At WTO, India proposes lower cost of cross-border payments

India has proposed a work programme at the World Trade Organization (WTO) aimed at reducing the cost of cross-border remittances to promote international trade. The proposal emphasizes the importance of promoting interoperability and interlinkages of digital payment infrastructures to achieve cheaper, faster, and more transparent cross-border payments, including remittances.

The Red Sea crisis has caused significant shipping costs and times for Indian companies, leading to job losses and increased costs for small exporters. In India, small exporters, who account for 40% of the country’s annual merchandise exports worth $450 billion, have warned that job losses have started and could soar if the attacks, which […]

India has launched an anti-dumping investigation into the import of solar glass from China and Vietnam following a complaint from domestic players. The probe will determine if the dumping of ‘Textured Tempered Coated and Uncoated Glass’ has caused material injury to Indian industries.

India’s exports rose to USD 36.92 billion in January, with a trade deficit of USD 17.49 billion. Imports grew to USD 54.41 billion. Crude oil imports rose by 4.33% to about USD 16.56 billion. Gold imports jumped by about 174% to USD 1.9 billion. April-January exports dipped by 4.89% to USD 353.92 billion. Imports contracted […]

The negotiations for the proposed India-UK free trade agreement are at an advanced stage, and both sides are working to iron out differences on the remaining issues, a top government official said on Thursday. Commerce Secretary Sunil Barthwal said the negotiations are taking time because “we want” to safeguard India’s interest.

India rejects EFTA’s demand for ‘data exclusivity’ provision, protecting the generic drug industry. Secretary Barthwal emphasizes India’s support for the industry. Exclusivity is beyond TRIPS agreement. EFTA has 29 FTAs with 40 partner countries, including Canada, Chile, China, Mexico, and Korea.

AEPC urges govt to suspend order allowing trans-shipment of Bangladesh export cargo through Delhi Air Cargo complex due to Red Sea crisis increasing transportation costs and shifting export shipments from sea to air mode. Excessive increase in air freight rates, delay in handling and processing of export cargo, and severe congestion at Cargo Terminal making […]

India’s trade deficit increased to $17.49 billion in January 2023, according to Commerce Secretary Sunil Barthwal. The deficit was $17.03 billion in January 2023 and $19.8 billion in December 2023. Merchandise exports rose by 3.12% to $36.92 billion, while imports increased by 3% to $54.41 billion. Services exports increased by $28 billion in January and […]

India, Bangladesh, Egypt, Indonesia, and South Africa have expressed concerns over a recent World Trade Organization (WTO) draft on dispute settlement reform. The draft proposes changes such as including mediators during consultations and altering the composition and powers of dispute settlement panels. The countries argue that certain proposals, like limiting the possibility of appeal and […]