The 15th Meeting of the Joint Working Group on Trade (JWG) between India and Bangladesh was held on 26th and 27th September, 2023 in Dhaka, Bangladesh. The meeting was co-chaired by Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Shri Vipul Bansal and Additional Secretary, Ministry of Commerce, Government of the People’s Republic of Bangladesh, Mr. Noor Md. Mahbubul Haq.

 

The 15th Meeting of JWG discussed a host of bilateral issues such as removal of port restrictions, ground work on commencement of Comprehensive Economic Partnership Agreement (CEPA), harmonization of standards, mutual recognition of standards, supply of essential commodities to Bangladesh, development of road and rail infrastructure, regional connectivity through multi-modal transportation and creation/ strengthening of infrastructure in Land Customs Stations/ Integrated Check Posts, border haats, etc. 

 

The bilateral meeting successfully concluded with both countries reaffirming their commitment to deeper economic engagement, regional cooperation, and sustainable development. Both sides reiterated that the future holds great promise for enhanced trade relations and mutual prosperity.

 

The India-Bangladesh Joint Working Group on Trade (JWG) Meetings are held on an annual basis to discuss key trade related issues and explore opportunities for economic and technical collaboration, promotion, facilitation, expansion and diversification of trade between the two countries on the basis of equality and mutual benefit. These meetings play a vital role in quick resolution of bilateral issues by removing trade barriers, simplifying customs procedures, improvement of infrastructure, logistics, and transit facilities to facilitate smoother cross-border trade.

 

Several trade facilitative measures have been undertaken by both India and Bangladesh for facilitating trade between the countries. India has allowed exports from Bangladesh to India by rail in closed containers, with customs clearance facility at any Inland Container Depot (ICD) vide circular dated 17th May 2022. Bangladesh informed about successful commencement of Agreement on the use of Chattogram and Mongla Port (ACMP) and increasing the number of goods to be traded through various Land Custom Stations (LCSs).

British Prime Minister Rishi Sunak has reiterated his commitment to closer India-UK ties across different sectors, including a free trade agreement (FTA) between the two countries.

 

Addressing a reception by the diaspora group Conservative Friends of India (CFIN) on the sidelines of the ongoing Conservative Party conference in Manchester on Monday evening, the British Indian leader began by reflecting upon his 'successful' first visit to India as Prime Minister for the India-led G20 Summit last month.

 

'I've just come back from my first trip to India as Prime Minister and that was very successful,' said Sunak.

 

'Everybody here already knows just how strong the relationship between our two countries is. At the G20, we really saw a glimpse of what the future of that relationship can be, with closer cooperation on absolutely everything from trade to defence, innovation, security, research, and I hope... a free trade deal, and we can get it done,' he said.

 

The 43-year-old politician, who is leading his first Conservative Party conference as leader of the governing party, went on to say that he hopes to build on the success of his first India visit to work together as two 'great democracies, shaping the future of the world for the long term'.

 

'We're working together as partners to build a better future for all our citizens,' he added.

 

His visit to New Delhi for the G20 Leaders' Summit in early September had also concluded with a commitment to an India-UK FTA, even as Sunak told reporters that he 'won't rush things'.

 

Later in the month, amid a diplomatic standoff between two of its close allies - India and Canada - over the contentious issue of pro-Khalistan extremism, Sunak's spokesperson at 10 Downing Street had reiterated that trade talks with New Delhi remain on track.

 

'Work on the trade negotiations will continue as before... when we have concerns with countries we're negotiating trade deals with, we'll raise them directly,' the spokesperson told reporters.

 

According to official UK Department for Business and Trade (DBT) figures, UK-India bilateral trade was worth an estimated 36 billion pounds in 2022.

 

'We have never set a deadline. I think this is very optimistic briefing for newspapers. We are very close. It is possible, but I wouldn't be setting that sort of deadline. We will finish when we finish,' UK Business and Trade Secretary Kemi Badenoch told a UK parliamentary panel recently when asked about the prospect of a return visit by Sunak over the cricket World Cup in India to sign off on an FTA.

