'The next round of talks for the proposed free trade agreement (FTA) between India and Oman will start from January 16 and the negotiations for the pact are progressing well,' a senior official said on January 9.

 

'The talks on the text of most of the chapters have been concluded by both sides for the pact,' officially dubbed the Comprehensive Economic Partnership Agreement (CEPA).

 

"The negotiations are progressing well. Two rounds of in-person negotiations and many inter-sessional meetings have already been held. Good progress has been made on all the chapters covered under the CEPA," the official said.

 

On certain media reports that the talks may get delayed, the official said that any talk of hindrances or bottlenecks is "speculative and presumptuous" as the negotiating process is currently under way.

 

'Currently, both sides are working towards conclusion of the negotiations with an objective of delivering a mutually beneficial agreement contributing to the welfare and development of the people of the two countries,' the official said.

 

For India, Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries. The bilateral trade was $12.39 billion in 2022-23 as against $5 billion in 2018-19. India's exports have increased from $2.25 billion in 2018-19 to $4.48 billion in 2022-23.

 

According to a report of think tank GTRI (Global Trade Research Institute), Indian goods worth $3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement.

 

India's imports from Oman stood at about $8 billion in 2022-23. Key products included petroleum products ($4.6 billion), urea ($1.2 billion); propylene and ethylene polymers ($383 million).

 

Currently, more than 80% of India's goods enter Oman at an average of 5% import duties, the GTRI report has said, adding Oman's import duty ranges from 0 to 100% along with the existence of specific duties.

 

In a CEPA, two countries could significantly reduce or eliminate customs duties on the maximum number of goods traded between them besides easing norms for promoting trade in services and increasing investments.

 

The report has said that Oman's higher per capita income ($25,060) compared to India's ($2,370) could mean a demand for more diversified and possibly higher-value goods and services in Oman, which India could aim to supply.

 

The agreement also holds considerable strategic importance for India. It serves as a gateway for India to strengthen its footprint in Middle Eastern economies. This partnership with Oman can act as a catalyst, enhancing India's geopolitical presence and fostering deeper ties with other Middle Eastern countries.

 

Commenting on the proposed pact, international trade expert and Hi-Tech Gears Chairman Deep Kapuria said this agreement would also help in boosting trade ties of India with the Middle East countries, which is a growing market for domestic products.

 

'The agreement holds importance in view of India’s $1 trillion exports target of merchandise products by 2030,' Mr. Kapuria said.

Karnataka has garnered revenues to the tune of Rs 170 crore from the millets and organics international fair. The three-day expo of nutra-cereals highlighted the need for traditional super foods to nourish future generations.

 

The objective of the event was to not only make sure that the millets and organic produce reaches consumers, but to also help provide remunerative markets to farmers.

 

The revenues generated thus include B2B transactions of Rs 150 crore and transactions in stalls amounting to Rs 20 crore, stated Karnataka Agriculture Minister N Cheluvarayaswamy.

 

The B2B business pacts related to transaction of 17,192 metric tonne of produce. In all, the trade fair witnessed 213 B2B meetings and signing of 41 Letters of Intents/MoUs.

 

The business transactions were concerned to all varieties of millets spanning from foxtail millet, little millet, Indian barnyard millet, Kodo millet, Brown-top millet and proso millet. It also covered Byadagi chillies, spices, organic jaggery, turmeric powder and organic vegetables. The fair witnessed a huge demand for millets' value-added products like cookies, malts, millets powder, ready-to-cook and ready-to-eat items.

 

There were at least 2 lakh visitors over the three days. It also saw the participation of delegates from various States besides other countries including Australia, the UAE, Kenya and Kuwait.

 

In all, the fair had 310 stalls, including 100 under the Karnataka pavilion that were dedicated to farmers, research institutes and FPOs (Farmer Producer Organisations). It also saw the participation of 35 start-ups engaged in millets and organics business.

 

At the inauguration, Karnataka Chief Minister Siddaramaiah said that millets would be introduced in Indira Canteens, mid-day meals in schools, anganwadis, and public distribution system. Soon, a meeting will be convened of officials from the Departments of Food, Agriculture, Education, RDPR (Rural Development and Panchayat Raj Department), and Municipalities to discuss the modalities for introduction of millets.

