Imports from Russia doubles to $25.69 billion in April-August

India, the world’s third-largest crude importer after China and the United States, has been buying Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for the invasion of Ukraine.

Indian industry was looking at duty-free access for products like textiles and leather besides easy visa norms for the movement of professionals. Canada has interests in areas like dairy and agricultural products. The bilateral trade between the countries has increased to USD 8.16 billion in 2022-23 from USD 7 billion in 2021-22.

The retaliatory duties removed are 10 per cent on chickpeas, 20 per cent on lentils, Rs 7-20 per kg on almonds,; and 20 per cent each on walnuts, apple, boric acid, and diagnostic reagents. The BCD on these goods are 60 per cent on chickpeas, 30 per cent on lentils, Rs 35-100 per kg on […]

India’s vegetable oil imports rose by 33% in August compared to the previous year. Lower duties and a revival in demand after a drop in domestic rates were cited as reasons for the increase. India imported a total of 18.66 lakh tonne of vegetable oil in August 2022.

India’s tax on parboiled rice exports has led to a halt in trade activity. However, it is expected to restart after the duty becomes nil post-Oct. 15. The prices for 5% broken parboiled rice in India remained near a record high, while Vietnamese and Thai export rates eased slightly. The prices for 5% broken rice […]

The Nepalese government is planning to import 20,000 metric tonnes of sugar from India to meet the domestic demand during the upcoming festivals. The Ministry of Industry, Commerce and Supplies had requested customs waiver for importing 60,000 metric tonnes of sugar, but the Finance Ministry has only granted permission for 20,000 metric tonnes for now. […]

The government of India has stated that the removal of additional retaliatory duties on US apples, walnuts, and almonds will not negatively impact domestic producers. Commerce and Industry Minister Piyush Goyal said that opposition parties, particularly the Congress, are politicizing the issue without a complete understanding.

The World Trade Organization (WTO) has raised concerns about unilateral environmental measures and trade restrictions. The WTO flagged the European Union’s Carbon Border Adjustment Mechanism (CBAM) and the US’ Inflation Reduction Act as potential trade concerns. This comes before the implementation of the European Union’s Carbon Border Adjustment Mechanism (CBAM) rules for transition from October […]

India and Russia are planning to start operations on the Eastern Maritime Corridor (EMC), which is expected to reduce the time to transport cargo between Indian and Russian ports by up to 16 days. Currently, it takes over 40 days to transport goods from India to Far East Russia, but with the EMC, it will […]

Regional political parties and apple growers in Kashmir are urging the Indian government to reconsider its decision to remove additional duties on American products, including apples, walnuts, and almonds. They argue that this move would negatively impact local farmers and result in significant losses for the already struggling apple industry. The Ministry of Finance recently […]