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The United States unveiled trade restrictions Tuesday on eight companies, including two Chinese firms and several from Russia, alleging human rights violations.

US Sanctions Chinese, Russian Firms over Rights Abuses

The United States unveiled trade restrictions Tuesday on eight companies, including two Chinese firms and several from Russia, alleging human rights violations.

The United States unveiled trade restrictions Tuesday on eight companies, including two Chinese firms and several from Russia, alleging human rights violations.
The China-based companies identified include Zhejiang Uniview Technologies, which US officials accuse of enabling human rights violations such as surveillance of Uyghurs and other ethnic and religious minority groups.
The other firm named by the US Commerce Department was Beijing Zhongdun Security Technology Group, which is said to develop and sell products allowing public security authorities to carry out rights violations.
The businesses were added to an "entity list," which requires US companies to have a license before exporting to them.
"Human rights abuses are contrary to the foreign policy interests of the United States," said Under Secretary of Commerce for Industry and Security Alan Estevez in a statement.
Adding these companies to the entity list aims to "ensure that US technology is not used to enable human rights violations and abuses," he added.
A man who answered a call to a cellphone number associated with Beijing Zhongdun hung up after an AFP reporter identified himself.
Calls to two numbers associated with Zhejiang Uniview went unanswered.
The US government and lawmakers in several other Western countries have taken aim at China's treatment of the Uyghur minority in the northwestern Xinjiang region.
Rights groups have said at least one million people, mostly members of Muslim minorities, have been incarcerated in the region and face various abuses -- while Beijing vehemently denies the accusations.
Among other firms targeted on Tuesday were two in Myanmar and two others in Russia over their roles in supplying Myanmar's military with components allowing them to carry out acts like aerial attacks against civilians, the Commerce Department said.
Two other Russian entities were included for providing facial recognition technology to Moscow "to target peaceful protesters, an integral component of Russia's mass surveillance apparatus."

The newly elected president of the Federation of Indian Export Organisations, Ashwani Kumar, predicts India's merchandise exports to surge to $450 billion by the end of the fiscal year, despite challenges like the Red Sea crisis.

India's exports are expected to hit $450 billion this fiscal: FIEO President

The newly elected president of the Federation of Indian Export Organisations, Ashwani Kumar, predicts India's merchandise exports to surge to $450 billion by the end of the fiscal year, despite challenges like the Red Sea crisis.

The country's merchandise exports are expected to reach $450 billion by the end of this fiscal despite geo-political challenges like the Red Sea crisis, newly elected president of apex exporters body FIEO Ashwani Kumar said on Tuesday.
He said that the need of the hour is to address the Red Sea crisis challenges by ensuring the availability of marine insurance and rational increase in freight charges.
The exporting sector, particularly, MSMEs, needs easy and low-cost credit, and marketing support to further boost the country's exports, Kumar said, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments.
"I will focus on addressing issues of MSMEs as they are going to play. They will play a key role in achieving the USD 1 trillion goods export target by 2030. They are the backbone of the economy and they are facing certain issues pertaining to credit. I would urge banks to come forward in extending support to these units," Kumar said.
Further, the FIEO (Federation of Indian Export Organisations) president said that the organisation is also working on exploring more opportunities for exporters in regions like Latin America and Africa.
"Though there are challenges, I am sure that we will touch USD 450 billion exports this fiscal," he added.
He also said that despite issues, exports rose about 12 per cent in February to USD 41.40 billion. During April-February 2023-24, exports reached USD 395 billion.
"This was an impressive increase despite the Red Sea crisis, tight monetary stance by the developed world and falling commodity prices. This reflects the resilience of the exporting community, who have continuously been braving such odds since the Russia-Ukraine war," he said.
The main drivers of merchandise export growth in February include engineering goods, electronic goods, organic and inorganic chemicals, drugs and pharmaceuticals, and petroleum products

Cheap Swiss watches to chocolates: Here's how you will benefit from India, EFTA trade pact

Cheaper Swiss watches to chocolates: Here's how you will benefit from India, EFTA trade pact

<h2>The agreement extends price reductions to a range of European goods in Indian markets, encompassing seafood, Mediterranean fruits, coffee, oils, sweets, processed foods, and wine</h2>

In a significant development, India has inked a Trade and Economic Partnership Agreement &nbsp;or TEPA with the European Free Trade Association or EFTA.
As part of the agreement, the government will gradually eliminate customs duties on imported goods, granting domestic consumers access to high-quality Swiss products like watches, chocolates, biscuits, and clocks at reduced prices. The TEPA also secured a substantial 100 billion dollars investment commitment from the four EFTA nations. This landmark deal is poised to boost economic ties between India and the European countries involved.
The agreement extends price reductions to a range of European goods in Indian markets, encompassing seafood, Mediterranean fruits, coffee, oils, sweets, processed foods, and wine.
Additionally, items such as watches, smartphones, medical equipment, textiles, and machinery equipment are covered, marking a comprehensive effort to enhance trade relations.
The agreement, the official said would further promote exports from sectors including IT/ITES, business services, professional services such as accounting and auditing, architecture, engineering, R&amp;D and environmental services.
"Through the EFTA free trade agreement, India has been able to secure certainty in market access, non-discriminatory treatment and a regulatory environment that is transparent, objective and least burdensome in a number of service sectors," the official added.