 

Addressing the valedictory function of the fair, Cheluvarayaswamy said 51 subject experts had delivered lectures at the fair.

 

Karnataka’s deputy chief Minister D K Shivakumar appreciated and hoped that millets and organic cultivation methods would provide a solution to the country’s water woes and issues with soil fertility.

 

Referring to the popularity of millets and organics in Karnataka and its prime position in the sector, Revenue Minister Krishna Byre Gowda observed that Karnataka had also emerged as capital of millets and organics in addition to being a IT and BT hub.

State-owned Jawaharlal Nehru Port Authority (JNPA) plans to build an export oriented agricultural produce processing and storage facility with private funds at Sheva, Raigad in Maharashtra as it aims to enhance the shelf life and quality of export agricultural produce and increase the quantum of India's agricultural exports.

 

The facility seeks to extend the shelf life of agricultural produce and satisfy the sanitary and phytosanitary criteria set by destination nations and help minimize losses resulting from rejection by importing countries.

 

The facility will be crucial in helping India create the procedures, quality criteria, and packaging requirements necessary to satisfy the highest international standards for agricultural products.

 

'This is a first of its kind facility in an Indian port and is also JNPA’s business with social commitment, especially to our farmers,' Unmesh Wagh, Chairman in Charge and Deputy Chairman of J N Port Authority and the driving force behind the project, told ET Infra.

 

'It is a win-win situation because they can aggregate the produce at one place which is a state-of-the-art facility, then either export or use the port’s coastal berth to distribute all over India,' Wagh said.

 

'In this way, our agricultural produce waste will be reduced and income will be enhanced. It can act as a model for other ports to follow,' Wagh added.

 

The export oriented agricultural produce processing and storage facility, estimated to cost Rs284.19 crores, is planned on a 27-acre land parcel accessible via the Funde - Nhava Sheva Road.

 

The project will be awarded to a private firm for a concessionaire period of 30 years, including construction period of 1.5 years. It will be designed to handle 0.8 million metric tonnes (MMT) to 1.2 MMT of agricultural cargo over 30 years.

 

India ranks second in global agriculture production, but its share in global agricultural exports is only 2.4 percent, placing it eighth in the world (WTO’s Trade Statistical Review, 2022). In terms of domestic contributions, agricultural exports make up less than 2 percent of India's GDP, which is lower compared to other developing agrarian countries.

For instance, Brazil and Indonesia rank third and sixth, respectively, in global agricultural exports and contribute around 5 percent and 4.4 percent to their GDP’s. Argentina, another leading exporter, saw agricultural exports contribute to nearly 7 percent of its GDP in 2022, according to the World Bank.

 

Maharashtra accounts for about 16.58 percent of India's agricultural exports and is the top earner per ton of exported goods despite being the second-largest exporter after Gujarat.

 

While J N Port’s status as the country’s biggest state-owned container gateway and the second largest overall is well known, what is not well known is that the port located near Mumbai holds the pole position on handling agricultural cargo.

 

Currently, the annual flow of agricultural goods through J N Port is 5 million tonnes (MT) and is projected to increase by 3 percent compounded annual growth rate till 2028. Among the agricultural exports, horticulture, floriculture, and non-grain agricultural products comprise approximately half of this cargo.

 

In 2023, India exported 44 MMT and imported 25 MMT of agriculture products.

 

J N Port played a substantial role in agriculture product shipments, handling 7.3 MMT of exports and 3.1 MMT of imports.

 

The proposed agri facility seeks to elevate agricultural exports by offering storage, preservation, and quality control. The project will empower farmers and exporters, catalyse demand, and nurture rural growth. The benefits span higher product prices, increased employment, and a boost to the agricultural sector.

 

Despite several initiatives taken by the government to promote agricultural exports, India continues to face challenges in improving its share in the global agricultural market and diversifying its exports with higher value-added products.

 

By 2035, the Agriculture Export Policy finalised by the Ministry of Commerce and Industry, aims to increase agricultural exports to approximately $100 billion. To facilitate this expansion, the policy highlights the urgent need for the development of high-quality infrastructure at seaports and airports, which serve as the main exit points for imports and exports.

