Trade

Escalation in US-China trade war may help India to increase exports: GTRI

The escalation in the US-China trade war is expected to help India increase its exports and attract investments from American companies, think tank GTRI said on Friday. He said that last month, the US Senate introduced two bills that could intensify the trade war and have major global economic impacts if passed. The 'Neither Permanent Nor Normal Trade Relations Act' (PNTR Act) and the 'Axing Non-Market Tariff Evasion Act' (ANTE Act) aim to counter China's trade practices by raising tariffs and imposing new trade barriers. The PNTR Act seeks to phase out China's favourable trade status, while the ANTE Act targets non-market economies like China and Russia with tougher measures, the Global Trade Research Initiative (GTRI) said. "While these bills aim to protect US industries, they also create opportunities for countries like India to grow their manufacturing sectors. "As US companies look for alternatives to China, India could see increased investment in electronics, textiles, and .

DGTR initiates dumping investigation on six products imported from China

India has initiated a probe into alleged dumping of as many as six products, including certain chemicals, and cold rolled electrical steel and black toner powder cartridge, imported from China following separate complaints from domestic players. The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the dumping of 1,1,1,2-Tetrafluoroethane or R-134a; Acrylonitrile Butadiene Rubber; certain Antioxidants; polytetrafluoroethylene; black toner powder cartridge; and colled rolled non-oriented electrical steel from China. According to six separate notifications, the applicants have alleged that material injury is being caused to the domestic industry due to the dumped imports of these products originating in or exported from China into India. They have requested for imposition of anti-dumping duty on these imports with a view to guard them from cheap imports. SRF Ltd has filed an application for initiation of an anti-dumping investigation on the

DBK Brand Rate applications to be filed with Customs at the place of export

Safeguard duty, countervailing duty on subsidized articles and anti-dumping duty are levied under Sections 8B, 9 and 9A respectively of the Customs Tariff Act, 1975

MSC Claude Girardet reaches Kerala's Vizhinjam international seaport

MSC Claude Girardet, the largest cargo ship ever to have docked in India, has arrived at the Vizhinjam International Seaport here on Friday. Kerala Chief Minister Pinarayi Vijayan on Friday said the berthing of the giant vessels showcases the readiness of the state to become a key player in global cargo shipping. The ship that sailed from Malaysia will return after container handling at Vizhinjam international seaport. "MSC Claude Girardet, the largest cargo ship ever to be berthed in India, has anchored at @PortOfVizhinjam, marking a pivotal moment in Kerala's growth. With a capacity of 24,116 containers, this giant vessel showcases our readiness to become a key player in global cargo shipping," Vijayan posted on X. The ship is 399.99 metres long, 61.5 metres in width and 16.6 metres in depth. The CM noted that it was the largest ship to have arrived in South Asia. The arrival of one of the biggest cargo vessel shows that the mother port of Vizhinjam can easliy handle internatio

Efficient logistics, paperless system to boost int'l trade: Comm secy

Efficient logistics and paperless system are critical to boost international trade, and strong connectivity is key to foster trade and economic development, Commerce Secretary Sunil Barthwal has said. However, while making such efforts to bolster connectivity projects, it is essential to build trust as well as transparency in the cooperative efforts, he said addressing meeting of Ministers of Shanghai Cooperation Organization (SCO) on Thursday. The secretary noted that it is of utmost importance that "we uphold the principles of SCO Charter including respect for sovereignty and territorial integrity of the member states." "Barthwal focused on the importance of efficient logistics for international trade, in which, paperless trading is a critical step towards streamlining cross-border transactions," the commerce ministry said in a statement. He congratulated Pakistan for its Presidency of the Heads of Government of the SCO and welcomed Belarus on becoming the new member of the ...

