and open government data. "The focus o...

[ad_1] India places a high priority to its relations with the European Union, the centrepiece of which is the Free Trade Agreement negotiations that are making very good progress, External Affairs Minister S Jaishankar said here on Wednesday. During a conversation with The Financial Times Brussels Bureau Chief Henry Foy at the German Marshall Fund (GMF) Forum, the external affairs minister expressed confidence that the year-end timeline set for the completion of the India-EU Free Trade Agreement (FTA) seems "feasible" following his in-depth talks with EU officials this week. He also highlighted the strength of the two-way relationship that goes beyond trade to cover aspects of defence and security, mobility, talent flows and education. "I would give it (India-EU ties) pretty high priority... right now you catch us at a very important moment," said Jaishankar."We had the (EU) College of Commissioners, very soon after they came into office, visit India col...

[ad_1] India and the US are on track to seal a trade agreement before the deadline of fall 2025 set by PM Narendra Modi and President Donald Trump, commerce and industry minister Piyush Goyal told ET in an interview. Goyal, who is on a four-day visit to Switzerland and Sweden, said the rare earth magnet supply squeeze by China is a wakeup call. Edited excerpts: Q: Trade has now acquired a geopolitical dimension. How can India secure its interests? A: Today, India is sitting on the high table. We have free trade agreements (FTAs) with most developed nations—Japan and Korea, Australia, UAE, the four EFTA (European Free Trade Association) countries.The FTA with the UK has already closed. We are in active dialogue with the US for a bilateral trade agreement, with the European Union for a free trade agreement… with Peru, Chile, and Oman. The entire world recognises India’s growing strength.'Perfect Opportunity'Live EventsThe world recognises the decisive leadership Prime Mini...

[ad_1] India's goods and services exports during 2025-26 are expected to cross USD 900 billion despite the global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said. Despite uncertainties due to the Russia-Ukraine conflict, Israel-Hamas war and the Red Sea crisis, the country's overall exports touched an all-time high of USD 825 billion in 2024-25 against USD 778 billion in 2023-24. "We have crossed USD 825 billion exports last year, we are surely to cross USD 900 billion this year in all this global turmoil," he has said here while addressing the Indian business delegation last night. The minister is here on an official visit to meet his Swedish counterpart and companies for promoting trade and investments between the two countries.Apex exporters' body FIEO has projected that the country's overall goods and services exports are expected to grow by over 21 per cent year-on-year to USD 1 trillion during 2025-26. [ad_2] Sourc...

[ad_1] India is open to mutually beneficial arrangements on implementing norms related quality standards with its trusted trading partners, Commerce and Industry Minister Piyush Goyal said on Thursday. He said India is implementing QCOs (quality control orders) to promote manufacturing of quality goods in the country. The rules, standards, and process are the same for domestic as well imported goods and India does not discriminate between domestic manufacturers and foreign suppliers, he said, adding that equal treatment is given to companies of all the countries. "But certainly there could be room to find innovative solutions so that it becomes easier for trusted partners who are producing good quality products to get pathways by which such approvals can become simpler."We are open to suggestions. We are in dialogue with several nations on a mutual benefit basis and a mutual recognition basis, if other nations are willing to respect the high quality goods that India ma...

[ad_1] India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on Thursday. Higher imports of palm and soyoil by India, the world's biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures. Palm oil imports rose 84% in May from April to stand at 592,888 metric tons, the highest since November 2024, the Solvent Extractors' Association of India (SEA) said. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, the SEA said.Imports of soyoil increased 10.4% to 398,585 tons, the highest since January, and sunflower oil imports rose 1.9% to 183,555 tons, it added.Live Events Higher imports of palm oil and soyoil lifted India's total vegetable oil imports in May by 33% from a month befor...

[ad_1] China on Thursday hinted at holding talks with India over its restrictions on export of rare earth materials, saying it is willing to enhance dialogue and cooperation with relevant countries to keep industrial supply chains stable.China's recent restrictions on the exports of key metals caused widespread disruption in the manufacturing of automobiles and semiconductor chips in a host of countries, including India."We are willing to enhance dialogue and cooperation with relevant countries and regions to jointly keep the stability of global industrial and supply chains," Chinese Foreign Ministry spokesperson Lin Jian said.Lin was responding to a question from PTI whether China is willing to lift restrictions on exports of rare earth metals to India as it began clearing export licences to the US and the EU.Lin, however, reiterated that for specifics, the relevant authorities should be approached.Live EventsOn June 16, Indian Ambassador Pradeep Kumar Rawat met C...

