The US is resorting to purchases of European wheat after a drought upended crop markets, pushing local prices higher.

 

At least two cargoes of Polish grain have arrived in Florida this year, with more expected over the next few months, according to people familiar with the matter, who asked not to be identified because the deals are private. Crop handler Andersons Inc. supplied the wheat to Ardent Mills’s flour factory in Tampa, the people said.

 

The rare imports are a blow for the US, which has been losing its relevance in the global wheat market to top shipper Russia. Last year’s drought has hampered shipping through the Mississippi River, making it more expensive to haul crops by rail. The dismal weather also means American farmers are poised to abandon wheat crops at the highest rate in more than a century, making hte deals profitable.

 

'It’s an unusual trade route, but it makes sense because US wheat is expensive,' said Miroslaw Marciniak, a market analyst at InfoGrain in Warsaw. 'It’s cheaper for US processors on the East coast to ship grains from Europe than to haul them from Kansas.'

 

American hard red winter wheat — the variety used in all-purpose bread — has been trading at a wide premium to crops from other major global suppliers. Meanwhile, some eastern European nations are saddled with surpluses, which recently sparked restrictions on imports from war-torn Ukraine.

 

The wide price gap has allowed for deals to be struck for supplies of wheat from some European countries to be shipped to the US through at least October, one of the people said. The deals also allow for the grain to be delivered to another Ardent Mills facility in Albany, New York, the person said.

 

Andersons Chief Executive Officer Pat Bowe said imports from Europe make sense given the price difference, but declined to comment on whether the company had done any such deals. Ardent didn’t respond to a request for comment.

 

Trade data from the European Union shows Poland has shipped about 79,000 tons of wheat to the US so far in the 2022-23 season. More such cargoes from the Baltic to the US are likely given the price spread, Marciniak said.

 

Years of dry conditions on the US Plains have taken their toll on America’s famed wheat fields. Some plants this season were so stunted by a lack of moisture that they won’t produce so-called heads of grain, leaving little reason to harvest them.

 

US farmers may only harvest 67% of their winter wheat planted acres this year, the lowest ratio since 1917, the US Department of Agriculture estimates.

In the era of volatility and uncertainty, it's important to de-risk the global economy and yet to ensure that there is very responsible growth, External Affairs Minister S Jaishankar has said. His remarks came following the first meeting of the India-EU Trade and Technology Council (TTC) held here on Tuesday. The meeting, co-chaired on the Indian side by Jaishankar, Commerce and Industry Minister Piyush Goyal and Communications, Electronics and IT Minister Rajeev Chandrasekhar, covered key focus areas of strategic technologies, digital governance and green energy technologies.

 

Jaishankar described it as a 'very good meeting'.

 

'It's been a very strong start. And there is a context to what we are doing. In this era of volatility and uncertainty, it's important to de-risk the global economy and yet to ensure that there is very responsible growth,' Jaishankar told the media.

 

 

'So a lot of what we discussed related to resilient and reliable supply chains, to trust and transparency in the digital domain; in the fact that we today will have to focus on how to get the best out of a global talent pool in a knowledge economy,' he said.

 

He said during the course of the meeting one of his colleagues described this as a techade- a decade which is going to be shaped by technology.

 

'And our effort has been to create the trusted collaboration so that we ensure that in this era with all its challenges globalisation remains strong, that we remain open economies; that we are able to forge ahead in various areas,' he said.

 

'We have three working groups that met today. We had a stakeholders consultation. And I think what was most important-we had a clear plan for and calendar for how we are going to go ahead,' he added.

 

In his opening remarks at the meeting, Jaishankar said India-EU Trade and Technology Council (TTC) is a significant milestone in the strategic partnership between India and the European Union due to its focus on critical domains.

 

'We are obviously important partners for each other but what the TTC represents is a focus on key domains that are critical to both the global economy and global security,' he said.

 

'Today the challenge is to address simultaneously the dual requirements of responsible growth and de-risking global economy. This means promoting resilient and reliable supply chains and additional drivers of global production and growth. It means ensuring trust and transparency in the digital domain including cross-border flows. It means embracing low-carbon growth while ensuring that this does not create critical vulnerabilities,' he added.

 

In each of the focus areas of the TTC strategic technologies, digital governance and connectivity clean and green energy technologies and resilient value chains, India has experiences to share in terms of innovation, production and deployment, Jaishankar said.

 

The minister highlighted that India has a crucial role to play in all aspects and also with regard to its impact on the global talent pool.

 

'It is our expectation that TTC would become the crucial platform for the exchanges in this regard so that we arrive at both policy and business decisions in the relevant domains,' he said.

 

'Just concluded an extremely productive 1st India-EU Trade and Technology Council meeting. Thank European Commission VPs @vestager and @VDombrovskis for hosting the Indian Ministerial delegation,' Jaishankar tweeted after the meeting.

