UK Foreign Secretary David Cameron has acknowledged that while there has been good market access offered by both sides, it is not enough to secure a free trade agreement (FTA). This comes as Indian negotiators are in London to continue discussions with their British counterparts. The recent restructuring of the BBC to create a new Indian-owned entity to comply with the country’s foreign direct investment (FDI) rules was flagged by Liberal Democrat peer Lord Jeremy Purvis, who questioned the level of market access being offered to India in the field of media, data, and telecoms as part of the FTA negotiations.
How to Start an Import-Export Business?
Starting an import-export business can be an exciting venture, but it requires careful planning and understanding of the global market. Here’s a simplified guide to help you get to know How to Start an Import Export Business ? 1. Choose Your Products: Begin by selecting the products you want to import or export. Consider factors like demand, competition, and your knowledge of the industry. It’s essential to focus on products that have a market demand and align with your interests and expertise. 2. Research Your Market: Conduct thorough market research to identify potential opportunities and target markets. Look into consumer preferences, industry trends, and regulatory requirements in different regions. This step will help you determine the viability of your business idea and make informed decisions. 3. Develop a Business Plan: Create a simple business plan outlining your goals, strategies, and financial projections. Include details such as startup costs, pricing strategies, and marketing plans. A clear roadmap will guide your efforts and help you secure financing if needed. 4. Understand Import-Export Regulations: Familiarize yourself with import-export regulations, customs procedures, and trade agreements applicable to your products and target markets. Compliance with these regulations is crucial to avoid legal issues and ensure smooth transactions. 5. Find Suppliers and Buyers: If you are reading this blog to get to know How to Start an Import Export Business then this is the main point for starting an Import – Export Build relationships with reliable suppliers and buyers who can provide quality products and a market for your exports. Networking, attending trade shows, and using online platforms can help you connect with potential partners. Negotiate favorable terms and establish trust to foster long-term partnerships. 6. Arrange Logistics: Arrange for transportation and logistics services to move your goods efficiently. Consider factors like shipping methods, freight forwarders, and customs clearance procedures. Working with experienced logistics partners can streamline the process and reduce risks. 7. Secure Financing: Explore financing options available for import-export businesses, such as loans, grants, or trade finance. Evaluate your funding needs and choose the best option based on your financial situation and risk tolerance. 8. Market Your Business: Develop a marketing strategy to promote your import-export business and attract customers. Utilize online marketing channels, social media, and networking events to raise awareness and generate leads. Highlight your unique selling points and value proposition to stand out in the market. 9. Manage Risks: Identify potential risks, such as currency fluctuations, transportation delays, or political instability, and develop contingency plans to mitigate them. Stay informed about market conditions and be prepared to adapt to changes to protect your business interests. 10. Stay Committed and Flexible: Building a successful import-export business takes time and effort. Stay committed to your goals, learn from challenges, and be willing to adjust your strategies as needed. With persistence and determination, you can overcome obstacles and achieve success in the global market. By following these steps and considerations, you can lay a solid foundation for your import-export business and embark on a rewarding entrepreneurial journey. Want to know more about “How to Start an Import – Export Business”? If yes, then visit Startup India Import Export Academy. They will give you all the practical knowledge and full handholding support that you need to start your own import and export business.
Crude import bill down 16% in FY24; dependence increases marginally to 87.7%
India’s crude oil import bill decreased by 16% YoY to $132 billion in 2023-24 due to lower oil prices, according to the country’s oil ministry data. Domestic crude oil production remained constant, while refined petroleum product imports fell by 13% to $23 billion. Despite a 17% increase in volumes, imports of LNG fell by 22% to $13 billion.
India allows onion export to Sri Lanka, gives additional quota to UAE
India has permitted limited onion exports to the United Arab Emirates (UAE) and Sri Lanka, despite ongoing restrictions on outward shipments of the vegetable. The Ministry of Commerce and Industry, through the Directorate General of Foreign Trade (DGFT), announced the allowance of an additional 10,000 metric tons (MT) of onions to both the UAE and Sri Lanka, facilitated by the National Cooperative Exports Limited (NCEL).
Rupee-rouble settlement volume up seven times from 2022: Sberbank
India’s oil purchases from Russia jumped after the war as New Delhi purchased discounted crude. The share of Russian oil in India’s total imports rose to 35% in 2023-24 from 23% in the previous year, according to energy cargo tracker Vortexa.
India reviewing Asean trade pact with an eye to boost domestic manufacturing
India is reviewing its trade pact with Asean to address anomalies like the inverted duty structure disadvantaging local manufacturers. Measures such as production-linked incentive schemes, import tariffs, and import monitoring are in place to tackle the trade deficit.
Navigating Tariffs: Strategies for Minimizing Costs in International Trade
Are you looking for the best strategies for Minimizing Costs in International Trade?? Navigating tariffs effectively in international trade can be crucial for minimizing costs and maximizing profits. Tariffs are taxes imposed by governments on imported goods, which can significantly impact the competitiveness of products in foreign markets. Here are some strategies for Minimizing Costs in International Trade: So, these were some strategies for Minimizing Costs in International Trade. By employing these strategies and staying informed about tariff regulations and trade dynamics, businesses can minimize costs and maintain competitiveness in the global marketplace. Strategic tariff management is essential for optimizing profitability and sustaining long-term success in international trade.
Global trade to pickup in 2024: WTO
India clocked $451 billion goods export in FY 23 and $394.99 billion in April-February FY24. In its latest Global Trade Outlook and Statistics report, India’s share of global goods exports was 1.8% in 2023 and imports was 2.8%. In digitally delivered services, India’s share rose to 6% in 2023 from 4.4% in 2019. In global commercial services, India’s share in exports is seen 4.4% in 2023 at $344 billion, up 11% on-year whereas imports were flat at $247 billion.
Jaishankar raises India’s concerns over restrictions of Russian diamonds with Belgium
New Delhi is concerned over Western ban on rough diamond imports from Russia, the world’s biggest diamond producer and the biggest source of raw material for India’s thriving polished diamond industry located in Surat.
RBI and NPCI push for bringing down cost of remittances at WTO
New Delhi has submitted to the multilateral trade body that “promoting interoperability and interlinkages of digital payment infrastructures, including fast payment systems”, can be one of the means to achieve cheaper, faster and more transparent and accessible cross-border payments. The global average cost for sending remittances is 6.18%, higher than the sustainable development goal to reduce it to less than 3%. Around 78% of total remittances go to low- and middle-income countries, India said, making a case for a multilateral effort to address the issue.
