India has proposed retaliatory customs duties on certain EU imports under WTO norms due to unresolved issues over the EU’s safeguard measures on steel products. India claims a trade loss of USD 4.412 billion from 2018 to 2023. The EU extended these measures until 2026, affecting India’s steel exports.
India proposes retaliatory duties on EU’s safeguard measures on some steel products
The government has prioritized the review of the Asean-India Trade in Goods Agreement (AITIGA) to make it more user-friendly and trade-facilitative. ASEAN is a key trading partner for India, being its second largest for two consecutive years. Commerce Minister Piyush Goyal is visiting Laos to discuss the trade pact and attend the East Asia Summit […]
Former US President Donald Trump, running for office again, has made mixed remarks about India and Prime Minister Narendra Modi. While praising Modi, Trump criticized India’s trade practices. Despite this, a report suggests Trump’s policies may benefit India due to the shift of supply chains from China to friendly countries like India.
Former US President Donald Trump’s claim that India is an ‘abuser’ of import tariffs is unfair, says think tank GTRI. Many countries, including the US, impose high customs duties to protect domestic industries. The report suggests the US should consider a free trade agreement with India for zero tariff access.
Easing exports: India to buy more second-hand vessels to raise container capacity, cut port charges
1 year ago
India will reduce port charges and purchase five second-hand container vessels to boost exports and address shipping issues. These measures aim to lower shipping costs, improve container availability, expedite export consignments, and reduce port congestion. Commerce Minister Piyush Goyal announced these steps following a meeting with various stakeholders.
The government has announced measures to address shipping sector issues affecting exporters and importers. These include reducing port charges, purchasing additional container vessels, and expediting customs clearances. The steps aim to lower shipping costs, improve container availability, and reduce port congestion.
The Gujarat High Court has ruled that Notification No. 54/2018 will apply prospectively, providing relief to Indian importers under investigation for availing dual benefits. This decision corrects previous retrospective demands and offers clarity on import transactions, though the issue of interest remains unresolved.
India and South Korea have initiated electronic transfer of the bill of lading between their customs, enhancing ease of doing business. This digital move eliminates the need for physical record submissions, expected to be fully adopted in 1-1.5 years. UNCITRAL is spearheading this global shift towards electronic trade documentation.
India’s ready-made garment exports surged by 12% in August to USD 1.26 billion, despite global challenges. From April to August 2024-25, exports grew by 7.12% to USD 6.39 billion. AEPC Chairman Sudhir Sekhri credits the growth to product quality and compliance, with hopes for continued momentum through policy support and strategic realignment.
India’s Petroleum Minister Hardeep Singh Puri announced that the US is now India’s sixth-largest energy trade partner, with bilateral trade potentially reaching USD 500 billion. The hydrocarbon trade has nearly doubled since 2018-19. Puri discussed sustainable energy initiatives and investment opportunities with US stakeholders at the Gastech 2024 conference in Houston.