 

'On strategic technologies, digital governance and connectivity; clean and green energy technologies; resilient value chains, our discussions were truly meaningful. Exchanged perspectives on economic security; cooperation in third countries including connectivity and derisking the global economy. Confident that this mechanism will further energise our strategic partnership,' he tweeted.

 

The TTC was launched by Prime Minister Narendra Modi and the President of the European Commission, Ursula von der Leyen, during her visit to India in April last year. It led to the creation of three Working Groups under the TTC: the Working Group on Strategic Technologies, Digital Governance and Digital Connectivity; the Working Group on Green and Clean Energy Technologies; and the Working Group on Trade, Investment and Resilient Value Chains.

During his two-day visit to Brussels to attend the first Ministerial meeting of India-European Union Trade and Technology Council (TTC), Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Sh. Piyush Goyal was invited to attend the business meeting organised by Federation of Enterprises in Belgium (FEB). The meeting was held at the Federation office wherein the Minister delivered a Keynote address.

 

The meeting was attended by more than 28 business delegates from the Belgium side along with six members of the Indian business delegation. Mr. Rene Branders, President of FEB gave the welcome remarks and the meeting was moderated by Mr Pieter Timmermans, CEO of FEB. In his keynote address, Sh. Goyal emphasised India’s 10x+ growth potential in the next 25 years which would reinforce its position as the fastest growing large economy, focus on 4Ts of Trade, Technology, Tourism and Talent, its ambitious mission for sustainability and renewable energy which is evidenced by its performance of achieving Paris targets in 2021 itself – 9 years ahead of schedule, etc.

 

This was followed by roundtable discussions which included testimonials from Belgium enterprises which are present and operating in India, testimonials from Indian and foreign companies present in Belgium and remarks from business organisations present during the meeting. The issues discussed during the roundtable include tariff and duties, protection of IPR, investments, need for regulations in waste management sector, reducing regulatory compliances, zero carbon technology and green financing, off-shore wind systems, etc.

 

In response to the round table discussion, Sh. Goyal under scored that there must be a level playing field for both the developed and emerging economies while addressing the global challenges such as climate issues. While India is committed to achieve its targets of net zero emissions, there should be meaningful contribution by all concerned and that commitments made under the Paris agreement must be adhered to by all countries. He also expressed hope that that the mechanism of India EU Trade and Technology Council (TTC) could emerge as an effective platform for finding solutions to these challenges. The Minister also noted that Indian and EU share several common concerns with respect to WTO issues where their positions are largely aligned and therefore, through their collective efforts, could jointly contribute to find consensus-based solutions in the upcoming WTO Ministerial Conference.

The first meeting of the India-EU Trade and Technology Council (TTC) in Brussels marks a significant milestone in the strategic partnership between India and the European Union due to its focus on critical domains, External Affairs Minister S. Jaishankar said on Tuesday.

 

The meeting, co-chaired on the Indian side by the EAM, Commerce and Industry Minister Piyush Goyal and Communications, Electronics and IT Minister Rajeev Chandrasekhar, covered key focus areas of strategic technologies, digital governance and green energy technologies. The EAM highlighted that India has a crucial role to play in all aspects and also with regard to its impact on the global talent pool.

 

This first meeting of the Trade and Technology Council is a significant milestone in the strategic partnership between India and the European Union, Jaishankar said in his address.

 

We are obviously important partners for each other but what the TTC represents is a focus on key domains that are critical to both the global economy and global security. Today the challenge is to address simultaneously the dual requirements of responsible growth and de-risking global economy. This means promoting resilient and reliable supply chains and additional drivers of global production and growth, he said.

 

The minister stressed on the importance of ensuring trust and transparency in the digital domain, including cross-border flows, which would involve embracing low-carbon growth while ensuring that this did not create critical vulnerabilities.

 

In each of the focus areas of the TTC strategic technologies, digital governance and connectivity, clean and green energy technologies, and resilient value chains, India has experiences to share in terms of innovation, production and deployment. We are also an important factor in regard to the global talent pool that has been discussed this morning, he noted.

 

It is our expectation that TTC would become the crucial platform for the exchanges in this regard so that we arrive at both policy and business decisions in the relevant domains, he added.

 

The TTC was launched by Prime Minister Narendra Modi and the President of the European Commission, Ursula von der Leyen, during her visit to India in April last year.

 

It led to the creation of three Working Groups under the TTC: Working Group on Strategic Technologies, Digital Governance and Digital Connectivity; Working Group on Green and Clean Energy Technologies; and Working Group on Trade, Investment and Resilient Value Chains.

 

'Began the day in Brussels with a Digital & Clean Energy Stakeholder Event. Thank European Commission Executive VP @vestager for convening the meeting. In this Techade, TTC can promote Trusted Collaboration so essential to Re-Globalisation. Stakeholders are key to delivery,' Jaishankar tweeted earlier on Tuesday.

