NATIONAL TRADE FACILITATION ACTION
Navigating climate risks: India's financial sector gears up for transparency with RBI's draft guidelines
The introduction of the disclosure framework is a laudable first step, signalling a concerted effort towards addressing climate risks and fostering climate action within the financial sector.
IGI Airport Police arrests 108 fraudulent agents in incidents of visa, passport fraud facilitating illegal immigration
IGI Airport Police have arrested 108 agents in five states for visa and passport fraud, focusing on agents rather than passengers. Look Out Circulars were issued. Public awareness is crucial. Old cases have led to new prosecutions. Schemes include fake visas, donkey routes, and passport stamping. Long-standing cases are being resolved.
India, Taiwan pact to facilitate trade of organic agri goods comes into force
India and Taiwan have signed a mutual recognition agreement (MRA) to facilitate trade in organically-produced goods, including tea and medicinal plants. The agreement aims to reduce compliance costs by avoiding dual certifications and simplifying compliance requirements. It will allow the export of major Indian organic products, such as rice, processed food, green/black and herbal tea, and medicinal plant products to Taiwan.
India and Russia set $100 billion trade goal by 2030, cooperation in energy, agriculture
India and Russia aim to boost their bilateral trade to over USD 100 billion by 2030. The focus is on using national currencies, expanding trade routes, and increasing cooperation in sectors like energy, agriculture, infrastructure, and the digital economy. The agreement, announced at the 22nd Annual Bilateral Summit in Moscow, includes eliminating trade barriers, optimizing customs procedures, and promoting investments and joint projects, with a strong emphasis on humanitarian and cultural collaboration.
NHRC issues notices to states, UTs over women being 'forced' into sex trade by anti-social elements
The NHRC has taken serious note of reports alleging women are being coerced into sex trade under false job promises by criminal elements. Following a raid in Ranchi, Jharkhand, where women spoke of being trapped by familial pressures and economic needs, the NHRC issued notices to all states and UTs' chief secretaries and police chiefs. They demand reports on actions taken against these syndicates, highlighting systemic vulnerabilities despite existing legal protections. Additionally, the NHRC addressed concerns over child welfare, probing into reports of illnesses and deaths among orphans at an Indore ashram.
GIFT Nifty jumps 90 points; here's the trading setup for today's session
Market anticipates Nifty consolidation post-profit booking. Brent crude, US WTI futures rise on strong fuel demand hopes. Currency markets stable as rupee weakens. FIIs cut net long positions, adding to market uncertainty.
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Global FDI flows slip by 2% in 2023, UN report says
Global FDI fell by 2% in 2021 to $1.3 trillion, largely due to geopolitical tensions and a slowing global economy, but UNCTAD suggests a possible return in 2024.
DPIIT’s action plan for startups; Infy’s push for Hubballi campus
In its action plan for the first 100 days, the DPIIT will focus on early-stage startup funding and a lesser burden of compliance for businesses. More on this on today’s ETtech Top 5.
100-Day action plan: DPIIT looking to start up funding & spur manufacturing push
The Department for Promotion of Industry and Internal Trade (DPIIT) in India is planning to focus on easing early-stage funding for startups, reducing compliance burdens, and reducing logistics costs as part of its 100-day action plan. The plan includes a policy for deep-tech startups, reforms for ease of doing business, and a public-private partnership model of governance.
Govt steps help boost toy exports, manufacturing; more work needed: DPIIT Secretary
In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector.
Modi 3.0 in action: NDA's 100-day dash unveiled with key ministry moves
With the National Democratic Alliance assuming power, all Union ministries are set to launch their 100-day plans. ET provides a snapshot of the key government initiatives and actions planned for the next three months.
Ahead of Market: 10 things that will decide D-Street action on Tuesday
D-Street settled at record closing high on Monday, led by financials, index heavyweight Reliance Industries and energy stocks. The volatility indicator ended 15% lower as exit polls predicted that PM Narendra Modi will retain power with a landslide victory. Momentum indicator Moving Average Convergence Divergence showed bullish trade on the counters of Amines & Plasticizers, Advait Infratech, and AMIC Forging, among others.
Ahead of Market: 10 things that will decide D-St action on Monday
Nifty formed a long-legged Doji candle on the daily charts to breach a 5-day losing streak as it ended 42 points higher at 22,531. The 50-DMA is placed at around the 22,400 level, and a slip below this level could shift the test to the 22,300-22,260 zone.
Chinese firms turn from ‘Panda’ to ‘Skunk’ as US tensions flare
Chinese investments in the US have trailed behind smaller economies like Spain and Singapore in recent years, according to the US Bureau of Economic Analysis.
