1.   

Panel to suggest steps to lower transaction cost for exporters

Worried over widening trade deficit and declining exports, the Commerce Ministry has set up a committee to suggest steps to reduce transaction cost with a view to make shipments more competitive. "The committee is chaired by Minister of State for Commerce and Industry D Purandeswari. It will submit its report within three months. It would examine the problems faced by exporters that pushed their transactions costs," a top official in the Commerce Ministry said.

2.   

FNB, sister bank simplify TZ-India trade transactions

Business transactions between Tanzania and India have been simplified after the First National Bank Tanzania (FNB) introduced seamless banking services with FirstRand Bank (FRB) in Mumbai, India. The FNB made this announcement here on Tuesday during the Afro-India trade corridor meeting with customers. “The Africa–India trade corridor is an important trading bloc for Tanzania and we are excited to facilitate the opening up of both markets for our customers and FirstRand Bank of India clients trading with Tanzania,” said Mr Bobby Madhav, FRB’s chief executive officer.

3.   

India trumps Pakistan's Iran rice trade boom with oil rupees

Iran's oil export revenues are helping Indian rice exporters to claw back some of the lucrative business lost to cross-border truckers in Pakistan as a result of Western sanctions. Rice exports direct to Iran have bounced back, thanks to shippers being paid up front in rupees from a huge pool of oil money owed to Iran by refiners. "Now business is being done directly because Iran is allowed to open letters of credit in Indian rupees because the government has to pay money to Iran for the oil," said Suresh Manchanda, marketing director of a Delhi-based company which exports rice, wheat and sugar globally.

4.   

Bangladesh now India’s largest trading partner in subcontinent

Bangladesh has replaced Sri Lanka as India’s largest subcontinental trading partner, with tariff issues and New Delhi’s growing tensions with its southern island nation hurting the commercial relationship between the two countries. Meanwhile, India’s better ties with Bangladesh have seen an increase in agricultural exports to and textile imports from that country; New Delhi has even allowed concessional tariff rates on textile products from Bangladesh.