 

With Belgium, the EAM concludes a three-nation tour which began in Bangladesh last week and also covered Sweden for the EU Indo-Pacific Ministerial Forum (EIPMF) in Stockholm.

The closing ceremony of the four-day long Uttarakhand Shree Anna (Millets) Festival took place today in Dehradun under the chief hospitality of the Union Agriculture and Farmers’ Welfare Minister, Shri Narendra Singh Tomar. Shri Tomar said that Shree Anna has only benefits, especially our small farmers are greatly benefited by it. With the increase in their income from Shree Anna, the country's economy will get a boost.

 

Union Minister Shri Tomar said that consumption of Shree Anna is the means to stay healthy. Shree Anna is full of nutrition, which costs less to the farmers to grow, it does not require fertilizer, it can be cultivated easily even in low rainfall. In order to increase the income of small farmers, to keep people healthy and to give a respectable place to food grains in the country and the world, Prime Minister Shri Narendra Modi proposed it on the global stage through the United Nations, which was supported by 72 countries and the UN declared 2023 as the International Year of Millets. The importance of Shri Anna is being spread through this year's event under the guidance of Prime Minister Shri Modi. Agri-startups will increase with Shree Anna, employment opportunities will increase, production and productivity will increase, as well as processing and exports will also increase, which will boost the country's economy. Thus, Shree Anna has many dimensions.

 

Shri Tomar said that Prime Minister Shri. Modi has a vision to bring a radical change in the standard of living of the poor including making toilets in their homes, providing electricity, building Pradhanmantri Awas, progress of poor women through self-help groups. The country's economy should increase, development should increase, industries should increase, Make in India, Startup India, Skill India and our country should not only be powerful, but should become such a superpower that people are forced to accept India's iron in the whole world. This type of multidimensional thinking belongs to the Prime Minister. Shri Tomar said that as a result of Prime Minister's efficiency, vision and hard work, India's reputation is increasing in the whole world. Regardless of whether someone agrees with us or not, when it is discussed on any global platform, when it comes to the economy, then the economists of the world are forced to say that in the coming tomorrow, the world is going to move forward rapidly. If there is any economy, then it is India. It is a matter of great fortune and pride for us.

 

Shri Tomar said that the Prime Minister has left no stone unturned to make the specialty of India to the specialty of the world. Yoga is the ancient method of India, which was gradually becoming extinct, which Swami Ramdev campaigned to make it a place in every house, while Prime Minister Shri Modi propounded the characteristics of Yoga in the United Nations and urged the whole world to celebrate Yoga Day, through which the Indian Yoga style has resonated all over the world today. Yoga is necessary to stay healthy. Mr. Tomar said that ever since the formation of the government at the Center under the leadership of Mr. Modi, he has consistently given priority to the agriculture sector. In the year 2014, the budget of agriculture was about 21 thousand crore rupees, which has increased about 1.25 lakh crore rupees today. That is, there has been an increase of more than five times. For income support to small farmers, the Center has deposited Rs 2.40 lakh crore in the bank accounts of crores of farmers through the PM-Kisan scheme. Similarly, the Ministry of Agriculture has taken steps and increased the allocation of funds in every direction, including the protection cover for the farmers insured by the Pradhan Mantri Fasal Bima Yojana, increase in food grain productivity, emphasis on organic and natural farming. Shri Tomar said that the Devbhoomi of Uttarakhand covered with diverse climate is very favorable for agriculture. For the last five years, the Government of Uttarakhand is playing a leading role in the proper implementation of the schemes of the Ministry of Agriculture in Uttarakhand and in making their benefits available to the farmers. May Uttarakhand move forward in every field of agriculture, wherever the central government is needed, the Government of India including the Prime Minister will always stand shoulder to shoulder with the Devbhoomi.

Two varieties of brinjals grown in Nababgunj and Ashapur in Malda are vying for the prestigious Geographical Indication (GI) tag. This year, the West Bengal National University of Juridical Sciences (WBNUJS) requested for GI tag for 11 goods, including these Malda vegetables. These brinjals are already well-known in the area for their distinct flavour and quality and are cultivated solely in the district for topographical reasons.

 

Samanta Layek, deputy director of district Horticulture department, said: 'This year, the WBNUJS applied to tag 11 goods, including the brinjals of Nababgunj and Ashapur. If the brinjals are awarded the tag, the district’s agriculture may do better in the future.'

 

The vegetable’s brand value is expected to rise after it receives the tag. Once these species have earned GI recognition, efforts will be made to preserve and promote them.

 

The brinjals are popular among the people of Malda, specially in winter when these varieties are available in the market.

