India extends duty-free import timeline for yellow peas until February 2025 to cool pulse prices. The duty on yellow peas was first implemented in 2017. India imports pulses primarily from Canada, Russia, Myanmar, Australia, and some African countries. Despite increased production, India’s demand surpasses domestic supply.
India extends duty-free import of yellow peas by two months till February 2025
FIEO has developed a strategy to boost India’s exports to the US, aiming to seize opportunities from potential tariffs on Chinese goods under Trump. They seek government financial support for exhibitions and focus on key sectors like apparel, electronics, toys, footwear, and organic chemicals. FIEO also highlights liquidity issues and calls for relaxed payment rules […]
Raise import duty on petchem: Trade body SOS to govt
10 months ago
A top trade body, FICCI, has urged the Indian government to increase customs duty on polypropylene and polyethylene from 7.5% to 12.5% to prevent dumping from countries like China, protect domestic industry, and reduce import bills. These materials are essential in various industries including automotive and medical devices.
TIL to invest Rs 20,000 cr to develop Vadhvan Port
10 months ago
Jawaharlal Nehru Port Authority (JNPA) collaborates with Switzerland-based Terminal Investment Limited Sarl (TIL) to invest Rs 20,000 crore in the Vadhvan Port development in Maharashtra. The project, involving a total investment of Rs 76,200 crore, aims to enhance port infrastructure and establish Vadhvan Port as a world-class facility.
MFN status suspension not to delay implementation of EFTA trade pact with India: Switzerland
10 months ago
Switzerland confirmed the suspension of the Most Favoured Nation clause in its tax treaty with India will not hinder the ratification of their recently signed trade agreement. This suspension, impacting potential tax benefits, won’t negatively affect Swiss investments in India, according to the Swiss Embassy. The trade deal promises a substantial USD 100 billion investment […]
India prepares for trade talks with the returning Trump administration. The government consults with industry to identify key export priorities. Potential tariffs and the mini-trade deal are under consideration. India also explores strategies like IT export diversification and domestic manufacturing growth. The Indo-Pacific Economic Framework trade pillar remains a point of contention.
Experts met to discuss the I2U2 partnership. They explored its potential to reshape global cooperation and trade. The group focuses on economic and technological advancement. The experts talked about the India-Middle East-Europe Economic Corridor. They examined its role in connecting Asia, the Arabian Gulf, and Europe. The I2U2 partnership aims to boost various sectors.
Bilateral investment treaty and FTAs are two separate pacts; should continue to remain so: Sources
10 months ago
India argues against including investment protection within free trade agreements (FTAs), citing potential negative impacts on trade structures and dispute resolution. They advocate for separate investment protection agreements, highlighting concerns about arbitration costs and biases, favoring local remedies before international arbitration, aligning with other developing nations.
Commerce and Industry Minister Piyush Goyal urged for complete industry-government integration on logistics platforms to boost efficiency. He emphasized green logistics through sustainable practices, adopting electric mobility and biofuels to reduce carbon footprint. Goyal also advocated skill development and AI/data analytics use for minimizing time and cost overruns.
Indian garment, handicraft, and engineering exporters anticipate 5-10% gains from the rupee’s decline. However, import-dependent sectors like gems, jewelry, and electronics face rising input costs, offsetting potential benefits. Further, sharper depreciations of other currencies may pressure Indian exporters to lower prices, limiting long-term competitive advantages.