Banks to expedite resolution with exporters for trade facilitation

On Monday, financial services secretary Vivek Joshi held a review meeting to address banking and insurance related issues faced by exporters and importers. “To ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems while appropriately examining compliance requirements,” the ministry noted in a statement.

India’s crude oil imports from Russia dropped for the second consecutive month in January, reaching their lowest level in a year. However, experts believe that India’s long-term demand for Russian crude remains strong. The decline in Russian imports was offset by increased sourcing from Iraq, while supplies from Saudi Arabia also decreased.

India’s palm oil imports fell to a three-month low in January as refiners increased buying of rival soyoil due to negative refining margins for crude palm oil (CPO). Lower purchases by India, the world’s biggest importer of vegetable oils, could keep palm oil inventories elevated in top producers Indonesia and Malaysia and weigh on benchmark […]

There is no adverse impact on India’s exports and imports so far due to the Red Sea crisis, an official said. The transportation cost has increased as shippers take a longer route, but volume terms remain unaffected. However, exporters are concerned about the significant jump in freight cost and the potential impact on India’s exports. […]

India is seeking greater market access for specific products like steel, rice, and shrimp in negotiations with South Korea for the upgradation of their existing free trade agreement, officially known as the Comprehensive Economic Partnership Agreement (CEPA). India has raised concerns about Korean firms not purchasing Indian steel and is demanding better market access for […]

“The recently announced India-Middle East-Europe Economic Corridor (IMEC) is a strategic and economic game-changer for India and others,” FM Sitharaman said. The inclusion of this transformative project in the budget speech is a subtle message to the overseas audience that India is committed to its quest for deeper integration with global markets.

India is actively engaged in ongoing FTA negotiations with multiple countries and blocs, including Oman, the UK, the EU, Canada, and various Indo-Pacific Economic Framework (IPEF) partner countries. The negotiations focus on market access, compliance with environmental and labour standards, and the reduction of high import duties. India currently has 13 functional FTAs and aims […]

Former Commerce Secretary Rajeev Kher in an interview with ET said FTA negotiations prioritize preferential agreements over multilateralism due to the lack of commonality in issues among countries and the evolving role of non-trade issues. Kher added that friendshoring has emerged as a response to supply chain uncertainties caused by geopolitical tensions.

The Red Sea crisis, caused by Houthi militants targeting shipping vessels, will not have an inflationary impact or cause a drastic shortage of goods in India, according to the head of a US-India body. While the crisis has impacted global trade and increased voyage time, India can survive through it. However, India’s exports of rice […]

As a result of measures, the manufacturing ecosystem of the industry has witnessed “remarkable” growth, leading to a substantial decrease of 52 per cent in overall import of toys from USD 332.55 million in 2014-15 to USD 158.7 million in 2022-23, Parkash said in a written reply to the Rajya Sabha. The exports have increased […]