India and the US have informed the World Trade Organization (WTO) that they have reached a mutually agreed solution to the dispute on retaliatory duties on certain products imported from Washington.

 

The two sides, had last month, agreed to end six disputes at the WTO after a meeting between Prime Minister Narendra Modi and US President Joe Biden.

 

The US, in 2018, had imposed 25% and 10% import duty on certain steel and aluminium products, respectively, on grounds of national security. India retaliated by imposing customs duties on 28 American products, including chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents in 2019.

 

Last week, India and the US notified the Dispute Settlement Body of the decision.

 

As part of the mutual settlement, the US has given India an assurance that at least 70% of all such requests of steel, and 80% of all such requests for aluminium applications for products originating in India will be excluded from the additional process of Section 232 of the US law that allows it to restrict imports.

 

India’s retaliatory tariffs are also expected to be done away for seven products under the solution.

The Department of Consumer Affairs (DoCA) organized Chintan Shivir here today with an objective to review work and to evolve an action plan to implement Prime Minister Shri Narendra Modi’s 'Vision 2047'. On this occasion, Union Minister for Consumer Affairs, Food and Public Distribution, Textiles and Commerce and Industry, Shri Piyush Goyal launched ‘Bharat Dal Sale Campaign’ along with the ‘Channa Promotion Campaign’ which promotes not only the health benefits of Channa consumption but also supports the initiative of Aatmanirbhar Bharat.

 

Shri Goyal appreciated apt intervention of the department towards Price Stabilization of Tomato in which procurement of tomatoes was done from producing states and thereafter, supplied in the high-price markets at a discounted rate.

 

The Union Minister mentioned that consumer complaints are being resolved through National Consumer Helpline which is working 24*7 and in 17 languages across India. He also encouraged for the use of data analytics and artificial intelligence for the consumer grievance redressal. He appreciated the working of the BIS for the outstanding work done for hallmarking of Gold and Standard promotion for the Consumer Welfare.

 

He appreciated the hard-working officials of the department who have served in the department over a decade also welcomed the new official who will bring the new ideas on the table. The Hon’ble Minister also pointed out that DoCA is the only department that have direct interaction with the 140 crore of Indian citizens. He also suggested to promote innovative ways and out of box thinking to do the task.

 

Shri Goyal suggested that we should work as a team and bring forward looking progressive thinking, in the department by organising such Chintan Shivirs at a regular intervals.

 

Shri Rohit Kumar Singh, Secretary, DoCA delivered welcome address where he inspired the attendees to focus on the innovation and learning new things. This was followed by the session on 'Yoga at Workplace' led by Ms. Arunima Sinha, Sr. Faculty, Art of Living. She delivered the importance of yoga in maintaining the healthy environment at the workplace. She taught the officials of the department some simple desk yoga exercises which will help in keeping calm and composure while office working.

 

The discussions were held in four interactive sessions where presentations were delivered on Consumer protection and Speedy Disposal of Consumer Complaints, Quality Assurance for the Consumer, Testing in Emerging Fields and New Technologies, and, Quality Assurance for Consumers. An interactive session ensured, enabling the staff members to express their opinions, offer suggestions and pose questions.

 

The guest speaker, Mr. Sonu Sharma, captivated the audience and inspired them to move out of their comfort zones and break down barriers.

Having recently closed a deal with the United Arab Emirates to promote local currencies, India has reportedly struck a similar deal with Indonesia, with both countries working on a real-time payment mechanism and local currency trade.

 

A TOI report says that the governments are also looking to expand the scope of digital payments between the countries, bringing the use of UPI and similar tools to the forefront.

 

'Both countries would discuss the possibility of cooperation in digital technology, payments systems under central banks and using local currency,' Indonesian finance minister Sri Mulyani Indrawati said on Sunday.

 

The issue came up for discussion during Finance Minister Nirmala Sitharaman’s meeting with her Indonesian counterpart Indrawati as the two countries announced the launch of ‘Economic and Financial Dialogue’, focused on intensifying trade and investment relationship.

 

According to officials, the currency arrangement is likely similar to the one with the UAE, which would mean Indian exporters could settle their trade in Indonesian rupiah, while the other party could earn in Indian rupees.

 

Indonesia is one of India's regular trading partners, with the two countries seeing trade of around $39 billion last year. Indonesia was India’s sixth largest trading partner in 2022 and enjoyed a trade surplus of $19 billion, thanks to large shipments of palm oil and petroleum. The island nation is also the subcontinent's largest trading partner in the ASEAN region and is among the largest economies in Asia.

