Centre increased import duty on gold and silver coins to 15%

The government has increased import duties on gold and silver finding and coins to 15%, including basic custom duty and ADIC. The new rates will be effective January 22. The government also increased import duties on silver dore, bars, and articles to align with gold and platinum import duties.

India and the EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties.

India’s exports of goods and services showed a marginal increase of 0.4% to USD 765.6 billion in 2023, despite global economic uncertainties. Key contributing sectors included electronics, pharmaceuticals, cotton yarn, fabrics, ceramics, meat, dairy, poultry, fruits, vegetables, and information technology. Goods exports contracted by 4.71% to USD 431.9 billion, while services exports rose by 7.88% […]

WTO member countries are unlikely to reach a consensus on reforming the dispute settlement system at the upcoming ministerial conference (MC). The differences between developed and developing countries over the issue pose a challenge.

During a recent visit, US Trade Representative Kathreen Tai experienced nuanced messages on India-US trade through her banquet menu. The inclusion of Indian wild-caught shrimps, usually prohibited under US law due to concerns about sea turtles, signaled potential collaboration in overcoming regulatory challenges. The second message was represented by grapes served with Angoori Rasmalai, symbolizing […]

The commerce department has begun the exercise with barriers such as registration requirements, higher pesticide levels and domestic standards, put up by Africa and 12 Central Asian countries, including Russia, and would then study the restrictions imposed by other trading partners.

New Delhi’s stand comes after the US sought more time to come up with a solution and said that only PSH can’t be a part of the agriculture package at MC13 and want discussions on issues like providing information on export restrictions at least 30 days prior to the notification, which is not feasible.

The Reserve Bank of India (RBI) has highlighted the challenges faced by Indian trade, citing a contractionary zone in PMIs for new export orders in December.The RBI also noted that retail inflation in India has gradually descended closer to the target, despite growth beating expectations. The central bank attributed India’s growth to strong domestic demand.

India usually exports around 250,000 to 300,000 metric tons of corn every month but in December its exports fell to around 30,000 tons, dealers said.

The ‘Trade Connect ePlatform’ will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements.