A high level delegation led by H.E. Abdulla Bin Touq Al Marri, UAE Minister of Economy accompanied by H.E. Ahmed Belhouli Al Falasi , UAE Minister of State for Entrepreneurship & SMEs is visiting India from tomorrow, 11 May 2022.

 

During the visit, the delegation would be meeting with Shri Piyush Goyal, Hon'ble Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles on 11 May 2022 and 13 May 2022 in New Delhi and Mumbai respectively to discuss bilateral trade and investment relations. 

 

The visit provides an excellent opportunity to further strengthen the already close and dynamic economic ties between the two countries.  The visit also includes interactions with key investors of both sides.

 

The bilateral trade between two countries stood at US$ 65.1 billion, making UAE India’s 3rd largest trading partner. There is a potential of this trade growing to $ 100 billion. India is on an ambitious path to achieve US $ 5 trillion GDP by 2025 and UAE is considered as a valuable partner in India’s journey to realize this goal.

 

A number of engagements in New Delhi and Mumbai including B2B Events, Industry interactions, Investor meetings and so on are scheduled for the visiting UAE delegation during their stay in India. 

For the first time Turkey has placed orders for 50,000 tonnes of wheat imports from India joining Egypt. While this will benefit farmers in India, it will further push up wheat prices in the country, which have already surged by up to 15% in recent weeks.

 

Wheat prices shot up as Indian wheat is in demand in the global markets after exports from Ukraine came to a grinding halt due to the Russia-Ukraine war. Ukraine produces about a fifth of the world's high grade wheat and 7% of all wheat. A large quantity of wheat bought by private traders in India from farmers are at a price higher than the minimum support price as international prices rallied due to the Russia- Ukraine war. They are creating an inventory anticipating good export orders from the global markets.

 

The unusual heatwave in March in India has seen yield of wheat crop fall, which too has contributed to the price rise.

 

Turkey has started to buy wheat through private electronic-mandi.

 

Sources in the ministry said Turkey agreed to import India's wheat last week. A delegation of Agricultural and Processed Food Products Export Development Authority (APEDA) visited the country to facilitate the process.

 

Following this, electronic mandi AgriBazaar has received a confirmed order for execution of 50,000 metric tonnes of wheat from Turkey at an approximate value of Rs.125 crore.

 

'We cannot divulge the name of the buyer and seller due to a confidentiality clause. Similar enquiries from Egypt, Indonesia and other Middle East countries are currently being received and are being negotiated on our e-platform,' said Amith Agarwal, CEO, AgriBazaar.

 

Due to efforts of the government, several countries have given market access to India, said Sudhanshu Pandey, secretary at the Ministry of Consumer Affairs, Food and Public Distribution, last week at a briefing.

 

Many countries have already approached India for wheat imports, including Egypt, Israel, Oman, Nigeria and South Africa.

 

In 2021-22 Indian wheat exports soared to 7.215 MT from 2.155 MT in the last financial year. It is expected to grow higher with 4MT already contracted for the first quarter of FY 23.

 

However, the estimate on production has been cut to 105 million tonnes from 111.3 million tonnes with the government expecting to procure half of its original estimate of 44.4 million tonnes. A sharp and sudden rise in temperatures in mid-March reduced the crop yield in the world's second-biggest producer of the grain.

 

India is the second biggest producer of rice and wheat.

India exported a record 1.4 million tonnes of wheat in April, four trade sources said, providing some relief to grain markets as buyers scramble for alternatives to Black Sea supplies hit hard by the war in Ukraine.

 

April is the first month of the fiscal year. India, the world's second-biggest wheat producer, exported a record 7 million tonnes of the grain in fiscal 2021-22.

 

India is the only major supplier of wheat at this time of year, and its exports of the grain have surged since Russia invaded Ukraine in late February.

 

It exported just 242,857 tonnes of wheat in April 2021.

 

With the new season crop gathered in April, wheat shipments could rise further this month.

 

'In May, shipments could rise to 1.5 million tonnes,' said a New Delhi-based dealer with a global trading firm. 'Wheat supplies and railway cars' availability have improved in the last few weeks and that will help ship out more wheat in May.'

 

Buyers from Asia and the Middle East are purchasing Indian wheat, as it is cheaper than alternatives, he said.

 

India has exported wheat to South Asia, Southeast Asia, the Middle East, Europe, and North Africa.

 

As supplies dropped from Ukraine and Russia, which together used to account for about 29% of global wheat exports, top wheat importer Egypt agreed for the first time to purchase the grain from India.

 

India also exported wheat to other new markets such as Israel, Turkey, Indonesia, Mozambique, and Tanzania, traders said.

 

In addition, the United Nations' World Food Programme sourced wheat from India to supply to Somalia, Kenya and Djibouti, they added.

 

In April, Indian traders signed wheat export deals at between $295 and $340 a tonne free on board, said Rajesh Paharia Jain, a New Delhi-based trader.

India was expected to conclude free trade agreements with the United Kingdom, Canada, and the European Union before this year-end, Union Minister Anupriya Patel said here on Tuesday.

