India-Bangladesh trade resumes at Petrapole after West Bengal govt allows import cargo to come in

india-Bangladesh trade saw a partial resumption at Petrapole — the largest land port in Asia — on Sunday evening after the West Bengal government allowed vehicles from the neighbouring country to come into the State.

Five trucks carrying garments came in from Benapole (on the Bangladesh side), while a similar number of vehicles carrying fish from the southern States was allowed into Bangladesh, said sources.

Trade at this gateway had come to a standstill from July 1 onwards after a section of stakeholders in Bangladesh objected to the West Bengal government disallowing movement of trucks from Benapole to Petrapole. The State government had been concerned about the spread of Covid-19 into the border villages. Bangladesh on its part has claimed that Benapole was a green zone with no Covid cases th

12 Jul 2020 ET ET

India-Bangladesh trade resumes at Petrapole after West Bengal govt allows import cargo to come in

india-Bangladesh trade saw a partial resumption at Petrapole — the largest land port in Asia — on Sunday evening after the West Bengal government allowed vehicles from the neighbouring country to come into the State.

Five trucks carrying garments came in from Benapole (on the Bangladesh side), while a similar number of vehicles carrying fish from the southern States was allowed into Bangladesh, said sources.

Trade at this gateway had come to a standstill from July 1 onwards after a section of stakeholders in Bangladesh objected to the West Bengal government disallowing movement of trucks from Benapole to Petrapole. The State government had been concerned about the spread of Covid-19 into the border villages. Bangladesh on its part has claimed that Benapole was a green zone with no Covid cases th

12 Jul 2020 ET ET

India-Bangladesh trade resumes at Petrapole after West Bengal govt allows import cargo to come in

india-Bangladesh trade saw a partial resumption at Petrapole — the largest land port in Asia — on Sunday evening after the West Bengal government allowed vehicles from the neighbouring country to come into the State.

Five trucks carrying garments came in from Benapole (on the Bangladesh side), while a similar number of vehicles carrying fish from the southern States was allowed into Bangladesh, said sources.

Trade at this gateway had come to a standstill from July 1 onwards after a section of stakeholders in Bangladesh objected to the West Bengal government disallowing movement of trucks from Benapole to Petrapole. The State government had been concerned about the spread of Covid-19 into the border villages. Bangladesh on its part has claimed that Benapole was a green zone with no Covid cases th

12 Jul 2020 ET ET

India-Bangladesh trade resumes at Petrapole after West Bengal govt allows import cargo to come in

india-Bangladesh trade saw a partial resumption at Petrapole — the largest land port in Asia — on Sunday evening after the West Bengal government allowed vehicles from the neighbouring country to come into the State.

Five trucks carrying garments came in from Benapole (on the Bangladesh side), while a similar number of vehicles carrying fish from the southern States was allowed into Bangladesh, said sources.

Trade at this gateway had come to a standstill from July 1 onwards after a section of stakeholders in Bangladesh objected to the West Bengal government disallowing movement of trucks from Benapole to Petrapole. The State government had been concerned about the spread of Covid-19 into the border villages. Bangladesh on its part has claimed that Benapole was a green zone with no Covid cases th

12 Jul 2020 ET ET

India-Bangladesh trade resumes at Petrapole after West Bengal govt allows import cargo to come in

india-Bangladesh trade saw a partial resumption at Petrapole — the largest land port in Asia — on Sunday evening after the West Bengal government allowed vehicles from the neighbouring country to come into the State.

Five trucks carrying garments came in from Benapole (on the Bangladesh side), while a similar number of vehicles carrying fish from the southern States was allowed into Bangladesh, said sources.

