U.S. President-elect Donald Trump's pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that, NITI Aayog CEO B.V.R. Subrahmanyam said on Wednesday (December 4, 2024).

 

After the registration of Basmati Rice as a Geographical Indication (GI in 2008, the exports of Basmati Rice including from the state of Punjab have increased from 106 countries to 150 countries in 2023-24.

 

Bangladesh is set to import 50,000 tonnes of rice from India, a top official said on Wednesday.

The cabinet committee on public purchase approved the proposal during the day, the Finance Adviser of Bangladesh’s Interim Government Salehuddin Ahmed said.

India is eyeing to be a global economic powerhouse with its remarkable achievements in the export landscape. However, the government claimed that the country has witnessed significant progress in diverse sectors, ranging from petroleum oils and agrochemicals to semiconductors and precious stones. This growth reflects India’s ability to leverage advanced technology, innovative practices, and competitive manufacturing to meet global demands, the commerce ministry said on Tuesday.

 

India has signed the Supply Chain Resilience Agreement (Pillar-II) in November 2023 under the Indo-Pacific Economic Framework for Prosperity (IPEF), a 14 member plurilateral grouping in the region. The Agreement seeks to strengthen supply chain crucial for national security and economic stability. The Agreement came into force on February 24, 2024.  Under the Agreement, a Supply Chain Council (SCC) has been set up with the US as Chair and India as Vice-Chair.

 

The Indian delegation led by CEO FSSAI is making a ‘forceful’ intervention at the 47th Session of the Codex Alimentarius Commission (CAC47) in Geneva, Switzerland, as India is taking lead in development of global standards.

 

The long voyage time due to ships taking longer routes through Cape of Good Hope has impacted global trade, including Indian exports, Commerce and Industry Minister Piyush Goyal said on Tuesday.

 

India and Moldova on Tuesday discussed the potential areas of collaboration in the field of agriculture and allied sectors to strengthen bilateral relation.

Ana Taban, Ambassador of Moldova to India, paid a courtesy visit to Agriculture Secretary Devesh Chaturvedi here, according to an official statement.

 

The government has asked banks to flag operational hurdles in implementing the international trade settlement in Indian rupees through the special rupee vostro accounts (SRVA) mechanism.

 

Efforts to strengthen intercontinental trade and socio-economic relations between India and Africa are gaining momentum with the planned establishment of the India-Africa Trade Centre in Kharghar, Navi Mumbai. City and Industrial Development Corporation(CIDCO) has reserved 25-35 acres within its international trade hub for this ambitious project, which is being spearheaded by the Africa-India Economic Foundation (AIEF).