 

According to the TOI report, an Indian official said there was interest from Indonesia and other countries regarding India’s digital public infrastructure and after Singapore, the UAE and France, Indonesia could be among those that 'take one of the bricks from the India stack'.

Finance Minister Nirmala Sitharaman and Canadian Deputy Prime Minister Chrystia Freeland on Sunday discussed the progress being made on ongoing bilateral trade negotiations. The two ministers met on the sidelines of the 3rd Finance Ministers and central bank governors meeting in Gandhinagar, Gujarat.

 

Freeland, who is also the finance minister of Canada, said Canadian Pension Funds would be keen to explore investing in Indian Infrastructure Funds as India offers a stable investment climate.

 

'The two ministers also discussed the progress being made on the ongoing various trade-related negotiations between India and Canada,' the Indian finance ministry tweeted.

 

The ministers discussed continued constructive participation in building consensus on the G20 Finance Track work streams, it added. PTI JD Sent from my iPhone= MR

The Prime Minister, Shri Narendra Modi has shared an article titled 'Will India be the breakout emerging market this decade?' by Capital Group. 

 

The Prime Minister  tweeted:

 

'Youngsters and entrepreneurs will find these 9 points interesting. And yes, India is a global bright spot with a strong desire to grow even more!'

India's G20 presidency intends to preserve the grouping's identity and ethos as a forum for growth that brings together developed and emerging economies on a common platform. This is stated in an official statement released on Sunday at the end of a three-day Sherpas' meeting that was chaired by India's G20 Sherpa Amitabh Kant in the historic city of Hampi.

 

The deliberations at the meeting focused on a draft communique that is set to take the shape of the leaders' joint declaration to be adopted at the G20 Summit on September 9 and 10 in New Delhi.

 

The draft text covers the six priorities including the Sustainable Development Goals (SDGs), green development, reform of multilateral development banks (MDBs), digital public infrastructure and gender equality, and incorporates the outcomes from the various working groups.

 

The G20 members engaged in hard negotiations with the aim to foster transformative, action-oriented initiatives, that is holistic and imbibes the spirit of one world, one family, the statement said.

 

'During these three days, Sherpas and head of delegations collaboratively worked on the draft of the leaders declaration that reflects the collective resolve of G20 nations to drive progress on critical global issues, and commitment to prioritise sustainable development and tackle pressing challenges,' it said.

 

'By ensuring an emphasis on developmental goals, Indian Presidency intends to preserve the G20's identity and ethos as a development forum that bring together developed and emerging economies on a common platform,' it said.

 

With no consensus emerging on the text relating to the Ukraine crisis, Indian negotiators have been maintaining that the G20 must not take away its focus from developmental issues because of divergent views on the geopolitical crisis.

 

'The sessions witnessed active engagement of members, invited countries and international organisations, with the clear intent of drafting an inclusive, ambitious, decisive, and action-oriented New Delhi Leaders' Declaration to be endorsed at the Summit in September,' the statement added.

 

The Indian presidency also proposed the African Union's membership to the G20.

 

The African Union, comprising 55 nations, if admitted, would further amplify the voices from emerging countries and the global south in G20 forum.

 

'This G20 Sherpas meeting saw a record participation, and all engaged in positive, effective and constructive discussions to co-create the draft Leaders Declaration,' Kant said.

 

'We are in the 'era of diplomacy and dialogues' and we must strive to achieve the outcomes that the presidency has prioritised,' he noted.

 

The G20 Sherpas also engaged in informal setting at the sofa talks to take forward the agenda of G20 and deepen cooperation and understanding on 'shared concerns', according to the statement.

 

India also held 'productive' bilateral discussions with several delegations over the course of three days, it said.

 

'The G20 reaffirmed their commitment to continue to work together to address the global challenges, with a focus on development and growth, climate change, lifestyles for sustainable Development, amongst others and take strong collective action,' the statement said.

 

It said a number of inter-sessional meetings will be held in the run-up to the fourth Sherpa meeting scheduled in early September.

 

The delegates visited the historical sites and monuments of Hampi such as the Vijaya Vithala temple, Yeduru Basvanna complex and the Virupaksha temple, the Rayas, Hampi museum and experienced the handicrafts skilfully crafted by local artisans.

After scaling a new high in fiscal 2023, India’s groundnut exports are off to a good start in the current financial year on robust demand from South Asian countries, the major buyers. A lower crop in Argentina is seen helping Indian exporters gain markets overseas, supported by a growing domestic production.

