Drugs worth USD 650 bn trafficked globally; need insight sharing on emerging trends: CBIC

“The undercurrent of illegal trade in narcotics remains strong. Global drug trafficking is estimated to be worth USD 650 billion, contributing 30 per cent of the overall illicit economy. It is having a devastating impact…,” said the chief of the Central Board of Indirect Taxes and Customs (CBIC).

In the Group of Seven (G7) trade ministers’ meeting, Commerce and Industry Minister Piyush Goyal urged the participating countries to collaborate on a regulatory framework to ease the movement of supply chains and facilitate cross-border trade.

​The DGFT notification indicates that the export poicy change will go into effect starting Sunday, October 29. The notification also laid out exceptions to the new regulation, stating that onions designated for export and already handed over to Customs are exempt as well shipments for which export duty has been paid before the notification was […]

India and the UK have assessed the advancements in negotiations for a proposed FTA at the G7 trade ministers meeting in Osaka. Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Kemi Badenoch reviewed the progress, aiming to bridge differences in issues like rules of origin and services. The […]

India produces on average between 25-27 million tonnes of pulses and imports 2-3 million tonnes annually. However, this year, the area sown to pulses during the kharif season has remained slightly lower at 122.57 lakh hectares as of September 22 due to a lack of rains in key producing states.

As part of its initiative to promote export of mangoes, the Centre invited the United States Department of Agriculture’s (USDA) Animal and Plant Health Inspection Service (APHIS) inspector for pre-clearance of mangoes at irradiation facilities at Vashi, Nashik, Bengaluru, and Ahmedabad.

In the first five months of FY24, imports in value terms were up 70% for avocado from a year earlier, while more than doubling in case of shelled almonds, and growing 80% and 62% for pistachio and olives, respectively. Imports of cereals such as buckwheat and millets have also grown sharply, albeit on a smaller […]

The India government’s decision to reduce the Minimum Export Price (MEP) of basmati rice from $1,200 per tonne to $950 per tonne is expected to bring to exporters who were concerned about losing their global market share to Pakistan, a competitor in aromatic long-grain rice production. Indian rice exporters had temporarily halted purchases in multiple […]

The Commerce and Industry Minister Piyush Goyal is set to participate in the G7 trade ministers’ meeting in Osaka on October 28-29. The meeting’s agenda includes discussions on supply chain resilience, trade sustainability, investment, and the upcoming World Trade Organization (WTO) ministerial conference. During this event, the minister will also engage in bilateral discussions with […]

The United States has made a significant shift by withdrawing its support for a World Trade Organisation (WTO) initiative promoting free cross-border data flows without localization requirements. This change aligns with India’s stance of flexibility in digital policy and concerns about the potential dominance of a handful of e-commerce players.