Prime Minister Narendra Modi on Tuesday said India and Australia are working on a Comprehensive Economic Cooperation Agreement (CECA), and exuded confidence that the bilateral trade will more than double in five years.

The two countries have already signed India-Australia Economic Cooperation and Trade Agreement (ECTA), he said expressing hope the pact will help in doubling the two-way commerce in the next five years.

 

Addressing a community event at Sydney's Qudos Bank Arena, the Prime Minister said the two countries are now working on CECA.

 

'We are building a resilient and reliable supply chain. This will strengthen the business of both countries,' he said.

 

PM Modi, who is visiting Australia as a guest of the Australian government, said the air connectivity between India and Australia has increased and the number of flights would go up further in the coming days.

 

Australia was the 13th largest trading partner of India in 2022-23. While exports stood at USD 6.95 billion, imports from that country in the last fiscal aggregated at USD 19 billion.

 

India is Australia's largest export market for gold and chickpeas, the second-largest market for coal and copper ores and the third-largest market for lead and wool.

 

The India-Australia ECTA is the first trade agreement of India with a developed country after more than a decade. ECTA provides for an institutional mechanism to encourage and improve trade between the two countries.

 

During April 2000 and December 2022, India received USD 1.07 billion in investments from Australia, according to government data.

 

Earlier in the day, PM Modi met business leaders of top Australian companies here and called for enhancing cooperation with the Indian industry in areas such as technology, skilling, and clean energy.

 

He held bilateral meetings with Hancock Prospecting Executive Chairman Gina Rinehart, Fortescue Future Industry Executive Chairman Andrew Forrest, and Australia Super CEO Paul Schroder.

The 20th edition of the Congress of International Agricultural Museums will be hosted in India — the first time that the global event is being held in the country — from October 13-18, the organisers said.

 

The congress is a triennial event in the calendar of the International Association of Agricultural Museums (AIMA), a forum for organisations dedicated to promoting interest in the impact of agriculture on human society through the ages.

 

It travels to different countries every three years to discover diverse and unique agricultural, environmental and museographic realities that provide new ideas, experiences and projects that can resonate in other regions and countries, the organisers said in a statement.

 

The 20th Congress of International Agricultural Museums (CIMA) is being held in Asia, and in India for the first time, between October 13-18, it said.

 

The host institutions are Shoolini University (Solan, Himachal Pradesh) and The Heritage Foundation (New Delhi), according to the AIMA website.

 

The event will also include museum and field visits.

 

Punjab Agricultural University, Ludhiana, and the Delhi-based Indian National Trust for Art and Cultural Heritage are also among the partnering institutions, the organisers said.

 

The South Asian region has a long history of agricultural practice and associated traditions. Agriculture remains central to the Indic civilisation and its many achievements.

 

'The CIMA 2023 Congress draws attention to and re-examines agricultural traditions, especially the current living adaptations of tradition, to help understand unique requirements of farming and describes the search for alternatives to address local problems of agriculture, food and nutrition,' the statement said.

 

The AIMA was founded in 1966. Congresses were held every three years throughout the Cold War, alternately in the East and the West, providing one of the very rare opportunities for people to exchange their professional and personal experiences, it said.

 

It promotes research and encourages collaboration among professionals working in agriculture and rural museums around the world.

The latest data with the Federation of India Exports Organisation (FIEO) shows that Uttar Pradesh's exports have gone up by Rs 10,000 crore in the past year.

 

Noida, which is among the most industrialised areas in the state, has topped as the district with most exports at Rs 74,000 crore.

FIEO says that the government's subsidies to counter the high costs of transportation in view of UP's landlocked status and push to the one district-one product scheme, have helped in taking the exports up.

 

As per the data, the total quantum of exports from UP in 2021-22 was Rs 1.57 lakh crore while from April 2022 to February 2023, it touched Rs 1.59 lakh crore. Sources said that with the input from March 2023, it was expected to touch around Rs 1.67 lakh crore.

 

Compared to other states, UP still has massive potential for improvement.

 

In 2021-22, Gujarat topped all states with exports of Rs 9.46 lakh crore, followed by Maharashtra with Rs 5.45 lakh crore. UP is fifth on the list, behind Tamil Nadu and Karnataka.

 

UP is prominently exporting to the USA, UAE, Germany, United Kingdom, Nepal, France, Spain, Vietnam, Saudi Arabia and Bangladesh. Among the products which are driving up the state's exports are telecom instruments, buffalo meat, RMG Cotton including accessories, RMG manmade fibre, leather footwear, saddlery and harness, aluminum and aluminum products, silk and handmade carpets, machinery and engineering goods, wheat, rice, sugar, iron and steel, handicrafts etc.