 

Groundnut shipments have registered a 54 per cent growth in dollar terms at $163 million during April-May of current fiscal, over same period last fiscal’s $106 million. In rupee terms, the shipments are up 65 per cent at ?1,338 crore (?813 crore), while the volumes are up 46 per cent at 1.22 lakh tonnes (84,114 tonnes), as per latest data from APEDA.

 

The US Department of Agriculture in its latest oilseeds July outlook has projected India’s peanut exports for the 2022-23 marketing year ending September at 8.5 lakh tonnes, up from the previous year’s 7.5 lakh tonnes. For Argentina, it has pared the outlook for peanut exports at 7 lakh tonnes from the previous year’s 8.25 lakh tonnes on lower crop in the South American producer.

 

As per the APEDA data, during FY23, Indian groundnut exports touched a new high at $831.6 million, up 32 per cent over previous fiscal’s $629.27 million. In rupee terms the exports were up 43 per cent at ?6735 crore (?4697 crore). Volumes during FY23 were up 30 per cent at 6.68 lakh tonnes (5.14 lakh tonnes).

 

Indonesia was the largest buyer of Indian groundnuts during FY23 accounting for over a third of the shipments, followed by Vietnam, Phillippines, Malaysia and Thailand among others. Other large buyers include UAE, Bangladesh, Iran, China, Afghanistan, Russia and Nepal.

 

'Indian groundnuts, which are primarily consumed as table nuts are in great demand overseas. Over the years the exports are rising and so also, the domestic consumption' said B V Mehta, Executive Director, Solvent Extractors Association of India, the apex body for edible oils. The demand for Indian ground nuts goes up when the crop is low in other exporting countries such as Argentina and Senegal, Mehta added.

 

From a low of $473 million in 2018-19, Indian groundnut exports have rebounded to touch a new high in 2022-23. The previous high in dollar value terms was in 2016-17, when shipments had touched $811 million, when volumes had peaked to 7.25 lakh tonnes. India’s groundnut production for the 2022-23 is seen at a record 102.82 lakh tonnes, as per the third advance estimates, over the previous year’s 101.35 lakh tonnes.

The government has procoured 3 lakh tonnes of onion, a 20 per cent increase from last year's buffer stock, and is also testing the irradiation of onion with the Bhabha Atomic Research Centre (BARC) to extend shelf life, said Consumer Affairs Secretary Rohit Kumar Singh on Sunday.

 

In the 2022-23 fiscal, the government had maintained 2.51 lakh tonnes of onion as buffer stock.

 

The buffer stock is maintained under the Price Stabilisation Fund (PSF) to meet any exigencies, if rates go up significantly during the lean supply season.

 

Currently, Onion is being procured from the just completed rabi season. The sowing of Kharif onion is underway and its arrival will start in October.

 

The Secretary said, 'Usually, onion prices in the retail markets come under pressure for 20 days or so till the fresh kharif crop hits the market. But this time, there won't be a problem.'

 

Together with the Department of Atomic Energy and the Bhabha Atomic Research Centre, the Consumer Affairs Ministry is testing a technology for storing onions in the meantime.

 

'On a pilot basis, we are experimenting with onion irradiation of 150 tonnes with gamma radiation from Cobalt-60 at Lasalgaon in Maharashtra. This will increase the shelf life of onions,' Singh said.

 

In 2022-23, the government had procured a record 2.51 lakh metric tonnes of onions from Rabi-2022 crop under the PSF and released it in major consumption centres during September 2022 and January 2023.

 

65 per cent of India's onion production comes from Rabi onion harvested during April-June. It meets the consumers' demand till the Kharif crop is harvested in October-November.

 

According to government data, the average onion retail price across the country was Rs 26.79 per kg on July 15; the maximum price was Rs 65 per kg, and the lowest price was Rs 10 per kg.

 

The UK on Sunday formally signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade bloc, a move it says will help grow the country's economy and provide access for British businesses to a market of over 500 million people. UK Business and Trade Secretary Kemi Badenoch, who is also leading the ongoing free trade agreement (FTA) negotiations with India, signed the pact agreed earlier this year during a visit to Auckland and hailed it as a major post-Brexit win for the country.

 

The UK will now seek to ratify the agreement, which will include parliamentary scrutiny as the CPTPP member countries complete their legislative processes to admit Britain into the trading bloc - of which India is not a member.

 

'I'm delighted to be here in New Zealand to sign a deal that will be a big boost for British businesses and deliver billions of pounds in additional trade, as well as open up huge opportunities and unparalleled access to a market of over 500 million people,' said Badenoch.

