The fresh initiative by Commerce Minister Anand Sharma to meet ambassadors of the key members of the World Trade Organisation (WTO) in Geneva, in a bid to revive the deadlocked Doha round of trade negotiations, is well-timed though a positive outcome may be doubtful.
"Our government is fully committed to an early breakthrough in the Doha agreement based on the December 2008 draft texts in agriculture and industrial goods. It must be a balanced agreement that addresses the legitimate concerns of developing countries," Commerce Minister Anand Sharma said.
Commerce Minister Anand Sharma has issued several signals about his government's commitment to conclude the Doha talks, saying it is a priority issue for New Delhi. While many industrialised countries, including some developing nations, praised Sharma for adopting a conciliatory stance to break the 'impasse,' other members in the developing world are apprehensive about New Delhi's stance, especially its discussions with the US trade representative, trade envoys said.
In an open letter to Prime Minister Manmohan Singh and to Union Commerce Minister Anand Sharma, the industry body has outlined its view on the climate change negotiations based on Indian industry's feedback and called for the prime minister to urge the developed world to provide technology transfer and funds to help mitigate the crisis.
Replying to supplementaries in Rajya Sabha during Question Hour, commerce minister Anand Sharma said, "There can be no negative impact of organised retailing on unorganised sector as 96 per cent of retail business is in unorganised sector.
The zero-duty EPCG scheme is in addition to the 3 per cent EPCG scheme that was introduced last year.
These may weaken India's long-standing demand of easy, flexible rules.
Commerce Minister Anand Sharma on Monday expressed optimism that the total FDI inflows this fiscal will the same as in the previous year's at $27 billion.
But the government rejected their demand and instead promised to hold an internal inquiry.
For the second time since Press Note 2 and 4 were issued in February 2009, the Department of Economic Affairs in the finance ministry has raised questions on their implementation, this time over an application before the Foreign Investment Promotion Board.
Besides addressing a high-level meeting of the US-India Business Council at Washington on June 17, Sharma will hold discussions with the US secretary of state Hillary Clinton. During his three-day engagements, the commerce and industry minister would meet US Commerce Secretary Gary Locke and US trade representative Ronald Kirk.
India and the United Kingdom have agreed on the text of a landmark civil nuclear agreement and a formal pact may be signed within a week, Britain's Business Secretary Lord Peter Mandelson announced on Thursday. "The civil nuclear deal text has been agreed to and it will be signed soon, may be within a week after ministerial approvals," Lord Mandelson told a joint press conference with Commerce Minister Anand Sharma.
The Maharashtra unit of the Congress party is divided over the nomination of Commerce Minister Anand Sharma to the Rajya Sabha from the state.
On his maiden visit to New Delhi to attend the two-day informal ministerial meet on Doha round, Kirk told reporters in a teleconference that he would be back to New Delhi in just over a month for 'continued talks' relative to the Trade Policy Forum.
India is the world's largest diamond cutting centre.
India on Thursday extended tax holiday and duty refund for exporters, while allowing duty free capital goods import under its Foreign Trade Policy to insulate them from protectionism induced by recession abroad. Unveiling the five-year policy, Commerce Minister Anand Sharma set a target of $200 billion worth exports for next fiscal, a feat that India failed to achieve in 2008-09 due to a slump in global demand in the face of financial crisis.
It appears that the focus of commerce minister Anand Sharma, when he unveils the new foreign trade policy, will be to eliminate unnecessary paperwork and thereby help reduce transaction costs for exporters, while retaining the basic framework of the present FTP.
After six years of painstaking talks, the Comprehensive Economic Cooperation Agreement will be signed which will eliminate duties on 80 per cent of goods traded between the two over the next eight years. Commerce minister Anand Sharma, who is in Bangkok to sign the pact, said the agreement is well balanced and is in harmony with the India's Look East Policy.
On Monday, the EU had temporarily banned imports of Alphonso mangoes, the king of fruits, and four vegetables from India from May 1.
Currently, 100 per cent FDI is permitted in brownfield pharma firms through clearance from the Foreign Investment Promotion Board.
In a strongly worded letter to Finance Minister Arun Jaitley, Congress' Jairam Ramesh accused him of distorting facts.
The BJP maintained that stability in economic growth and economic policies of the government along with strong currency attracts foreign investment.
Far from the political noise generated by state assembly elections, Congress President Sonia Gandhi and Leader of Opposition Sushma Swaraj on Tuesday had lunch together at a five-star hotel in Johannesburg soon after attending the memorial service of anti-apartheid icon Nelson Mandela.
Commerce Minister Anand Sharma has a tough time in Davos pacifying African leaders, who are extremely upset over Delhi law minister's midnight raid. Anita Katyal reports
Commerce Minister Anand Sharma on Tuesday declined Narendra Modi's invitation for an event on Sardar Patel, suggesting that the Gujarat chief minister's motives were not sincere and the name of the great leader was being misused for partisan political agenda.
Commerce Minister Anand Sharma on Wednesday sought to assure prospective American investors that India is a 'welcoming investment' destination where the climate is 'totally conducive' to such actions.
Defence Minister A K Antony has shot down Commerce Ministry's proposal to raise Foreign Direct Investment in defence from 26 per cent to 49 per cent, saying it will be a "retrograde" step and "stymie" the growth of the domestic industry while increasing dependence on foreign manufacturers.
India's IT services sector witnessed 4.2 per cent growth in 2012-13.
The government is believed to be working on a strategy to resolve the matter related to Wednesday's Supreme Court order asking Samsung Electronics Chairman Lee Kun-hee to appear within six weeks before the Ghaziabad trial court in a pending payment case.
Anand Sharma working tirelessly for extension of tax breaks that expired on March 31, 2010.
Bowing to opposition pressure, the government has agreed to refer the controversial Insurance Bill to a Select Committee of Parliament, which will have 15 members.
Finance Minister P Chidambaram on said that financing current account deficit (CAD) year after year is a challenge and the only way to deal with the problem is by increasing exports.
The Bangladeshi government has clearly said it will not give access to the port unless India resolves the Teesta river issue.
Prices of automobiles, including cars, sports utility vehicles and two-wheelers, are set to come down with Finance Minister P Chidambaram announcing a reduction in excise duty in the Interim Budget.
The warning came after Nokia Chairman and interim chief executive officer Risto Siilasmaa met Commerce Minister Anand Sharma and tax authorities in a bid to resolve the Rs 21,153-crore (Rs 211.53 billion) liability it faces.
India did not yield any major ground on trade facilitation while it managed to successfully push its stand on food security issues through the WTO meeting in Bali, a top official said.
External Affairs Minister Salman Khurshid's daylong "goodwill" visit to Nepal on July 9 will give him an opportunity to meet top functionaries of its interim election government as well as the leaders of the main political parties.
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In the first official visit by a United States vice-president to India in three decades, Joe Biden arrived in India on Monday on a four-day tour aimed at boosting ties in key areas of trade, energy, defence and security. The US vice-president will hold meetings with top Indian leadership, including President Pranab Mukherjee and Prime Minister Manmohan Singh, on Tuesday before flying out to Mumbai in the night.
The number of disgruntled leaders in the party is swelling.
Sonia Gandhi,Manmohan Singh and party leaders met Obama.
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