G7 Summit: India, Canada agree to fast-track CEPA talks, target doubling bilateral trade by 2030
Narendra Modi and Mark Carney, the prime ministers of India and Canada, on Tuesday agreed to expedite negotiations on the bilateral Comprehensive Economic Partnership Agreement (CEPA) by the end of this year to double two-way trade by 2030.
Source: deccanherald.com
Soyabean acreage expected to rise by up to 10% on higher prices, weak monsoon outlook
India's soyabean acreage is expected to increase this year as four-year-high prices and forecasts of below-normal monsoon rainfall due to El Nino encourage farmers to shift from water-intensive crops such as sugarcane and corn to the oilseed, farmers and industry officials told Reuters. Soyabean is India's main summer-sown oilseed crop and higher output will help the world's biggest importer of edible oils to cap overseas buying of palm oil, soyaoil and sunflower oil. It will also ease domestic soyabean and soyameal prices, benefitting India's poultry industry, the largest consumer of soyameal.
Source: thehindubusinessline.com
Mixed impact for South Indian plantation exports due to West Asian turmoil: UPASI
The West Asian conflict has exposed the varying levels of dependence that South Indian plantation commodities have on the region's markets, resulting in sharply contrasting export outcomes. Tea exports suffered a steep decline due to conflict-affected destinations such as Iraq and the UAE, while cardamom exports defied expectations and posted exceptional growth. Pepper remains significantly exposed to the region, whereas coffee exports have largely escaped direct disruption due to their diversified market base.
Source: thehindubusinessline.com
Varanasi to host 2-day Wheat Products Promotion Society CEO's conclave from July 9
A two-day Wheat Products Promotion Society (WPPS) CEO's conclave, themed "Redefining Wheat Value Chains for a New India", will be held in Varanasi, Uttar Pradesh, from July 9. WPPS in association with the Uttar Pradesh Roller Flour Mills Association is organising the conclave, which is expected to bring together over 300 senior industry leaders, flour millers, wheat traders, food manufacturers, grain procurement professionals, technology providers, researchers, policymakers, and allied industry stakeholders from across India and overseas.
Source: thehindubusinessline.com
India, UAE step up efforts to expand rupee-dirham trade
More than 15% of the India-UAE trade has been invoiced in local currencies since the formalisation of the rupee-dirham mechanism nearly three years ago, India's top diplomat in the UAE said.
Source: economictimes.indiatimes.com
India, Sri Lanka collaborate to strengthen trade interactions through local currency settlement initiatives
India and Sri Lanka have discussed ways to enhance trade settlement in local currencies to reduce transaction costs and insulate the bilateral trade from dollar volatility. Local currency settlement reduces transaction costs, eliminates conversion losses in both directions, and insulates bilateral trade from dollar volatility, said Santosh Jha, Indian High Commissioner.
Source: economictimes.indiatimes.com
India's rice stocks climb to record high; wheat inventories at five-year peak
India's rice stocks in government warehouses rose 15% from a year ago to a record high for the start of June, while wheat stocks reached a five-year peak driven by increased farmer procurement, official data showed on Tuesday. Record rice stocks will help the world's biggest exporter increase shipments despite concerns over rainfall due to an El Nino weather pattern, while an improvement in wheat inventories will help the federal government tame any price spikes later this year by increasing open market sales.
Source: economictimes.indiatimes.com
States told to prepare contingency plans for districts likely to face low rainfall during kharif season
Agriculture minister Shivraj Singh Chouhan has directed states to prepare contingency plans for districts likely to face low or uneven rainfall during the kharif season as the country braces for its weakest monsoon in 11 years due to strong El Nino conditions. The agriculture ministry has identified 9-10 states likely to face a greater impact from El Nino and has drawn up a special plan focusing on water conservation, moisture management, inter-cropping and alternative cropping patterns.
Source: economictimes.indiatimes.com
India, Canada agree to conclude free trade pact talks by year-end
India and Canada on Tuesday agreed to conclude negotiations for a free trade agreement by the year-end as Prime Minister Narendra Modi held wide-ranging talks with his Canadian counterpart Mark Carney on boosting ties in areas of defence, trade and energy. Modi and Carney met on the sidelines of the G7 Summit in Evian-les-Bains in eastern France.
Source: economictimes.indiatimes.com
Indian litchis from Assam enter the Singaporean market
A consignment of 500 kilograms of GI-tagged "Piyaji" litchis from Tezpur, Assam, India, has been exported to Singapore following a flag-off ceremony at Lokpriya Gopinath Bordoloi International Airport. The shipment follows a recent export of Assam litchis to Dubai and marks the opening of the Singapore market for the fruit. ccording to Assam Chief Minister Dr Himanta Biswa Sarma, Tezpur litchis have gained access to international markets over recent years. He noted that 2,000 kilograms of GI-tagged litchis were recently exported to Dubai through the Agricultural and Processed Food Products Export Development Authority (APEDA)
Source: freshplaza.com