Despite Canada's murder allegations, UK remains committed to trade talks with India. Progress toward a free trade deal amid upcoming elections

UK stays firm on trade talks with India amidst allegations from Canada 

Despite Canada's murder allegations, UK remains committed to trade talks with India. Progress toward a free trade deal amid upcoming elections

Despite serious allegations made by Canada regarding the alleged involvement of the Indian government in the murder of a Sikh separatist leader on Canadian soil, the United Kingdom has affirmed its commitment to continue trade talks with India. Prime Minister Rishi Sunak's spokesperson, in a statement on Tuesday, emphasized that the allegations raised by Canada would not hinder the ongoing trade negotiations with India.
The trade discussions between the UK and India have been a priority for Prime Minister Sunak as Britain strives to establish itself as an independent trading nation following its departure from the European Union. Recent months have shown signs of progress in the talks, raising hopes that a free trade deal could be finalized, especially with both countries gearing up for elections in the coming year.
The spokesperson further stated, "Work on the trade negotiations will continue as before. The Canadian authorities will now conduct their work and I'm not going to preempt them," the spokesperson told reporters.
"When we have concerns about countries we are negotiating trade deals with, we will raise them directly with the government concerned. But with regards to the current negotiations with India, these are negotiations about a trade deal, and we're not looking to conflate them with other issues." as reported by Reuters.&nbsp;
Canada's allegations emerged on Monday, alleging Indian government agents' involvement in the murder of Hardeep Singh Nijjar in British Columbia in June. India has strongly denied these allegations, deeming them "absurd and motivated." Instead, India has urged Canada to take legal action against anti-Indian elements operating from its soil.
These developments come in the wake of previous tensions between India and the UK, including an incident earlier this year when Sikh separatists removed the Indian flag from the country's high commission in central London, prompting a complaint from the Indian government. Despite these challenges, trade negotiations between the UK and India appear to be moving forward.

The bilateral trade between India and the US climbed by 7.65% to $128.55 billion in 2022–23 from $119.5 billion in 2021–22, according to preliminary figures from the commerce ministry. In 2020–21, it was $80.51 billion

In FY23, the US overtook China as India's top trading partner with a value of $128.55 Bn

The bilateral trade between India and the US climbed by 7.65% to $128.55 billion in 2022&ndash;23 from $119.5 billion in 2021&ndash;22, according to preliminary figures from the commerce ministry. In 2020&ndash;21, it was $80.51 billion

The US has emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.
According to the provisional data of the commerce ministry, the bilateral trade between India and the US has increased by 7.65% to USD 128.55 in 2022-23 as against USD 119.5 billion in 2021-22. It was USD 80.51 billion in 2020-21.
Exports to the US rose by 2.81% to USD 78.31 billion in 2022-23 as against USD 76.18 billion in 2021-22, while imports grew by about 16% to USD 50.24 billion, the data showed.
On the other hand, during 2022-23, India's two-way commerce with China declined by about 1.5% to USD 113.83 billion as against USD 115.42 billion in 2021-22.
Exports to China dipped by about 28% to USD 15.32 billion in 2022-23, while imports rose by 4.16% to USD 98.51 billion in the last fiscal. The trade gap widened to USD 83.2 billion in the last fiscal as against USD 72.91 billion in 2021-22.
Experts believe that the trend of increasing bilateral trade with the US will continue in the coming years also as New Delhi and Washington are engaged in further strengthening the economic ties.
Federation of Indian Export Organisations (FIEO) President A Sakthivel said that increasing exports of goods such as pharmaceutical, engineering and gems and jewellery is helping India to push its shipments to America.
"The trend of increasing trade with the US will continue in the coming months also," he said.

India and Italy are in talks for the proposed free trade agreement, Italy is the 17th largest foreign investor in India, India exports ready-made garments, leather, iron ore, etc to Italy and imports machinery, machine tools, etc.

India, Italy for balanced, fair Indo-EU free trade agreement

India and Italy are in talks for the proposed free trade agreement. Italy is the 17th largest foreign investor in India. India exports items including ready-made garments, leather, iron ore to Italy and imports items such as machinery and machine tools.&nbsp;

India and Italy have discussed progress of talks on the proposed free trade agreement between New Delhi and the European Union (EU) and hope for its early conclusion, the commerce ministry said on Thursday.
In January last year, India and the EU resumed negotiations for a free trade agreement, investment protection and Geographical Indications (GI). Italy is a member of the EU.
The issue came up for discussion in the meeting of Commerce and Industry Minister Piyush Goyal and Italian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation in Foreign Office Antonio Tajani here on April 12.
"The ministers underlined the importance of achieving a free, balanced and fair free trade agreement and hoped that it would be concluded soon," it said.
They also agreed to the convening of the next session of the Joint Commission on Economic Cooperation (JCEC) in Rome in the last week of September.
Tajani suggested the formation of a Joint Working Group in the strategic areas such as space, technology, defence and agriculture to increase cooperation.
Meanwhile, Goyal also emphasised on enhancing the bilateral cooperation in the field of clean energy to achieve sustainability to mitigate the negative impact of climate change.
Addressing businesses of India and Italy here, Piyush Goyal also said that huge investment opportunities are there in India for Italian companies.
On India's exports, he said that India exported goods and services worth USD 676 billion in 2021-22. "We just closed March 31, 2022-23 with an even bigger record of about USD 765 billion." He expressed hope that the exports would reach USD 2 trillion by 2030.
India-Italy bilateral trade stood at over USD 16 billion in 2022. During April-January 2022-23, India's exports to Italy stood at USD 7.15 billion, while imports aggregated at USD 4.6 billion. The trade gap is in favour of India.
Italy is the 17th largest foreign investor in India, with a cumulative FDI of USD 3.25 billion between April 2000 and December 2022. It accounts for about 0.52 per cent of the total FDI India received during the period.
The main items of Indian exports to Italy are ready-made garments, leather, iron ore, motor vehicles, textiles, chemicals, gems and jewellery. Main imported items include machinery, machine tools, metallurgical products and engineering items.

UK trade minister rules out Diwali deadline for trade pact with India

He said however, while the negotiations are progressing well, signing a draft agreement by October 24 is no longer the goal.

He said however, while the negotiations are progressing well, signing a draft agreement by October 24 is no longer the goal.

