The Central government has reduced the import duty on refined sunflower oil and refined soyabean oil from 17.5 per cent to 12.5 per cent. In a late evening Customs notification on Wednesday, the Government said the new duty structure will be effective from June 15.

 

BV Mehta, Executive Director of Solvent Extractors’ Association (SEA) of India, said now all crude edible oils – crude palm oil, crude sunflower oil and crude soyabean oil -- attract import duty of 5 per cent. Their refined oils attract import duty of 12.5 per cent plus cess at 10 per cent on import duty.

 

Stating that the Government wanted to keep prices of edible oil in check, he said shipment of refined soyabean or refined sunflower oil was not commercially viable, even with a lower duty difference between crude and refined soyabean and sunflower oils. However, it may have some temporary sentimental impact on the market, he added.

 

President of the Indian Vegetable Oil Producers’ Association (IVPA), Sudhakar Desai, told businessline there is nothing much in the short-term. Eventually, it would become a problem for the Indian refining industry, similar to what was happening in the case of palm oil. The industry has been seeking an increase in the differential to support the struggling Indian refining industry, he said. 

 

During the first six months of the oil year 2022-23 (November-October), India imported 13.67 lakh tonnes (lt) of crude sunflower oil, as against 11.10 lt in the corresponding period of the previous oil year, and 17.25 lt of crude soyabean degummed oil, against 22.06 lt in the corresponding period of 2021-22.

 

According to SEA data, there was no import of refined sunflower oil and refined soyabean oil in the first six months of the oil year 2022-23.

 

During November-April of 2022-23, India imported 9.53 lt of crude soyabean degummed oil from Argentina, followed by 7.02 lt from Brazil. Russia exported 3.73 lt crude sunflower oil, followed by Ukraine at 3.40 lt, and Argentina at 1.06 lt during the period.

The Agricultural and Processed Food Export Development Authority (APEDA) has invited applications from its registered member exporters for participation in the World Food Moscow under the Indian Pavilion.

 

The World Food Moscow is scheduled to be held from September 19-22, 2023. It is one of the largest food expos in Russia and comprises of sections including alcoholic drinks, grocery, soft drinks, frozen, convenience & ready to eat food, confectionery, bakery, canned food, oils, fats, sauces, dairy products meat, poultry, organic food, seafood and fruits and vegetables amongst others.  

 

'APEDA is likely to take part in the World Food Moscow and will collaborate with the Embassy of India in Russia to organise a physical buyer-seller meet and sampling of Indian food products. APEDA intends to book an area of approx. 100 sq m for design and development of India pavilion for export promotion of various food products through its interested exporters,' reads a notice issued by the APEDA, in this regard.  

The statement by APEDA added that the participation in this event would be utilised to promote millets and millets products in the Russian market, as 2023 has been declared the Year of Millets.  

 

Meanwhile, the participation cost was estimated to be Rs 2.0 lakh per participant for 9 sq m cubicle.

Agriculture Working Group (AWG) will be in Hyderabad for its Ministerial Meeting. The three-day event, starting from 15-17 June 2023, will be attended by more than 200 delegates from G20 member countries, invited countries and International Organizations. The event will be graced by the Agriculture Ministers from various countries and the Director Generals from International Organizations.

 

Day one will commence with the inauguration of a grand exhibition by Hon’ble Minister of State, MoA&FW, Shri Kailash Choudhary. The exhibition will showcase the achievements of India in the field of agriculture and allied sectors. The inauguration will be followed by Agriculture Deputies Meeting (ADM). In the second half there will be two side events titled, 'Managing Agribusiness for Profit, People and Planet' and 'Connecting the Digitally Disconnected: Harnessing the Power of Digital Technologies in Agriculture' with participation from top Indian agriculture-based companies and start-ups and central and state government agencies involved in promotion of agri-business companies.

 

Second day of the meeting will begin with the Hon’ble Union Agriculture Minister, Shri Narendra Singh Tomar, welcoming the Ministers and other Heads of the Delegation participating in the G20 meeting. The Ministerial engagements on the day will include discussions on 'Sustainable Agriculture for Food Security and Nutrition' and High-level Ministerial Discussion on women-led agriculture, sustainable biodiversity, and climate solutions, in three parallel sessions.  

 

The third day of the Ministers’ meeting will conclude with the adoption of the outcomes of the Agriculture Working Group, G20, Indian Presidency. The delegation will then proceed for a technical excursion to ICAR-Indian Institute of Millets Research (IIMR), Hyderabad.

The UAE’s Minister of State for Foreign Trade, Dr Thani bin Ahmed Al Zeyoudi, held a bilateral meeting with Piyush Goyal, India’s Minister of Commerce and Industry in New Delhi on June 12. The UAE minister was in the Indian capital to mark the first year of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

 

Initial figures from the UAE Ministry of Economy indicate that in the first 12 months of the CEPA (from May 2022 to April 2023), bilateral non-oil trade reached $50.5bn, an increase of 5.8 per cent compared to the same period last year, as per state news agency WAM.

