1.   

India-EU FTA could soon be inked, hopes prime minister

India could seal a free trade agreement with the 28-nation European Union soon, Prime Minister Manmohan Singh said Friday, despite the differences harboured by both sides on crucial issues. "I hope industry is thinking seriously of how to become more competitive. It is because we are confident that it can that we have entered into Comprehensive Economic Partnership Agreement with the ASEAN countries as well as the Republic of Korea.

2.   

Finance Ministry initiates steps to correct trade data discrepancies

The Finance Ministry has asked Customs Department to ensure use of standard units on same items entering or leaving the country across ports in order to prevent discrepancies in trade data, which lead to embarrassment. The Central Board of Excise and Customs (CBEC) has found that Standard Unit Quantity Codes (UQC), indicated in the Customs Act, are not being uniformly declared by importers and exporters for the same items across different ports.

3.   

Joe Biden on visit to fire up US-India ties

US vice-president Joe Biden was due in India on Monday at the start of a four-day visit designed to revive momentum in flagging diplomatic ties and fire up bilateral trade. Biden, the first vice-president to visit India in three decades, will meet senior leaders including Prime Minister Manmohan Singh in New Delhi before heading to the financial hub Mumbai to deliver a keynote speech on the economy.

4.   

China-India border trade for this year begins

Border trade between India and China from the 17,500 feet high Lipulekh pass, on since 1991, began for this year with a six member team of Indian traders crossing the pass on July 19 and reaching the Tibetan mart of Taklakot on Sunday. Following entry into Tibet of the six member trade team that included Jewan Singh Ronkali, Vinod Garbyal and Kharak Singh Budiyal, Indo-Tibet border trade for this year has virtually begun, said an ITBP commandant.