Foreign Trade
Cote d'lvoire looking for direct sale of cocoa products to India
Cote d'Ivoire, the largest cocoa producer in the world, is looking to explore the Indian market for direct marketing of cocoa and cocoa-based products. The cocoa regulator, Le Conseil du Cafe-Cacao, plans to visit India next month to seek market access, investors, and partnerships for processing cocoa in Cote d'Ivoire. f
India, Bangladesh discuss preparations to start talks for free trade agreement
CEPA is a kind of free trade agreement, under which two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they also ease norms to promote trade in services and investments.
India's share in global exports in labour-intensive sectors declining in last 5 years, says FIEO report
India's labour-intensive export sectors, including apparels, marine products, plastics, and gems and jewellery, have experienced a decline in global market share over the past five years, according to a report by the Federation of Indian Export Organisations (FIEO). The report also highlighted concerns about a spike in export growth attributed to a rerouting of crude oil trade routes through India.
Government waives export taxes on Bangalore rose onions
The Finance Ministry has exempted the export of Bangalore rose onions from duty, provided certain conditions are met, according to a recent notification. Exporters may be granted an exemption from export duty if they provide a certificate from the state horticulture commissioner certifying the item and quantity of Bangalore Rose Onion to be exported.
Climate agenda shouldn’t be used to introduce trade restricting measures: Minister Anupriya Patel
Anupriya Patel, India's minister of state for commerce and industry, has said that the climate agenda at the world forum should not be used to introduce measures that restrict trade and investment cooperation. Speaking at the 22nd Meeting of Ministers of the Shanghai Cooperation Organization (SCO), Patel emphasized the importance of safeguarding the core principles and goals of the Multilateral Trading System.
FTAs with UAE & Australia boosted engineering exports by 9% in April-August period
Engineering exports from India to the UAE and Australia have increased by 9% in the April-August period of the current financial year, providing a boost to overall engineering exports, which have seen a decline during the same period. Engineering exports to Russia have also surged by 178% during this period.
US, EU flay India's rice export curbs
At a Committee on Agriculture meeting at the World Trade Organization (WTO) on Wednesday, Japan, Australia, Brazil, the EU, the UK and the US, among others, raised concerns over the impact of the ban on the global food market, highlighting its significance as the world's largest rice exporter, accounting for over 40% of global exports.
Rice ban export is regulation rather than restriction for food security: India to WTO's agri committee meet
India has defended its export ban on rice, stating that it is a regulation rather than a restriction and is necessary for the food security of its 1.4 billion people. India reiterated its commitment to ensuring food security in importing countries through exemptions granted upon request. The government has allowed exports of non-basmati rice to Bhutan, UAE, Mauritius, and Singapore.
Jul-Sept FY24 goods exports seen 4.8% down on year: EXIM Bank
The Export-Import Bank of India predicts a 4.8% decline in merchandise exports for the second quarter of 2023-24 compared to the previous year. This is due to a slowdown in major trading partners and global geopolitical uncertainty. The bank expects India's merchandise exports to reach $105.4 billion in July-September FY24. Non-oil exports are projected to be 0.5% higher than the same period last year.
Indian government continues to purchase Canada lentils for buffer stock
The Indian government is continuing to purchase lentils from Canada despite the strained diplomatic relations between the two countries. This is part of India's efforts to build buffer stocks and stabilize the high prices of pulses. Two central government agencies have issued tenders to procure red lentils from the local market as well as through imports. The lentils must comply with the specifications of the Food Safety and Standards Authority of India. Despite the tensions, there have been no official restrictions on trade between the two countries.
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Government exempts IGST on ocean freight from October 1
KPMG Indirect Tax Head & Partner Abhishek Jain said the amendments proposed are aligned with the apex court's ruling in the case of Mohit Minerals and help explicitly mention the government's alignment to the position. "While this has been issued prospectively, the industry has been seeking and successfully claiming refund of taxes already paid for the past period, where credit has not been availed," Jain added.
'India's edible oil imports likely to fall 6% in 2023-24'
India's vegetable oil imports are expected to decrease by 6% in the new marketing year, starting in November, due to higher carryover stocks of oilseeds. The country, which is the largest importer of vegetable oils globally, is projected to purchase 15.6 million metric tons of cooking oils in the 2023-24 oil year, down from 16.6 million metric tons in the current year.
Diamond industry associations ask members to temporarily stop import of rough diamonds
The gems and jewellery industry in India has urged its members to stop importing rough diamonds for two months starting from October 15. This move comes as a result of slowing global demand and rising inventories of domestic players. The circular, issued jointly by various industry associations, highlighted the decline in exports and the increase in inventories of polished diamonds.
India’s clash with Canada threatens to hurt trade, investment
India- Canada ties: The deteriorating Canada-India relationship is now threatening their economies. A potential trade deal is at risk, which could hinder India's efforts to attract Western investment and serve as an alternative to China. Canada's supply of potash to India may be affected, along with the higher education sector, as Indian students may avoid Canada due to safety concerns.
Canada's lentil sales to India slow after Trudeau raised murder suspicions
Canadian lentil sales to India have slowed down after Canadian Prime Minister Justin Trudeau accused India of involvement in an assassination on Canadian soil. This has led to fears of reprisal from India, potentially limiting trade between the two countries. India is the main importer of lentils from Canada, and reduced purchases could impact Canadian farmers' prices during harvest. However, such a move could also increase India's domestic food prices, which would be politically risky ahead of a national election in 2024.
RoDTEP scheme gets extension till June 30
The RoDTEP scheme provides a mechanism for reimbursement of taxes, duties and levies, which are currently not being refunded under any other mechanism, at the central, state and local levels