 

According to India’s Ministry of Commerce and Industry, bilateral trade between the two countries touched historic highs during the first year of CEPA’s implementation. Overall trade increased from $72.9bn in 2022 to $84.5bn in 2023. The trade saw a year-on-year increase of 16 per cent. During the CEPA implementation period (from May 22 to March 23), bilateral trade increased from $67.5bon (May 21-Mar 2022) to $76.9bn (May 22-Mar 2023) – an annual increase of 14 per cent.

 

Exports from India to the UAE also registered a multiyear high. During April-March period, Indian exports to the UAE increased from $28bn to $31.3bn; an increase of around $3.3bn; or 11.8 per cent year-on-year growth.

 

CEPA impact

Dr Thani Al Zeyoudi underscored the progress in bilateral relations and trade over the last year. 'Since the implementation of the Comprehensive Economic Partnership Agreement between the UAE and India, we have witnessed real momentum in bilateral non-oil trade, which is keeping us on course to reach our target of $100bn by 2030.'

 

'But this was always more than just a trade deal, and the increased investment flows, joint ventures and deeper market penetration emphasise the real potential of the agreement. Our visit this week was both a celebration of the achievements to date and an opportunity to strengthen what is becoming a genuine partnership for growth,' he added.

 

The two ministers commended the effectiveness of the CEPA in promoting trade and investment, and restated their shared commitment to building a mutually beneficial partnership that delivers long-term prosperity.

 

The ministers witnessed the signing of the minutes of the meeting by the chief negotiators, which will help the development of the CEPA over the next two years.

 

Abdulla Al Shamsi, assistant under-secretary in the Industrial Development Sector, Ministry of Industry and Advanced Technology, emphasised the critical role of the Joint Committee to guarantee a mutually beneficial partnership that delivers long-term impact.

 

He said, 'The UAE-India CEPA was designed to be a flexible document, able to continually adapt to the changing economic climate and evolving needs of each side. The Joint Committee is crucial to understanding not only the economic impact of the deal, but each side’s experiences of implementation and utilisation – and ensuring both nations are able to derive maximum benefits from it. This week’s meeting demonstrates the same trust and transparency that existed throughout the negotiations and will enable us to unlock new opportunities for our respective business communities.'

 

Piyush Goyal, Union Minister of Commerce and Industry of India affirmed that the UAE-India CEPA played a prominent role in consolidating economic and trade relations, driving further growth and prosperity and creating new opportunities and enablers for the private sector. He pointed out the agreement resulted in the growth of bilateral trade and enhanced the historic relations between the two countries.

 

The Indian minister also reviewed a number of economic initiatives, which will enhance the prospects for investment cooperation between India and the UAE by taking advantage of the promising investment opportunities in the markets of the two countries.

 

Following the UAE-India Joint Committee meet, Al Zeyoudi and Piyush Goyal addressed a meeting of business leaders from both the UAE and India, during which they gained insights into the private sector’s utilisation of the CEPA to date.

 

The UAE-India CEPA came into effect on May 1, 2022, and was the UAE’s first-ever bilateral trade deal. The agreement eliminated or reduced tariffs on more than 80 per cent of product lines, created new platforms for SME collaboration and promoted mutual investment flows.

 

The CEPA deal with India has been followed with similar bilateral agreements between the UAE and Israel, Indonesia, Türkiye and Cambodia, respectively.

Suriname is moving to attract Indian agro-processing firms in a bid to develop its agricultural sector, one of its major earners.

 

The country’s president, Chandrikapersad Santokhi, and its agriculture minister Parmanand Prahlad Sewdien have visited India this year pitching the country’s agricultural sector to Indian firms.

 

Officials from Bajaj Processpack Ltd, a leading food processing and packaging firm, have made two visits to the South American country and the company is mulling making investments there. Agricultural cooperation has long been a mainstay of India’s bilateral relationship with Suriname, which is home to a large Indian diaspora.

 

India and Suriname established a joint working group on agriculture in 2003, which has met twice — in 2014 and 2022.

Union Minister of Education and Skill Development & Entrepreneurship, Dharmendra Pradhan on Wednesday flagged off Gabon’s first Agricultural SEZ project in Odisha from New Delhi.

 

According to sources, the project will be implemented by AOM group with Odisha's Centurion University as the technical and knowledge partner. In the first phase of the program, 30 farmers and 20 B.Sc./M.Sc. Agriculture and B.Tech/M.Tech Engineering students from Gajapati district, which is an Aspirational district of Odisha, will be travelling together as agri-technical and technical consultants for the agriculture SEZ which is being developed under this project.

 

Speaking on the occasion, Pradhan said, 'From Gajapati to Gabon, from Cheetahs to Climate Change, India-Africa relationship is going from strength to strength.” Today’s launch will add a new chapter in that relationship, he added.

 

The Minister also expressed confidence that the establishment of an Agriculture and Food Processing Special Economic Zone in Gabon will be a significant milestone towards enhancing food security and self-sufficiency in the country.

 

Speaking about India-Africa relationship, Pradhan said that under the Modi Government, India-Africa relations have gone from strength to strength, recording more than 35 high level visits from India and more than 100 similar ones from Africa.