 

Earlier, Badenoch had reviewed progress on the trade talks with her Indian counterpart, Commerce and Industry Minister Piyush Goyal, during a visit to India in August coinciding with Round 12 of the FTA negotiations.

 

In this episode of the 'State of the Economy' podcast, Subramanian Ra Mancombu, Head, Agri-biz and Commodities, businessline and CA Aditya Sesh, a member of the expert committee in the Ministry of Agriculture and Farmers Welfare, Government of India discuss the challenges faced by Indian agriculture, including the impact of climate change events over the past few years.

 

Climate change has significantly affected agricultural production in India, particularly in food grains and pulses. India banned wheat exports and curbed rice exports due to these challenges. Prices of pulses have surged in recent months, and abnormal southwest monsoon patterns have added to the woes. The deficiency in monsoon rainfall, while partially addressed by September rains, has still raised concerns.

 

Sesh emphasizes the interconnectedness of all markets, from production to consumer markets, and the need to view them holistically. He discusses the integration of traditional physical mandis with virtual platforms like eNAM and ONDC, transforming Indian agriculture into an industry.

 

Regarding the upcoming crop season, Sesh expresses optimism about wheat production but highlights concerns about pulses, anticipating potential shortages. He also touches on the impact of El Nino on Indian agriculture and the global issues affecting food supply, such as the Ukraine-Russia wheat dispute.

 

The accuracy of crop assessments in India is questioned, with Sesh acknowledging data entry challenges and efforts to improve data quality. He also discusses the use of technology like drones, satellite imagery, and IoT in enhancing data collection and production estimation.

 

The conversation delves into the pricing of agricultural products and measures to ensure affordability while supporting farmers. Sesh emphasizes the shift from food security to nutritional security and the growing demand for pulses and proteins in India.

 

Finally, the discussion expands to the idea of a global agriculture strategy for India, involving agriculture production in other countries. Sesh suggests that India should explore opportunities for agriculture expansion beyond its borders, similar to strategies adopted by China and Saudi Arabia.

 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups

India has said that the export ban on rice is a regulation rather than a restriction and is crucial for securing the food security of 1.4 billion people, according to an official. This was stated by India in response to concerns raised by a group of countries including the US during a meeting of the WTO's Committee on Agriculture in Geneva on September 27.

 

The Geneva-based official said that in the meeting, India reiterated its commitment to ensure food security in importing countries by granting exemptions to those in need upon their governments' requests.

 

The Indian government has already allowed exports of non-basmati rice to Bhutan (79,000 tonnes), UAE (75,000 tonnes), Mauritius (14,000 tonnes) and Singapore (50,000 tonnes) through the National Cooperative Exports Ltd (NCEL).

 

On July 20 this year, India banned exports of non-basmati white rice to boost domestic supply and keep retail prices under check during the upcoming festive season.

 

'The Government of India has the commitment that in case of food insecure, vulnerable countries and neighbouring countries request, it will provide with the required quantity of rice or wheat,' the government official said.

 

India has also argued that, in order to prevent private players from manipulating market conditions, advance notifications were not provided in the WTO.

 

Furthermore, these measures are temporary and are regularly reviewed to allow necessary adjustments based on domestic demand and supply situations.

 

A group of member countries of the World Trade Organisation (WTO) including the US has raised concerns about banning the export of non-basmati white rice by India, saying the decision may impact import-dependent nations, the Geneva-based trade official said.

 

The US has urged India to lift this export ban with immediate effect.

 

These countries have argued that such measures had a detrimental impact on nations which are heavily reliant on imports of these agri commodities, particularly during times of crisis, the official said.

 

The ongoing war between Russia and Ukraine, and this year's El Nino climate conditions are among the factors that have disrupted the foodgrain supply chain.

