AEPC hails hike in MEIS rates; demands pre-GST RoSL rates
The Dollar Business Bureau Apparel exporters’ body, Apparel Export Promotion Council (APEC) has welcomed the Government’s move to double the rates of incentives under the Merchandise Exports from India scheme (MEIS) for readymade garments and made-ups. Last week, the Directorate General of Foreign Trade (DGFT) has increased the rates for garments and made-ups to 4% from 2% of value of exports under the MEIS. The revised rates are effective from November 1. Commenting on development, AEPC Chairman Ashok G. Rajani said, “We welcome the increase in the rates of MEIS. The enhancement in the rates will help in the fulfilment of orders for the Christmas festival as it will result in easing the blocked capital. It will help in the mitigation of the ...
India pressured to give up on tariffs at RCEP, Hanoi
The Dollar Business Bureau (sourced from Reuters) The 3rd Regional Comprehensive Economic Partnership (RCEP) Intersessional Ministerial Meeting at Hanoi was held between 21-22 May. The Indian side was led by Commerce and Industries Minister Nirmala Sitharaman. Trade ministers from Asia-Pacific region were meeting to speed up the stalled negotiations and finalize a trade agreement, amidst growing fears of trade protectionism. The RCEP, with the attendance of Ministers and Vice Ministers from ASEAN, Australia, New Zealand, China, Japan, Korea and India led by China is seeking to finalize an agreement by the end of 2017. The 1st RCEP negotiation round was held in Brunei Darussalam in 2013 and since then 18 rounds of senior level negotiations have been held. The convening of the Intersessional Minister’s meeting ...
China cautions rise of protectionism, pushes Asia-Pacific trade deals
The Dollar Business Bureau Before the departure of Chinese President Xi Jinping for the Asia-Pacific Economic Cooperation (APEC) summit to be held in Peru from November 19-20, Li Baodong, the country’s Vice Foreign Minister cautioned about the upsurge of protectionism and said that the region required a free trade agreement (FTA) as soon as possible. “Trade and investment protectionism is rearing its head, and Asia-Pacific faces insufficient momentum for internal growth, and difficulties in advancing reforms,” Li said, while briefing reporters. Li also opined that China thinks it should set a very practical and fresh working plan, to respond positively to the industry’s expectations, and maintain momentum in order to create a free trade area in the Asia-Pacific region at an early date. During ...
US should re-launch BIT negotiations with India
The Dollar Business Bureau Ahead of Prime Minister Narendra Modi's forthcoming visit to the US next week, a US business advocacy group, US India Business Council (USIBC), has asked President Barack Obama’s administration to re-introduce the bilateral investment treaty (BIT) negotiations with the Indian government at its earliest."The US Government should consider formally re-launching our bilateral investment treaty (BIT) negotiations with the Government of India as soon as possible," the USIBC president Mukesh Aghi said in his letter. "While both governments took a break from the negotiations on account of revising the model BITs, it is important for us to come back to the negotiating table to develop a way-forward on concluding a high-quality BIT," the letter said. The council, which ...
Youve Got To Take The Good With The Ugly!
The Trans-Pacific Partnership (TPP) was finally agreed upon by the member countries last month after more than five years of discussions. Arriving at the accord was no mean feat given the diverse and competing interests of a dozen of nations: United States (US), Canada, Japan, Australia, New Zealand, Brunei, Mexico, Peru, Chile, Singapore, Malaysia and Vietnam. The mega-trade bloc accounts for 40% of global GDP representing a population of 800 million and about 25% of global merchandise trade. Not to say, it will be one of the largest multilateral trade agreements in history if it comes into effect (the trade pact still needs to be ratified by the member nations), the chances of which are really high! On the face of it, the pact ...
China, Russia support Indias entry to APEC
The Dollar Business Bureau India’s External Affairs minister Sushma Swaraj held trilateral talks with her Russian and Chinese counterparts- Sergey Lavrov and Wang Yi- in Moscow, on Monday. On the sidelines of the Russia-India-China (RIC) Foreign ministers’ meet, the global leaders expressed views on international and regional issues of common interests and discussed ways to push ahead the trilateral cooperation. The ministers reiterated their commitments to strengthen the coordination and cooperation for maintaining peace in the Asia Pacific region. Recognizing the significance of Asia Pacific Economic Cooperation to achieve long term development and considering India’s role in global economic growth, China and Russia reiterated that they will welcome India’s participation in APEC, a forum which promotes free-trade throughout Asia Pacific region. Earlier, Finance Minister Arun ...
American Lawmakers to help India join APEC
Matt Salmon, Chairman of the House Subcommittee on Asia and the Pacific said, Membership in APEC (Asia Pacific Economic Cooperation) would provide India a constructive forum to glean insight from other Asian countries that have already taken significant steps to advance their economies." The Dollar Business Bureau Asia Pacific Economic Cooperation (APEC), is a forum of 21 economies set up with a view to promote free trade throughout the Asia- Pacific region To help India join the APEC forum, the US legislators sympathetic to India have initiated a legislation in the US congress. The thought behind this was an economically progressive India would benefit the strategic goal of US in Asia. Matt Salmon, Chairman of the House Subcommittee on Asia and the Pacific ...
TPP pact likely to hit Indias foreign trade
Deepak Kumar | The Dollar Business As the United States, Canada, Japan and nine Pacific Rim nations join the Trans-Pacific Partnership (TPP), Indian exports bodies have asked the government to expedite free trade agreements (FTAs) with various countries to balance the global trade. Earlier this month, 12 countries agreed to allow preferential trade between them under the Trans-Pacific Partnership framework. Though these countries are yet to ratify the agreement, the new trade bloc can become a challenge for India which aims to increase its goods and services exports to $900 billion by 2020. India already has free trade agreements with some of the TPP members. “To counter TPP, India will need to come up with an effective FTA (free trade agreements) ...