 

'It is anticipated that this facility will play a crucial role in adding value to agricultural products through the provision of storage, preservation, and quality control services. Additionally, it is expected to create significant employment opportunities. By offering adequate storage and preservation capabilities, the facility will enable farmers and exporters to maintain high quality and freshness of agricultural products, thus increasing their market appeal. Ultimately, the establishment of this facility at JNPA is poised to strengthen the agricultural export sector, fostering economic growth and development,' CRISIL Market Intelligence & Analytics (a unit of CRISIL Ltd) - Global AgriSystem Pvt Ltd (GAPL) wrote in the techno-economic feasibility study and detailed project report.

 

The laboratory is projected to lead to an increase in exports from the region, particularly among small traders. The affordable testing charges offered by the laboratory are expected to incentivize small traders to have their consignments tested, enabling them to comply with quality parameters and subsequently engage in exports.

 

Inefficient processing and multiple handling are considered as primary contributors to losses in both export and import of agricultural products.

 

The proposed facility aims to enhance processing efficiency, reduce multiple handling, and address infrastructure deficiencies, thereby curbing avoidable wastage in export and import.

 

'Once the produce is packed at the facility, it will go to the terminal just before the vessel arrives, enabling huge cost savings,' Wagh said.

 

The facility, according to Wagh, can also act as an extension of a big warehouse in Jebel Ali or a big value chain in Europe, store at a lesser cost and parcel as per requirement.

 

The proposed facility is projected to handle 8.5 lakh metric tons in the base year, with an estimated reduction of 5.6 percent in quantity, equivalent to 47,752 metric tons, and a 4.9 percent reduction in value, amounting to Rs 359 crores. These projections underscore the facility's potential to significantly enhance operational efficiency and yield substantial cost savings within the supply chain.

 

Implementation of the proposed facility is anticipated to reduce total losses by some 70 percent, resulting in a reduction of 33,309 metric tons (70 percent of 47,752 MT) and a 74 percent decrease in value, equivalent to Rs204 crores (74 percent of Rs359 crores) in the first year of operations. This underlines the substantial efficacy of the facility in mitigating losses and optimizing financial outcomes.

 

The project will help J N Port monetize land and attract additional cargo movement through the port by offering facilities for shelf-life enhancement, encompassing cargo and container storage and handling, customs clearance, bulk agricultural cargo handling and storage, transshipment/cross-loading, cold storage services, reefer handling, and monitoring, as well as laboratory testing for compliance and quality assurance.

 

The private developer will have to pay royalty to J N Port Authority comprising a fixed component for the land parcel supplemented by a premium per sq meter for the entire 30-year concession with annual escalation of 2 percent. This will safeguard J N Port Authority’s financial interests and is not sensitive to trade volume.

 

The private operator will not be required to pay royalty to the port authority for the initial three years of the project, which includes 1.5 years of construction phase.

 

The operator of the facility will have the freedom to set market-driven rates, fostering flexibility and competitiveness.

Jammu and Kashmir, renowned for its rich culinary heritage, proudly exhibited its diverse food, agriculture and horticulture products at the prestigious Indus Food 2024.

 

The event, held from January 8 to 10, witnessed J&K’s vibrant participation, capturing the essence of the agricultural prowess.

 

Indus Food 2024, Southeast Asia’s largest food and beverage export-focused exhibition, served as a vital platform for international collaboration within India’s dynamic food industry. The event, organized by the Trade Promotion Council of India in association with the Ministry of Commerce, Government of India, attracted over 1200 exhibitors and 7500 global buyers.

 

Jammu & Kashmir, recently honoured with the Gold (Winner) in National ODOP awards, claimed the spotlight at the esteemed Indus Food 2024. Eighteen exhibitors from the region witnessed a remarkable showcase of products and impactful B2B meetings with both international and domestic buyers. These interactions resulted in 780+ promising leads and on-spot orders worth 45 Lakhs.

 

The 7th Edition of Indus Food was inaugurated by the Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal. He praised India’s diverse food industry, emphasizing its potential to captivate global markets. He commended the sector’s exponential growth, citing a remarkable 150% increase in processed food exports over the past nine years. He underscored India’s agricultural export potential, currently standing at approximately US$ 53 Billion, with a projected target of US$ 100 Billion by 2030.