 

More than a dozen questions were raised by Japan, Australia, Brazil, Canada, the European Union, New Zealand, Switzerland, Thailand, the UK, and the US.

 

'They expressed concerns about the impact of India's export ban on the global food market, highlighting its significance as the world's largest rice exporter, accounting for over 40 per cent of global exports,' the official added.

 

The Finance Ministry exempted export of Bangalore rose onion from duty with immediate effect, subject to certain conditions, as per a notification issued on Friday.

 

If the exporter provides a certificate from the state horticulture commissioner certifying the item and quantity of Bangalore Rose Onion to be exported, the exemption from export duty on Bangalore Rose Onion may be granted.

 

A 40 per cent duty on export of all varieties of onions was imposed by the government in August. The move was taken to increase domestic availability and check price rise in local market.

 

As on date, the average price of onions in the country stood at Rs 33.53, data from Consumer Affairs Department showed.

 

Beating past records, the Centre has procured 2.50 lakh tons of onion for the buffer in 2022-23. However, despite the ample stock of onions in the country, a high proportion of bad quality onions due to a prolonged period of excessive summer heat this year has made good quality onions expensive.

 

At the same time onion exports jumped 64 per cent in volumes to hit a six year high at 25.25 lakh tonnes during 2022-23.

 

India and Bangladesh have discussed preparations to start talks for a free trade agreement between the two countries to promote economic ties, an official statement said on Sunday. It was discussed during an official-level meeting of the Joint Working Group on Trade (JWG) between India and Bangladesh, which was held last week in Dhaka.

 

The meeting 'discussed a host of bilateral issues such as removal of port restrictions, ground work on commencement of Comprehensive Economic Partnership Agreement (CEPA), harmonization of standards, and mutual recognition of standards, supply of essential commodities to Bangladesh,' the commerce ministry said.

 

CEPA is a kind of free trade agreement, under which two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them. Besides, they also ease norms to promote trade in services and investments.

 

They also deliberated upon issues related to development of road and rail infrastructure, regional connectivity through multi-modal transportation and creation/ strengthening of infrastructure in Land Customs Stations/ Integrated Check Posts, border haats.

 

These meetings are held on an annual basis to discuss key trade related issues and explore opportunities for economic and technical collaboration, promotion, facilitation, expansion and diversification of trade between the two countries.

 

'These meetings play a vital role in quick resolution of bilateral issues by removing trade barriers, simplifying customs procedures, improvement of infrastructure, logistics, and transit facilities to facilitate smoother cross-border trade,' it said.

 

The bilateral trade has dipped to USD 14.2 billion in 2022-23, from USD 18.13 billion in 2021-22.

Union Minister Piyush Goyal on Saturday expressed confidence that by 2047 the country's economy will increase tenfold.

'I am confident that the country's economy will increase tenfold by 2047. India will be free from poverty, will emerge as a big power in the world, and the youth will have a good education, Piyush Goyal said.

 

He further said that every class is on the path of progress today. India made new records in terms of exports.

'The people of MP are going to defeat the corrupt Congress leaders. Under the leadership of PM Modi and Shivraj Singh Chouhan, a new direction has been given to the development of the state,' he said.

 

Earlier today Prime Minister Narendra Modi emphasized making the country a developed nation by 2047.

PM Modi said that the model of a developed country does not mean that grandeur should be seen in Delhi, Mumbai, or Chennai and that the country's villages should be left behind.

 

'We want to take charge of the destiny of 140 crore people and bring about a change in their lives,' the Prime Minister said.

Madhya Pradesh is scheduled to go for the assembly polls later this year. Through the polls, the state will elect legislators from 230 Assembly constituencies.

 

The last Assembly polls in 2018 saw the Congress coming to power, with veteran leader Kamal Nath taking oath as the chief minister.

Nonetheless, a political upheaval rocked the state in 2020, after the then Congressman Jyotiraditya Scindia, along with 22 loyalist MLAs, switched over to the saffron camp.

