In a significant move, India and the US on Thursday decided to launch a strategic trade dialogue to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfers. The decision to launch the new framework of dialogue was taken at a meeting between External Affairs Minister S Jaishankar and visiting US Commerce Secretary Gina Raimondo, according to the Ministry of External Affairs (MEA).

 

'The external affairs minister and secretary Raimondo agreed to launch a India-US Strategic Trade Dialogue, led by Foreign Secretary from Ministry of External Affairs of India and Under Secretary, Bureau of Industry and Security in US Department of Commerce,' the MEA said.

 

'The Strategic Trade Dialogue will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries,' it said.

 

The MEA said Jaishankar and Raimondo had a productive discussion about the India-US strategic partnership and ongoing efforts to deepen the economic and commercial engagement between the two countries, including through the Initiative on Critical and Emerging Technology (iCET) and the Indo-Pacific Economic Framework (IPEF).

 

'They also concurred on the need for increased bilateral strategic and high technology trade given the shared priorities of both countries in building resilient and trusted global supply chains,' the MEA said in a statement.

 

US President Joe Biden in May last year launched the IPEF, which is an initiative aimed at deeper cooperation among like-minded countries in areas such as clean energy, supply-chain resilience and digital trade

 

'Great pleasure to meet US Secretary of Commerce @SecRaimondo this evening. Conversation covered strategic trade, resilient and reliable supply chains and trust and transparency in the digital domain,' Jaishankar tweeted.

 

Australian Prime Minister Anthony Albanese, who is on a 4-day official visit to India, on Thursday said the Economic Cooperation and Trade Agreement (ECTA) signed between the two countries is a transformative agreement, which will unlock the next level of potential in trade and investment.

 

Addressing the India-Australia CEO forum in Mumbai on Thursday, Albanese expressed his sincere appreciation for the large turnout of Australian investors that came to India as well as for the key Indian business houses that participated in the event.

 

He added that the delegation of Australian investors is one of the most serious and high-profile ones to have visited India from Down Under.

 

The Australian PM also voiced optimism about the complementarities between both nations, saying that this juncture is a turning point in accelerating economic cooperation and mutual benefits in the relationship between the two countries.

 

Union Minister Piyush Goyal also participated in the CEO Forum along with Senator Don Farrell, minister for Trade and Tourism in the Australian government.

 

Goyal noted that the current goal of doubling the bilateral trade must be reset by the industries and CEOs present there as there was great potential to increase trade manifold between the two nations. He also reiterated the growth potential of the bilateral trade and investments between India and Australia.

 

The Union minister, from his previous visit to Australia in April 2022, recounted an example of his interaction with the CEO of Cochlear (an Australian hearing implant manufacturer). After the interaction, he reassured them that their current market share in India was only a minuscule of the potential for the business, given India's population, rapid growth in the middle class and the growing demands of the overall economy for a better lifestyle.

 

The Forum was organised by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, along with the Confederation of Indian Industry (CII) in order to leverage the ever-growing trade and investment between the two countries. The forum was co-chaired by Anish Shah, MD and CEO, of Mahindra Group and Shemara Wikramnayake, MD and CEO, of Macquarie Group.

 

Senator Don Farrell pointed out that USD 2.5 billion worth of trade benefitted from the lower tariffs arising from the ECTA agreement in Jan 2023 alone and reassured that this growth will continue to rise further. He urged the industry to think much bigger to satiate the demands of the growing relationship.

 

Both ministers welcomed the convening of the India-Australia CEO Forum and encouraged businesses on both sides to explore emerging economic and investment opportunities.

 

The ministers also expressed satisfaction at the progress of bilateral engagements and affirmed their commitment to further deepen and strengthen the Comprehensive Strategic Partnership for mutual benefit.

 

A four-year extension MoU was also signed between the Confederation of Indian Industry and the Business Council of Australia in the presence of Albanese. This partnership is tipped to go a long way in furthering the business relationship between the two countries.

 

The event also saw the participation from CEOs of leading companies from India and Australia across the sectors like metals and mining, telecom, food processing, education, pharmaceutical, healthcare, medical devices, banking, aviation, education, IT, auto and institutional investors.

 

The forum participants discussed 'How to enhance Economic, Trade and Investment relations between India and Australia, across sectors'.

