India’s exports to face issues in Bangladesh as crisis deepens: Exporters

According to exporters, they are already facing disruptions in exports to Bangladesh due to a shortage of foreign exchange in that country. India’s exports of perishable goods are facing challenges at the border. Bangladesh Prime Minister Sheikh Hasina has resigned, and an interim government is taking over in the country.

Indo-Bangladesh trade has effectively halted due to unrest in Bangladesh following Prime Minister Sheikh Hasina’s resignation on Monday. A three-day trade holiday, excluding essential services, was announced by the Bangladesh government, disrupting export and import activities at land ports.

The Embassy of India, in cooperation with IndCham, relaunched the Indian Chamber of Commerce in Indonesia, aiming to enhance economic collaboration. Attended by business leaders and professionals, the event underscored the significance of India-Indonesia relations and their joint pursuit of growth targets. The revamped Chamber focuses on fostering new collaborations.

India has initiated preparations for the World Bank’s new B-Ready index, replacing the Doing Business index. The report will evaluate aspects of business environments, including trade and taxation. The commerce ministry is collecting data on e-commerce to improve India’s digital trade capabilities, aiming for ecommerce exports of $200-300 billion by 2030.

India is seeking customs duty concessions on goods such as cars, commercial vehicles, and machinery from Sri Lanka under a comprehensive free trade agreement (FTA). The 14th round of talks between senior officials of India and Sri Lanka concluded in Colombo, focusing on rules of origin, goods, services, and technical barriers for trade. Sri Lanka […]

India and Asean will meet from November 19 to 22, 2024, for the next phase of negotiations on their free trade agreement. The third round was completed in August 2023 in Jakarta. The review seeks to alleviate barriers and promote mutually beneficial trade. India-ASEAN trade stood at USD 41.

The next round of talks for reviewing the India-Asean free trade agreement in goods is scheduled for November, according to the commerce and industry ministry. ASEAN, which includes 10 countries, has been actively engaged in these discussions.

India’s palm and soybean oil imports reached their highest levels in a year in July, with palm oil imports rising 39% to 1.09 million metric tons, the highest since August 2023. This increase is expected to help reduce inventories in top producers Indonesia and Malaysia and support benchmark prices.

The Trade and Economic Partnership Agreement between India and EFTA, signed in March, awaits ratification in Iceland, Liechtenstein, Norway, and Switzerland. The deal promises investment benefits and reduced duties on select products. India’s trade with EFTA hit USD 24 billion in 2023-24, with a trade gap favoring EFTA.

The Supreme Court requested responses on a plea by Rika Global Impex Ltd. challenging bans on exporting non-basmati white rice. The court will examine claims that notifying restrictions opposed public interest and breached Foreign Trade Policy. The petitioner seeks to annul the notifications and gain export approval for previously acquired rice stock.