The free trade agreement (FTA) negotiations with India are no longer working towards a Diwali deadline, UK Trade Secretary Kemi Badenoch has confirmed.
During a visit to a Scotch whisky distillery on Thursday, the Cabinet minister in charge of the FTA negotiations at the Department for International Trade (DIT) said the deal being lined up with India would bring great wins for the industry as the steep tariffs of up to 150 per cent are set to be slashed.
However, while the negotiations are progressing well, signing a draft agreement by October 24 is no longer the goal.
"We are close. We're still working on a deal. One of the things that has changed is that we are no longer working to the Diwali deadline,&rdquo; Badenoch told the BBC.
&ldquo;We've closed a lot of chapters (the sections for the negotiating text). The negotiations are progressing well. But we want to focus on the quality of the deal rather than the speed of the deal. Given the changes that have taken place &ndash; not just in government but the mourning period (for the Queen) and so on, it makes sense for us to focus on the deal rather than the day," she said.
This marks the first official confirmation that both sides are no longer considering Diwali as the closing date for the majority of the deal, with the DIT previously only saying that the government &ldquo;won&rsquo;t sacrifice quality for speed&rdquo;.
The Diwali timeline had been announced by former Prime Minister Boris Johnson during his India visit in April and it was widely expected that it would prove a tight deadline given the political upheaval that followed in the UK. Home Secretary Suella Braverman&rsquo;s recent comments raising concerns over the prospect of visa concessions for India as part of an FTA were also seen as throwing the talks off-track.
&ldquo;As we line up deals with huge markets around the globe, including India and CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), I can&rsquo;t wait to celebrate the even greater wins which lie ahead,&rdquo; said Badenoch, during her visit to the Glenkinchie Distillery in Scotland.
She pointed out that the UK has unlocked export markets worth over GBP 100 million by smashing trade barriers that deterred alcohol sales to multiple countries across South America and Africa. Her department said the FTA being negotiated could lower tariffs and simplify other issues like customs to help Scottish distilleries sell more to India. The UK exported GBP 146 million worth of whisky to India last year from distilleries such as Glenkinchie but faced steep tariffs of up to 150 per cent. With India forecast to become the world&rsquo;s third-largest economy with a middle class of a quarter of a billion by 2050, any greater access to the market could be hugely significant for UK businesses, DIT noted.
&ldquo;Securing a deal with India to reduce the 150 per cent tariff on Scotch Whisky is the industry&rsquo;s top international trade priority,&rdquo; said Mark Kent, CEO of Scotch Whisky Association.
&ldquo;We want to see a deal agreed, but not any deal. To deliver for the industry, any agreement must open up the market to more Scotch whisky producers, which will in turn generate hundreds of new jobs across the UK, hundreds of millions of pounds of additional exports, and boost investment and revenue in India,&rdquo; he said.
&ldquo;The ongoing negotiations are a once-in-a-generation chance to give more Scottish distillers the opportunity to do business in India. That is the scale of the prize on offer,&rdquo; he added.
Located near Edinburgh, Glenkinchie is a Victorian distillery which has recently been transformed as part of a GBP 185 million investment in Scotch whisky tourism by leading British distiller Diageo. Glenkinchie is the Lowland Home of Johnnie Walker &ndash; the biggest-selling Scotch whisky in the world and also popular in the Indian market.
&ldquo;The UK-India Free Trade Agreement is a truly once-in-a-generation, transformational opportunity for Scotch Whisky and we hope today&rsquo;s visit will have given the Secretary of State a real understanding of our industry and the positive impact the India FTA could have on the sector,&rdquo; noted Ewan Andrew, President of Global Supply Chain and Procurement at Diageo.
Also watch: <a href="https://www.editorji.com/india-news/india-uk-trade-deal-on-verge-of-collapse-over-home-secretary-suella-braverman-s-comments-1665625874852">India-UK trade deal on &lsquo;verge of collapse&rsquo; over Home Secretary Suella Braverman's comments</a>

The minister said trade is still dominated by oil, which constitutes 62 per cent of the overall trade value and only 38 per cent are non-oil trade now. But he expressed hope that CEPA will change this over the years.

UAE expects bilateral trade with India to cross $100 billion 

The bilateral trade has increased markedly with total value of non-oil trade at USD 29.5 billion in first six months of 2022, growing 22 per cent over the same period in 2021.

The bilateral trade has increased markedly with total value of non-oil trade at USD 29.5 billion in first six months of 2022, growing 22 per cent over the same period in 2021.

The UAE expects trade with India to cross USD 100 billion-mark over the next 2-3 years, boosted by the comprehensive economic partnership agreement.
The Indo-UAE trade stood at USD 73 billion in FY22, which got a major fillip since the two nations signed the comprehensive economic partnership agreement (CEPA) on May 1, 2022. Between FY21 and FY22, the overall trade rose 68 per cent to USD 73 billion, after declining for two years. But the trend has reversed since the signing of CEPA.
The bilateral trade has increased markedly with total value of non-oil trade at USD 29.5 billion in first six months of 2022, growing 22 per cent over the same period in 2021.
Non-oil exports too rose 31 per cent with total value reaching USD 2.7 billion between May and June, junior foreign trade minister of the UAE, Thani Bin Ahmed Al Zeyoudi, told the Indo-UAE economic forum organized by industry lobby CII here.
&ldquo;Though we've set a five-year deadline to take the UAE-India bilateral trade to USD 100 billion from what it is now, going by the way trade has been growing since the signing of the CEPA, I am confident that we'll achieve the target much earlier, say over the next two-three years,&rdquo; Zeyoudi told PTI later during an interaction.
The minister said trade is still dominated by oil, which constitutes 62 per cent of the overall trade value and only 38 per cent are non-oil trade now. But he expressed hope that CEPA will change this over the years.
The minister also said while non-oil trade balance is still in favour of India by a whisker, overall India has a trade deficit of USD 17 billion in FY22, led vastly by large oil imports. During the first half of 2022, bilateral non-oil trade grew 22 per cent to USD 29.5 billion, the minister said.
The UAE minister also said, his country's cumulative investments in India is over USD 20 billion, of which USD 14.4 billion are FDI, making the UAE the eighth largest FDI source for India. In April-June this year, FDI flows into the country from the UAE stood at USD 2.14 billion.
Zeyoudi also said his country is open to invest in the now-stalled West Coast Refinery if India revives the 60-million tonne refinery involving over Rs 3 lakh crore investment.
Addressing another session at the same forum, joint secretary in the commerce ministry Srikar Reddy said, since the CEPA, overall exports from the country to the UAE rose 16 per cent to USD 10.46 billion from USD 9 billion between May and August, which is commendable given the decline in overall global trade during the period.
Reddy also said exports under the CEPA have been outpacing the country's overall exports by 5:1. On the other hand, non-oil exports to the UAE grew 14 per cent.
Reddy said non-oil trade is still dominated by gems &amp; jewellery which constitutes around a third of the total trade, which has grown by 33 per cent to USD 1.4 billion.
Companies from the UAE that have invested in India are Mubadala, DP World, Sharaf Group, Lulu Group, Emaar Properties, RAK Ceramics.
Companies from India that have invested in the UAE are ONGC &amp; PetroResources, Tata Motors, Larsen &amp; Tourbo Middle East, Oberoi Group, Zuari Agro Chemicals, Essar Steel Manufacturing Company.