[ad_1] India is open to ease the quality control order (QCQ) framework for "trusted partners", producing good quality products, commerce and industry minister Piyush Goyal has said.The minister, on a four-day visit to Switzerland and Sweden, said discussions on 90% of content were complete on India-EU FTA, with services and rules of origin negotiations slated to start from Monday. However, he said, key issue to be addressed is non-tariff barriers to make it easy to do business.New Delhi is implementing QCOs to promote manufacturing of quality goods in the country. Some countries including the US have raised the issue of QCO approvals.Goyal said rules, standards and process are the same for domestic as well imported goods and India does not discriminate between domestic manufacturers and foreign suppliers. National treatment is given to companies of all the countries, he added."We are in dialogue with several nations on a mutual benefit basis and a mutual recogniti...

[ad_1] Trade officials from India and the US have hardened their stance on some key issues as they race to conclude an interim deal before higher US tariffs take effect in July, people familiar with the matter said.Negotiators from both sides, who met in New Delhi this week, wrangled over issues including a US demand that India open up its market to genetically-modified crops, officials in New Delhi said, asking not to be identified as the discussions are private. The US also wants India to eliminate tariffs and ease price controls on medical devices, and relax rules on data localization policy, which mandates storage of data on local servers, the people said. New Delhi is pushing for the US to exempt India from existing sectoral tariffs on steel and automobiles, and threatened reciprocal tariffs that are scheduled to kick in on July 9, the people said. India also wants to be exempted from proposed duties on pharmaceuticals, they said. US President Donald Trump has launched inve...

[ad_1] India has asked state-run miner IREL to suspend a 13-year-old agreement on rare earth exports to Japan and to safeguard supplies for domestic needs, two sources familiar with the matter told Reuters, aiming to reduce India's dependence on China. IREL also wants to develop India's capacity for rare earth processing, which is dominated globally by China and has become a weapon in escalating trade wars. China has curbed its rare earth materials exports since April, pressuring automakers and high-tech manufacturers worldwide. In a recent meeting with auto and other industry executives, Indian Commerce Minister Piyush Goyal asked IREL to stop its exports of rare earths, mainly neodymium, a key material used in magnets for electric vehicle motors, one of the sources said. The Commerce Ministry, IREL and the Department of Atomic Energy, which oversees IREL, did not immediately respond to requests for comment.The sources declined to be identified because of the sensitivit...

[ad_1] New Delhi: India and China have agreed to hold talks to discuss and resolve specific issues of concern, especially in the areas of economics and trade, during the visit of the vice foreign minister of China, Sun Weidong. They will also work towards expediting resumption of direct flights. Sources said the issue of rare earth metal supplies that have been hit by Chinese export controls was also raised by the Indian side during the talks."The two sides agreed to hold certain functional dialogues, including in the areas of economic and trade, to discuss and resolve specific issues of concern," it said. Earlier, the MEA said it remains in touch with China on supply chain concerns."The Chinese Ministry of Commerce and General Administration of Customs, in early April, announced its decision to implement export controls on certain rare earth related items. We remain in touch with the Chinese side in Beijing and in Delhi, to bring predictability in supply chains f...

[ad_1] India's exports could face 15-20% higher logistics costs due to the Israel-Iran tensions, experts said.The Pakistan air route is already closed to India's carriers and now the closure of Iran's airspace will add to air cargo costs.The higher fuel costs will make sea transport costlier-crude was trading 8% up at press time."We are watching the situation. There could be a temporary disruption of some exports, but it is too early to say," said an official.In FY25, India's goods exports to Israel were $2.1 billion and imports were $1.6 billion, while with Iran, the shipments were $1.2 billion and $441.9 million, respectively. While the supply of rough diamonds from Israel to India could get impacted, New Delhi may still be able to supply cut and polished diamonds to countries that otherwise depend on Israel for the precious stones.Live EventsAjay Sahai, director general of Federation of Indian Export Organisations (FIEO), said the closure of the Paki...

[ad_1] Escalation of tensions between Iran and Israel is likely to adversely impact India's export-import (EXIM) trade due to higher transport and insurance costs."The alternate shipping route through Cape of Good Hope is likely to impact the schedules for Indian exporters," Dushyant Mulani, Chairman, Federation of Freight Forwarders Associations in India (FFFAI) told ET while adding marine insurance costs may rise as well.According to Mulani, shipping and air freight costs may rise."We will come to know about the exact situation in the next few days," he said.Global shipping lines had started avoiding the West Asian region after the Israel-Gaza conflict escalation in October 2023. Attacks on commercial vessels in the Red Sea by Iran-backed Houthi militants virtually crippled trade through the Suez Canal. This led to major companies rerouting trade through the Cape of Good Hope.Live EventsAccording to Mulani, the Indian export industry may need additional...