 

He quoted Prime Minister, Narendra Modi and said that the time has come for a fusion of technology and taste, emphasizing a new era in the food processing sector. He stressed the importance of large-scale food processing, effective product branding, and an export-oriented approach to benefit farmers, boost employment, and elevate the nation’s economic gains.

 

The platform not only provided exposure and experience but also facilitated substantial business opportunities for entrepreneurs from Jammu and Kashmir. The region’s exceptional products and culinary traditions stood out, contributing to the success of Indus Food 2024 as a significant avenue for promoting India’s diverse food industry on the global stage.

 

The triumph at Indus Food 2024 reinforces Jammu & Kashmir’s position as a powerhouse of culinary excellence and a vital contributor to India’s diverse food industry on the global stage. The event served as a testament to the region’s commitment towards promoting its unique offerings and fostering meaningful connections within the global food and beverage community.

 

The indigenous variety of dates of Kutch (Kachchhi Desi Kharek) has received the GI tag (Geographical Indication) from the GI Registry. It will now boost the branding of Kutchi dates and benefit thousands of farmers who grow dates in this arid and semi-arid region. Kutch produces 85% of total dates of India.

 

Unidates Farmer Producer Company Limited, a farmer producer organisation (FPO) in Bhuj, had applied in June 2021 for the GI tag with the help of Sardarkrushinagar Dantiwada Agricultural University (SDAU) that runs the Dates Palm Research Station at Mundra in Kutch.

 

SDAU director of research C M Muralidharan said, 'In all, 17 products receiving the GI tag on Monday and our dates are one of them. The 500-year-old variety finally received the GI tag. This tag will give a special identity to the dates of Kutch — the way Darjeeling is famous for its tea, Kutch will be famous for its date. It will allow the farmers to charge premium rates and will boost export.'

 

Farmers who want to take benefit of the GI tag have to become members of this FPO by by applying to it. A committee will examine the fruits grown by them on a particular farmland and allow the membership. A member- farmer can then legally use the logo of the GI tag.

Assistant research scientist Kapil Sharma at the Dates Palm Research Station said, 'A majority of farmers grow dates in Kutch using seeds and because of that, there is a diversity in the fruits. Dates are cultivated in other parts of Gujarat but the taste of

Kutch dates is unique because of the local the environment — partial humidity, partial dry condition and the coastal belt.'

In Kutch, dates are cultivated in about 19,000 hectares and the yearly production is around 1.8 lakh tonne from 20 lakh trees. The date season starts from June 15 every year.

About 80% production in Kutch is of Desi Kharek and the rest is of Barhi. Kutch dates are grown in two colours — yellow and red. The trees are highly tolerant to salinity and can adapt to extreme drought and heat conditions.

 

UIIC Assistant Recruitment 2024: Last date to apply today

The United India Insurance Co. Ltd. (UIIC) is set to conclude the online application process for the Assistant post on January 8. Notably, there has been an extension from the initial deadline of January 6 for applying to the Assistant recruitment position. Interested candidates are encouraged to take advantage of this opportunity and complete their applications before the updated closing date.

Sankashti Chaturthi 2024 Date, Time and Significance

Sankashti Chaturthi is an auspicious day dedicated to Lord Ganesha. It occurs every month on the fourth day or Chaturthi Tithi during the Krishna Paksha. In Maharashtra, people observe fast and offer prayers to seek blessings for their family's well-being. The puja rituals include taking a holy bath, cleaning the house and puja room, offering flowers and Boondi Laddoo, reciting Sankasthi Katha, and chanting Aarti. The fast is broken in the evening with Sattvik food.

The commerce ministry has set up a task force to identify and resolve trade barriers being faced by exporters in other countries, a move which would help provide greater market access to domestic goods, an official said. The development assumes significance as many times India's exports suffer from these barriers such as time taking prior registration requirements and unreasonable domestic standards/rules in many countries.

 

'We have constituted a task force within the ministry where we will be looking at the trade barriers, and technical barriers. The ministry has been focusing on how to improve systems, and improve standards,' the official said.

 

The ministry is also looking at improving mutual recognition agreements (MRAs) with different countries so that product standards are as per the requirements of the importing countries.