Amid tension between India and China over Beijing's military aggression in Ladakh, America seems to gaining. The United States overtook China to become India's top trade partner in 2021-22.
In FY22, India and USA's bilateral trade stood at $119.42 billion compared to $115.42 billion between India and China.
India's exports to US rose to $76.11 billion in 2021-22 from $51.62 billion in 2020-21. At the same time, imports from US to India rose to $43.31 billion from $29 billion in 2020-21.
India's exports to China increased to $21.25 billion in 2021-22 from $21.18 billion in 2020-21. Imports from China to India rose to $94.16 billion from $65.21 billion in 2020-21.
The sharp rise in imports from China continues despite India's perceived push to move away following the Ladakh tension.
India has a trade surplus with the US, but a trade deficit with China. This means that India exports more to the US than it imports, but vice versa with China.

USA beats China to become India's top trade partner, but Chinese imports rise even amid Ladakh tension

Amid tension between India and China over Beijing's military aggression in Ladakh, America seems to gaining.

Amid tension between India and China over Beijing's military aggression in Ladakh, America seems to gaining. The United States overtook China to become India's top trade partner in 2021-22.
In FY22, India and USA's bilateral trade stood at $119.42 billion compared to $115.42 billion between India and China.
India's exports to US rose to $76.11 billion in 2021-22 from $51.62 billion in 2020-21. At the same time, imports from US to India rose to $43.31 billion from $29 billion in 2020-21.
India's exports to China increased to $21.25 billion in 2021-22 from $21.18 billion in 2020-21. Imports from China to India rose to $94.16 billion from $65.21 billion in 2020-21.
The sharp rise in imports from China continues despite India's perceived push to move away following the Ladakh tension.
Also watch:&nbsp;<a href="https://www.editorji.com/india-news/on-india-trip-bangladesh-minister-says-this-about-china-amid-criticism-of-beijing-over-sri-lanka-crisis-1653738514864" target="_blank">On India trip, Bangladesh minister says this about China, amid criticism of Beijing over Sri Lanka crisis</a>
India has a trade surplus with the US, but a trade deficit with China. This means that India exports more to the US than it imports, but vice versa with China.

The free trade agreement between India and the UAE has opened huge opportunities and businesses of both countries should look at taking the bilateral trade to $250 billion by 2030, Commerce and Industry Minister Piyush Goyal said on Monday.
The Comprehensive Economic Partnership Agreement (CEPA) was signed by India and the United Arab Emirates (UAE) in February and is expected to come into force from May 1, he said.
"We should reset our goals and look for much much broader canvas in which this partnership should work and possibly look at going up to USD 250 billion between UAE and India by 2030,” he said here.
Under the pact, domestic exporters of as many as 6,090 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery would get duty-free access to the UAE market.
He also said that India is looking at increasing exports in goods and services to USD 2 trillion and the UAE would play a key role in achieving that target.
Goyal said that the UAE is a door for tapping other markets from Europe and Africa.
Talking about India's goods exports, he said it would cross USD 410 billion by end of this fiscal. Services exports too are doing great and these may reach USD 250 billion by end of the current fiscal.
Exporters hailed the agreement stating that it would help in promoting exports from sectors like textiles, pharma, gem and jewellery and chemicals.
Addressing the plenary session of ‘Investopia- Emerging Markets: From frontiers to Frontlines’ in Dubai, Goyal said that even though the emerging markets of the world have been strengthening themselves consistently, if they are to meet climate goals, they would have to be supported by developed nations through practical funding solutions.
Flagging the disparity in intention and action when it comes to climate change, he said that responsible governments would find success in tiding over the climate crisis.
Goyal said that since 2014, India had been focussing on structural reforms and on strengthening processes and taking steps like accumulating greater forex reserves and stabilizing economy for a more secular growth.
The minister said that on one hand the government was striving to improve the lives of people and on the other hand, improving economic stability, including energy security. India has the world’s fastest growing renewable energy programme and has helped bring down the cost of renewable energy with sheer scale.
Speaking of India's success with homegrown vaccines, Goyal said that during Covid, India announced a self-reliance programme which did not close its doors but made way for more meaning international engagement.
He added that during Covd, India had seen the highest ever foreign investment, the highest ever merchandise exports and a sharp recovery in our service exports which stands at USD 250 billion which is nearly 20 per cent more than highest ever figure so far.
Goyal said that India was working with partners like the UAE, with which it signed a Comprehensive Economic Partnership Agreement (CEPA) in a very short span of 88 days from start to finish of negotiations

UAE & India Economic Partnership kickstarts in May, expect trade boost: Piyush Goyal

Under the pact, domestic exporters of as many as 6,090 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery would get duty-free access to the UAE market.

UAE & India Economic Partnership kickstarts in May,

PLAYOUT ALERT: DUBAI (UAE): PIYUSH GOYAL (UNION COMMERCE &amp; INDUSTRY MINISTER) ON 250 BILLION DOLLAR MARK IN SERVICES SECTOR/ FREE TRADE AGREEMENTS WITH AUSTRALIA AND UKVIEW MORE&nbsp;22:36 PLAYOUT ALERT: DUBAI (UAE): PIYUSH GOYAL (UNION&nbsp;COMMERCE &amp; INDUSTRY&nbsp;MINISTER) ON 250 BILLION DOLLAR MARK IN SERVICES SECTOR/ FREE TRADE AGREEMENTS WITH AUSTRALIA AND UK
&nbsp;
&nbsp; &nbsp;

Under the pact, domestic exporters of as many as 6,090 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery would get duty-free access to the UAE market.