 

'We are using our status as an independent trading nation to join an exciting, growing, forward-looking trade bloc, which will help grow the UK economy and build on the hundreds of thousands of jobs CPTPP-owned businesses already support up and down the country,' she said.

 

The signing comes as a new UK government report reveals one in every 100 UK workers was employed by a business headquartered in a CPTPP member nation in 2019, equating to over 400,000 jobs across the country.

 

Membership of the trade group is expected to spark further investment in the UK by CPTPP countries, already worth GBP 182 billion in 2021, by guaranteeing protections for investors.

 

'The agreement is a gateway to the wider Indo-Pacific which is set to account for the majority of global growth and around half of the world's middle-class consumers in the decades to come, bringing new opportunities for British businesses and supporting jobs,' the UK's Department for Business and Trade (DBT) said.

 

The UK will be the first European member and first new member since CPTPP was created, which the government stresses would have been impossible without leaving the European Union (EU) economic bloc.

 

'The UK's formal accession to CPTPP marks a significant milestone for UK trade, enabling ambitious British businesses to connect with the world's most exciting growth markets for start-ups, innovation and technology,' noted Ian Stuart, CEO of HSBC bank in the UK.

 

With the UK as a member, CPTPP will have a combined GDP of GBP 12 trillion and account for 15 per cent of global GDP, according to the DBT.

 

The agreement for the UK's membership is expected to come into force by next year after all member nations ratify the deal.

 

British whisky and cars have been flagged as among 99 per cent of current UK goods exports to the CPTPP countries set to be eligible for zero tariffs as UK businesses gain 'unparalleled access' to the new trans-Pacific free trade market which includes 11 countries around the Pacific rim: Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan.

India and Indonesia are soon going to have real-time settlement and trading in local currencies, senior government officials said on Sunday on the sideline of G20 Finance Minister Central Bank Governors’ (FMCBG) meeting under India’s presidency. Once this happens, it will be the second country after UAE to have this kind of arrangement.

 

Another important development is that a synthesis paper on crypto regulation is likely to be taken up during the G20 Leadership Summit under India’s Presidency, scheduled to take place this September in New Delhi.

 

On Indonesia, the official said talks are currently on for trading and real time settlement in local currencies. 'It will get done soon,' the official said. Earlier in the day, India and Indonesia launched the 'Economic and Financial Dialogue' (EFD Dialogue).

 

Embarrassing digital tech

On this occasion, Indonesia Finance Minister Sri Mulyani Indrawati said that both countries would discuss the possibility of co-operation in digital technology, payment systems under central banks and using more local currency.

 

On Saturday, the Reserve Bank of India and the Central Bank of UAE (CBUAE) signed two memorandum of understandings (MoUs) for establishing a framework to promote the use of local currencies viz. the Indian rupee and the UAE Dirham for cross-border transactions and cooperation for interlinking their payment and messaging systems. 

 

Issues for FMCBG meeting

The official also informed that that G20 meetings under India’s presidency is trying to evolve a framework for crypto regulation through inputs from one and all. Earlier after Bengaluru meeting, it was decided that Financial Stability Board (FSB) will finalise its high-level recommendations on the regulation, supervision and oversight of global stablecoins, crypto-asset markets and activities. International Monetary Fund (IMF) has already come out with a discussion paper. Now 'a synthesis paper will be circulated among member countries before leadership summit. The paper will be combination of reports by IMF and FSBs along with note from the Presidency,' the official said.

 

Crypto is one of four key issues of G20 meetings under India’s presidency. Other three includes Multilateral Development Bank (MDB) reforms, Debt & Sustainability Framework and Digital Public Infrastructure. All these four will be deliberated during FMCBG meeting starting on Monday.

 

Talking about MDB reforms, the official clarified that the effort is not to disturb the present arrangement of MDB such as the World Bank and IMF but to see if 'they are ready for the 21st century.' Keeping this in mind, an expert group under the chairmanship of former Indian bureaucrat N K Singh and Professor Emeritus of Harvard University, Lawrence Summers was formed and it has submitted the report which will be taken up for discussion here.

 

On debt and sustainability framework, the official said that agreement has been reached for settling debt distress of Zambia but same mechanism cannot be applied for all. 'One size cannot fit for middle income countries or low-income countries,' the official added. Further, India’s role in creating digital public infrastructure has widely been appreciated on G20 platform and this is likely to get further push.

 

When asked about the issuance of a communique post-FMCBG meeting here, the official was non-committal. The expression on the Russia-Ukraine war could not bring consensus on the communique at the Bengaluru edition of FMCBG which finally ended with the issuance of just chair summary.