 

Standards for goods and services should help in promoting global trade and not act as non-tariff barriers, the official added.

 

According to a report of the economic think tank Global Trade Research Initiative (GTRI), India needs to act in a fast-track manner for removal of non-trade barriers (NTBs), being faced by domestic exporters in different countries like the US, China and Japan, to achieve one trillion dollar outbound shipment target for goods by 2030.

 

It has asked for upgrading domestic systems, in cases where Indian products are rejected due to quality issues; and retaliating if unreasonable standards or rules continue to obstruct exports from New Delhi.

 

Key Indian exports that routinely face high barriers include chillies, tea, basmati rice, milk, poultry, bovine meat, fish, chemicals products to EU; sesame seed, black tiger shrimps, medicines, apparels to Japan; food, meat, fish, dairy, industrial products to China; shrimps to the US; and bovine meat to South Korea, the report has said.

 

According to the report, the other products which face these barriers include ceramic tiles in Egypt; chili in Mexico; medicines in Argentina; microbiological reagents in Saudi Arabia; electrical, medical devices, household appliances in Brazil; veterinary pharmaceuticals, feed additives, Machinery in Russia.

 

Most non-tariff measures (NTMs) are domestic rules created by countries with an aim to protect human, animal or plant health and environment. NTM may be technical measures like regulations, standards, testing, certification, pre-shipment inspection or non-technical measures like quotas, import licensing, subsidies, government procurement restrictions.

 

When NTMs become arbitrary, beyond scientific justification, they create hurdles for trade and are called NTBs (non-tariff barriers).

Indian exporting firms need to gear themselves up to comply with new EU norms as the European Union is moving towards a paperless customs process from June 3 this year. The development assumes significance for domestic exporters as the European Union (EU) accounts for about 17 per cent of India's total merchandise exports. In 2022-23, India exported goods worth USD 75 billion to EU as against the country's total exports of USD 451 billion in that financial year.

 

The EU has proposed to implement the second phase of its Import Control System (ICS) from June 3 this year. ICSD 1 was applicable to the air mail and express deliveries from March 15, 2021, and then it was extended to air cargo from March last year.

 

The 'ICS2' will now be extended to cover all type of imports using ships, trains, trucks also on June 3, 2024. First two phases covered 15 per cent imports into the EU, third and final phase cover balance 85 per cent of the imports by value.

 

It added that the new system is streamlining the customs clearance process by eliminating the need for physical paperwork at borders.

 

Paper documents may be required only for a small category of specific types of goods or certain trade lanes. Also, while the EU customs goes digital, it recognises that international trade might still involve paper documents, like bills of lading or commercial invoices, it said.

 

GTRI Co-Founder Ajay Srivastava said that the EU's system will also focus more on checking goods that might be risky, so that safe goods can move through customs faster.

 

The risk assessment for each shipment is based on various factors, including the type of goods, the origin and destination countries, the trader's compliance history, and any intelligence or risk indicators available.

 

'Indian exporters need to be well-prepared and compliant with the new system that will kick in from June 3, 2024. They need to provide accurate and complete commodity information for the product being shipped, including the Harmonized System (HS) code, detailed descriptions, value, and weight,' he said.

 

Data provided to ICS2 should align with information on commercial invoices, bills of lading, and other accompanying documents.

 

According to the new system, the data upload to ICS2 should happen before the goods arrive in the EU, often through the carrier's system, and late submissions can lead to delays and potential penalties.

 

He added that exporters have to keep copies of all submitted data and related documents for potential inspections or audits and they should be prepared to answer questions and provide further information if requested by customs officials.

 

Incorrect or missing data, late submissions, or failure to cooperate with authorities can result in financial penalties for the shipper, GTRI said, adding inaccurate or incomplete information can lead to delays in customs clearance, impacting shipping deadlines and potentially adding costs.

 

'Ship or air carriers and postal operators have the main responsibility for filing the ENS with ICS2 before the goods arrive in the EU. This includes ensuring all data is accurate and timely, as they face penalties for non-compliance,' it said.

 

'While carriers bear the brunt of responsibility for filing the ENS and penalties for non-compliance, the accuracy of the information ultimately comes from the exporter. Therefore, both parties have a vested interest in ensuring data quality and timely submission to avoid delays and potential fines,' it added.

