Trade and commerce between India and Bangladesh have resumed, with trucks carrying essential commodities. Indian High Commissioner in Bangladesh discussed mutual interests with Chief Advisor Muhammad Yunus. Projects by India in Bangladesh were impacted due to unrest but will resume when safe. The friendship pipeline project for high-speed diesel is operational since March 2023, though […]
Trade and commerce with Bangladesh has started: EAM spokesperson Randhir Jaiswal
Soyabean oil imports hit seasonal high in August amid fall in local soyabean prices below MSP
2 years ago
India’s crude soyabean oil imports surged to 4,54,639 tonnes in August, while local soyabean prices fell below the minimum support price (MSP). The Solvent Extractors Association (SEA) suggested increasing import duties on edible oils to support farmers. Total vegetable oil imports declined to 15.63 lakh tonnes from 18.66 lakh tonnes a year ago.
The launch of the India-UAE virtual trade corridor and MAITRI interface aims to streamline trade under the India-Middle East-Europe Economic Corridor. The Virtual Trade Corridor will reduce administrative processes, logistics costs, and enhance ease of doing business. MAITRI integrates Indian and UAE portals to optimize efficiencies and regulatory compliance.
India and the US are collaborating to become self-reliant in critical minerals, strengthen supply chains, and adopt advanced technologies. Commerce and Industry Minister Piyush Goyal announced his upcoming visit to Washington for the India-US CEO Forum. He emphasized the strategic relationship between the two nations and their shared interests in bilateral and geopolitical issues.
India will impose tariffs of 12% to 30% on certain steel products from China and Vietnam to protect local industry. The tariffs, targeting welded stainless steel pipes and tubes, will be in place for five years. This move follows strained relations between India and China since their 2020 border clash.
Govt aims to boost seafood exports to Rs 1 lakh crore/year; to strengthen foundation of fishery sector
2 years ago
Union Minister Rajiv Ranjan Singh announced plans to boost annual seafood exports to Rs 1 lakh crore from Rs 60,000 crore. He highlighted the government’s efforts in the fishery sector, including infrastructure development and technological improvements. The government aims to strengthen the sector’s foundation over the next five years for overall national growth.
India is conducting a thorough review of its major ports to identify operational shortcomings and infrastructure deficiencies. The goal is to enhance port capacities, prepare for larger ships, and incorporate green technologies. This initiative aligns with the Maritime India Vision 2030 and aims to optimize cargo handling and ship turnaround times.
External Affairs Minister S Jaishankar stated that India is open to doing business with China, but the sectors and terms need careful consideration. Speaking in Berlin, he emphasized the complexity of the issue. On the Russia-Ukraine conflict, he mentioned that both countries should negotiate an end and India is willing to offer advice if requested.
India is emphasizing strict ‘Rules of Origin’ in FTA talks with the UK to protect its automobile sector. Commerce Secretary Sunil Barthwal stated that these rules should not negatively impact Indian automakers. The government also aims to maintain the benefits of its production linked incentive scheme during these negotiations.
The WTO warns that unilateral approaches to the digital economy and low-carbon transition could cause trade tensions and distortions. It emphasizes the need for multilateral policies to reduce poverty and inequality, benefiting vulnerable groups. The report highlights the importance of inclusive trade agreements and investment facilitation for development.