[ad_1] The Israel-Iran military conflict may lead to a further increase in prices of imported nuts and dry fruits in India by exacerbating supply issues, said traders.The commodities, sourced from Afghanistan and Iran, have already seen a 15-100% surge in prices as imports through Pakistan have been completely blocked in the aftermath of the April 22 Pahalgam terrorist attack, they said. Industry representatives had a meeting with the central government authorities this week, seeking clarity on the duty structure for the Afghan-origin dry fruits imported through Iran.However, the Israel-Iran conflict comes as a double-whammy for the industry, said people familiar with the matter. [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/conflict-may-trigger-dry-fruit-price-rise/?feed_id=2538&_unique_id=684cf65665702

[ad_1] A team of US officials is expected to visit India in the coming weeks for the next round of discussions on the proposed interim trade agreement between the two countries, sources said. The visit gains importance as India and the US are likely to agree on an interim trade agreement before July 9, with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. "The US team is expected in India for trade talks. Negotiations are moving at a faster pace," one of the sources said. India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, concluded his four-day visit to Washington last week. He held talks with his US counterpart on the proposed agreement. Commerce and Industry Minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his visit. The US on April 2 imposed an additional 26 per cent reciprocal...

[ad_1] The government on Monday imposed import restrictions on cabinet hinges priced below Rs 280 per kilogram to discourage cheap inbound shipments of these goods from countries like China. These hinges are essentially hardware components. It connects cabinet doors to their frames. "Import of Cabinet Hinges having a CIF (cost, insurance, freight) value of less than Rs 280 per kilogram, is restricted," the directorate general of foreign trade (DGFT) said in a notification. Now, importers would have to seek permission or a license from the DGFT if the price of these hinges is below Rs 280 per kilogram. Earlier, there were no restrictions on these imports. They are mainly imported from countries like China, Italy and Germany. [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/govt-restricts-cabinet-hinges-priced-below-rs-280-per-kilogram/?...

[ad_1] The government Monday removed port restrictions on exports of certain kinds of leather, including finished, wet blue and El tanned, a move hailed by sector exporters.The requirement for testing and certification by the Central Leather Research Institute (CLRI) for finished Leather, wet blue Leather, crust leather and El (East India) tanned leather is also revoked, the Directorate General of Foreign Trade (DGFT) said in a notification.“The notification removes, with immediate effect, port restrictions on the export of. these leather products,” the DGFTsaid.Cabinet hinge importsIn a separate notification, the DGFT announced import restrictions on cabinet hinges priced below Rs 280 per kilogram to discourage cheap inbound shipments of these goods from countries like China.These hinges are hardware components which connect cabinet doors to their frames.Live Events“Import of Cabinet Hinges having a CIF (cost, insurance, freight) value of less than Rs 280 per kilogram, is restr...

[ad_1] New Delhi: The government Monday announced that it has restored the Remission of Duties and Taxes on ExportedProducts (RoDTEP) scheme benefits for units operating under Advance Authorisation, Export Oriented Units (EOUs), and Special Economic Zones (SEZs), with effect from June 1, 2025.The RoDTEP scheme aims to refund taxes and duties that are not rebated under any other scheme and benefit rates range between 0.3-4.3%.“This positive step will go a long way in improving the global competitiveness of Indian exporters operating under these key export promotion schemes, said S C Ralhan, President, Federation of Indian Export Organisations (FIEO).The existing RoDTEP benefits for these entities are applicable only up to February 6, 2025.The restoration of RoDTEP benefits to Advance Authorisation, EOU and SEZ exporters will not only ensure level playing field for these entities but also boost price competitiveness of their products in international markets.Live Events“This is a ...

[ad_1] From dismantling its protectionist “inspector raj,” to cutting duties on Tesla Inc. cars, and treating Amazon.com Inc. and Walmart Inc. on a par with domestic retailers, India is under pressure on many fronts in its trade talks with the US.While concessions in several of these areas will be beneficial to Indians, the sticking points will be food and fuel.Take ethanol blending in gasoline. New Delhi has, over the past quarter century, modelled its intercity transport network on America’s by centering it on highways, rather than rail. To manage the pollution from cars and trucks, and to reduce dependence on imported fossil fuels, the government has mandated the addition of 20% bio-ethanol in gasoline.But the program has a politically important third goal: Enhancing local farm income with the creation of a market in agricultural surplus and byproducts. This is where trade interests will collide. American farmers are allowed to sell corn-based ethanol to India for industrial ...