The free trade agreement between India and the UAE has opened huge opportunities and businesses of both countries should look at taking the bilateral trade to $250 billion by 2030, Commerce and Industry Minister Piyush Goyal said on Monday. Also read/watch |&nbsp;<a title="Petrol, Diesel prices hiked again, 7th hike in 8 days takes petrol above Rs 115/litre" href="https://www.editorji.com/business-news/indian-origin-engineers-and-friends-charged-in-1-million-insider-trading-scheme-in-us-1648535252452">Petrol, Diesel prices hiked again, 7th hike in 8 days takes petrol above Rs 115/litre</a>
The Comprehensive Economic Partnership Agreement (CEPA) was signed by India and the United Arab Emirates (UAE) in February and is expected to come into force from May 1, he said.
"We should reset our goals and look for much much broader canvas in which this partnership should work and possibly look at going up to USD 250 billion between UAE and India by 2030,&rdquo; he said here.
Under the pact, domestic exporters of as many as 6,090 goods from sectors like textiles, agriculture, dry fruits, gem and jewellery would get duty-free access to the UAE market.
He also said that India is looking at increasing exports in goods and services to USD 2 trillion and the UAE would play a key role in achieving that target.
Goyal said that the UAE is a door for tapping other markets from Europe and Africa.
Talking about India's goods exports, he said it would cross USD 410 billion by end of this fiscal. Services exports too are doing great and these may reach USD 250 billion by end of the current fiscal.
Exporters hailed the agreement stating that it would help in promoting exports from sectors like textiles, pharma, gem and jewellery and chemicals.
Addressing the plenary session of &lsquo;Investopia- Emerging Markets: From frontiers to Frontlines&rsquo; in Dubai, Goyal said that even though the emerging markets of the world have been strengthening themselves consistently, if they are to meet climate goals, they would have to be supported by developed nations through practical funding solutions.
Flagging the disparity in intention and action when it comes to climate change, he said that responsible governments would find success in tiding over the climate crisis.
Goyal said that since 2014, India had been focussing on structural reforms and on strengthening processes and taking steps like accumulating greater forex reserves and stabilizing economy for a more secular growth.
The minister said that on one hand the government was striving to improve the lives of people and on the other hand, improving economic stability, including energy security. India has the world&rsquo;s fastest growing renewable energy programme and has helped bring down the cost of renewable energy with sheer scale.
Speaking of India's success with homegrown vaccines, Goyal said that during Covid, India announced a self-reliance programme which did not close its doors but made way for more meaning international engagement.
He added that during Covid, India had seen the highest ever foreign investment, the highest ever merchandise exports and a sharp recovery in our service exports which stands at USD 250 billion which is nearly 20 per cent more than highest ever figure so far.
Goyal said that India was working with partners like the UAE, with which it signed a Comprehensive Economic Partnership Agreement (CEPA) in a very short span of 88 days from start to finish of negotiations

UK's special dress code for India meet: Trevelyan dons kurta for trade talks
 

UK's special dress code for India meet: Anne-Marie Trevelyan dons kurta for free trade pact talks with Piyush Goyal

Trevelyan is in India on a 2-day trip to discuss the removal of trade barriers, allowing easier market access to each other's producers.

UK's special dress code for India meet: Trevelyan dons kurta for trade talks

((MEETING IMAGES)) https://twitter.com/ANI/status/1481508631174856704
https://twitter.com/PiyushGoyal/status/1481504855965716487
&nbsp;
An important meeting, and an interesting dress code. As top representatives of the Indian and UK governments met to discuss a free trade agreement, the choice of attire of the English side attracted notice. Anne-Marie Trevelyan, UK Secretary of State for International Trade chose to wear a traditional Indian dress - a kurta - for her meeting with Indian commerce &amp; industry minister Piyush Goyal. Goyal himself was seen wearing a kurta as well. Trevelyan is in India on a 2-day trip to discuss the removal of trade barriers, allowing easier market access to each other's producers.
&nbsp;
 ((REPRESENTATIVE VISUALS))
 India reportedly wants UK to ease its work and tourism visa rules for Indian citizens. Delhi is also reportedly looking for better market access for products ranging from vaccines to basmati rice. Meanwhile, London reportedly wants India to remove tariffs on import of whisky, British-made cars, and other food &amp; drink, and healthcare goods and services.
&nbsp;
 ((MODI AT RCEP THAILAND MEETING VISUALS))
 India is looking to sign free trade pacts with individual countries after walking out of the Regional Comprehensive Economic Partnership, or RCEP, which is the largest trade deal in the world.
&nbsp;

<span style="margin: 0px; padding: 0px; border: 0px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-weight: 400; font-stretch: inherit; font-size: 12pt; line-height: inherit; font-family: Calibri, Arial, Helvetica, sans-serif; vertical-align: baseline; color: #000000; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Trevelyan is in India on a 2-day trip to discuss the removal of trade barriers, allowing easier market access to each other's producers.

An important meeting, and an interesting dress code.&nbsp;As top representatives of the Indian and UK governments met to discuss a free trade agreement, the choice of attire of the English side attracted notice.
Anne-Marie Trevelyan, UK Secretary of State for International Trade chose to wear a traditional Indian dress - a kurta - for her meeting with Indian commerce &amp; industry minister Piyush Goyal. The Indian minister&nbsp;was seen wearing a kurta as well.
ALSO WATCH | <a href="https://www.editorji.com/business-news/economy/world-bank-upgrades-india-gdp-forecast-even-as-it-cuts-global-growth-outlook-1641922027996" target="_blank">World Bank upgrades India GDP forecast even as it cuts global growth outlook</a>
Trevelyan is in India on a 2-day trip to discuss the removal of trade barriers, allowing easier market access to each other's producers.
India reportedly wants UK to ease its work and tourism visa rules for Indian citizens. Delhi is also reportedly looking for better market access for products ranging from vaccines to basmati rice.
Meanwhile, London reportedly wants India to remove tariffs on import of whisky, British-made cars, and other food &amp; drink, and healthcare goods and services.
India is looking to sign free trade pacts with individual countries after walking out of the Regional Comprehensive Economic Partnership, or RCEP, which is the largest trade deal in the world.

