India, UK may hold next round of talks on proposed trade agreement in Oct

India and the UK are set to resume talks in October for a proposed free trade agreement, aiming to resolve pending issues. Both nations seek market access for goods and services, with India focusing on skilled professionals and the UK on reducing import duties. Bilateral trade has seen recent growth.

India faces challenges in exports due to rising freight costs, container shortages, and reliance on foreign carriers. GTRI suggests boosting domestic container production and enhancing local shipping companies to mitigate risks and costs. The report highlights the need for significant investments and policy support to strengthen India’s shipping industry.

India needs to boost container production, promote domestic use, strengthen shipping firms, and enhance port infrastructure. High freight costs, container shortages, and reliance on foreign carriers challenge exports. Domestic shipping handles only 5-10% of trade volume, with heavy dependence on Chinese containers making India vulnerable to supply disruptions.

China’s commerce ministry announced an anti-dumping investigation into halogenated butyl rubber imports from Canada, Japan, and India. This material is essential in manufacturing tires, pharmaceutical stoppers, sealants, and various other products, starting from Saturday.

The government has removed the minimum export price of $950 per tonne for basmati rice, leading to increased global enquiries. This move is expected to stabilize the falling prices of basmati rice, which may rise from Rs 55 per kg to Rs 65 per kg initially. India holds an 80% share in the global aromatic […]

Commerce Minister Piyush Goyal launched two digital initiatives to assist exporters. The Jansunwai Portal provides necessary information and direct communication with officials, while the ERP portal of ECGC offers online services like claims and credit support. These measures aim to streamline export processes and enhance MSME exports.

The government has extended benefits to exporters using courier services, supporting smaller sellers on online platforms. Amendments by the CBIC to various tax neutralisation schemes will boost e-commerce exports. The new rules, effective September 12, aim to enhance flexibility and efficiency in supply chains, aligning with the Foreign Trade Policy 2023.

The Indian government has increased the customs duty on crude and refined sunflower oil to 20% and 32.5%, respectively, effective from Saturday. The duty changes apply to crude palm, soyabean, and sunflower seed oil.

The government has extended export incentives through the courier medium to boost e-commerce shipments. Benefits like RoDTEP, RoSCTL, and drawback will now apply to all courier exports. Plans are also underway to extend these benefits to postal route exports, promoting a more equitable environment for e-commerce exporters.

India has increased the basic import tax on crude and refined edible oils by 20 percentage points to support local oilseed farmers. This change will raise the total import duty on these oils, potentially increasing prices and reducing demand for imports of palm oil, soyoil, and sunflower oil.