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"India, Russia suspend negotiations to settle trade in rupees"INDIA-RUSSIA-Exclusive-India, Russia suspend This would be...
08/05/2023

"India, Russia suspend negotiations to settle trade in rupees"

INDIA-RUSSIA-Exclusive-India, Russia suspend This would be a major setback for Indian importers of cheap oil and coal from Russia who were awaiting a permanent rupee payment mechanism to help lower currency conversion costs. With a high trade gap in favour of Russia, Moscow believes it will end up with an annual rupee surplus of over $40 billion if such a mechanism is worked out and feels rupee accumulation is 'not desirable'.

"India's exports are likely to touch $900 billion in FY24"Merchandise exports could expand to between $495 billion and $...
06/05/2023

"India's exports are likely to touch $900 billion in FY24"

Merchandise exports could expand to between $495 billion and $500 billion, while services exports could touch $400 billion in the year ending March 2024, said Ajay Sahai, director general of the Federation of Indian Export Organisations (FIEO).

"India weighs options against EU law on retaliatory tariffs"Officials said the EU law violates global trade norms and ca...
05/05/2023

"India weighs options against EU law on retaliatory tariffs"

Officials said the EU law violates global trade norms and can become another dispute at the organisation. While the EU has not invoked the law as yet, New Delhi is also examining if it can retaliate by imposing higher duties on products coming from the EU against the quota restrictions put in place by the bloc on steel imports from India in 2020.

"India becomes Europe's largest supplier of refined fuels: Kpler"The reliance of Europe on Indian crude oil products has...
04/05/2023

"India becomes Europe's largest supplier of refined fuels: Kpler"

The reliance of Europe on Indian crude oil products has surged. This increase can be linked with the ban on Russian oil. The data also showed that Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia.

"India's trade with "Latin America" is approaching a volume of "USD 50 billion": S Jaishankar"Jaishankar, in his lecture...
03/05/2023

"India's trade with "Latin America" is approaching a volume of "USD 50 billion": S Jaishankar"

Jaishankar, in his lecture, explained India's global ties in all directions. He said, "Beyond South Asia, India is developing a concept of extended neighbourhoods, in all directions. With ASEAN, this has taken the form of what we call the Act East Policy that has opened up a pathway to a deeper engagement with the Indo-Pacific that is being pursued amongst others through a mechanism, called the Quad."

"SC backs clause that allowed exporters to claim credit"The Supreme Court on Friday upheld the validity of mandatory ful...
03/05/2023

"SC backs clause that allowed exporters to claim credit"

The Supreme Court on Friday upheld the validity of mandatory fulfilment of a "pre-import condition" that allowed exporters to claim credit of raw materials bought before actually exporting the product.

"Swiss watch makers clock record India exports in 2022"Swiss watch exports to India reached a new high in 2022, with sal...
01/05/2023

"Swiss watch makers clock record India exports in 2022"

Swiss watch exports to India reached a new high in 2022, with sales worth '1,722.88 crore, representing a growth rate of 19.6%. Export momentum continued in the first two months of 2023, with sales worth '271.72 crore, a 27% surge from the corresponding period in the previous year. Despite the luxury industry's global and Indian surge in demand, Swiss watch exports to other countries like Thailand, Mexico, Austria and Turkey remain higher than those to India.

"The world is looking at India; grasp this opportunity to grow exports: Piyush Goyal urges industries""The industry's ta...
26/04/2023

"The world is looking at India; grasp this opportunity to grow exports: Piyush Goyal urges industries"

"The industry's talent is spread across every zone and this industry can generate lots of jobs commensurate with the talent. The future is bright but we seek a collective commitment from every exporter to contribute to increasing exports despite headwinds and challenges," said the minister.

"EU’s carbon border tax will render ongoing FTA negotiations ineffective, says GTRI's Ajay Srivastava"The EU's proposed ...
25/04/2023

"EU’s carbon border tax will render ongoing FTA negotiations ineffective, says GTRI's Ajay Srivastava"

The EU's proposed carbon border tax, set to be implemented from 2026, would cause significant trade disruption, weaken obligations under the World Trade Organisation (WTO) and render existing free trade agreements (FTA) ineffective,

"India's data localisation is a stumbling block: UK parliamentary report on FTA"The House of Commons International Trade...
25/04/2023

"India's data localisation is a stumbling block: UK parliamentary report on FTA"

The House of Commons International Trade Committee, in its latest report on "UK trade negotiations: Agreement with India", also cautioned that increased UK market access for India in textiles, clothing, footwear and horticultural products could have an "adverse impact on some developing countries in South Asia, South-East Asia and East Africa which benefit from preferential access to the UK market".

"Australia’s decision to deny the GI tag to Basmati rice could be the result of Pakistani lobbying"Pakistan is looking f...
24/04/2023

"Australia’s decision to deny the GI tag to Basmati rice could be the result of Pakistani lobbying"

Pakistan is looking for a possibility of having a joint GI tag recognition of its basmati rice, but this is contrary to the convention since there have been no cases of cross-border GI tags for the same product, they said. India accounts for 70% of the world’s basmati rice supply.

"India's share in global computer services exports jumps to 11% in FY23: Analysis"The strong services trade performance ...
22/04/2023

"India's share in global computer services exports jumps to 11% in FY23: Analysis"

The strong services trade performance will add to the improving external balance dynamics this year, which is also aided by falling commodity prices.

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