In a bid to fight spiralling commodity prices the Govt as  banned trading in futures contracts of some agricultural commodities for one year. 
Trading in seven commodities - paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong - has been suspended with immediate effect, according to a Finance Ministry notification.Meanwhile Markets regulator Sebi on Monday directed stock exchanges not to launch new derivative contracts in wheat, crude palm oil, moong and few other commodities till further orders.India is facing the global threat of rising inflation, Consumer Price Index (CPI) for price rise is at 3-month high, while wholesale prices have soared to a 30 year high. 

Government bans futures trading in seven commodities to curb inflation

The Finance Ministry has suspended trading in futures contracts of some agricultural commodities for one year to reign in inflation.

War on inflation, Govt bans trading in select commodities 

<ul>
<li>Govt bans futures trading in 7 key commodities</li>
<li>Finance Ministry notifies ban in futures trade for some commodities for 1 year</li>
<li>Trade ban for 1 year: paddy, wheat, chana, mustard seeds, crude palm oil, chana, moong dal, soya beans</li>
<li>SEBI&nbsp;directs stock exchanges not to launch new futures for key commodities</li>
<li>India CPI&nbsp;at 3 month high, WPI at 30 year high</li>
</ul>

Consumer Price Inflation is at a 3-month high, Wholesale price inflation at a 30 year high

In a bid to fight spiralling commodity prices the Govt has&nbsp; banned&nbsp;trading in futures&nbsp;contracts of some agricultural commodities for one year.&nbsp;
Trading in seven commodities -&nbsp;paddy (non-basmati), wheat, chana, mustard seeds and its derivatives, soya bean and its derivatives, crude palm oil and moong - has been suspended with immediate effect, according to a Finance Ministry notification. Meanwhile Markets regulator Sebi on Monday directed stock exchanges not to launch new derivative contracts in wheat, crude palm oil, moong and few other commodities till further orders. India is facing the global threat of rising inflation, Consumer Price Index&nbsp;(CPI) for price rise is at 3-month high, while wholesale prices have soared to a 30 year high.&nbsp;

The gap between what India gets from selling it's exports and what we pay for our imports widened to a record high in November as imports surged while exports fell to a 9-month low. India's trade deficit swelled to an all-time high of $23.27 billion in November. Here is what you need to know about India's trade gap-:The export explanation

Exports fell to a 9-month low clocking in at $30 billion
In October, exports had clocked a record high of $35.47 billion
Rising covid-19 cases in Europe and delayed shipments hit exports

The import imbalance

Imports up 57% vs last year, up only 2% vs October
November Imports at $53.15 bn vs $55.37 bn in Oct
Surge in mports spike led by commodities: crude, coal, chemicals, edible oil
Oil imports up 132% at $14.6 billion

Even though exports are under pressure and imports are surging due to the economic re-opening in India, experts are not to worried about the trade gap which most believe will shrink early next year. 

Trade Data: Gap between imports and exports at record high in November 

Trade deficit at record high, Exports at 9-month low

India posts record $23.27 billion trade deficit in November

The gap between what India gets from selling it's exports and what we pay for our imports widened to a record high in November as imports surged while exports fell to a 9-month low. India's trade deficit swelled to an all-time high of&nbsp;$23.27 billion in November. Here is what you need to know about India's trade gap-: The export explanation
<ul>
<li>Exports fell to a 9-month low clocking in at $30 billion</li>
<li>In October, exports had clocked a record high of $35.47 billion</li>
<li>Rising covid-19 cases in Europe and delayed shipments hit exports</li>
</ul>
The import imbalance
<ul>
<li>Imports up 57% vs last year, up only 2% vs October</li>
<li>November Imports at $53.15 bn vs $55.37 bn in Oct</li>
<li>Surge in&nbsp;mports spike led by commodities: crude, coal, chemicals, edible oil</li>
<li>Oil imports up 132% at $14.6 billion</li>
</ul>
Also read/watch:<a href="https://www.editorji.com/india-news/india-maintains-status-as-fastest-growing-economy-gdp-grows-at-8-4-in-q2-1638294933678" target="_blank">&nbsp;India maintains status as fastest growing economy: GDP grows at 8.4% in Q2</a>
Even though exports are under pressure and imports are surging due to the economic re-opening in India, experts are not to worried about the trade gap which most believe will shrink early next year.&nbsp;

Pakistan formally informed India to use its territory to transportation of 50,000 metric tonnes of wheat and life-saving drugs to Afghanistan.

Pakistan formally informed India to use its territory to transportation wheat , life-saving drugs to Afghanistan 

Pakistan formally informed India to use its territory to transportation of 50,000 metric tonnes of wheat and life-saving drugs to Afghanistan.
Calling it a goodwill gesture for their Afghan &ldquo;brothers&rdquo;, Pakistan said this will be done on an &ldquo;exceptional basis&rdquo; only for &ldquo;humanitarian purposes&rdquo;.
Currently, Pakistan only allows Afghanistan to export goods to India. No other two-way trade through the border crossing is allowed.
Last month, India had announced that it would send 50,000 metric tonnes of wheat to Afghanistan as humanitarian assistance. It had requested Pakistan to allow the food grains to be transported via the Wagah border.
Afghanistan&rsquo;s Acting Foreign Minister Amir Khan Muttaqi had also requested Prime Minister Khan to allow India to transport wheat via Pakistan.
However, following a period of cold relationship between New Delhi and Islamabad over the Kashmir issue, Pakistan had blocked India&rsquo;s efforts to provide wheat to the Afghan people.
&nbsp;

Pakistan formally informed India to use its territory to transportation of 50,000 metric tonnes of wheat and life-saving drugs to Afghanistan.