 

The Minister of State in Commerce and Industry said the country's trade was 'passing through a watershed moment' as it clocked USD 675 billion on exports while merchandise exports accounted for USD 419 billion last year.

 

'We (The Ministry) are also in process of negotiations on the signing of free trade agreements with the United Kingdom, Canada, and Russia and they may be concluded before the end of the year,' she said.

 

 

Patel was speaking at the Stakeholder's Outreach Programme organised by Directorate General of Foreign Trade on the occasion of India signing a Comprehensive Economic Partnership Agreement with the United Arab Emirates and the Economic Cooperation Trade Agreement (ECTA) with Australia.

 

Noting that exports are vital for the growth of a country, she said India concluded the agreement with Australia in just 88 days and it was one of the fastest-ever agreement signed. 'It is a very comprehensive agreement,' she said.

 

She pointed out that the India-UAE Comprehensive Economic Partnership Agreement was already 'operationalised' and there was huge scope in terms of employment generation.

 

'Besides employment generation, these agreements will also lead to increase in remittances following the increase in the Indian diaspora (in the two countries),' she said.

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Finance Minister Nirmala Sitharaman said on Tuesday the country's trade pacts with the UAE and Australia will chart the way for economic growth.

 

Speaking at the stakeholders' outreach programme on India-UAE CEPA and India-Australia ECTA here, Sitharaman said awareness events about these pacts are happening across the country.

 

She also said the Director General of Foreign Trade (DGFT) has been asked to translate the details of the trade pacts in Tamil and share them with the media and stakeholders.

 

 

Tamil Nadu has a long-time connection with the leather sector, and the industry has achieved modernisation, Sitharaman said, as she went on to add that Tamil Nadu has been a frontrunner in trade for a long time.

 

She urged entrepreneurs to know the features of these agreements and make best use of them.

 

'If you want any support in connection with the agreements, feel free to convey it to us,' she added.

 

'The industry should equip itself to cater to the changing tastes and preferences of consumers post Covid. Access the available markets that are part of the agreements,' she said.

 

According to Sitharaman, when Prime Minister Narendra Modi visited the UAE some years back, the Royal family promised $75 billion worth investments in India.

 

Sitharaman added that a formal agreement has also been signed, and entrepreneurs should scale up their businesses to get share from the investments.

 

'We are now dependent on one country for APIs (active pharmaceutical ingredients). So enough investments need to be made after much thought. I request the state government to invite raw material makers to invest here. We should not depend on others for our raw materials. Backward and forward industries should be supported by the governments,' she said.

 

On the trade pact with Australia, Sitharaman said it is for the well-being of the Indo-Pacific economy.

 

While there are many hurdles because of the Russia-Ukraine war, there are also opportunities since their exports are hit, she said.

 

Speaking at the event, Union Minister of State for Commerce and Industry, Anupriya Patel, said all efforts are being made to reach out to the stakeholders all over the country to explain the details of the trade agreements.

 

'The India-UAE trade agreement was concluded in record time. India is the second largest trading partner of the UAE. Several benefits will flow out of the comprehensive agreement between the two countries. There is huge scope and there are so many employment opportunities to be created. Bilateral trade will double in the next five years,' Patel said.

 

'The India-Australia agreement is a clear signal to the other developed economies to partner with India,' she added.

 

Union Minister of State for Fisheries, Animal Husbandry & Dairying, L.A Murugan, congratulated the Department of Commerce and Industry for organising the awareness event in Chennai.

 

'We are making huge exports in the marine sector. For the first time in history, Rs 20,000 crore was announced for fisheries under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) by Nirmala Sitharaman,' he said.

 

Murugan also said that Rs 7,500 crore was allocated for fisheries infrastructure development by Sitharaman.

 

Despite the challenges posed by the pandemic, India's maritime sector registered growth, Murugan said, adding that seafood exports will touch Rs 1 lakh crore before 2025.

 

Tamil Nadu Minister for MSME, T.M. Anbarasan, Consul General of Australia, Chennai, Sarah Kirlew, industry leaders from various sectors and other stakeholders took part in the event.

New Delhi [India], May 10 (ANI): Uzbekistan’s Deputy Minister of Foreign Affairs Furkat Sidikov at an event in New Delhi on Tuesday said that his country wants to enhance trade cooperation with the private sector in India.

 

Sidikov said that his country is building a 'new Uzbekistan' which has new investment potential and for that he would like to enhance its role with India and have a new format of business cooperation.

 

'We already have political understanding. I can tell you that just last year we already have more than four contacts at a high level, including personal talks and the videoconference. But now it’s time to enhance our trade and business cooperation, especially between the private sector of two countries and it will help to expand our relationship with India,' Sidikov said at a Federation of Indian Chambers of Commerce and Industry (FICCI) event.

 

 

The Uzbek minister said that Uzbekistan wants to use the Chabahar Port to access the Indian market. He also spoke on potential sectors of cooperation between India and Uzbekistan. These include pharmaceuticals, IT, healthcare, processing and storage of agriculture products, and cotton.