Trade at this gateway had come to a standstill from July 1 onwards after a section of stakeholders in Bangladesh objected to the West Bengal government disallowing movement of trucks from Benapole to Petrapole. The State government had been concerned about the spread of Covid-19 into the border villages. Bangladesh on its part has claimed that Benapole was a green zone with no Covid cases th

12 Jul 2020 ET ET

India-Bangladesh trade resumes at Petrapole after West Bengal govt allows import cargo to come in

india-Bangladesh trade saw a partial resumption at Petrapole — the largest land port in Asia — on Sunday evening after the West Bengal government allowed vehicles from the neighbouring country to come into the State.

Five trucks carrying garments came in from Benapole (on the Bangladesh side), while a similar number of vehicles carrying fish from the southern States was allowed into Bangladesh, said sources.

Trade at this gateway had come to a standstill from July 1 onwards after a section of stakeholders in Bangladesh objected to the West Bengal government disallowing movement of trucks from Benapole to Petrapole. The State government had been concerned about the spread of Covid-19 into the border villages. Bangladesh on its part has claimed that Benapole was a green zone with no Covid cases th

12 Jul 2020 ET ET

Government Hikes Import Duties On Agricultural, Steel Products

Government has increased import duties on some agricultural and steel products that are imported from the U.S. in retaliation against Washington's new global tariffs on steel and aluminium, according to a government note seen on Thursday.

Last month, India had given a list of products to the WTO that it said could incur higher tariffs.

15 Apr 2019 IOIE NDTV PROFIT

Exports Slip 6.8% In July; Gold Imports More Than Halve

After rising for the first time in 18 months in June, exports shrank again in July, contracting 6.84 per cent due to decline in shipments of engineering goods and petroleum products.

Gold imports, which till recently was a matter of concern for the government, more than halved to $1.08 billion in the month.

Merchandise exports totalled $21.69 billion in July as against $23.28 billion in the same month last year.

Declining exports as well as in imports narrowed the trade deficit in July to $7.76 billion as against $13.09 billion in the year-ago period.

Exports have been falling since December 2014 due to weak global demand and slide in oil prices.

As per the data released by Commerce and Industry Ministry, imports in July were at $29.45 billion, down 19.03 per cent from $36.37 billion in the same month a year ago.

Gold imports dropped over 64 per cent to $1.08 billion, from $2.97 billion in July 2015.

Import of the precious metal has been declining sharply due to measures like higher customs duty and gold schemes.

Gold used to be the second most imported item in the country after petroleum.

Government data revealed that imports of petroleum, crude and related products were down 28 per cent in July, while that of coal, coke and briquettes shrunk by about 7 per cent.

In value terms, imports of fertilisers were down by 25 per cent at $708 million in July.

Cumulative value of merchandise exports for April-July 2016-17 was $87 billion as against $90.27 billion last year, a decline of 3.62 per cent.

Overall imports in the four month period of the fiscal stood at $113.99 billion, down 16.33 per cent year-on-year.

Trade deficit for April-July was estimated at $27 billion, lower than $46 billion in the corresponding period last fiscal.

The decline in exports reflects the contraction in global trade and leading exporting countries like China also witnessed similar declines, FIEO President S C Ralhan said.

"The decline in exports of engineering goods, leather and textiles is a major concern as these are employment intensive sectors of exports," he said.

The net export of services during April-June was $16.2 billion, marginally lower than $16.49 billion recorded in the corresponding period last year.

Taking merchandise and services together, overall trade deficit for April-July is estimated at $10.8 billion, which is 63.38 per cent lower from $29.5 billion year-on-year.
 

15 Apr 2019 IOIE NDTV Profit

Ending India's Trade Privileges May Hit American Consumers: US Lawmakers

A US plan to end preferential duty-free imports of up to $5.6 billion from India could raise costs for American consumers, two US senators have told their country's trade office, urging a delay in adopting the plan, and seeking more negotiations.

If President Donald Trump presses ahead with his plan to end the Generalized System of Preferences (GSP) for India, it could lose the status in early May, Indian officials have said, raising the prospect of retaliatory tariffs.

India is the world's largest beneficiary of the GSP, dating from the 1970s, but trade ties with the US have widened over what Trump calls its high tariffs and concerns over New Delhi's e-commerce policies.