Pakistan on Wednesday said it has formally informed India about its decision to allow the transportation of an Indian humanitarian shipment of 50,000 metric tonnes of wheat and life saving drugs to neighbouring Afghanistan through its territory on an "exceptional basis for humanitarian purposes".
Prime Minister Imran Khan announced on Monday that his government will allow India to send humanitarian shipment of wheat to Afghanistan through its territory after finalisation of the transit modalities.
"The decision of the government of Pakistan to this effect was formally conveyed to the Charge d&rsquo; Affaires of India at the Ministry of Foreign Affairs," the Foreign Office (FO) said in a statement here.
It said as a goodwill gesture towards the brotherly Afghan people, Pakistan decided to allow the transportation of 50,000 metric tonnes of wheat and life-saving medicines from India.
Currently, Pakistan only allows Afghanistan to export goods to India but doesn&rsquo;t allow any other two-way trade through the border crossing.
The FO said that wheat and medicines to Afghanistan would be allowed to enter through &ldquo;Wagah Border on an exceptional basis for humanitarian purposes&rdquo;.
Last month, India announced 50,000 metric tonnes of wheat for Afghanistan as humanitarian assistance and requested Pakistan to ship the food grain via the Wagah border.
Afghanistan&rsquo;s Acting Foreign Minister Amir Khan Muttaqi had also requested Prime Minister Khan to allow India to transport wheat via Pakistan, suggesting that the Taliban government was willing to accept the humanitarian assistance from India.
India has contributed to the humanitarian requirements of the Afghan people. This included providing more than 1 million metric tonnes of wheat to Afghanistan over the past decade.
Last year too India assisted Afghanistan with 75,000 metric tonnes of wheat, External Affairs Minister S Jaishankar had said at the United Nations High-Level Meeting on the Humanitarian situation in Afghanistan in September.
However, Pakistan had blocked India's efforts to provide wheat to the Afghan people, amidst the chill in relations between New Delhi and Islamabad over the Kashmir issue.
Prime Minister Khan announced his decision to allow India to send the humanitarian shipment of wheat to Afghanistan through Pakistan&rsquo;s territory while chairing the first Apex Committee meeting of the newly established Afghanistan Inter-ministerial Coordination Cell (AICC) in Islamabad Monday.
He also took the opportunity to remind the international community of the collective responsibility to support Afghanistan to avoid a humanitarian crisis. PTI&nbsp;

China's trade data soared&nbsp;unexpectedly in August with exports rising 25.6% in dollar terms to a record $294.3 billion, more than $10 billion above any previous month.Imports also grew a mammoth 33.1% to $236 billion, also the highest level ever. This surge in exports has swelled&nbsp;China's trade surplus to $58.34 billion in August.&nbsp;So what is China exporting? As per data available the top three exports by value were&nbsp; the usual suspects; electronics, high-tech products, and clothing and clothing accessories.

China sees record exports, trade data sees unexpected surge in August

China trade data surges, Exports out of the Mainland soar to a record high.&nbsp;

China Record High Trade Data 

China&rsquo;s exports jumped 25.6% year-over-year in August, customs data showed Tuesday, above expectations for a 17.1% rise as polled by economists.&nbsp;

China's trade data soared&nbsp;unexpectedly in August with exports rising 25.6% in dollar terms to a record $294.3 billion, more than $10 billion above any previous month. Imports also grew a mammoth 33.1% to $236 billion, also the highest level ever. This surge in exports has swelled&nbsp;China's trade surplus to $58.34 billion in August.&nbsp; So what is China exporting? As per data available the top three exports by value were&nbsp; the usual suspects; electronics, high-tech products, and clothing and clothing accessories.

Putting a dead stop to the trade between India and Afghanistan, Taliban has stopped all imports and exports from the subcontinent. 

Dry fruit prices soar, as Taliban halts all trade with India 

From Almond importers to sugar exporters all face a big mess as Taliban stops all trade with India.&nbsp;

Taliban stops Trade with India 

<ul>
<li>Taliban stops all trade with India, hit of nearly billion dollars to exporters</li>
<li>India exports&nbsp;tea, coffee, pepper sugar and cotton to Afghanistan&nbsp;</li>
<li>Afghan exports to India include mostly dry fruits, dried raisin, walnut, almond, fig, pine nut, pistachios, dried apricot&nbsp;</li>
<li>India is importing around 85 per cent of dry fruits from Afghanistan.</li>
<li>The prices of Afghan almonds, figs, apricots and raisins have increased by&nbsp;₹200 per kilogram,</li>
</ul>

<div class="row">
<div class="heading-part">
<h2 class="synopsis">Neighbouring nation only exporter of anjeer and apricot, major importer of Indian sugar</h2>
</div>
</div>
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Putting a dead stop to the trade between India and Afghanistan, Taliban has stopped all imports and exports from the subcontinent.&nbsp; The total value of trade between India and Afghanistan currently stands at over $1.5 billion, where exports from India stand at over $900 million. India's outbound shipments to Afghanistan include tea, coffee, pepper sugar and cotton.&nbsp;
Also See |<a href="https://www.editorji.com/story/fight-now-pay-later-what-the-afghanistan-war-is-really-going-to-cost-uncle-sam-1629321874353" target="_blank">&nbsp;'Fight Now, Pay Later': what the Afghanistan war is really going to cost Uncle Sam</a>
Export Organisation (FIEO) has said that currently the <a href="https://www.editorji.com/story/watch-taliban-fire-to-disperse-jalalabad-protesters-one-dead-1629303529267" target="_blank">Taliban</a> has stopped the movement of cargo through the transit routes of Pakistan, thereby stopping imports from the country. This has led to a surge in dry fruit prices in the local markets in India.&nbsp;Afghan exports to India include dried raisin, walnut, almond, fig, pine nut, pistachios, dried apricot and fresh fruits such as apricot, cherry, watermelon, and medicinal herbs.&nbsp; India and Afghanistan signed a Preferential Trade Agreement (PTA) in March 2003 under which India allowed substantial duty concessions, ranging from 50% to 100%, to certain category of Afghan dry fruits. Afghanistan, in turn, has allowed reciprocal concessions to Indian products including tea, sugar, cement and pharmaceuticals&nbsp; &nbsp; An Air-Freight Corridor connecting India and <a href="https://www.editorji.com/story/council-may-rule-afghanistan-for-now-taliban-reach-out-to-soldiers-pilots-1629345165286" target="_blank">Afghanistan</a> was established in June 2017 to overcome the lack of safe passage via Pakistan, which also stands abandoned due to the closure of the airspace by the Taliban.&nbsp;
Federation of India Export Organisation expressed concern that in coming days dry fruit prices may go up due to the turmoil in Afghanistan. India is importing around 85 per cent of dry fruits from Afghanistan. The prices of Afghan almonds, figs, apricots and raisins have increased by&nbsp;₹200 per kilogram, while that of pistachio has increased by&nbsp;₹250 per kilogram.