 

GTRI said that Indian exporters should start their preparations as non-compliance with ICS2 regulations or errors in data submission could lead to delays in customs clearance and potential fines, resulting in financial losses and operational disruptions.

 

To avoid these, Srivastava said that Indian exporters must register in the ICS2 system and train their personnel on the new requirements and procedures.

 

This may involve fees for registration and training programmes. They also need to upgrade their existing software and IT infrastructure to comply with ICS2 data formats and electronic submission requirements.

 

'Some Indian exporters may need to seek professional support to navigate the complexities of ICS2 and ensure compliance. Smaller businesses with limited resources might struggle to adapt to the new system as quickly as larger competitors, potentially putting them at a disadvantage,' he said.

 

Overall, early preparation, investing in technology solutions, and seeking guidance from relevant trade bodies can help Indian exporters benefit from the new system.

 

Further, GTRI said that the EU frequently intercepts Indian exports of chilies, tea, basmati rice, milk, poultry, bovine meat, fish, chemicals, generic drugs, and ayurvedic drugs to EU on various grounds and the domestic exporters and the government must closely monitor how the EU treats such products under this new system.

 

For Indian exporters and the Indian government, adapting to this new system is not just a requirement but an opportunity to streamline their export processes and strengthen their position in the EU market, it added.

 

India's imports from the EU stood at USD 61 billion in 2022-23. The two-way trade increased to USD 136 billion. The EU is one of the largest trading blocs for India. Both sides are also negotiating a free trade agreement to further boost trade ties.

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Shri Piyush Goyal said that India and UAE aspire to expand their bilateral trade to US$ 100 Billion. While addressing at the ‘UAE India Business Summit’ held at the 10th edition of Vibrant Gujarat Global Summit in Gandhinagar, Gujarat today, the Minister underscored the multifaceted nature of the India-UAE partnership, encompassing collaborations in space exploration, security, education, and climate action. 

 

Shri Goyal said that both the countries are looking for newer propositions from industry and business to further enhance their partnership. He said bilateral trade has increased under the India UAE Comprehensive Economic Partnership Agreement (CEPA). He also highlighted key collaborations such as the India-Middle East-Europe economic corridor and initiatives to promote Rupay and facilitate direct trade between rupee and dirham.

 

Delighted at the prospect of further strengthening bilateral relations, the Minister emphasized the significance of the UAE India Business Summit, emphasizing that it serves as a platform to unlock the vast potential that the UAE-India partnership offers. He praised the exceptional leadership of the President of UAE, H.H. Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister, Shri Narendra Modi in elevating the relationship between the two countries.

 

The Minister emphasized the boundless possibilities in exploring new partnerships, identifying opportunities, and expanding cooperation in various sectors. He envisioned the India-UAE partnership as a defining alliance of the 21st century, rooted in shared history and aspirations for mutual progress.

 

Shri Goyal expressed his gratitude to the Minister of State for Foreign Trade, UAE, H.E. Dr. Thani bin Ahmed Al Zeyoudi; and Chairman and CEO of DP World Group, Sultan Ahmed bin Sulayem for their invaluable contributions to fostering the enduring friendship between India and the UAE.

 

Shri Goyal acknowledged their pivotal roles in bolstering the UAE-India business relationship across various sectors, notably mentioning the plan to establish a Bharat Park in the Jebel Ali Free Zone under Sultan Ahmed bin Sulayem's guidance. He expressed confidence that this initiative would open myriad opportunities for international trade between the two nations and beyond, significantly elevating India's global visibility.

 

The Minister also highlighted the efforts of Vice Chairman of the Abu Dhabi Chamber of Commerce, Yousuf Ali Abdulqader, in fortifying bilateral ties, mentioning the significant investments being made in India's growth story, such as the establishment of a shopping mall in Kashmir.

 

Drawing attention to the burgeoning defense, cultural, and economic relations between the nations, Shri Goyal lauded the UAE's political stability, business-friendly policies, and infrastructural advancements as conducive factors for mutual growth and prosperity.

 

Shri Piyush Goyal lauded Dr. Thani's leadership in chairing the WTO Ministerial Conference 13 to be held in Abu Dhabi in February and assured full support from India in ensuring its success.

