Around 150,000 exporters, represented by as many as 15 export promotion councils, including the Federation of Indian Export Organisations, have raised concerns over the provision, saying it will impact their liquidity as payments for exports are received with an average time lag of 120 days, although the Reserve Bank of India allows a nine-month period to realise export proceeds as sometimes it takes even longer.
Modi’s Bhutan trip this week to result in new initiatives in energy, infra & cross-border trade
Modi’s Thimphu visit focused on enhancing energy, trade, and infrastructure ties with Bhutan amidst China’s influence. Discussions included security, military partnerships, tech collaborations, and economic development support, showcasing India’s commitment to strengthening bilateral relations.
New rules to avail export concessions under UK scheme
By Kirti Gupta | Startup India Import Export Academy | Latest Update as on March 19, 2024 In a trade notice, the Directorate General of Foreign Trade said that the United Kingdom (UK) has replaced its existing origin declaration process under Generalized Scheme of Preferences (GSP) with the UK DCTS effective from June 19, 2023.
Round 14 of India-UK FTA talks closes ahead of election schedule
The fourteenth round of free trade agreement (FTA) negotiations between India and the UK has concluded, with the next round expected to commence after the Indian general elections. The negotiations, which began in January 2022, aim to enhance bilateral trade, currently valued at around GBP 38.1 billion annually. Both sides remain committed to reaching an “ambitious” deal but acknowledge the need for further discussions to finalize terms across goods, services, and investment. The UK seeks reduced tariffs on exports to India, while India is concerned about the fairness of rules for Indian workers in the UK.
Duty-free imports of yellow peas may be allowed beyond April
New Delhi: India may allow duty-free imports of yellow peas, which are used in place of chana, beyond April to keep the pulses inflation under control as the yield of chana is expected to be low on account of a decline in acreage and lower productivity, said an official. “Yellow pea imports are expected to help offset the anticipated shortfall in the supply of chana as the domestic crop is projected to be lower than that last year on drop in acreage and weather impacting the yields,” said the official, who did not wish to be identified.
India, UK leaders reaffirm commitment to trade deal, PM Modi says
“We reaffirmed our commitment to further strengthen the bilateral comprehensive strategic partnership and work for early conclusion of a mutually beneficial free trade agreement,” PM Modi said in a post on X on Tuesday.
China expands presence in West Asia’s tech, mining, and energy amid strong ties with India
China is expanding its presence in the technology, mining, and energy sectors in West Asian nations with ties to India. It is partnering with telecom operators, investing in the mining sector, and offering assistance in space and transportation development.
India inks pact with EFTA, gets $100 billion commitment
India signed a significant trade agreement with the European Free Trade Association (EFTA) comprising Switzerland, Norway, Liechtenstein, and Iceland, committing to a $100 billion investment over 15 years. The Trade and Economic Partnership Agreement (TEPA) aims to increase foreign direct investment (FDI) in India and generate one million direct jobs. The deal, India’s first FTA with developed nations, focuses on innovation and collaboration, with investments expected to flow steadily, potentially exceeding estimates.
EFTA Deal: India to link duty cuts with investments from companies of member nations
India plans to link duty reductions under the trade agreement with the European Free Trade Association (EFTA) to investments made by member countries like Switzerland, Norway, Iceland, and Liechtenstein. These nations have committed to investing $100 billion over 15 years. The FTA is scheduled to be signed on Sunday following its clearance by the Union cabinet on Thursday evening.
India likely to buy more soyoil in 2024, reduce palm oil purchases, top dealer says
India, the world’s biggest vegetable oil importer, is expected to buy larger volumes of soyoil in 2024, while purchases of palm oil are likely to decline, a top dealer said on Monday. Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm, said India’s soyoil imports will rise to 4.3 million metric tons in the 2023/24 marketing year from 3.5 million tons in 2022/23. Palm oil imports will be lower at 9.2 million tons in 2023/24, compared with 10 million tons in 2022/23, Bajoria said on the sidelines of the Palm and Lauric Oils Price Outlook Conference 2024.
