India's exports during 2012-13 declined 1.76 per cent to $300.6 billion mainly on account of slowdown in the global economy, Commerce and Industry Minister Anand Sharma said.
India and China will set up a joint working group soon to address all their trade related issues to strengthen economic relationship.
Commerce and Industry Minister Anand Sharma is expected to visit Tokyo and Kuala Lumpur between February 14 and 18 for signing the pacts -- Comprehensive Economic Partnership Agreement with Japan and Comprehensive Economic Cooperation Agreement with Malaysia, an official told PTI.
Expressing concern over its widening trade deficit with China, New Delhi on Monday asked the neighbouring country to provide more access to Indian goods and services to bridge the gap.
The issue on Monday figured in a bilateral meeting held in Agra between Commerce and Industry Minister Anand Sharma and visiting South Korean Minister of Knowledge Economy Sukwoo Hong, in which the Korean side raised the issue of delays in Posco project clearance, an official statement said.
Formation of the Rangarajan panel comes after Reddy proposed that the revision issue be placed before the empowered Group of Ministers.
Referring to the concerns raised by industry captains and others during the meeting, Gujral admitted that the weakening Rupee is hurting importers.
The radical nature of the trade package is sure to take everyone's breath away when Manmohan Singh meets Bangladeshi Prime Minister Sheikh Hasina.
As the rupee fell below the 68-mark and global agencies painted a gloomy outlook for the economy, the government on Wednesday sought to reassure investors by saying there was no need for panic as the decline in the domestic currency was a reflection of "irrational sentiment."
The Euro 25-billion firm can now set up furniture stores in India, along with restaurants and cafes, in line with its global concept.
The JWG has had eight rounds of meeting since it was set up in 2006 but no mutually agreeable solution has been arrived at.
President Pratibha Patil yet again came out with a strong defence of her foreign tours, saying she was forced to go public on the issue despite government clarifications.
Currently, the trade between India and Association of South East Asian Nations stood at $80 billion.
Without making big-ticket changes in the economic ministries, Prime Minister Manmohan Singh on Tuesday shifted Law Minister M Veerappa Moily to the ministry of corporate affairs and inducted young Milind Deora in his council of ministers.
The issue was taken up at a meeting in New Delhi between Commerce and Industry Minister Anand Sharma and visiting Polish Foreign Minister Radoslaw Sikorski.
During the first six months of the financial year, the country's exports dipped by 6.79 per cent to $143.6 billion from $154.1 billion in the same period last year.
US do not commit, but says outsourcing should create more jobs in both countries.
"It was agreed that the first meeting for this purpose (starting of negotiations for comprehensive economic cooperation agreement) would be scheduled by June or July," India's Commerce and Industry Minister Anand Sharma told reporters at a joint press conference with Australian Trade Minister Craig Emerson in Canberra, Australia.
Bilateral trade between India and Pakistan may touch USD 10 billion by 2015, if trade and investment barriers are removed, CII said.
The TERC, which comprises, among others Finance Minister Pranab Mukherjee, Commerce and Industry Minister Anand Sharma and External Affairs Minister S M Krishna, will also review the state of play in the Doha Round of talks for a multilateral trade agreement under the aegis of World Trade Organization, sources said.
Meeting on Tuesday to decide on letting foreign airlines buy into domestic ones.
The Prime Minister's Council on Trade and Industry comprising top industrialists and bankers met on Wednesday and reviewed the economic situation, particularly in the wake of the European financial crisis.
The two countries are scouting for members of a joint working group to study a proposal to this effect made during a recent visit by Commerce and Industry Minister Anand Sharma to Colombo.
The government is expected to take a decision tomorrow on the issue of allowing foreign airlines to buy up to 49 per cent stake in cash-starved Indian carriers.
For the entire 2011-12 fiscal, the shipments to the neighbouring country had stood at $1.53 billion.
The far-reaching Comprehensive Economic Partnership Agreement serves a number of national interests on both sides.
There was, however, no common ground between the government and the traders delegation as Commerce and Industry Minister Anand Sharma made it clear to them that there was no question of rollback of the decision to open the multi-brand retail to foreign investment.
India and Malaysia on Friday signed a landmark pact that paves the way for freer flow of trade in goods and services, besides enhanced investment and economic cooperation between the two countries.
The document consolidating all the aspects of foreign direct investment policy and framework will be released by commerce and industry minister Anand Sharma, an official said.
India will sign a Comprehensive Economic Partnership Agreement (Cepa) with Japan on Wednesday, setting the stage for free bilateral trade of goods and services.
The guidelines regarding the decision to allow 51 per cent FDI in the multi-brand retail will be issued by next week.
Efforts are on to convince West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee to support FDI in multi-brand retail which is coming up for consideration of the Union Cabinet on Thursday evening.
Noting that SMEs in India account of substantial part of domestic production and that 40 per cent of the manufacturing and exports come out of SMEs, the minister said that SMEs, particularly the medium enterprises, are great incubators of technologies and that such an initiative would make the bilateral trade and commerce more meaningful.
Wal-Mart chief S Robson Walton met Prime Minister Manmohan Singh and Sharma last week and discussed the foreign direct investment scenario in the retail sector in India.
Commerce and Industry Minister Anand Sharma on Wednesday said the government will soon announce incentives for labour intensive export sectors, notwithstanding high growth in the shipments during December.
"We are seriously considering raising the bar further- that means to allow increased FDI," Commerce and Industry Minister Anand Sharma said at a CII event on Indian luxury market.
Wen said, China is ready to work with India to increase the scale, and expand the scope of bilateral business cooperation.
When India's Commerce and Industry Minister Anand Sharma met his counterpart in Beijing last year, he spoke mainly about India's yawning trade deficit and China agreed that this was a problem that needed fixing.
Enthused by the success of US President Barack Obama's visit, India said on Tuesday it is time to 'seriously consider' a trade-opening agreement with America, similar to the ones entered with the ASEAN and South Korea.
Of late, Indian businessmen have been complaining about difficulties in obtaining German visas.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances