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-UAE IMEEC gets a leg up during Abu Dhabi Crown Prince visit
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.
The government has launched the Trade Connect ePlatform to streamline export and import information for entrepreneurs. Developed with various ministries and organizations, it aims to connect over 6 lakh IEC holders and provide real-time trade-related data. The portal will be updated regularly and include additional services in its second version by 2025.
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.
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.
As govt plans to buy soyabean at MSP, industry demands increase in import duties of cooking oils
1 year ago
The central government will procure soyabean at Minimum Support Price in Maharashtra, Karnataka, and Telangana to support farmers. Meanwhile, the edible oil industry is urging a 15% increase in import duties on cooking oils to counteract cheap imports and stabilize domestic prices.
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.