India’s e-commerce exports may fall short of their $350 billion potential by 2030 unless urgent reforms in customs rules are implemented. The country needs improved incentives and support for overseas warehouses, similar to what China has adopted, to achieve significant growth from the current $5 billion annual export level in a rapidly expanding global market.
Customs reforms, overseas warehouses, sops key to push ecomm exports: GTRI
Indo-Bangla trade ‘halted’ amid crisis
1 year ago
Indo-Bangladesh trade has effectively halted due to unrest in Bangladesh following Prime Minister Sheikh Hasina’s resignation on Monday. A three-day trade holiday, excluding essential services, was announced by the Bangladesh government, disrupting export and import activities at land ports.
According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country. India’s exports of perishable goods are facing challenges at the border. Bangladesh Prime Minister Sheikh Hasina has resigned, and an interim government is taking over in the country.
Plans for a Rs 41,000-crore transhipment port at Great Nicobar Island are set, with implementation starting soon. The project, receiving environmental clearances, involves public-private investments to achieve a capacity of 16 million containers annually. The first phase, costing Rs 18,000 crore, aims for completion by 2028. Additional infrastructure like an airport and power plant is […]
India has initiated preparations for the World Bank’s new B-Ready index, replacing the Doing Business index. The report will evaluate aspects of business environments, including trade and taxation. The commerce ministry is collecting data on e-commerce to improve India’s digital trade capabilities, aiming for ecommerce exports of $200-300 billion by 2030.
The Embassy of India, in cooperation with IndCham, relaunched the Indian Chamber of Commerce in Indonesia, aiming to enhance economic collaboration. Attended by business leaders and professionals, the event underscored the significance of India-Indonesia relations and their joint pursuit of growth targets. The revamped Chamber focuses on fostering new collaborations.
India seeks duty concession on cars, commercial vehicles, machinery in FTA with Sri Lanka
1 year ago
India is seeking customs duty concessions on goods such as cars, commercial vehicles, and machinery from Sri Lanka under a comprehensive free trade agreement (FTA). The 14th round of talks between senior officials of India and Sri Lanka concluded in Colombo, focusing on rules of origin, goods, services, and technical barriers for trade. Sri Lanka […]
The next round of talks for reviewing the India-Asean free trade agreement in goods is scheduled for November, according to the commerce and industry ministry. ASEAN, which includes 10 countries, has been actively engaged in these discussions.
India and Asean will meet from November 19 to 22, 2024, for the next phase of negotiations on their free trade agreement. The third round was completed in August 2023 in Jakarta. The review seeks to alleviate barriers and promote mutually beneficial trade. India-ASEAN trade stood at USD 41.
The Trade and Economic Partnership Agreement between India and EFTA, signed in March, awaits ratification in Iceland, Liechtenstein, Norway, and Switzerland. The deal promises investment benefits and reduced duties on select products. India’s trade with EFTA hit USD 24 billion in 2023-24, with a trade gap favoring EFTA.