[ad_1] The country's overall goods and services exports are expected to reach USD 1 trillion during 2025-26, according to apex exporters' body FIEO. In 2024-25, the exports were aggregated at USD 825 billion. Federation of Indian Export Organisations (FIEO) President S C Ralhan said merchandise exports will increase from USD 437 billion to USD 525-535 billion in 2025-26. He said that services exports may rise from USD 387 billion to USD 465-475 billion this fiscal. The main sectors which can help push the exports include electrical and electronics (USD 60 billion), machinery (USD 40 billion), chemicals (USD 40 billion), pharmaceuticals (USD 30 billion), petroleum (USD 70 billion), apparel and madeups (USD 23-25 billion), gems and jewellery (USD 30-35 billion) and agriculture (USD 55 billion). [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-indi...

[ad_1] India's steel ministry favours extending import curbs on low-ash metallurgical coke because there are sufficient domestic supplies, a source familiar with the matter said, dealing a blow to steelmakers who oppose restrictions on overseas purchases. India, the world's second-largest crude steel producer, imposed quantitative restrictions in December on imports of low-ash met coke, setting country-specific quotas and capping purchases at 1.4 million metric tons for January to June. "We are in favour of extension because domestic capacity should be utilised," said the source, who declined to be named as deliberations were not public. India is producing adequate amounts of met coke to meet local demand, the source said, adding that the country's annual met coke capacity is around 7 million metric tons, but only about 3 million tons are currently being produced due to a lack of demand.Reuters in February reported that India could extend restrictions on lo...

[ad_1] New Delhi: The government has allocated Rs 18,233 crore under the export benefit scheme RoDTEP in the current financial year for over 10,750 product categories, an official statement said on Tuesday. As of March 31, 2025, total disbursements under the RoDTEP scheme have crossed Rs 57,976.78 crore. The government also said that the benefits under the scheme for exports of goods manufactured in special economic zones and export-oriented units are restored from June 1 this year. Under the Remission of Duties and Taxes on Exported Products (RoDTEP), various central and state duties, taxes, and levies imposed on input products, among others, are refunded to exporters. The current RoDTEP rates are in the range of 0.3-4.3 per cent. "For the Financial Year 2025-26, the government has allocated Rs 18,233 crore under the scheme. The support will cover 10,780 HS lines (or product categories) for Domestic Tariff Area exports and 10,795 HS lines for Advance Authorization (AA) hol...

[ad_1] A successful US-India bilateral trade agreement could flip current headwinds into tailwinds, opening up new market access and energising exports, said a report by the finance ministry on Tuesday. India and the US are likely to agree on an interim trade agreement before July 8 with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods.The US on April 2 imposed an additional 26 per cent reciprocal tariff on Indian goods but suspended it for 90 days till July 9. However, the 10 per cent baseline tariff imposed by America remains in place.The report also emphasised India has the potential to remain as one of the most promising destinations for investment, amid global uncertainty.Foreign direct investors are likely to respond positively to policies that strengthen the country's medium-term growth prospects, the Monthly Economic Review released by the finance ministry said.In particular, it said, policies that enhance the skills and p...

[ad_1] New Delhi: Indian export consignments have gradually started moving through the Red Sea route again, exporters body FIEO said on Tuesday. The gradual movement signals a cautious recovery in shipments after months of disruptions on the route caused by regional tensions. Last year, the situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, escalated due to attacks by Yemen-based Houthi militants. Due to attacks, the shippers were taking consignments through the Cape of Good Hope, encircling the African continent, resulting in delays of almost 14-20 days and higher freight and insurance costs. "Consignments are gradually going through this important sea route. It will cut transportation time," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said. He also said freight rates have stabilised because of a dip in ship demands from China. Live EventsAround 80 p...

[ad_1] New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday discussed a host of issues, including ongoing trade talks with the US and EU, in a meeting with exporters and urged them to increase the utilisation of free trade agreements (FTAs), industry officials said. The minister also stated that support could be provided to exporters to deal with European Union (EU) regulations like Digital Product Passport (DPP), they said. The other issues that figured in the deliberations held by Goyal with exporters include the proposed centralised exporters portal, and ways to further boost exports of services and value-added goods. One of the industry officials, who attended the meeting, said that the commerce ministry informed the exporters that about 9-10 FTAs are in the pipeline including with countries such as Chile and New Zealand. The talks for a trade pact with the EU would get an impetus as Goyal is expected to visit Italy, and France in the first week of June. He may ...