 

The two countries have a long-standing relationship, characterised by shared values of democracy, multiculturism, economic opportunities and most importantly vibrant diaspora with strong people-to-people links. Both countries value free and open societies, respect for human rights, and the rule of law.

 

In the fiscal year 2022, India was Australia's 9th largest trading partner. Major exports to Australia include petroleum products, textiles and apparel, engineering goods, leather, pearls, mechanical appliances, iron and steel and gems and jewellery. Major imports include edibles, dyeing extracts, chemicals, wool, minerals and precious stones.

Terming the relationship with India a 'top priority', Saudi Arabia Foreign Minister Farhan Al-Saud said that the relationship between both nations has grown exponentially, adding that there is a need for measurable progress in all sectors especially the economic and trade relationship.

 

Highlighting the strong relationship between Prime Minister Narendra Modi and Crown Prince Mohammed bin Salman, the minister said that both leaders want to see actual results, progress in relationship between the countries.

 

'The relationship with India is a top priority and we need to have measurable progress in all sectors especially the economic and trade relationship,' the Saudi Foreign Minister said in an interview with President of Observer Research Foundation (ORF) Samir Saran at Raisina ‘Ideas Pod’.

 

Al-Saud said the relationship between India and Saudi Arabia in the last five years, has grown exponentially.

 

'Part of that is the very strong relationship between Prime Minister Narendra Modi and the Crown Prince who have a very strong working relationship. Both of them are very similar in the sense that they both are very result oriented. They don’t want just a nice talk, they want to see actual results, they want to see progress and that means that we in the government have a very clear direction,' he said while defining the similarities between both the leaders who believe in action.

 

Emphasizing on India’s rising global stature, he said, 'India is a fantastically dynamic country with huge potential and we’ve seen that especially in the last five years, the trajectory for India is fantastic. The potential that India holds is almost unmeasurable.'

 

Acknowledging the fact that India has played an important role in the developmental journey of the Kingdom for several decades given the large Indian presence in Saudi Arabia, he said, 'The connection has existed even before that, you know hundreds of years given the trade relationship. We’re now building on that connection, on that relationship in a way that is not just benefiting both of us, it’s really benefiting the international Community.'

 

He also said that India’s huge size offers great potential as a huge amount of India’s trade to Europe passes through the Red Sea.

 

Earlier, Saleh Eid Al Husseini, Ambassador of the Kingdom of Saudi Arabia to India, said that he wants to bring this relationship to the highest level. Speaking on the celebrations of the Kingdom’s founding day here, the envoy said he was happy to have a strong and friendly relationship between the two countries.

 

Underlining the strong relationship between the Kingdom and India, Husseini said, 'We are very happy to have a strong relationship with our friendly country India. Also for a long time, we have had this relationship and we have been asked to bring this relationship to the highest level that we can.'

 

While speaking on the foundation day celebration, the envoy highlighted the Kingdom’s governance and how the youth has been its focus as the next generation.

 

'We are very proud to have a country that started in 1727 and this year as I said reflects good governance and we hold our future, our children and all our Saudi Arabia is now focusing on youth on the next generation', said the Envoy.

 

'Our country is celebrating around 300 years and this reflects nations’ governance, reflects equity, to have the prosperity of their people. To bring modernization and at the same time to regain the culture of the society. It’s not by chance to be 300 years old unless the state is caring about its neighbours, caring about its people, seeking peace all over the world', added the envoy.

The Jammu and Kashmir Trade Promotion Organization (JKTPO) and District Administrations of Kupwara and Baramulla organised Export promotion workshops under the District as Exports Hub (DEH) & One District One Product (ODOP) in collaboration with DGFT, APEDA, FIEO, India Post, ECGC and other expert agencies working in the field of Exports.

 

To make each District as Export Hub and to improve overall trade and export ecosystem of UT of J&K, the series of the workshopsare being organised on the directions of Principal Secretary, Industries & Commerce, Prashant Goyal and under overall supervision of Managing Director, JKTPO, Khalid Jahangir at district level.

 

Deputy Commissioner, Doifode Sagar Dattatray while inaugurating the workshop and addressing the forum appreciated the JKTPO’s initiative of reaching out to district of J&K for export promotion and also said that the District Kupwara has a great potential of exports in Walnut, Handloom& Handicraft products and red rice (Mushkbudij).

 

He also directed all traders and entrepreneurs to redouble their efforts for proper development of Kupwara based export products so that these products become a brand in the world and Kupwara district becomes an export hub. 

