Indian trade curbs to cut exports by $4 bln, Red Sea attacks a risk – source

India might face a $4 to $5 billion drop in exports due to restrictions on wheat, rice, and sugar trade, aiming to control local prices. Attacks in the Red Sea might affect basmati rice shipments. To cope, India could use an African route, but ongoing attacks might raise rice prices by 15% to 20%

The Apparel Export Promotion Council (AEPC) has announced that a free trade agreement with Oman, known as the Comprehensive Economic Partnership Agreement (CEPA), will boost apparel exports in the Gulf nation. The agreement, which is currently being negotiated, is expected to significantly boost bilateral trade between the two countries.

According to Kulaste, Coal India Limited (CIL) has planned to increase raw coking coal production from existing mines by up to 26 million tonnes (MT) and identified ten new mines with Peak Rated Capacity (PRC) of about 22 MT by financial year 2024-25. CIL has also offered eight discontinued mines under a revenue sharing model […]

India has requested G7 countries to postpone the ban on Russian diamonds, citing unclear rules on tracing gem origins. As home to 90% of the world’s diamond cutting and polishing industry, India’s cooperation is crucial. G7 announced a ban on Russian diamonds starting January 1, with phased-in restrictions on indirect imports from around March 1

​Commerce and Industry Minister Piyush Goyal and his counterpart from New Zealand Todd McClay recognised the importance of trade facilitation and discussed measures to streamline trade processes, reduce trade barriers, and promote a more conducive environment for businesses and investors from both nations, the commerce ministry said.

India’s ban on onion exports has led to soaring prices for Asian buyers, causing them to seek cheaper alternatives. Traditional importers, including Bangladesh, Malaysia, Nepal, and the UAE, are grappling with high prices as India, the largest exporter of onions, faces a domestic shortage. The ban, imposed due to doubled domestic prices, is unlikely to […]

Exporters are confident that exports will increase even if freight costs go up, thanks to high demand for Indian grapes in Europe amid diminishing supplies from South America.

WTO Director-General Ngozi Okonjo-Iweala has called on the G20 to show leadership and contribute to economic stability and growth by unwinding recent and longstanding restrictions on trade. G20 members include India, Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, Russia, the UK, and the US, among others.

If the talks fail, Taiwan could adopt WTO panel filings and India could take the case to the Appellate Body of WTO, which hasn’t been functional for nearly two years due to the US blocking the appointment of judges. India has appealed against the ruling in its dispute with Japan and the EU. The dispute […]

The panel in April had ruled that import duties imposed by India on certain ICT products violate global trading norms. Appellate body is the final authority to decide on trade disputes in WTO. However, it is not functioning as the US has been blocking appointments of judges in the body.