Search Result for : India

The Dollar Business Bureau  The US Ministry of Commerce has said it is likely to launch anti-dumping and countervailing duty probe of steel flanges being dumped by India and China into its markets.  The Commerce ministry has been petitioned by the Coalition of American Flange Producers and members in its group like Core Pipe Products Inc of Illinois and Maas Flange Corporation of Texas, to consider their petitions filed on August 16 and begin the investigation.  The domestic producers allege that the estimated dumping margins ranged between 99.23% to 257.11% for China and 78.49% to 145.25% for Indian steel products and also estimated that products from both the sides were subsidized at undetermined rates. Reiterating his government’s support to defend American businesses and ...

The Dollar Business Bureau ONGC, India’s state run oil and natural gas corporation is planning to bid to explore the Israeli oil and gas blocks. This was revealed to the media by the Oil minister, Dharmendra Pradhan today. This could be the first major deal between the two countries. Dharmendra Pradhan had met his Israeli counterpart Yuval Steinitz on the sidelines of the World Petroleum Congress soon after after Prime Minister Modi visited Israel and signed trade deals worth billions of dollars. Israel had issued tenders last year calling for licences to drill 24 blocs of upto 400 square kilometres in size and Indian energy companies like ONGC had announced their participation. According to an evaluation released by the Israeli Ministry of Energy, the Levant ...

The Dollar Business Bureau On July 18, 2017, India and China jointly submitted a proposal to the World Trade Organisation (WTO) calling for the elimination - by developed countries - of the most trade-distorting form of farm subsidies, known in WTO parlance as Aggregate Measurement of Support (AMS) or ‘Amber Box’ support as a prerequisite   for consideration of other reforms in domestic support negotiations.  This is an important proposal by India and China in view of the ongoing negotiations for the upcoming 11th Ministerial Conference of the WTO to be held in Buenos Aires in December 2017. It counters the efforts by some countries to target the subsidies of the developing countries while letting the developed countries retain their huge farm subsidies.  The ...

The Dollar Business Bureau  Switzerland’s President Doris Leuthard has started her three-day visit to India from Thursday, which is aimed at strengthening bilateral relations and to discuss regional and global issues of mutual interest.  The visit of Swiss President to India assumes high significance as India is looking for its entry into the Nuclear Suppliers Group (NSG), the 48-nation nuclear club, of which Switzerland is currently the chair.  Leuthard is accompanied by a huge business delegation and will hold discussions with Indian President Ram Nath Kovind, Vice-President M Venkaiah Naidu, Prime Minister Narendra Modi and External Affairs Minister Sushma Swaraj.  “Both countries share common views on many major global issues. The visit will provide an opportunity to both sides for holding wide-ranging discussions on bilateral, global and regional issues of mutual interest," according ...

The Dollar Business Bureau India and Tanzania on Tuesday agreed to enhance sectoral cooperation at the fourth session of the India-Tanzania Joint Trade Committee meeting held in New Delhi. It was decided that the cooperation would be based on the needs of therespective sides and comparative advantage for mutual benefit. Tanzania is a beneficiary of the Indian Duty Free Tariff Preference Scheme, which has considerably boosted the exports from Tanzania to India in past few years, said an official release from the Ministry of Commerce. At the meeting, Commerce and Industry Minister Nirmala Sitharaman led the Indian delegation and the Tanzanian delegation was led by Charles John Mwijage, Minister for Industry, Trade and Investment of Tanzania. In her address, Sitharaman said, “India and Tanzania enjoy close ...

The Dollar Business Bureau  The beleaguered cab aggregator, Uber, wants to concentrate on India, Brazil, and Mexico, to drive growth for the company and to ensure that it sustains the competition from Ola.  Speaking to the media, Uber SVP (Global Business) David Richter told reporters, "There are three countries that we are betting on -- India, Mexico, and Brazil. We have seen phenomenal growth in India, in July this year over last, we have seen 115 per cent growth." Richter said the company is focussing on launching solutions that enhance the customer experience in India and has taken a number of steps in that direction. The latest being the introduction of Unified Payments Interface (UPI) UPI-based payment on its platform that will ...

The Dollar Business Bureau A major deal between Essar Oil and a consortium led by Russian oil major Rosneft completed a $12.9 billion deal today. Rosneft will get a 49% stake in Essar, while the other two major investors Trafigura, a European trader and a Russian fund UCP, will hold the other 49% in equal parts. This acquisition is one of the largest outbound deals between India and Russia in recent times since the Soviet era. The consortium has picked a trading veteran from its shareholders to run the Indian operations of the newly acquired Essar oil company. The deal to acquire Essar Oil has been in the process for 2 years, with this acquisition Rosneft has gained access to Indian rising retail ...

The Dollar Business Bureau  The Indian government is planning to bring out a set of procedures to begin investigating the imposition of safeguard duty against imports from South Korea. India and South Korea have signed a Comprehensive Economic Partnership Agreement (CEPA) on January 2010 and a subsequent review in the agreement in 2016, brought forth the reduction/elimination of duties on various products.  The move by the government comes in the wake of a surge of gold imports from South Korea which is worrying the domestic producers. The Indian Revenue department has notified the India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017, for laying out the procedures for such safeguard investigations. This is necessary as India needs to have separate rules ...