"While we agree that there are a number of market access issues that can and should be addressed, we do remain concerned that the withdrawal of duty concessions will make Indian exports of eligible products to the United States costlier," the senators, John Cornyn and Mark Warner, wrote.

"Some of these costs will likely be passed on to American consumers".

In their Friday letter, the co-chairs of the Senate's India caucus of more than 30 senators called for withdrawal to be delayed until the end of India's 39-day general elections, which began on Thursday, with results expected on May 23.

Allowing for talks to continue beyond the elections would underscore the importance of the trade ties, presenting an opportunity to resolve market access issues and improve the overall US-India relationship for years to come, they added.

 

If the United States scraps duty-free access for about 2,000 product lines, it will mostly hurt small and medium businesses in India, such as makers of engineering goods.

Despite close political ties, trade between India and the United States, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential.

Trade relations suffered in the past few months after India adopted new rules on e-commerce reining in how companies such as Amazon.com Inc and Walmart Inc-backed Flipkart do business.

Last June, India said it would step up import duties varying from 20 percent to 120 percent on a slew of US farm, steel and iron products, angered by Washington's refusal to exempt it from new steel and aluminium tariffs.

 

A US plan to end preferential duty-free imports of up to $5.6 billion from India could raise costs for American consumers, two US senators have told their country's trade office, urging a delay in adopting the plan, and seeking more negotiations.

If President Donald Trump presses ahead with his plan to end the Generalized System of Preferences (GSP) for India, it could lose the status in early May, Indian officials have said, raising the prospect of retaliatory tariffs.

India is the world's largest beneficiary of the GSP, dating from the 1970s, but trade ties with the US have widened over what Trump calls its high tariffs and concerns over New Delhi's e-commerce policies.

"While we agree that there are a number of market access issues that can and should be addressed, we do remain concerned that the withdrawal of duty concessions will make Indian exports of eligible products to the United States costlier," the senators, John Cornyn and Mark Warner, wrote.

"Some of these costs will likely be passed on to American consumers".

In their Friday letter, the co-chairs of the Senate's India caucus of more than 30 senators called for withdrawal to be delayed until the end of India's 39-day general elections, which began on Thursday, with results expected on May 23.

Allowing for talks to continue beyond the elections would underscore the importance of the trade ties, presenting an opportunity to resolve market access issues and improve the overall US-India relationship for years to come, they added.

If the United States scraps duty-free access for about 2,000 product lines, it will mostly hurt small and medium businesses in India, such as makers of engineering goods.

Despite close political ties, trade between India and the United States, which stood at $126 billion in 2017, is widely seen to be performing at nearly a quarter of its potential.

Trade relations suffered in the past few months after India adopted new rules on e-commerce reining in how companies such as Amazon.com Inc and Walmart Inc-backed Flipkart do business.

Last June, India said it would step up import duties varying from 20 percent to 120 percent on a slew of US farm, steel and iron products, angered by Washington's refusal to exempt it from new steel and aluminium tariffs.

1 COMMENT

But it has since repeatedly delayed adopting the higher duties.

15 Apr 2019 IOIE NDTV Profit

India, Netherlands agree to boost bilateral ties

and the on Thursday reviewed bilateral cooperation in various fields, including political, economic and cultural ties, and deliberated on regional and multilateral issues, including cooperation at and other international fora.

The two countries held Foreign Office Consultations here. The Indian delegation was led by A. Gitesh Sarma, (West), (MEA) and the Dutch side was led by Johanna (Yoka) Brandt, General, Ministry of Foreign Affairs, according to an official statement by MEA.

"and the share a multifaceted relationship. Both countries used this opportunity to review the entire gamut of bilateral relations, including political, economic, commercial, scientific and cultural cooperation," it said.

The two sides also exchanged views on regional and multilateral issues, including cooperation at and other international fora," the MEA statement added.

15 Apr 2019 ioie business stadard