 

'Anti-colonial solidarity, diasporic goodwill, and the principle of 'South-South' cooperation, among others, are also playing a significant role in strengthening the partnership between India and the African continent,' he said.

 

Pradhan also stated that development partnership is a key pillar in India’s Africa policy. Being a trusted partner in the journey of socio-economic development, India has extended concessional loans of over US$ 12.3 billion to Africa and US$ 700 mn of grant assistance with development projects in various sectors.

 

Speaking about India’s G20 Presidency, Pradhan said that India's G20 Presidency is very unique given India's role in amplifying the voice and concerns of the Global South and developing countries, scripting another chapter in strengthening India- Africa relations.

 

Pradhan said that Gabon and other African countries have a lot to learn from India’s development journey and recent initiatives like the Aspirational Districts Program. He also spoke about India-Africa long standing relations in the areas of education and skill development.

Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) said that it will seek 60,000 tonnes of feed wheat and 20,000 tonnes of feed barley to be loaded by September 30 and arrive in Japan by November 30 via a simultaneous buy and sell (SBS) auction to be held on June 19.

 

Japan buys and sells feed wheat and barley via so-called SBS auctions, in which end-users and importers specify the origin, price and quantity of grain, allowing millers to meet their varied needs for the feed grain.

India has urged Myanmar's administration to speed up the process of trade settlements through mutual currencies, a mechanism that was earlier agreed, an exporters' body official said on Monday.

 

A delegation of Indian exporters met Myanmar's trade minister U.Aung Naign Oo, who is on a visit to India, in the eastern city of Kolkata and raised the issue.

 

'Myanmar's minister has assured the new mechanism would soon be operational,' P.K. Shah, former chairman of the Engineering Export Promotion Council, told Reuters after the meeting.

 

Myanmar, which is facing shortages of foreign exchange reserves, announced last year that it would soon start accepting Indian rupees, along with Thai baht and China's renminbi as an official settlement currency to cut its dependence on the U.S. dollar.

 

The arrangement would help the export of pharmaceutical and manufacturing items from India as well as higher imports like pulses, timber and other products from Myanmar, exporters said.

 

Shah said trade between the two countries would significantly rise from current level of $1.8 billion once the new trade mechanism through local currencies was activated.

 

Reserve Bank of India, the central bank, had earlier authorised the state-run Punjab National Bank to open a special rupee vostro account (SRVA) for foreign trade settlements with Myanmar.

 

Under the mechanism, Myanmar would accept payments for all its exports to India in Indian rupee and the same export earnings could be used to make payments for goods and services imported from India, EEPC said.

 

It said PNB approached Myanmar's CB Bank and UAB Bank of Myanmar to open a vostro account for trade settlements in Indian rupees and Kyat, Myanmar's local currency under the special arrangement.

 

But the Myanmar government wanted to involve other banks in the new mechanism.

 

'A decision could soon be announced to activate the agreed mechanism,' Shah said.

Kenya's rice imports forecast has been raised by 42% this year from an earlier estimate last month, the U.S. Agriculture Department said Friday.

 

Imports are expected to be 850,000 metric tons this year, compared with an earlier estimate in May of 600, 000 tons, due to large purchases of India rice since import duties were waived for up to 600,000 tons from February until August 6 this year, the USDA said in its grain world markets and trade report.

 

Import projections for 2024 were also revised upwardly to 800,000 tons compared with 625,000 tons estimated last month as consumption growth far outstrips production, it said.

 

Kenya imports rice mainly from Pakistan, India, Tanzania, South Korea, and Thailand.

 

Kenya's rice production is forecast to rise by 37% to 130,000 tons in the marketing year beginning October 2023 through September 2024 from 95,000 tons in the current marketing year, largely due to expansion in area planted following the commissioning of the Thiba Dam in October 2022, the USDA said in its annual Kenya grain and feed report

India is hopeful of an early decision on the Rupee-Dirham trade with the UAE and the two countries have also more than doubled their non-petroleum trade target to $100 billion by 2030 from the earlier anticipated $48 billion.

 

A similar push will be given to petroleum trade too with India aiming to import more crude and export more refined products. Union commerce minister Piyush Goyal said this after the first meeting of India-UAE Comprehensive Economic Partnership Agreement’s (CEPA) joint committee here in Delhi on Monday that he had with UAE’s minister of state for foreign trade Thani bin Ahmed Al Zeyoudi along with a large delegation of government and industry leaders from both sides.

 

'Bilateral trade between India and UAE has seen significant increase n the last 12 months (CEPA was signed just over a year ago). Our earlier target was to touch $100 billion by 2030, which had a substantial petroleum component. (But the way things are going post CEPA) we have mutually agreed to up the target to $100 billion for non-metro by 2030 from the earlier $48 billion. Trade in petroleum (crude and refined) will also be increased,' Goyal said.

 

Several working groups have been set up to further increase trading ties under CEPA by resolving issues that have been raised by businesses on both sides. The 'outcome-oriented' push will be on MSME side, startups and women entrepreneurs.