Foreign Trade
India invokes peace clause for 3rd time as rice subsidies exceed cap
The peace clause protects India's food procurement programmes against action from WTO members in case the subsidy ceilings are breached.
India faces flak at WTO over import curbs
Taiwan said the curbs in place for almost two years have affected its exports to India, resulting in a "sharp decrease of exports in 2020 and 2021 compared with the same period in 2019."
Used peace clause to provide excess support to rice farmers: India to WTO
Subsidies over and above the prescribed ceiling are seen as trade distorting. The limit is fixed at 10 per cent of the value of food production for developing countries like India.
India, Australia to sign interim trade pact on Saturday; thousands of Indian exports to get duty free access
The economic cooperation and trade agreement will be signed by India and Australia on Saturday, the sources said on Friday. The pact will come into force at a mutually agreed date once it gets approval from the Union Cabinet in India and the Parliament in Australia.
Russia-Ukraine conflict opened opportunities for Indian exporters: CAIT
Earlier, Russia was importing a large number of FMCG and consumable goods from the US, the UK and European Countries which has now stopped because of the sanctions on Russia, CAIT stated.
Govt extends Foreign Trade Policy 2015-20 by another 6 months
“The existing Foreign Trade Policy 2015-20 which is valid upto March 31, 2022 is extended upto September 30, 2022,” the Directorate General of Foreign Trade said in a notification.
Exporters to Russia seek Centre, RBI's help to clear stuck payments
The disruption to Indian companies' cash flows could have a ripple effect with them delaying payments to workers and suppliers and possibly missing payments to lenders, they said.
ITC sees 3-fold rise in India wheat exports to 21 mt in FY23
ITC is the largest buyer of Indian wheat after the Food Corporation of India (FCI). While the industry and the government have projected wheat exports to be around 12-15 million tonnes in FY 23, ITC is optimistic about much higher exports.
10 years in making, Australia close to finalizing free-trade deal with India
Two-way trade between India and Australia was worth A$24.3 billion ($18.3 billion) in 2020, up from just $13.6 billion in 2007, according to the Australian government. Experts have said one of the main sticking points is agriculture, with Australia wanting access to the Indian market, but Modi’s government reluctant to put its domestic farmers - a major vote bank - at risk.
India-Australia interim trade deal could be concluded this week
Last year in October, the two countries had set the target of concluding the interim trade deal by December 2021 and to conclude talks on a comprehensive economic cooperation agreement (CECA) by the end of 2022. However, the early 'harvest deal' was held up due to apprehensions on the Indian side regarding opening up of the country's agriculture and dairy sectors.
UAE firms keen to invest in J&K: Piyush Goyal
"Jammu and Kashmir will be a success story to watch out for. UAE investors are keen to invest in J&K. The state has some offerings which are unmatched. Tourism is one sector that has huge opportunities," Goyal said.
India targeting $1 trillion exports by 2030: Piyush Goyal
Speaking at INVESTOPIA, Goyal said, "We focus a lot on public investments. Our budget this year was largely about government funded infrastructure projects on the back of which we see the multiplier effect helping us on the demand side and that is leading to more investments to meet the supply constraints."
Egypt to import wheat from India
Piyush Goyal, Minister of Commerce and Industry and Consumer Affairs, Food and Public Distribution met the Egyptian minister of Economic Development Hala El-Said on Monday in Dubai where the details of the trade were discussed. In 2020, Egypt imported wheat worth $ 1.8 billion from Russia and $ 600 million worth from Ukraine.
India-UAE ties beyond agreements, we have signed the largest CEPA pact: Trade Minister Thani Al Zeyoudi
Underlining the importance of trade ties with India, the United Arab Emirates (UAE) Trade Minister Thani bin Ahmed Al Zeyoudi on March 28 said the India-UAE Comprehensive Economic Partnership Agreement (CEPA) is the largest agreement that the middle eastern country will sign. “The relationship between India and UAE is beyond agreements. I don't see any agreement bigger than the one with India. India-UAE Comprehensive Economic Partnership Agreement (CEPA) is the largest agreement that we have signed,” he said. Al Zeyoudi further announced that a UAE delegation will pay a visit to India from May 12-15 to showcase the potential of the agreements signed with India.
Booming wheat exports from India to help ease global shortage
The country is the top global producer of wheat after China and has the potential to ship 12 mn tons to the world market in the 2022-23 year, the most on record, according to the median of five estimates in a Bloomberg survey of traders, millers and analysts. That compares with shipments of 8.5 million tons in 2021-22, U.S. Department of Agriculture data show.
Trade pact inked with UAE to set GCC template
Adopting the same template would mean the GCC nations may largely extend their market access to Indian goods and services barring specific items that have cultural and religious sensitivities of the region.
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