China's trade data threw up surprises as exports accelerated and imports slowed for the month of June.&nbsp;Exports climbed 32.2% in dollar terms in June from a year earlier as per data released by the Chinese government, while import growth slowed to 36.7%.Pandemic has pushed demand for Chinese made 'Work From Home' products across the globe pushing the exports higher for the mainland. The boost has led to a trade surplus of $51.53 billion for the month of June.&nbsp;Read/Watch Also: China infuses 1 trillian yuan to boost economy

Made in China tag still ruling the globe, China trade data shows surge in exports

Move aside trade wars, Made in China tag still ruling the globe shows the latest export data from China.&nbsp;

China trade data 

China&rsquo;s exports to the United States grew 31.7% in yuan terms in the first half of 2021, while imports grew 43.9%

China's trade data threw up surprises as exports accelerated and imports slowed for the month of June.&nbsp;Exports climbed 32.2% in dollar terms in June from a year earlier as per data released by the Chinese government, while import growth slowed to 36.7%. Pandemic has pushed demand for Chinese made 'Work From Home' products across the globe pushing the exports higher for the mainland. The boost has led to a trade surplus of $51.53 billion for the month of June.&nbsp; Read/Watch Also: <a href="https://www.edtr.ai/9t3x">China infuses 1 trillian yuan to boost economy</a>

Trade ministers of India, Japan and Australia met over video conference to agree on a&nbsp;Supply Chain Resilience Initiative that is meant to counter China&rsquo;s dominance on trade in the Indo-Pacific.The trade ministers of the three countries agreed that &ldquo;some supply chains have been left vulnerable due to a range of factors,&rdquo; while &ldquo;the pandemic had revealed supply-chain vulnerabilities globally and in the region.&rdquo;

India joins hands with Australia, Japan to counter China's trade dominance

Trade ministers of India, Japan and Australia decide to form a supply chain initiative to plug vulnerabilities shown by the pandemic.&nbsp;

India looks to counter China's trade dominance

<ul>
<li>India, Japan, Australia agree on&nbsp;Supply Chain Resilience Initiative</li>
<li>Trade ministers of&nbsp;India, Japan, Australia meet via video conference&nbsp;</li>
<li>Trade ministers look to counter&nbsp;China&rsquo;s dominance on trade</li>
<li>Trade Min: pandemic revealed&nbsp;supply-chain vulnerabilities</li>
</ul>

Trade ministers of India, Japan and Australia met over video conference to agree on a&nbsp;Supply Chain Resilience Initiative that is meant to counter China&rsquo;s dominance on trade in the Indo-Pacific. The trade ministers of the three countries agreed that &ldquo;some supply chains have been left vulnerable due to a range of factors,&rdquo; while &ldquo;the pandemic had revealed supply-chain vulnerabilities globally and in the region.&rdquo;

40 Indian products including shrimps, basmati rice,wood furniture,&nbsp;gold and silver item&nbsp;will&nbsp;face&nbsp;tariffs up to 25%, this is a retaliation move from the United States to India&rsquo;s decision of imposing&nbsp;digital services taxon non-resident e-commerce operators.
Companies affected by the equalisation levy or 2% digital tax include Google, Amazon, Linkedin and Facebook
The value of the digital services tax payable by US-based commerce operators&nbsp;groups to India will be approximately $55 million per year, the&nbsp;US Trade Representative office&nbsp;indicated that the retaliatory tariffs could add up to the amount.

US proposes 25% tax on some Indian goods as a retaliation to 2% digital tax

It's a tax trade off, that's the word from the US trade office as they propose 25% tax on select Indian goods in reply to India's 2% digital tax levy.&nbsp;

<ul>
<li>US proposes retaliatory tariffs of up to 25% on select Indian goods</li>
<li>US set to tax select Indian goods to counter 2% Indian digital tax</li>
<li>India's digital tax to impact Google, Amazon,&nbsp;Facebook&nbsp;among others</li>
<li>Value of digital tax collection estimated at $55 million/year</li>
</ul>

40 Indian products including shrimps, basmati rice,wood furniture,&nbsp;gold and silver item&nbsp;will&nbsp;face&nbsp;tariffs up to 25%, this is a retaliation move from the United States to India&rsquo;s decision of imposing&nbsp;digital services taxon non-resident e-commerce operators.
 Companies affected by the equalisation levy or 2% digital tax include Google, Amazon, Linkedin and Facebook
The value of the digital services tax payable by US-based commerce operators&nbsp;groups to India will be approximately $55 million per year, the&nbsp;US Trade Representative office&nbsp;indicated that the retaliatory tariffs could add up to the amount.

Dozens of Chinese companies including chip-maker SMIC and drone manufacturer DJI have reportedly been added to a trade blacklist by President Trump's administration. 

Chinese firms added to US trade blacklist, including SMIC, DJI: reports

Dozens of Chinese companies including chip-maker SMIC and drone manufacturer DJI have reportedly been added to a trade blacklist by President Trump's administration.

Dozens of Chinese companies have reportedly been added to a trade blacklist by US President Donald Trump's administration, including chip-maker SMIC and drone manufacturer DJI. The US Commerce Department has said the action against SMIC was implemented because the Chinese firm was allegedly using US technology to strengthen the Chinese military. DJI, meanwhile has been added to the list for allegedly enabling "wide-scale human rights abuses". Reports say this is the latest effort by President Trump to establish his image as being tough on China.

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