India, US push for trade pact as deadline nears

India and the US are engaged in intense trade negotiations to finalize a pact before the July 9 deadline, addressing contentious issues like tariffs and market access. While progress has been made, disagreements persist on matters such as patent laws and agricultural imports.

India’s trade team has prolonged its stay in Washington to resolve disagreements with the US, aiming for a deal before the July 9 deadline for higher tariffs. Negotiations, initially set to end on June 27, have been extended, fueling optimism for an interim trade agreement.

Amit Shah announced a USD one billion turmeric export target by 2030. He inaugurated the National Turmeric Board headquarters in Nizamabad. The board will focus on farmer prices, exports, and research. Narendra Modi promised the board during the Telangana elections. The government allocated Rs 200 crores to improve turmeric quality and farmer income.

India restricts jute imports from Bangladesh through specific ports. This action addresses concerns about subsidized jute products impacting the Indian jute industry. The move follows evidence of circumvention of anti-dumping duties. Earlier, similar restrictions were placed on garments and food items. The government aims to protect domestic jute farmers and mills from unfair competition.

India has restricted jute and allied fibre imports from Bangladesh, citing unfair trade practices like anti-dumping duty circumvention that harm Indian farmers. The restrictions, effective immediately, apply to all land and seaports except Nhava Sheva. This action aims to counter these practices, promote self-reliance, and protect the livelihoods of those dependent on India’s jute economy.

India has imposed restrictions on the import of jute, woven fabrics, and yarns from Bangladesh, specifically prohibiting entry through any land port along the India-Bangladesh border. The Directorate General of Foreign Trade announced that these imports are now only permitted through the Nhava Sheva seaport.

Commerce Minister Piyush Goyal will meet with exporters and industry leaders on June 30 to address India’s goods and services exports amid West Asia tensions and ongoing trade negotiations. India aims for $900 billion in exports this fiscal year, even as trade talks continue with the US, UK, and EU.

India has imposed restrictions on jute, woven fabrics, and yarn imports from Bangladesh, limiting entry to the Nhava Sheva seaport, according to a recent notification by the Directorate General of Foreign Trade. This regulation, effective immediately, expands upon earlier restrictions placed on readymade garments and processed foods in May.

India is proactively addressing potential supply chain vulnerabilities stemming from China’s rare earth export restrictions. Despite possessing significant reserves, India’s domestic rare earth production lags, leading to substantial imports. To counter this, the government is implementing a national initiative and offering incentives to boost local processing and magnet production, aiming to secure its supply of […]