The recession hit US today said it wants to enhance dialogue with India on key trade policy issues, including the bilateral investment treaty under negotiation.
Dubbing Pakistan's decision to ban onion exports across the Wagah border as "shocking", India on Thursday said the issue has been taken up with the concerned authorities in Islamabad.
Faced with slump in demand in key markets such as the US and Europe, India's exports plunged by 30 per cent in May as per the quick estimates, given by commerce secretary G K Pillai. The final figures will be released on July 1. Exports fell the most in 14 years by 33.2 per cent in April to $10.74 billion in April 2009-10, from $16.08 billion a year ago.
For the entire 2011-12 fiscal, the shipments to the neighbouring country had stood at $1.53 billion.
Keen on expanding oil and gas explorations in Vietnam's East Sea, energy-hungry India today said it will be a "win-win" situation for both the economies.
India and US have agreed to redouble their efforts to iron out the key trade and economic differences between both the countries before the visit of President Barack Obama to New Delhi in early November.
The India-China trade is on course to reach the USD 100 billion target by 2015, but New Delhi is concerned over galloping gaps between India's exports and imports from China.
A senior European Union representative said here on Tuesday that the body would soon change its Customs laws to address the issue of seizures of Indian generic drug shipments while en route for export to other countries.
Believes companies would come to India eventually.
The government on Tuesday indicated that it was open to changing FDI norms for multi-brand retail sector, saying policies 'are not cast in stone'.
India was fourth in 2008, in terms of FDI inflows, among developing countries, he said referring to UNCTAD World Investment Report (WIR) 2009.
Commerce and Industry Minister Anand Sharma will meet new US Trade Representative Ron Kirk at Bali in Indonesia on June 6-7, on the sidelines of the meeting of the Cairns Group of farm product-exporting countries. The two countries have serious differences on the level of protection that can be given to farmers as and when the global market for farm products is opened up. India has argued all along that it cannot compromise on food security and livelihood concerns.
According to the Press Notes 2, 3 and 4 of the department of industrial policy and promotion, for a company or entity to be treated as Indian, foreign investment, including American and global depository receipts, foreign currency convertible bonds, convertible preference shares and from non-resident Indians, in it should be less than 50 per cent.
The government on Wednesday expressed disappointment over China not fulfilling its promise to import more IT, ITeS and pharma products, which could help reduce the hugely-tilted trade imbalance favouring Beijing.
After the heat it faced on climate change stand for the Copenhagen summit, the government on Tuesday came under scanner as the Opposition felt that India might come under US pressure on the trade talks in WTO.
At present, a maximum of 26 per cent is allowed in the defence sector.
The government's disinvestment programme made a muted re-start with the Cabinet Committee on Economic Affairs approving the part-sale of its stake in two power companies -- NTPC and Satluj Jal Vidyut Nigam -- but postponing a decision on the overall disinvestment policy.
Data on primary and fuel items would continue to be released on weekly basis.
"In the next five years, we are aiming to have $ 250 billion FDI coming into India," Commerce and Industry Minister Anand Sharma said at a CII function in New Delhi.
Commerce and industry minister Anand Sharma warned against protectionist measures resorted to by developed countries saying those measures would further deepen recession and delay a recovery in the world economy.
Earlier this week, commerce secretary Rahul Khullar met EU director-general for trade David O'Sullivan to review the progress so far. Several differences mired the process over EU's insistence on including social issues such as human rights, labour policies and climate change within the FTA purview.
India is negotiating for a comprehensive economic partnership agreement with Malaysia and Japan and a broad based trade and investment agreement with the EU.
Helped by an impressive 46.4 per cent rise in June, exports grew by a hefty 45.7 per cent in the first quarter of the current fiscal despite uncertainties in the US and European markets.
Currently, trade between India and Africa stands at about $45 billion.
A policy change on full convertibility of rupee is not possible at present, commerce and industry minister Anand Sharma said in New Delhi. Even finance minister Pranab Mukherjee said on Wednesday that 'we welcome the deal but it should in the context of existing laws of the land'.
The agreement that provides for both India and ASEAN reducing tariff on agreed goods has come into force with all but Cambodia and Philippines.
Commerce and Industry Minister Anand Sharma said he expected exports to reach $200 billion in the financial year ending March 2011.
The country would also ink the free trade pact with Malaysia in the same week.
The country is on track to surpass the export target of $200 billion for the current fiscal, Commerce and Industry Minister Anand Sharma said in New Delhi on Monday.
Describing Supreme Court's direction asking Samsung Electronics Chairman Lee Kun-hee to appear before a Ghaziabad court in a cheating case an "extreme step", Commerce and Industry Minister Anand Sharma on Friday said it would adversely impact investment and business climate.
Before leaving on a 10-day foreign visit starting Monday, Sharma said he would address concerns of foreign retail sector investors and ensure help in setting up stores.
With the FIPB giving approval to the Tata-Singapore Airlines joint venture to start a full-service carrier, Tata Group Chairman Emeritus Ratan Tata on Friday met Commerce and Industry Minister Anand Sharma.
In a major policy reversal, the AAP government wrote to the Centre to withdraw the approval given by the previous Sheila Dikshit government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
At present, there is no direct air connectivity between India and Myanmar.
Data exclusivity provides protection to the technical data generated by innovator companies to prove the merit of usefulness of their products.
The country's economic growth slipped to a decade-low of 4.5 per cent in 2012-13 and is estimated at 4.9 per cent in the current financial year.
Exports are expected to grow by 10-15 per cent in the current fiscal, FIEO director general and chief executive officer Ajay Sahai said.
Saturday would mark the completion of a year of history being made in India-Pakistan trade relations.
To check rising current account deficit, the government raised import duties and the RBI imposed curbs on import of the metal and also laid down various pre-conditions for inward shipments of the precious metal.
The decision to revise the target by $10 was taken in New Delhi at the India-Africa Ministers Round Table conference chaired by Commerce, Industry & Textiles Anand Sharma.
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