After gold, silver & platinum, dates from UAE under scanner

Indian authorities are scrutinizing imports of dates from the UAE due to concerns that third countries, especially Pakistan, might be exploiting the India-UAE CEPA to avoid high import duties. The investigation focuses on ensuring compliance with rules of origin to prevent transshipment abuses.

UK Business and Trade Secretary Jonathan Reynolds emphasizes the priority of a trade deal with India at the International Investment Summit in London. The UK is negotiating a Free Trade Agreement with India, aiming to enhance the GBP 38-billion annual bilateral trade partnership while fostering significant economic growth and job creation across the country.

India’s export of oil meals dropped by 35% in September to 213,744 tonnes, with an overall 9% decline during April-September FY24. Soybean meal exports rose due to higher imports by UAE, Iran, and France, while rapeseed and castor seed meal exports decreased.

US-India Strategic Partnership Forum President Mukesh Aghi highlights exports as a key job creator for India’s $5 trillion economy goal, stressing the need for economic engagements with the US. The bilateral trade target is set at $500 billion, with current trade figures revealing a close competition with China.

Imported inflation in India’s CPI has gradually increased since April 2024, contributing 0.5 percentage points by August 2024. With global prices rising, imported inflation is expected to further impact core inflation. The RBI is managing the rupee’s value to counter this. Strong FPI inflows and currency management by the RBI may control imported inflation.

The Indian government restricted the import of parts of gas-fuelled pocket lighters, effective immediately. Previously, these imports were unrestricted. Key source countries include China, Spain, Turkey, and the UAE. Lighter parts imports reached $3.8 million this fiscal year. The new measure aims to curtail sub-standard imports and bolster domestic production.

Imported inflation is gradually rising from a negative base, contributing 0.5 percentage points to the Consumer Price Index inflation since April 2024. Global price increases and customs duty changes are influencing this trend, but strong FPI inflows and RBI intervention are helping stabilize the rupee.

The government has restricted the import of parts for pocket lighters to boost domestic manufacturing and reduce dependency on Chinese imports. This follows previous bans on low-cost and specific types of lighters, along with quality control measures. The import value of lighter parts from China was $3.8 million during April-July this fiscal.

FEBI launched in Delhi to push FTA negotiations between India and Europe, fostering collaboration among over 100 European companies. German Ambassador Ackermann acknowledges FEBI’s significance in strengthening EU-Indo business ties and expresses condolences on Ratan Tata’s death, lauding his legacy.

India may benefit from the US restricting investments in China, leading global companies to reduce exposure there. This shift could boost India’s pharmaceutical and consumer electronics sectors, as investments redirect to receptive regions with growing manufacturing competitiveness like ASEAN and India.