 

Nababgunj brinjals are comparable to the size of a calabash and become extremely soft after frying, cooking, or baking. The round-shaped Ashapur brinjals have a distinct flavour and are popular in Malda and neighbouring regions.

 

WBNUJS is taking steps to protect and commercialise many of the state’s heritage items.

 

Malda is well-known for its mango and silk, and efforts are currently being undertaken to obtain GI tags for other products from the district.

Through the initiative of the North Eastern Regional Agricultural Marketing Corporation (NERAMAC), the Tripura Queen pineapple has got a geographical indication tag, along with 12 other fruits and vegetables of the Northeast.

 

Besides Queen pineapple of Tripura, Arunachal Orange, Mizo Chilli, Kachai Lemon, Khasi Mandarin, Tezpur Litchi, Sikkim Large Cardamom, Karbi Anglong Ginger, Naga Tree Tomato, ‘Chak-Hao’ Black Rice, Memang Narang, Dalle Khursani and Naga Sweet Cucumber have also got the GI tag.

 

The Tripura government plans to open an auction market for pineapples in New Delhi, the harvesting of which will be started in a week. The pineapple used to sell at Rs 1-2 per piece and during peak season pineapples were dumped on the street, as there were no buyers.

In order to build stronger trade relations between India and Ontario, Commerce and Industry Minister Piyush Goyal attended a roundtable hosted by Toronto Business Development Centre (TBDC) and expressed India’s unwavering commitment to quality and expressed optimism about increasing the presence of Ontario’s companies in India, contributing to the growth and prosperity of both economies. TBDC is a business incubator funded by the government of Ontario to help Indian startups expand to Canada.

 

The roundtable discussed deeper trade ties and collaboration opportunities between Ontario and India, focusing on sectors like battery manufacturing, diamond jewellery, food and agriculture to increase trade, investment, and tourism between India and Ontario.

 

It focused on a wide range of topics, from scope of expanding India’s unicorn startups in Ontario to growing the presence of Ontario’s businesses in India. The delegates discussed several key points of interest, including Ontario’s status as Canada’s food hub and shared valuable insights on how to enhance the quality of outputs and the importance of adapting quickly to consumer needs and enhancing efficiencies in the agriculture and food business. It also highlighted the immense potential for Ontario and India to forge deeper trade ties, promote entrepreneurship and innovation, and explore avenues for enhanced collaboration in various sectors. 

 

Victor Fedeli, Minister of Economic Development, Job Creation and Trade of Ontario, talked about the prospect of increasing India’s trade and investment with Ontario and increasing the rate of growth in trade and commerce.  He also expressed admiration for the accomplishments and aspirations of the Indian growth projections which make India an exciting market for Ontario’s companies.

 

Speaking about the discussions, TBDC Chair, Vikram Khurana, said, 'Such discussions play a vital role in strengthening the relationship between Ontario and India, facilitating the spirit of entrepreneurship and innovation, and promoting economic growth across borders.'

Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal and Executive Vice-President of the European Commission responsible for an Economy that Works for People, and the European Commissioner for Trade, Mr. Valdis Dombrovskis emphasised on the need for expediting the ongoing India-EU FTA negotiations by finding convergence on all issues. This was discussed during the bilateral meeting between the leaders on the sidelines of the first Ministerial meeting of India-European Union Trade and Technology Council (TTC). The meeting was also attended by senior officials from both sides.

 

During the bilateral discussions the leaders recalled the long-standing partnership between the two sides and underlined the need to work together to deepen the association given their commitment to democracy and rule-based international systems. They emphasised the need for expediting the ongoing FTA negotiations by finding convergence on all issues after due consideration to mutual sensitivities including on market access for balanced and meaningful outcomes that would support the economies and employment on both sides.

 

Both sides also affirmed their commitment to work together on common priorities for WTO reforms including issues pertaining to dispute resolution mechanism, subsidies on agriculture and fisheries, ecommerce moratorium as well as domestic legislations. Both sides recognised the need to build on their common goals to pursue consensus-based solutions that would support the livelihoods and food security for millions in India as well as in large parts of the developing world. They expressed hope that their joint efforts would enable finding meaningful solutions in the upcoming WTO Ministerial Conference.

 

This meeting was followed by a meeting of the Working Group 3 Stakeholders co-chaired by Mr. Piyush Goyal and Mr. Valdis Dombrovskis. The meeting included stakeholders representing India and the EU. Working Group 3 focuses on Trade, Investment and Resilient Supply Chains. The EU side had representatives from major European industrial bodies including Business Europe, Digital Europe, Food Drinks Europe, Copa-Cogeca, EFPIA and ACEA. The delegation of Indian business leaders attending the meeting in person represented sectors including Chemicals, metals, textiles, digital infrastructure, and steel while representatives of other sectors like agri-food industry, marine/logistics were present in virtual mode.