US TRADE
Piyush Goyal to hold meetings with G7 trade ministers in Italy next week
Commerce and Industry Minister Piyush Goyal will participate in bilateral meetings with G7 nations' counterparts in Reggio Calabria, Italy, during the G7 Trade Ministers' Meeting outreach session on July 16-17. Discussions will focus on enhancing trade, resolving issues, and strengthening economic cooperation. Goyal aims to showcase India's trade and investment opportunities, emphasizing global trade vision, supply chain resilience, and ease of business reforms. Prior to Italy, he will visit Switzerland on July 14-15 to discuss EFTA trade commitments and deepen economic ties, following India's recent FTA with the bloc securing USD 100 billion in investments.
India, Qatar identify local currency trade, customs cooperation as focus areas
Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial cooperation sectors.
Budget 2024 Expectations: US-India forum seeks tax parity, duty relaxation on exports
Budget Expectations: The US-India Tax Forum urges tax parity, corporate tax reform, and customs duty adjustments for Budget 2024-25. Essential proposals include capital gains tax changes, infrastructure investment, and sustainable development. The 350-member Forum stresses TDS/TCS tech use and ease of business. FM Nirmala Sitharaman will present her sixth Budget on July 23, during the Parliament session from July 22 to August 12.
Rupee trades flat at 83.53 against US dollar in early trade
On Friday morning, the rupee remained flat at 83.53/USD amid strong crude prices and stock gains. Range: 83.50-83.54. Brent crude at 85.60 USD/barrel. Sensex up 226.11 pts to 80,123.45; Nifty up 82.1 pts to 24,398.05. US dollar index 104.49; softer inflation data raised Fed rate cut hopes. FIIs offloaded Rs 1,137.01 crore on Thursday.
Surging: Russia-India trade USD 57 bn in 2023; goes up 23 pc in Jan-April 2024
Russian First Deputy Prime Minister Denis Manturov emphasized the strategic importance of the India-Russia partnership, noting a significant boost in trade turnover. The trade between the two nations surged to USD 57 billion in 2023 and continued its upward trajectory in 2024, achieving a 23 percent growth and nearing USD 18 billion by April.
Modi visit opens opportunities for India in Russian Arctic endowed with rare earth, crude
At their meetings, Modi and Russian President Vladimir Putin discussed optimum use of the Northern Sea Route (NSR) via the Arctic and possible use of nuclear-powered icebreakers of Rosatom in that terrain, ET has learnt.
India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD
The UNCTAD nowcast predicts a stronger positive trend for the second quarter of 2024, projecting an approximate 2% increase for the first half of 2024. This increase is expected to add around $250 billion to goods trade and about $100 billion to services trade in the first half of 2024 compared to the second half of 2023.
Goods trade up 1% in first quarter of 2024: WTO
World merchandise trade volume increased by 1% in the first quarter of 2024 compared to the previous quarter, with a 1.4 per cent rise from the same period in 2023, according to the World Trade Organization (WTO). Despite Europe experiencing a decline, most regions contributed to the increase. The WTO predicts a 2.7 per cent growth in trade volume for 2024 if the current expansion pace continues.
Commerce ministry developing platform for registration, resolution of non-trade barriers
"We are making a portal so that we can prioritise all the NTBs. Traders will register their complaints and the ministry will pursue that," the official said. In cases where the barrier is impacting a large volume of goods will be prioritised for their redressal and action-taking.
India imposes anti-dumping duties on three Chinese products
On hydraulic rock breakers, the duty ranged between 4.55 per cent and 162.5 per cent of CIF (cost, insurance, freight) value in US dollars. The duty was also imposed on these goods coming from Korea. These breakers are used in the construction and mining industry for carrying out demolition, excavation, mining and boulder breaking activities.
Indian exports: How Modi 3.0 can navigate the protectionist tides in advanced economies like US and EU
India has transitioned from a decade of single-party rule to a new era of coalition politics, causing concern among stock market investors about potential slowdowns in economic reforms. Rising protectionist measures from advanced economies like the US and EU pose challenges for Indian exporters, with stringent regulations on products ranging from chemicals to food items. The impact of these barriers could disproportionately restrict India's economic objectives and competitiveness, particularly in key sectors like textiles and apparel.
Stock disclosure rules for yellow peas tightened as importers refuse to sell
Importers of pulses in India have urged the central government to impose an import duty on yellow peas due to the adverse impact of inexpensive imports on domestic market prices. Expressing worry over importers withholding significant quantities of yellow peas imports in domestic markets, the central government recently intensified stock disclosure regulations for the pulses industry and trade. In addition to stakeholders submitting their stock positions, they are now required to report stock in and stock out quantities twice a week.
China's exports grow 7.6% in May, beating expectations despite trade tensions
In May, China's exports surged by 7.6% year-on-year to $302.35 billion, surpassing expectations, despite ongoing trade tensions. Imports, however, grew only by 1.8%, missing forecasts of 4% growth. This led to a widened trade surplus of $82.62 billion. The rise in exports is partly due to a low base from last year.
EU carbon tariff: India preps for a fight at WTO
India is considering challenging the European Union's Carbon Border Adjustment Mechanism (CBAM) at the World Trade Organization, which mandates non-EU steel producers to report emissions, impacting sectors like iron and steel, cement, and more.
India’s $48 bn input subsidy for power and agri raises hackles
WTO members, including the US and UK, have raised questions about India's $48 billion farm input subsidies for 2022-23, which have been attributed to inflation and rising fertilizer costs. India explained that these subsidies are mainly for power, irrigation, and fertilizers and that the information had been duly notified to the WTO. The US claimed that this amount is more than twice the value of all trade-distorting support notified by India in 2021-22.
India in trade deficit with nine of top 10 trading partners in 2023-24
The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23.
India, China have agreed to cooperate in paying in local currency for imports: Maldives
Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee.
'US-China trade war escalation may lead to dumping of goods in India': GTRI
The US on Tuesday reignited the trade war with China by announcing a series of proposed tariff increases on imports including electric vehicles (EVs), batteries, and various other goods.
China overtakes US to become India’s top trading partner in FY24
In the fiscal year 2023-24, China has overtaken the US as India's largest trading partner, with a total two-way commerce of $118.4 billion, as per the data from the economic think tank GTRI. India's exports to China rose by 8.7 percent to $16.67 billion, while imports increased by 3.24 percent to $101.7 billion. Conversely, exports to the US dipped slightly to $77.5 billion, and imports decreased by about 20 percent to $40.8 billion.
Load More