 

He also requested JKTPO to conduct few more capacity building workshops especially for packaging and marketing of walnuts from Kupwara.

 

The Export Workshop in Baramulla was presided over by Deputy Commissioner, Dr. Syed Sehrish Asgar who in her opening remarks saidApple has been selected as ODOP (One District One Product) from district Baramulla with immense potential for exports and other allied derivatives.

 

She also briefed the participants about the benefits of having Import export code and requested the participants to take advantages of such awareness workshops conducted by JKTPO. 

 

District Administration is working in full swing with Government and other export institutions to boost exports and make district Baramulla as a hub of exports for its potential products under District as Export Hub Initiative, she added.

 

The detailed sessions were conducted by the experts on the benefits of exports, the process of getting an Import/Export code, endorsing local products to an international market, credit linkages for exports and credit risk insurance facilities. 

 

The participants were also given an opportunity to interact one on one with the experts and all the queries related to exports were resolved. Special focus was given on ODOP products and other focus products of the Kupwara and Baramulla districts including Walnut, red rice, apples and carpets. Onspot Import/Export codes (IEC) registration was done in these drives.

 

A.K Bhushan, Deputy DGFT, during his address, apprised the participants of the role of DGFT in international trade. He reflected upon the kind of documentation and procedures necessary for entering the international business/IEC registration and other related issues.

 

Debi Prasad, Executive Officer, ECGC Srinagar gave details about Credit Risk Insurance and related services for exports and gave a detailed insight on how exporters can safeguard their shipments and money for exports.

 

Sehreen Maqbool, Business Development Manager, APEDA, Kashmir gave introduction about APEDA and with a focus to take local Horticulture and allied products of Kupwara to a global market.

 

Gaurav Gupta, Dy. Director, FIEO explained about the benefits of registration on Indian Business Portal, Free Online Business, Easy and Affordable Credit Rating and Compliance with the Government.

 

Yonus Gul from India Post, Kashmir Region, shared the attributes of portal Dhak Ghar Niryat Kendras which act as facilitation center for E-Commerce exports. 

 

These workshops were attended by District officers of Industries & Commerce department, Agriculture & Horticulture, Horticulture marketing and Planning and  Handicraft and Handloom along with250+ potential exporters, growers, FPO’s, artisans unit holders and also from District Kupwara and Baramulla.

 

GeM onboarding Drive for ODOP-DEH (Honey) of Ramban District on Government-eMarketplace (GeM) for potential exporters, providing direct access to all the Government departments was also organised by the JKTPO in collaboration with District Administration Ramban and Invest India, DPIIT, Ministry of Commerce.

 

These onboarding drives are held all across UT to onboard the ODOP & DEH products on the GeM platform. Deputy Commissioner, Mussarat Islam, while appreciating the Honey Bee Keepers said that, District has a huge potential for exports of honey. 

 

Honey has been chosen as one of the items under the ODOP/District as Export hub project from district Ramban. He further added that District Administration is actively promoting Honey from Ramban alongside the government and other export organisations. 

 

The GeM onboarding will help local Honey producers to attract the business from different departments across the country. Officers of agriculture department and Members of the Honey FPO from the Ramban district participated in the event and were onboarded on spot on GeM platform.

 

Earlier the team of JKTPO provided a detailed explanation of the advantages of joining the Government e-Marketplace (GeM) as well as a demonstration of how the portal functions.

Around a 100 foreign buyers from above 30 countries are participating in Sourcex India 2023, the flagship reverse buyer seller meet organised by the Federation of Indian Export Organisations (FIEO).

 

'More than 100 foreign buyers from 30 plus countries are attending the event and meeting over 125 plus Indian companies exhibiting top Indian brands,' the apex exporters’ body said on Thursday.

 

The three-day reverse buyer seller meet is being held from March 9-11 in New Delhi.

 

As per A Sakhtivel, president, FIEO, despite global headwinds, Indian exports will give an additional $100 billion over an above what was achieved in 2021-22.

 

FIEO DG & CEO, Ajay Sahai said that branding is key to promoting exports in niche segment and insulating against price sensitivity and suggested a 3-tier strategy to promote brands.

 

'The government should promote India as a brand with a laid down strategy. Product specific councils/associations should promote product as a brand as is being done by Californian Almonds Association for Calfornian Almonds,' he said, adding that companies should develop their own brands, which may require substantial investment for liberal financing may be extended.

