Govt needs to reduce import duties on inputs, capital goods to lessen need for export schemes: GTRI

India’s Global Trade Research Initiative (GTRI) suggests that reducing import duties on inputs and capital goods could help reduce the need for many existing export schemes. The think tank argues that many countries, including major trade partners like the EU and the US, view Indian schemes as subsidies and “punish” exporters by charging countervailing duties.

“To enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, DGFT is collaborating with the various e-commerce players to leverage the Districts as Export Hubs initiative and promote e-commerce exports from the country,” the ministry said in a statement.

“Where onion consignment has been handed over to the customs before October 29, 2023… and is registered in their system/ where onions consignment has entered the customs station for exportation before this notification and is registered in the electronic systems of the concerned custodian of the customs station with verifiable evidence of date and time […]

India’s approach to negotiating labour provisions in free trade agreements (FTAs) is being questioned by experts, as it could potentially impact domestic manufacturing and trade competitiveness. India has begun to engage on labour issues in its trade negotiations with the UK, European Union, and the US-led Indo Pacific Economic Framework for Prosperity (IPEF).

“The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India’s total exports. At the global level, these 75 products have significant presence in world exports, whereas India’s share of these products is only 6 per cent of the total […]

Indian buyers have halted palm oil purchases for December and January due to rising prices and negative margins from heavy imports. This could lead to higher palm oil stocks in Indonesia and Malaysia. The landed cost of crude palm oil for December shipments is 77,500 rupees per metric ton, while already imported oil is offered […]

These firms have now written to the government to seek certification for manufacturing units in other Asian nations, a senior government official said. But the government is reluctant to certify factories located even in some Asean countries with which it has a free-trade pact.

“We are in active dialogue with the EU and EFTA for a free trade agreement… I do believe that both of these are eminently doable and will significantly help us expand our engagement not only in trade in goods services, but also in investments, technology, tourism, innovation, and clean energy,” Goyal said at CII India-Nordic […]

India’s medical device exports to the UK are impacted by prolonged regulatory approval processes, according to think tank GTRI. To promote exports, India should negotiate a Mutual Recognition Agreement (MRA) to expedite the entry of medical devices into the UK market, particularly for devices with CDSCO license or Quality Council of India’s Indian Certification of […]

India’s oil imports reached a 10-month high in October due to OPEC’s share, as refiners bought more crude from Saudi Arabia and the UAE. However, Russia’s share of the Indian market fell to the lowest in nine months. India, the world’s third-biggest oil importer and consumer, typically relies on Middle Eastern producers, and has encouraged […]