India backs Rules of Origin in auto sector under India, UK trade pact

India is insisting on strict adherence to the Rules of Origin' during free trade agreement (FTA) negotiations with the UK in the automobile sector, Commerce Secretary Sunil Barthwal on Tuesday said. He said that the 'Rules of Origin' have to be such that they do not impact the Indian automobile sector negatively. "FTA with the UK is in the pipeline...we are negotiating. We are also very keen to see that not only do we open up the automobile market, but we also see that we do not unduly lose the level playing field vis-a-vis the UK. "And we looked at their Rules of Origin very, very closely. We negotiated with them (the UK), and we told them that Rules of Origin have to be such that they do not impact negatively our automobile sector market," Barthwal said here while addressing leaders of the auto industry. The 'Rules of Origin' provision prescribes minimal processing that should happen in the FTA country, the UK in this case, so that the final manufactured product may be called ...

New liner service to connect Jeddah Port to India's Mundra, Nhava Sheva

A leading maritime services company announced on Sunday the launch of a new liner service connecting the Red Sea's Jeddah Islamic Port to India's Mundra and Nhava Sheva, two of the largest commercial ports in the country. Folk Maritime Services Company, a Public Investment Fund and one of the region's emerging leaders in providing regional liner and feeder services, said the 10-day facility with two vessels will commence in September. According to a company statement, the services will strengthen trade ties by facilitating the movement of consumer cargo from India and products from Saudi Arabia, including petrochemicals. In addition to deploying its vessel, Folk Maritime has also signed a Vessel Sharing Agreement (VSA) with Oman's Asayd, which will also deploy a vessel for the new route, the statement revealed. Announcing the new India Redsea Service (IRS), Poul Hestbaek, Chief Executive Officer of Folk Maritime, said the new route would further "enhance bilateral trade between the

JNPA records highest ever monthly container traffic in Aug as exports surge

The port surpassed the previous highest of 603,217 TEUs handled in July 2024

Electronics 5th largest export commodity; growing 23% annually: Meity

Electronics has become the country's fifth largest export commodity, growing by 23 per cent annually, a senior official in the Ministry of Electronics and IT said on Friday. Electronics manufacturing in India has crossed USD 100 billion market in March 2024, which was USD 49 billion in 2017, Bhuvnesh Kumar, Additional Secretary in the Ministry of Electronics and IT, said at the launch of indigenously-built Tyronne AMD servers by Netweb Technologies. "The electronics exports are rapidly growing at rate of 23 per cent annually. Last year we did USD 30 billion of exports from India. "Surprisingly for many, it has become 5th largest commodity being exported from India," Kumar said. He also expressed confidence that the country's net revenue from electronic exports will become positive in coming years with start of local semiconductor production. Kumar said the country's trillion dollar digital economy has a component of USD 400 billion from electronics manufacturing and the rest comes

Ecom export hubs expected to create up to 2.75 lakh additional jobs: Report

The expansion plan is poised to transform the logistics sector, which is currently experiencing a 12 per cent annual growth rate, said the study

Rajasthan's industry body urges state govt for continuation of RIPS

RIPS is being introduced continuously. It was first announced in the year 2019, then it was introduced in 2022, and now a plan is being made for 2024

Best of BS Opinion: Simplifying GST, trade imbalance, defending status quo

Here is the best of Business Standard's opinion pieces for today

Simplistic to think Chinese investments will improve India's trade balance

Five important points worth further reflection with respect to the Economic Survey suggestion to promote FDI from China

Trade imbalance: India needs to urgently enhance its R&D investment

By prioritising this, and cultivating a robust ecosystem for innovation and business growth, India can build the foundation to achieve sustainable economic growth and avoid the middle-income trap