In an effort to boost onion exports, the government has decided to send delegations to various countries including Malaysia, Indonesia, the Philippines, Germany, the UK, Qatar, Kuwait, Iraq, Seychelles and Mauritius.

 

The Agricultural and Processed Food Products Export Development Authority (APEDA), in collaboration with the respective Indian missions, will conduct interactions with the respective trade bodies of the countries that would be sourcing onion from India.

 

Sources said a sharp drop in onion prices because of bumper production has led to distress selling by farmers, especially in Maharashtra, the biggest producer.

 

The modal retail prices of onion as per the Department of Consumer Affairs on Tuesday was `20/kg against `40/kg a year back. In December 2019, retail prices touched `100 a kg in many cities, which resulted in a ban on onion exports by the government.

 

Since the beginning of 2021, the government has not imposed a ban on onion exports.

 

'The boost in exports could help mandi prices recover in the coming months,' an official told FE.

 

India exported a record $523 million worth of onion (1.7 million tonne) in the first three quarters of the current fiscal (20223-23), which is 16% more than in the same period last fiscal, the commerce ministry recently said in a statement.

 

In 2021-22, in terms of exports, India stood at third spot in global onion exports, with 1.5 million tonne (mt) of onion worth $ 460 million to various countries. India has around 5% share in global onion trade.

 

Bangladesh (37%), Malaysia (14%), Sri Lanka (12%) and Nepal (8%) had a major share in onion exports in the last fiscal.

 

Onion retail inflation declined by 19.98% on year in January 2023.

 

Negative onion inflation last month was due to a bumper output of 31.12 mt in the 2021-22 crop year, against the production of 26.64 mt in 2020-21.

 

India is the biggest producer of onion and Maharashtra, Madhya Pradesh, Karnataka and Gujarat have more than 60% share in the country’s production.

 

Rabi onion, harvested during April-June, accounts for around 65% of the country’s onion production and meets consumers’ demand till the kharif crop is harvested from October-November. Kharif onions are not stored because of higher moisture content, thus entering the market directly.

 

To address the post-harvest losses of onions, including losses incurred from inefficient storage and processing, the Department of Consumer Affairs has announced a grand challenge for the development of ‘technologies for primary processing, storage and valorisation of onions’.

Finance Minister Nirmala Sitharaman on Thursday met US Commerce Secretary Gina Raimondo to discuss India's G20 priorities and bilateral cooperation to further boost investment and trade.

 

In a tweet, the Finance Ministry said Sitharaman and Raimondo also appreciated the substantial and multi-faceted India-US relations which are centred on strong economic and financial engagements.

 

Raimondo is here for the India-US Commercial Dialogue and India-US CEO Forum meet on March 10 to discuss cooperation in various sectors that could unlock new trade and investment opportunities between the two countries.

 

The two leaders also discussed India's G20 priorities and other issues of mutual interest.

 

'During their deliberations, FM Smt. @nsitharaman and Secretary Ms. @SecRaimondo also exchanged views on enhancing #bilateral cooperation to further boost #investment and #trade in mutually agreed areas,' the ministry tweeted.

 

In a separate tweet, the ministry said Mastercard CEO Michael Miebach too called on Sitharaman on Thursday.

Commerce and industry minister Piyush Goyal on Thursday said that India’s goods and services exports will soon cross $750 billion.

 

'Data till February shows that we will cross $750 billion of exports in a few days… Both merchandise and services are growing. Services are growing faster,' Goyal said at an event organised by the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) in Mumbai.

 

He also said $315-320 billion of services export are expected this year.

 

India’s goods and services exports touched an all-time high of $422 billion and $254 billion respectively, in FY22 taking the total shipments to $676 billion.

 

He said that forecasts show that global trade is slowing but India’s exports are growing, and when the year started, with the Ukraine war, orders were slowing in developed economies, and inflation and recessionary conditions were there.

 

Goyal also said that 2,000 products will come under Quality Control Orders as the country has been slow on them.

 

'Other countries give high degree of importance to build bridges with India, expand trade and commercial relations, improving their military and defence ties with India…every field they feel India is a bright spot and global power,he said, adding that this sweet spot is a rare opportunity.

 

On free trade pacts, he said that the India-Australia Economic Cooperation and Trade Agreement (ECTA) is a balanced and equitable agreement, and is an opportunity for battery manufacturing.