India should seek easy visa norms for semi and unskilled workers in bilateral agreements: Experts
Trade experts suggest India should negotiate easy visa norms in bilateral agreements to boost remittances and wages for semi and unskilled workers. These agreements can also help curb illegal entry of Indian laborers into developed nations.
Samsung Electronics union announces first-ever strike
Samsung Electronics in wage negotiations with union since January, failed to narrow differences, known for producing high-end memory chips for generative AI.
What are the costs behind Trump's economic proposals?
Former President Donald Trump is considering imposing tariffs on all US imports, potentially costing consumers $500 billion annually. His proposals include a 10% tariff on all trading partners and higher levies on Chinese goods, aiming to offset tax cut extensions. These policies could disproportionately impact lower-income groups.
India actively pursuing customs mutual recognition agreements with nations: CBIC chief
India has signed mutual recognition agreements (MRAs) with seven nations' customs authorities and is negotiating pacts with other countries. The Central Board of Indirect Taxes and Customs and the Federal Customs Service, Russia, signed the Authorized Economic Operator (AEO) MRA, providing reciprocal benefits to accredited exporters.
Traders' Corner: Auto parts player steps on the gas for 8% ride; aluminium miner eyes 5% gain for positional trade
Nifty kept pushing the pedal from start and did not give up. It managed to end with a gain.
Next round of India-Asean trade pact review talks in July
The discussions for review of the ASEAN-India Trade in Goods Agreement (AITIGA), to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. The Joint Committee undertaking the review work has met four times so far and has finalised its terms of reference and the negotiating structure for the review negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its third meeting held from February 18-19, 2024 in New Delhi.
Ahead of Market: 10 things that will decide D-Street action on Monday
Nifty on Friday ended 98 points higher to form an Inside Bar candlestick pattern on the daily chart. If the headline index manages to hold Thursday's low of 21,932, a pullback looks possible to chartists.
Next round of talks for India-Asean trade pact review in July
The discussions for review of AITIGA (Asean-India Trade in Goods Agreement) started in May 2023 to make it more trade-facilitative and beneficial for businesses across the region, the commerce ministry said. A joint committee, which is undertaking the review work, has so far met four times.
Ahead of Market: 10 things that will decide D-Street action on Wednesday
Nity on Tuesday ended 140 points lower to form a long negative candle pattern with a minor lower shadow on the daily chart and found support around the 50-day exponential moving average at 22,240 levels.
India, Australia review progress on trade and investment negotiations, discuss way forward for its completion
In the first Joint Committee Meeting (JCM) under India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA), both sides acknowledged the smooth implementation of the ECTA and briefly elaborated on ECTA implementation issues including MRAs on organic products, market access issues related to products like okra, pomegranate, grapes, cottage cheese, macadamia nuts, lentils and avocado.
Recycling crisis: India’s plastic waste keeps piling up to alarming levels
Plastic is unavoidable now and so is the pollution caused by it. The answer lies in managing plastic waste in a better way and embracing recycling in a bigger way.
Send signal to investors
While countries can better their investment-facilitation frameworks unilaterally, 125 countries see value in anchoring their efforts in shared commitments. India, however, does not support inclusion of this agreement in the WTO rulebook. It argues that WTO is for rule- making on trade, not investment, and that plurilateral agreements can only be included in the WTO rulebook if all members agree.
China's investment facilitation proposal beyond scope of WTO: India
India opposes China-led IFD, a non-trade issue beyond WTO. It wants to terminate the moratorium on taxing e-commerce transmissions, a key focus point for India at WTO MC13. India's concern stems from the fact that any attempts by the proponents of IFD to bring a "non-mandated, non-multilateral issue" to the formal process in the WTO would be in violation of the trade body's framework and fundamental rule of consensus-based decision-making.
New Delhi ready to negotiate hard on public stockholding of food and fisheries subsidies at Abu Dhabi WTO conference
"Implementation of proposals in the WTO is challenging. The previous agreement to temporarily remove intellectual property rights on COVID-19 vaccines and discuss extending the waiver to diagnostics and therapeutics appears unlikely to be implemented
China-led proposal on investment facilitation has systemic concerns for WTO, say experts
The four-day meeting of trade ministers of the 164-member global trade rule-making body WTO begins on February 26 at Abu Dhabi, UAE. MC is the highest decision-making body of the WTO. The experts also said that this is a proposal of a group of countries, which is called a plurilateral agreement or joint statement initiative, which is not accepted by a number of nations including India and South Africa.
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