From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
Russia on Monday said it will not join the World Trade Organisation this year and is unlikely to join the global trade body next year.
RBI Governor Shaktikanta Das on Thursday said the central bank does not "emulate" others when it comes to regulations and asserted that the bank's as well as his own opposition to cryptocurrencies remain unchanged, a day after US regulators allowed bitcoin Exchange Traded Funds (ETFs). He also said that emerging markets and the world cannot afford to have a "crypto mania". "What is good for another market need not be good for us.
The Hague-based ICC accused the Russian president of responsibility for war crimes committed by Russian forces in Ukraine during the war that has been ongoing for over a year.
The aggressive Chinese dragon has taken the textile game away from competitors.
Prime Minister Narendra Modi has made it clear that the agreement on food security and trade facilitation will have to go hand-in-hand.
India's import of personal computers, including laptops and tablets, shot up in September by 42 per cent to $715 million, reversing a year-long downward trend after the government announced it would impose import restrictions on such electronic hardware items in August. The rise in such imports were led by the largest source China (33 per cent) and Singapore (188 per cent), according to data released by the commerce department. On August 3, the Centre had announced it was planning to bring seven products in the information technology hardware segment, such as personal computers, micro computers, mainframe computers, super computers, computer systems and data processing units under the 'restricted' label.
India needs a National Trade Policy Council, chaired by a minister who reports directly to the PM, says Jayanta Roy, former economic advisor to the Union commerce ministry.
The government may roll out a new foreign trade policy (FTP) of a shorter term of two-three years in a bid to keep pace with the fast-evolving scenarios in international trade which have been triggered by recent disruptions, such as the pandemic and the Russia-Ukraine war. An FTP is an elaborate policy guideline and strategy to promote the export of goods and services, with a duration of five years usually. The existing policy came into force on April 1, 2015, and was valid for five years, before multiple extensions.
Chinese Ambassador to Pakistan Jiang Zaidong urged that the government should launch a crackdown against all anti-China terrorist groups after two deadly attacks took place in Pakistan within only six months, The Express Tribune reported.
This will be an area where bilateral or regional trade pacts may not be able to perform well.
Modi's Made in India dream takes a beating
To set up a future-ready administration geared towards the target of $2 trillion exports by 2030, the Department of Commerce has decided to set up a dedicated trade promotion body to drive overall promotion strategy, export targets, and execution as part of a restructuring exercise. The trade promotion body will formulate and drive overall trade promotion strategy; create and drive India's branding across focus markets and sectors; drive coordinated action across missions, states and export promotion councils; strategic initiatives, including advisory and buyer-seller meet; and develop digital platforms for exporters and buyers. Based on a 14-volume 'restructuring dossier' by the Boston Consulting Group, the commerce department has already implemented some of the recommendations.
Jasprit Bumrah is the most complete bowler in international cricket, said former South African seamer Vernon Philander.
Globalisation is a "double-edged" sword" but cannot be blamed for the world's problems, Chinese President Xi Jinping said on Tuesday while pushing for greater role for emerging economies in governance of global institutions.
'Within India, people want high-quality, personalised banking services, and the demand for such services has exploded.'
China is on the lookout for investment pastures where its money is welcome, safe and earns a decent return. India also needs vast investment - about $1 trillion over the next 10-15 years - in infrastructure, green energy, transportation and heavy industry, says Ravi Bhoothalingam.
Live on one of Gelephu's inhabitable bridges where elephants will saunter past, be it day or night; or be homed in a never-ending building with flying cars and robot maids? asks ambivalent Sandeep Goyal.
Prime Minister Narendra Modi's goal of making India a high-income economy by 2047 is unlikely to be achieved, but the country should become an upper middle-income nation by then, Financial Times chief economics commentator Martin Wolf said on Friday. Wolf further said that India would also become a superpower by 2047. "India wishes to become a high-income country by 2047.
Why can't the Indian government propose to the Chinese a corridor circumambulating the Holy Mountain where people from both sides could perform the yatra again? asks Claude Arpi.
The India government needs to work on policies that can enhance global trade.
The California walnuts shipped from the US to India have seen a sharp uptick with imports more than doubling from September to November against the same period last year. This comes after New Delhi removed its retaliatory customs tariffs on the key dry fruit. Two days ahead of US President Joe Biden's visit to New Delhi to attend the G20 Summit on September 9-10, India dropped additional customs duties on about half a dozen US goods that were imposed in 2019 in response to America raising tariffs on certain steel and aluminum products coming from India.
The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
'Shark fins are the most sought-after shark product.'
China and India have approached trade negotiations very differently: the former with confidence, the latter in a defensive crouch, says T N Ninan.
Lamy said the international trade body will continue to keep a close watch on protectionist measures that impede international free trade.
India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
The success of the Bali Ministerial meeting of the World Trade Organisation in the first week of December in 2013 will mean that in 2014 countries will identify areas for early conclusion so that within the next two years, the Doha Agenda of the WTO -- which has remained in a limbo for long -- can be concluded.
'We do India great disservice if we continue to perpetuate a flawed narrative on trade, one based on myths rather than facts,' says Hardeep Singh Puri.
Chance of an accord in global trade talks suffered another setback following India's Union minister Kamal Nath terated that the country will not compromise on its stand on agriculture market access in the WTO's Doha round of talks.
On July 21, trade ministers from nearly 50 countries will converge at Geneva to finalise proposals on agriculture and non-agricultural market access (Nama) which are part of the Doha Round of world trade talks. World Trade Organisation Director General Pascal Lamy tells Business Standard why the ministerial is crucial.
European Union is not contemplating signing free trade agreement with India in the near future and will focus on completion of contentious World Trade Organisation negotiations including agriculture and Singapore issues
The chances of the posts opening remain slim, with security agencies recently identifying 10 suspects who smuggled in weapons, narcotics and fake currency.
Donald Trump said he will never sign any trade agreement that hurts US workers, or diminishes its freedom and independence.
Negotiators from the two sides will meet in July either at Brussels or Geneva, additional secretary in the commerce ministry D K Mittal told PTI.
US Trade Representative's office in early February asked India for WTO consultations on its national solar program, the Jawaharal Nehru National Solar Mission.
A last-ditch attempt to rescue the Doha round of world trade talks is likely to be made towards the end of July at a Geneva meeting of 30 trade ministers from among the 150-member countries of the World Trade Organisation (WTO).
From Covid to climate change, Shankar Acharya's look at some of the trends and events that might shape 2022.
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