 

Citing India's demographic advantage and its young, aspirational population, the Minister invited investors to participate in India's growth story, underscoring the nation's potential to offer substantial returns and contribute to the dreams and aspirations of its 1.4 billion people.

 

Concluding on a note of unwavering optimism and shared vision for the future, the Minister reiterated the commitment of India and the UAE to forge an enduring partnership that will have a lasting impact on both nations.

India and the UAE have begun Rupee-Dirham direct trade in local currencies, and the two sides plan to expand bilateral trade to $100 billion under their free trade pact, commerce and industry minister Piyush Goyal said Wednesday.

 

'The kind of expansion we’re seeing in India-UAE partnership be it food security or education…We have an agreement to

Promote Rupay cards…and have an agreement between UPI (Unified Payments Interface) and their counterpart in UAE,' Goyal said the India-UAE Business Summit as part of the 10th edition of Vibrant Gujarat Global Summit 2024 being held in Gandhinagar.

 

He said that there is significant traction in the idea to connect India and Europe through the Middle East through the India-Middle East- Europe corridor and that both countries are expanding partnership new areas such as the startup bridge and the Bharat Bazar which DP World is developing in the UAE.

 

'In first year of the CEPA (Comprehensive Economic Partnership Agreement), we have increased our trade. This is only the beginning,' Goyal said, and assured the UAE of making the upcoming ministerial conference (MC13) of the World Trade Organization a 'grand success'. MC13 will be held in the UAE on February 26-29.

 

Emphasising that the two sides have political stability, business friendly polices, transparency in governance and large skilled manpower pool, Goyal said: 'India’s large market also gives opportunities to the UAE to invest more into the economy and deploy large amounts of petrodollars.'

 

Earlier in the day, he said that PM Gati Shakti will become a planning tool for the entire world in the years to come.

 

'In the past, it was considered normal in India if an infrastructure project got delayed by 8-12 years and its cost went up…As a nation, chalta hai (casual attitude) was our approach,' he said, adding that a project that gets delayed is the worst form of corruption.

India's coffee exports are likely to rise as much as 10% in 2024 as a rally in global prices prompts European buyers to pay premiums in order to increase purchases from the country, industry officials told Reuters.

 

The South Asian country - famous as a tea producer - is also the world's eighth-largest coffee grower, mainly churning out the robusta beans used to make instant coffee. It also produces some of the more expensive arabica variety.

 

'The demand for Indian coffee, particularly robusta beans, is strong due to firm global prices resulting from production issues,' said Ramesh Rajah, president of the Coffee Exporters' Association of India, predicting a rise in exports this year of up to 10%.

 

Robusta coffee is trading near its highest in at least 15 years as Vietnam, the world's biggest producer, is expected to produce less in 2023/24 than the previous season.

 

India exports three quarters of its production mainly to Italy, Germany and Belgium.

 

Indian coffee typically commands a premium over the global benchmark because it is grown under shade, hand-picked, and sun-dried. However, this year, premiums are higher than normal due to a production shortfall, exporters said.

 

Coffee exports in 2024 could jump to 298,000 metric tons from last year's 271,420 tons, said a Bengaluru-based dealer with a global trade house.

 

Indian robusta cherry is fetching a premium of nearly $300 a tonne over London futures because of strong demand, he said.

 

Weather woes

While export demand is good, traders are waiting for supplies to increase, which could bring down local prices, the dealer said.

 

This season's robusta harvest is almost 20% complete, although rainfall in recent days in growing areas has been disruptive, said M M Chengappa, a coffee grower from Kodagu, in top producing Karnataka state.

 

The state-run Coffee Board has estimated that India's production could rise to 374,200 tons in the 2023/24 season, which started on Oct. 1, up from last year's 352,000 tons. However, farmers are saying that rainfall is limiting the upside in production.

 

'Torrential unseasonal rain in the last few days, along with the rains in December, has caused a lot of fruit droppings,' said Chengappa.

 

Harvesting is also slowed by labour scarcity, despite offers of higher wages, said exporter Rajah.

 

'Global prices are rising, but Indian farmers' income is not rising in the same proportion due to higher production costs. They need to spend more on inputs and wages,' Rajah said.