 

The Congress government fell after being reduced to a minority and the BJP formed the government, with Shivraj Singh Chouhan returning as chief minister.

The traders recently requested the ministry to allow more egg import and each trader is seeking permission to import varying quantities of eggs, ranging from a minimum of 10 million to 200 million eggs, a top-ranking official of the ministry told The Business Post.

 

While some traders hope to contribute to the domestic supply, poultry industry experts argue that the country’s annual demand can be met through domestic production.

 

During a recent hearing, local poultry farmers expressed concerns about the potential negative impact of increased egg imports on the domestic industry branding the move as suicidal.

 

They suggested addressing firm-level issues, especially the reduction of raw material costs for feed, rather than relying on imports and called for taking a long-term policy to solve the supply shortage.

 

The government had previously granted permission to ten companies to import up to 100 million eggs to help control local market prices. The egg market had experienced volatility, with prices reaching as high as Tk 15 each. The government subsequently set the price of an egg at Tk 12.

 

In the fiscal year 2021-22, the country’s annual egg production surpassed the set annual target of 22.66 billion pieces, reaching 23.35 billion pieces, although it may fall short of the 23.15 billion egg production target for the last fiscal year due to the closure of some poultry firms, according to the Department of Livestock.

 

Currently, the country’s annual per capita egg consumption stands at 136 pieces, with the Food and Agriculture Organisation (FAO) recommending a minimum of 104 eggs per person annually.

 

Bangladesh produces around 40 million eggs daily, with 9-12 per cent originating from large poultry firms and the remainder from small entrepreneurs in rural areas.

Haryana Agriculture and Farmers Welfare Minister Jai Prakash Dalal has called upon the state’s farmers to visit the Haryana Agricultural Development Fair, to be held from October 8 to 10, at the Chaudhary Charan Singh Haryana Agricultural University in Hisar.

 

The event will be attended by Governor Bandaru Dattatraya, CM Manohar Lal Khattar, other state ministers and farmers.

 

Dalal expressed his intention to expand the event to a massive scale as that of the Surajkund Fair, and organise it on an annual basis in future. He also invited agricultural universities, scientists and entrepreneurs from other states.

The European Commission on Thursday cut its estimates of this year's wheat and maize harvests in the European Union, but revised up its overall supply outlook for the cereals as it increased sharply expected imports.

 

For common wheat, or soft wheat, EU production was estimated at 125.3 million metric tons, down from 126.1 million forecast a month ago and now slightly below last year's crop of 125.7 million.

 

In its supply and demand data, the Commission also lowered its forecast for maize output, to 59.8 million tons from 61.7 million projected a month ago, though it remained well above last year's drought-ravaged harvest of 52.1 million.

 

In imports, projected EU soft wheat imports in the 2023/24 season were increased to 6.5 million tons from 4 million while forecast EU maize imports in 2023/24 were raised 20 million tons from 17 million.

 

The higher import projections led the Commission to increase its outlook for 2023/24 ending stocks in both soft wheat - to 17.8 million tons from 16.3 million last month - and maize - to 17.8 million from 17.3 million.

 

The Commission trimmed its estimate of this year's barley harvest by 200,000 tons to 48.4 million, putting it further below last year's 51.5 million.

 

Among EU countries, the Commission said it had made the biggest month-on-month cuts to estimated cereal production for Spain, with a 16% reduction, followed by Hungary (-5.8%) and Romania (-4.3%).

 

Poland was the only EU state for which a significant upward revision had been made to expected cereal output, with a 5.8% increase since last month, it said.

 

For EU exports, the Commission kept its 2023/24 forecasts unchanged for both soft wheat and barley, at 32 million and 10 million tons respectively.

 

In oilseeds, estimated production of rapeseed was revised up to 19.6 million tons from 19.1 million previously, now marginally above last year's output.

 

Projected 2023/24 rapeseed imports were kept unchanged at 5.8 million tons.