 

As per FIEO's assessment, the reasons for UP's growth have been the export promotion schemes of the state government. Financial assistance is also being offered on transportation, which helps to regulate the cost of exports from UP, a landlocked state. This includes subsidies on freight and on export cargo sent by air.

 

The ban on export of wheat and wheat products will continue in the current year, a senior government official said on Tuesday.

 

The ban had been imposed in May last year due to reduced wheat output.

 

'We will not allow exports of wheat,' said Subodh K Singh, additional secretary, department of food, adding that the country is not a primary wheat exporter and has exported wheat only when there's been a surplus.

 

The Centre's procurement of wheat, crucial for keeping its wholesale rates under control, is much below the target of 34 million tonnes despite prices continuing to increase.

 

The procurement by Food Corporation of India (FCI), which purchases wheat on behalf of the government, stood at 26.14 million tonnes on May 21, and is expected to touch 27 million tonnes by the time government procurement and the harvest season draw to an end.

 

The government will be left with 8.5-9 million tonnes for open market interventions, said Singh.

 

The procurement in Uttar Pradesh, the largest producer of the grain, has dropped to 2.09 million tonnes from the estimated 3.5 million tonnes.

 

The prices of wheat have increased by ?160 per kilo in May as compared with April, said traders.

 

Onion exports jumped 64 per cent in volumes to hit a six year high at 25.25 lakh tonnes during 2022-23 on strong overseas demand and higher supplies. In value terms, onion shipments were up 22 per cent at $561 million over the previous year.

 

Shipments rose on higher purchases by large buyers such as Bangladesh, Malaysia, United Arab Emirates and Sri Lanka.

 

'Lack of competition over the past few months coupled with higher overseas demand helped India export more onions during 2022-23,' said Ajit Shah, President, Horticulture Produce Exporters Association. 'However, we couldn’t take the full advantage of the global situation as countries such as the Philippines did not open up its market for India, while preferring to buy the Chinese produce,' he said.

 

Shah said exports prospects for the current year look good. However, due to the unseasonal rains, there is a lot of damage to the cargo, he said. 'Onion is available in plenty, but the good quality produce is less. Presently, the market is down because of the higher availability of poor grades and rain damaged produce in the market. How much of this can be exported, we have to wait and see.' Shah said.

 

Pakistan competition

The new crop in Pakistan, mainly from the Baluchistan, is also seen entering the global market and the Indian exporters are likely to face some competition from the neighbouring country considering that their currency has weakened considerably against the dollar.

 

'We have a good crop. We have to see how the quality will remain after one month, especially after the unseasonal rains in April -May and the heat waves. Further pricing will depend on the quality of the crop going forward,' Shah said.

 

In 2022-23, Bangladesh continued to be the largest buyer of Indian onions at over 6.7 lakh tonnes, followed by United Arab Emirates at 4.03 lakh tonnes, Malaysia at 3.93 lakh tonnes and Sri Lanka at over 2.7 lakh tonnes.

 

Malaysia has more than doubled its purchase of onions while the shipments rose about three times to UAE during the year. In 2021-22, Malaysia’s imports of Indian onions stood at 1.70 lakh tonnes, while UAE had imported 1.22 lakh tonnes. 'Demand continues to remain good for the Indian onions and we expect to sustain the shipment volumes' Shah said.

 

As per the Agriculture Ministry data as on May 8, rabi onion has been planted on 11.08 lakh hectares, higher than the targeted area of 10.76 lakh hectares, but less than the previous year’s 11.67 lakh hectares. As per the third advance estimates for 2021-22, onion production is projected at 31.27 million tonnes, up from previous year’s 26.64 m t.

India is in advanced talks with Brazil for the import of urad to boost the domestic supply and keep prices under control, Consumer Affairs Secretary Rohit Kumar Singh said on Tuesday. The country imports 7-7.5 lakh tonne of urad annually depending on the demand-supply gap, out of which 74 per cent is imported from Myanmar, he said.

 

'The agro-climatic condition in Brazil is suitable for producing urad. We are seriously exploring imports of urad from Brazil. The talks are in an advanced stage,' the Secretary told reporters.

 

About 2 lakh tonne of urad has been imported from Myanmar so far in the current calendar year, he said.

 

India is exploring other destinations for sourcing urad in order to reduce its dependency on Myanmar.

 

Recently, the consumer affairs department warned exporters of pulses from Myanmar against hoarding the commodity as it impacts domestic supplies.

 

The Agriculture Ministry has estimated urad production at 2.68 million tonnes for 2022-23 (July-June), lower than 2.77 million tonnes from the previous year.

The second Trade and Investment Working Group meeting, under India's G20 Presidency, will begin in Bengaluru on Tuesday.