 

 

'We believe that our economy could complement each other, not compete', he said.

 

 

Uzbekistan Ambassador to India Dilshod Akhatov too spoke on the occasion saying that the 'interest of Indian investors in Uzbekistan is growing now.'

 

'The strengthening of long term strategic partnership with India is one of the key priorities of the foreign policy of Uzbekistan,' Akhatov said, adding, 'Now, bilateral relations encompass a wider canvas, including political and military issues, trade and investment, and people-to-people ties.'

 

The envoy mentioned that about 350 Indian enterprises are operating across various sectors in Uzbekistan, and 220 enterprises have 100 per cent Indian capital.

 

India-Uzbekistan Forum for Business and Entrepreneurship & Past President, FICCI Dr Harjinder Kaur, highlighted a new sense of purpose and direction for businesses from both the countries to redefine and unveil the next phase of India-Uzbekistan trade and economic relations.

 

She said, 'Start-ups have a key role in the future of India-Uzbekistan business ties, apart from Industry 4.0 and digital space.' (ANI)

A high level multi-sectoral delegation led by H.E. Mr. Qais bin Mohammed al Yousef, Hon’ble Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman is visiting India from May 10-14, 2022. The 48 members delegation includes senior officials and business representatives from diverse areas spanning health, pharmaceuticals, mining, tourism, telecommunication, energy, shipping and real estate.

 

During the visit, senior officials from both the sides would be participating in the 10th Session of the India-Oman Joint Commission Meeting(JCM) to be held on 11 May 2022 in New Delhi which would be co-chaired by  Shri Piyush Goyal, Hon’ble Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Government of India, and H.E. Mr. Qais bin Mohammed al Yousef, Hon’ble Minister of Commerce, Industry and Investment Promotion of the Sultanate of Oman.

 

The visit of the Omani delegation comes at a prime time when the bilateral trade between the two countries has grown by 82% to reach US$ 9.94 billion in the financial year 2021-2022. The visit provides an excellent opportunity to renew and further strengthen the already close and dynamic economic ties between the two countries. 

 

On 12 May, 2022, a meeting of the India-Oman Joint Business Council (JBC) will be jointly organized by FICCI and Oman Chamber of Commerce and Industry. The JBC will witness participation of the Hon’ble Ministers from both sides who will also address the gathering and interact with the business communities of India and Oman. A number of other engagements in New Delhi and Mumbai including B2B Events, Industry interactions, Investor meetings and so on are scheduled for the visiting Omani delegation during their stay in India.

The flour industry of the country is in panic mode and will be meeting the food secretary this week.

 

If the government doesn't intervene regarding the fast pace of exports, they say, flour prices will increase further by 10% in the 2-3 months. Heavy buying by private traders, rapid exports and holding by farmers has made wheat availability scarce.

 

Millers are not able to decide about stocking more to hedge against future price rise because the government can impose stock limits in the future to control prices as it did for cooking oils and pulses.

 

'The four milling industry is currently in panic. We haven't seen a situation like this ever before. At the peak of the harvest season, we are finding it tough to buy wheat at optimum price,' said Navneet Chitlangia, vice president, All India Roller Flour Mills Association.

 

Traders said the entire milling industry is dependent on wheat from Uttar Pradesh and Bihar as wheat is not available in Punjab and Haryana.

FSSAI has modified the annual return filing process by making it annual instead of quarterly for manufacturer exporters. The food authority has issued an order in this regard and it will be implemented with effect from the fiscal 2021-22.

 

According to the FSS (Licensing and Registration of Food Businesses) Regulations, all licensed manufacturers are required to submit their annual return by May 31 for the activities conducted during the preceding financial year on a quarterly basis.

 

However, to help in ease of doing business, the FSSAI has decided to make it annual.

 

'To provide ease of doing business, it has been decided that the manufacturer- exporters will be required to submit the annual returns for the food businesses activities conducted with effect from FY 2021-22 replacing the existing practice of submission of quarterly returns,' reads the order.

 

The order also issued the format of annual return and stipulated the last date for submission as May 31, 2022. The order also directed the food businesses to submit the returns only through FoSCoS (Food Safety Compliance System) portal.

 

'Returns submitted only through FoSCoS portal will be considered,' the order added.

 

Previously, the annual return was submitted physically under the FLRS system, which was discontinued and food businesses were asked to submit the annual return online from year 2020-2021 through FoSCoS, which replaced the FLRS (Food Licensing and Registration System).

 

The Korea Feed Association (KFA) has issued an international tender to purchase up to 69,000 tonnes of animal feed corn to be sourced from optional origins, European traders said on Monday.

 

Russia and Ukraine are excluded as origins after their conflict disrupted their grain exports, traders said. The deadline for submission of price offers in the tender is Monday, May 9.

 

Corn, wheat firm on crop risks

 

The corn was sought by the KFA’s Busan section for arrival in South Korea around Aug. 10.