 

'There is good potential to process rare earths and minerals,' Goyal said, and asked the exporters to put more effort like Japan and Korea to push exports and also study India’s FTAs.

There has been a huge increase in the demand of Maize   in the international market . Due to this, Maize Export from India has also increased. According to the Ministry of Agriculture, the export of maize has increased by 1.5 percent in 2022-23. The Ministry of Agriculture has informed that maize exports worth Rs 6 thousand 507 crore have been exported this year. 

 

The price of maize for export is Rs 2,300 to Rs 2,500

Currently, the price of maize has increased in the international market. Due to the increase in demand, the price has increased. At present, maize is getting a price of Rs 2,000 to 2,300 per quintal in the market committees. Whereas the prices of maize for export are between 2 thousand 300 to 2 thousand 500 rupees. At present, India is facing lower transport costs for exports to Southeast Asia and East Asia. Therefore, these countries have increased maize exports. 

 

A decline in maize production in 'this' country 

Production in some of the world's leading maize producing countries has declined this year. Due to the decline in production, there is a shortage of maize in the international market. As a result, there is a good increase in the price, and the farmers are benefiting from this. This year, maize production in the important countries of America, Argentina, Russia and Ukraine has decreased. The production of corn in America has decreased by 411 million tons this year. Currently, the demand for maize has increased in the international market. Due to this there has been a good increase in the rate. Rates of soy meal and other meals are currently slightly higher. It is affecting the price of maize. At present, the condition of maize crop in rabi in India is also good. But exports are also increasing. At present, maize prices are higher than the guaranteed price due to good demand for exports. 

 

Russia-Ukraine War Disrupts Maize Supply Chain

This year, the global maize production has decreased significantly. Maize production is forecast to be lower this year by around five percent. It has been estimated that global maize production will settle at 11 thousand 513 lakh tonnes. Last season's production was 12 thousand 160 lakh tonnes. Meanwhile, the Russia-Ukraine war has disrupted the maize supply chain. The effect on the rate is visible.

Israel’s Foreign Minister Eli Cohen is likely to visit India in March, according to persons aware of the matter. This is among Cohen’s first foreign visits after taking office as Israel’s top diplomat in late December last year. 

 

Cohen’s visit, the people cited above said, will focus largely on economic and trade relations between India and Israel. Particular focus will be paid to the bilateral innovation and technology partnership as well as cooperation on agriculture. While defence ties remain a key feature of bilateral talks, the visit of Defence Minister Benny Gantz to India in June last year will mean that the Israeli Foreign Minister will largely focus on economic ties during his time in India.

 

Queries to the Indian Ministry of External Affairs and the Israeli Foreign Minister’s Office remained unanswered at press time. 

 

The visit comes at a high point for bilateral ties, which has seen New Delhi and Tel Aviv co-operate closely on Middle-East policy, multilateral platforms like I2U2 and defence. 

 

Trade, technology and innovation has been a particular focus of the partnership in recent years. According to figures from India’s foreign ministry, trade expanded from USD 200 million in 1992 to USD 4.66 billion in 2020-21. Investment promotion agency Invest India now estimates that bilateral trade stands at USD 7,86 billion. 

 

'India is Israel’s third-largest trade partner in Asia and seventh largest globally. In recent years, bilateral trade has diversified into several sectors such as pharmaceuticals, agriculture, water, IT and telecom,' according to the Ministry of External Affairs. 

 

Technology investments by Israeli firms in India run the gamut from information technology and cybersecurity to resources like water. Both countries also established the USD 40 million India-Israel Industrial R&D and Technological Innovation Fund (I4F) fund to be run by the Indian Department of Science and Technology (DST) and the Israel Innovation Authority.

 

Defence has also been a particular focus of bilateral ties. India’s defence purchases from Tel Aviv have run the gamut from missiles and radar systems to unmanned aerial vehicles and air defence systems; India and Israel jointly developed the Barak-8 air and missile defence through Israel Aerospace Industries and India’s DRDO. 

 

While incumbent Prime Minister Benjamin Netanyahu has long been a votary of closer ties with India, his government has been rocked by massive instability in recent months following its controversial attempt to curtail the powers of the judiciary. Israeli civil society has been up in arms about the Prime Minister’s attempts to reduce the Supreme Court’s ability to strike down laws it deems unconstitutional.