Red Sea crisis: Commerce Ministry asks Financial Services dept to monitor credit flow to exporters

The Commerce Ministry has directed the Department of Financial Services (DFS) to monitor and ensure credit flow to exporters facing challenges due to increased freight costs in the Red Sea crisis. The move aims to support exporters dealing with elevated shipping expenses as consignments take longer routes, impacting both time and cost. The inter-ministerial meeting, […]

EEPC believes that entering into more free trade agreements, especially with countries in Latin America and Africa, would provide exporters with deeper access to new and emerging markets, Engineering Export Promotion Council of India Chairman Arun Kumar Garodia said.

India is set to adopt a firm approach in dealing with non-tariff barriers imposed on Indian exports by other nations, and will reciprocate with similar measures, according to Commerce and Industry Minister Piyush Goyal. During a recent address, he urged the industry to provide a comprehensive list of these barriers, allowing India to raise the […]

However, it has been shipping rice to friendly and neighbouring nations such as Indonesia, Senegal, Gambia, Nepal, Bhutan, Sri Lanka, Maldives, Malaysia, Indonesia, Vietnam and Iran on a government-to-government basis. This is being facilitated by the National Cooperative Exports Ltd (NCEL), a government export body which was set up under the Multi-State Cooperative Societies (MSCS) […]

The government is considering giving cash refunds to exporters instead of scrips for tax remission schemes, according to economic think tank GTRI. This move would improve cash flow for exporters, especially those facing a weak export outlook for 2024. Currently, refunds under the RoDTEP and RoSCTL schemes are issued as scrips, which can be sold […]

India has extended lower import duty on edible oil by a year until March 2025, extending the lower duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The decision was expected to keep prices in check ahead of elections. The government also imposed a 50% duty on exports of molasses, a […]

Exporters said 95% of vessels had rerouted around the Cape of Good Hope on the southern tip of Africa, adding 4,000 to 6,000 nautical miles and 14-20 days to journeys from India since Houthi militants began attacking shipping in November.

Majority of the issues in the proposed FTA between India and the UK are either finalised or at an advanced stage of talks, according to a government official. The 14th round of negotiations is currently underway. Talks are also progressing on the proposed BIT. Meanwhile, the seventh round of talks for the proposed trade deal […]

The issues which would figure in the 13th Ministerial Conference include agriculture, food security, dispute settlement reform, e-commerce moratorium, and fisheries subsidies.

The board provides an opportunity to have regular discussions and consultations with trade and industry and advise the government on policy measures on foreign trade. It also provides a platform for state governments and Union Territories to articulate their perspective on trade policy and also for the central government to apprise them about international developments […]