 

During this three-day meeting, over 100 delegates from G20 member countries, invitee countries, regional groupings and international organizations will deliberate on reforming the multilateral trading system, integrating the Ministry of Micro, Small and Medium Enterprises (MSME) in global trade, making trade work for growth and prosperity and efficient logistics for trade.

 

According to the Ministry of Commerce and Industry, a seminar on trade and technology will be organized on the first day. Themes, such as technology reshaping trade and the role of technology in driving inclusive growth will be deliberated in two-panel discussions, featuring domain experts, academicians and practitioners.

 

The seminar will be followed by a guided city tour, a cultural program and Gala Dinner for the G20 delegates.

 

The subject of World Trade Organization (WTO) Reform, which is one of the priorities pursued by the Indian Presidency will be taken up for discussion in a technical session on May 24, 2023.

 

On the second and third days, presentations will be made on the deliverables related to the digitalization of paper documents, such as Bills of Lading and Certificate of Origin that are critical for cross-border trade, and on developing an action plan to create Meta Information Portal for MSMEs, a framework for mapping GVCs, a compendium of best practices on Mutual Recognition Agreements (MRAs) and on G20 Regulatory Dialogue. These deliverables have emerged from deliberations that took place during the first meeting held in Mumbai in March.

 

The aim of India's G20 Presidency is to build a shared understanding of the challenges faced in accelerating global trade and investment, and leveraging existing opportunities to make growth inclusive and transparent.

 

Prime Minister Narendra Modi on Sunday held productive and wide-ranging talks with Brazilian President Inacio Lula da Silva during which they discussed ways to further deepen the bilateral strategic partnership, especially in sectors of defence production, trade and renewable energy. Modi and Lula met on the sidelines of the summit of the G7 advanced economies here in Hiroshima.

 

'The talks with President @LulaOficial were productive and wide-ranging. India and Brazil will keep working together to deepen trade ties. We also discussed diversifying cooperation in sectors like agriculture, defence and more,' Prime Minister Modi tweeted.

 

'Cementing bonds of friendship. PM @narendramodi met President @LulaOficial of Brazil in Hiroshima. Discussed ways to further deepen the India-Brazil Strategic Partnership, especially in sectors of defence production, trade, pharmaceuticals, agriculture, dairy & animal husbandry and renewable energy,' the Ministry of External Affairs tweeted.

 

They also exchanged views on regional developments and cooperation in multilateral platforms, it said.

The Solvent Extractors’ Association of India (SEA) expects the production of mustard at 111.83 lakh tonnes (lt) for the 2022-23 season.

 

In his monthly letter to the members of the SEA of India on Monday, Ajay Jhunjhunwala, President of SEA, said the RMSI Cropanalytics Pvt Ltd, which had carried out rape-mustard estimate for 2022-23 in March, had estimated total crop 115.25 lt. Stating that the unseasonal rain during March impacted the crop, he said the revised and final yield of the crop production has been estimated at 111.83 lt.

 

Prices below MSP

Expressing concerns over mustard prices ruling below the MSP (minimum support price), he said the mustard price is currently ruling at Rs.5,100 a quintal in the agricultural produce marketing committee (APMC) yards. However, the farmers receive only Rs.4,600-Rs.4,700 a quintal on hand after deducting APMC yard tax and other charges. APMC yard prices of mustard continue to rule below the MSP of Rs.5,450 a quintal for the season despite the government’s move to procure the oilseeds from the farmers.

 

Stating that the government is aiming to increase mustard production in the country to 200 lt by 2025-26, he said the Centre has increased mustard MSP by over Rs.1,000 a quintal over the last four years. Additionally, high crop prices during sowing period encouraged farmers to expand the area under mustard. 'Unfortunately, at the time of harvesting, price has fallen much below the MSP. The farmers are reluctant to sell at such low prices and are greatly discouraged. This may lead to a lower area under soyabean in the ensuing kharif season and mustard in the rabi season,' Jhunjhunwala said.

 

He hoped that the government agencies such as Nafed and Hafed step up their procurement of mustard seed at MSP and create a buffer stock for any likely eventuality due to El Nino affecting the oilseed crop.

 

El Nino chances

India Meteorological Department (IMD) has forecasted a moderate El Nino lowering monsoon rainfall in India this year. The Climate Prediction Centre of US has predicted that there is a 60 per cent chance of El Nino setting in during May-July and increasing to 70 per cent during June-August. He said this may affect maize, soyabean and rice production in India.

 

On the castor crop survey, he said AgriWatch conducted castor crop survey on behalf of the association. The first estimate of 19.63 lt was arrived at during January-end, and it was presented at the Castor Conference. The estimate was revised downward to 19.06 lt in March.

 

Stating that AgriWatch has submitted the final report, he said the total all-India castor crop has been estimated at 18.81 lt for 2022-23 against 16.94 lt in the previous year.