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The Dollar Business Bureau In the wake of increasing trade measures of the US against India and its decision to review eligibility of India for certain products for duty benefits, Commerce and Industry Minister Suresh Prabhu said on Tuesday that in order to resolve all trade issues, Indian government is actively working with the US and is also following Word Trade Organisation (WTO) rules to protect the interests. “I can assure you, the only guiding principle for engagement with the US is to protect India’s commercial interest in its entirety,” Prabhu said while speaking at the launch of a platform - ‘FIEO GlobalLinker’ for micro, small and medium scale exporters (MSME) for digitising their businesses.  On April 13, the US announced that ...

The Dollar Business Bureau Minister of Commerce and Industry and Civil Aviation Suresh Prabhu said on Monday that India will become a $5 trillion dollar economy but it is just a matter of time. “Trade can only happen once products are manufactured. India must produce and increase the scale of the production to increase its share in the global economy,” Prabhu said, while speaking at an event organised by the Confederation of Indian Industry (CII) in New Delhi. The Minister said that the services sector is also important and will generate jobs. And in this regard, the Government has allocated Rs.5,000 crore toward 12 champion service sectors. While he believes that services exports will be more than the merchandise exports, Prabhu said that for ...

The Dollar Business Bureau The US exports to India were increased by 18.7% and the trade deficit between the two nations has declined by nearly 6% in 2017 over the previous year, but still the US continue to complain on various issues including high tariffs and market access to several American goods being shipped to India. “The US goods trade deficit with India was $22.9 billion in 2017, a 5.9% decrease ($1.4 billion) over 2016,” according to the National Trade Estimate 2018, an annual report released by the United States Trade Representative (USTR). India is among the few nations with which the trade deficit of the US has dropped in the past one year. However, the US administration under President Donald Trump ...

The Dollar Business Bureau In retaliatory action against the duties on aluminium and steel by the US, China has imposed new tariffs of up to 25% on 128 US products ranging from frozen pork to wine and certain fruits to nuts, escalating the fears of a possible trade war between the two largest economies of the world. The imposition tariffs by Beijing are in response to the 25% on duty on steel and 10% on aluminium that have been levied by the President Donald Trump, according to a statement by the Chinese Finance Ministry on Sunday. However, Trump has temporarily excluded imports from the countries such as European Union, Brazil, Canada, Argentina, Australia, South Korea and Mexico.  Over the past few weeks, Chinese officials ...

The Dollar Business Bureau India’s exports would be impacted if the current tariff war escalates into a full-fledged trade war, apex trade body ASSOCHAM said, adding that there would be severe damage to the Indian economy too. “If the tariff war escalates into a full-scale global trade war, it would have a collateral damage for the Indian economy as well, with the country's exports taking a hit, current account deficit facing pressure and the GDP taking a setback,” the trade body said in a statement on Sunday. The Chamber further said that the move of the US administration to levy tariffs could lead to a further retaliation against the US but it may not have a direct impact on India. “Instead of de-escalating, the ...

The Dollar Business Bureau Though India’s trade deficit may reach around $150 billion annually and the level of imports is much higher over exports, the country doesn’t have much flexing power, it the world witnesses an escalation in trade war, said the industry body Associated Chambers of Commerce of India (ASSOCHAM). “We cannot flex too much of our importing muscle, even if our exports face consequences of trade war and are subjected to tariff barriers,” ASSOCHAM in a statement on Sunday. The industry body pointed out that the best course in this situation would be to continue our engagement with the key trading partners, without aligning ourselves too much into a single bloc. “Wherever, our exports are affected, we must engage bilaterally and use ...

The Dollar Business Bureau Few days after threatening with reciprocal taxes on export products from India, the US, under Donald Trump administration, has launched a fresh offensive against it by filing complaint at the World Trade Organisation (WTO) about, what it termed, as its export subsidies programmes such as Special Economic Zones (SEZs) and the Merchandise Exports from India Scheme (MEIS). The US has requested to hold discussions with India on the issue, the first step before taking any legal action. In its request, the US has argued that the incentives provided by India violate the WTO agreements as it has crossed the economic benchmark of $1,000 per capita gross national income (GNI). Under the rules of WTO, India and the US are ...

The Dollar Business Bureau President of Vietnam, Tran Dai Quang extended invite to business communities in India to invest in Vietnam and said that his country offers conducive environment and sustainable development. “India continues to be among Vietnam’s top ten trading partners as the bilateral trade turnover has increased 16% per annum on average in the past decade,” the Vietnamese President said while addressing a business meeting jointly organised by ASSOCHAM, CII and FICCI in New Delhi on Saturday. “India has given priority to Vietnam in development cooperation and education and training, and paid attention to promoting bilateral cooperation in science and technology, information and communication, energy, oil and gas, agriculture and tourism,” he said. “India has actively supported Vietnam in training, capacity building, ...