Port workers defer nationwide strike after successful talks with govt

Relief for transporters, traders who were fearing cost hikes

Engineering exports register 3.6% growth in July amid global challenges

Despite a challenging global environment, India's engineering goods exports continued their upward trajectory in July with a 3.6 per cent year-on-year growth, reflecting the sector's resilience, EEPC said on Friday. The Engineering Export Promotion body EEPC India chairman Arun Kumar Garodia said the engineering goods exports were USD 9.04 billion in July 2024, compared to USD 8.72 billion a year ago month. However, exports to countries like Bangladesh and Russia recorded a decline during the month under review. "The sector's cumulative exports for the April-July period also witnessed a healthy 4.18 per cent increase to USD 36.97 billion," Garodia said. Engineering exports to Bangladesh fell 11.8 per cent year-on-year to USD 153.78 million in July 2024, as against USD 174.35 million in the year-ago month, EEPC said in a statement. The value of engineering exports to Russia declined 26.8 per cent in July this year to USD 90.39 million from USD 123.55 million in the same month last

Govt seeks proposals from industry for setting up e-commerce export hubs

The government has sought proposals from the industry to set up e-commerce export hubs (ECEH) in the country for examination, support, and hand-holding. Based on the proposal, further details, including software requirements for ECEH, to facilitate seamless and expeditious export clearances, will be firmed up, the Directorate General of Foreign Trade (DGFT) has said in a trade notice. In this regard, it said, draft modalities for operation of these hubs have been formulated. Based on draft modalities proposed, the government would like to initiate a pilot launch of ECEH. "In this regard, detailed proposal(s) for setting up ECEH may be submitted to this directorate, for examination, support and hand-holding," the DGFT said. In the Budget, the government announced setting up of these hubs to promote exports through e-commerce medium in public-private-partnership (PPP) mode. Initially there are plans to set up 10-15 hubs in the country. These hubs would be designated areas, which wo

India, Aus to resume comprehensive FTA talks on Monday; progress expected

Chief negotiators of India and Australia will begin the next round of talks for the comprehensive free trade agreement from tomorrow in Sydney, where both sides are likely to close negotiations on several chapters of the pact, an official said. Both countries have already implemented an interim pact and are in discussions to expand its scope under the CECA (Comprehensive Economic Cooperation Agreement). The interim pact - Economic Cooperation and Trade Agreement (ECTA) - came into force in December 2022. The tenth round of negotiations is scheduled from August 19-22 in Sydney. "Out of the total 19 areas of the agreement, we have completed our discussions on four chapters, and we are in very advanced stages in a few others. We hope that in this round, we should be able to close altogether, maybe more than 10 chapters," the commerce ministry official said. In this round, the official said that both countries are likely to get into market access discussions in goods and services. Th

Unilateral environment measures like carbon tax hamper global trade: Govt

India on Saturday said that unilateral environmental measures such as the European Union's (EU) carbon tax do not reflect the principles of equity and hamper equitable world trade. Commerce Secretary Sunil Barthwal said that the Global South countries are facing challenges both in terms of developing climate and sustainable development strategies and responding to unilateral measures such as CBAM (carbon border adjustment mechanism). "Unilateral environment measures do not reflect the principles of equity and common but differentiated responsibilities; and hamper equitable world trade," he said in a virtual address at the third Voice of Global South Summit. India has on different platforms raised its concerns over the EU's decision to impose carbon tax on certain sectors as it would hurt the country's exports. The country is in discussions with the EU on the subject. The EU has decided to impose a CBAM, or carbon tax, which will come into effect from January 1, 2026. Initially, it

Indo-Bangla trade via Bengal land ports to normalise soon despite turmoil

Despite ongoing political turmoil in Bangladesh, trade between India and the neighbouring country through land ports in West Bengal is expected to normalise soon while some movements of goods via one of these facilities were reported on Wednesday, officials said. A meeting between the land port authorities of the two countries is scheduled on Wednesday at South Asia's largest land port Petrapole in West Bengal's North 24 Parganas district, which is "expected to provide clarity on transportation of goods", the officials said. The Director General of the Border Security Force was also in Petrapole on Tuesday to review the situation along the international boundary in the wake of the crisis in Bangladesh. "Trucks are getting ready, and some cargo movement via Ghojadanga has started for the Bangladeshi side. This is possible because the situation in Bhomra in the neighbouring country, the opposite side of Ghojadanga, remains stable," Carrying & Forwarding Agents Welfare Association ...