TRADE

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• E-commerce talks at WTO make strong headway: organisers

  Negotiations at the World Trade Organization towards drawing up global e-commerce rules have concluded on a range of regulations, and should wrap up fully next year, the countries organising the talks said Wednesday. Australia, Japan and Singapore, which have been co-convening the talks, announced Wednesday "the substantial conclusion of negotiations on a number of global digital trade rules that will facilitate electronic transactions, promote digital trade facilitation, and foster an open and trusted digital economy".

  

• AEPC sets USD 40 bn apparel exports target by 2030

  "We have set an ambitious goal of achieving apparel exports of USD 40 billion by the year 2030. This target, aptly named '40 by 30' reflects our commitment to reaching new heights and pushing our limits in the ongoing decade," said AEPC Chairman Naren Goenka in a statement.

  

• We need to wait, watch: Commerce Secy on impact of Israel-Hamas conflict

  The ongoing Israel-Hamas conflict is not expected to have a significant impact on global supplies, according to the commerce ministry. However, concerns remain about potential escalation and its effect on the gems and jewellery trade between India and Israel, which totaled $2.04 billion in 2022-23.

  

• The cluttered landscape: Examining influx of cheap Chinese flashlights in market

  In the fiscal year 2023, there was a 14% year-on-year increase in the import of electronic instruments from China. While these products may appear to be a tempting bargain, a closer look reveals a range of concerning issues that are affecting both consumers and the industry as a whole.

  

• India-UK FTA talks: Good progress on rules of origin, bilateral investment treaty

  "Many things are moving very fast. Like rules of origin and bilateral investment treaty, there is a good progress. Negotiations are happening... Towards the end of the deal, it is the difficult issues which are to be closed and therefore it requires more time and more deliberations," Commerce Secretary Sunil Barthwal told reporters.

  

• World now recognises India for its own capability and potential, says Minister Piyush Goyal

  Leaders have collectively resolved to strengthen multilateralism in trade and a rules-based global trading system, which is particularly beneficial for developing and less developed countries since the principles of WTO enshrine certain carve-outs and benefits for developing and less developed countries to give them a chance to build better economies.

  

• Trade pacts with G20 member countries can help India boost exports: CII EXIM panel chairman

  "Negotiating and implementing trade agreements and bilateral deals with G20 member countries may be helpful to tap potential between India and G20 countries. Such agreements can reduce trade barriers, tariffs, and regulatory hurdles, making it easier for Indian businesses to access foreign markets," Budhia said.

  

• After laptops, cameras and printers could also face import curbs

  Separately, the government is also said to be reviewing other high-import products such as urea, antibiotics, turbo-jets, lithium-ion accumulators, refined copper, machines and mechanical appliances, solar and photovoltaic cells, aluminium scrap, sunflower seed oil, and cashew nuts.

  

• Indian exporters on Amazon Global Selling see nearly 70% business growth during Prime Day 2023

  Several globally popular Indian brands such as Homespun Global, California Design Den, Glamburg, Indo Count, Skillmatics, Himalaya amongst others participated in Prime Day 2023.

  

• India's trade deficit narrows to $20.13 bn in June

  India's merchandise trade deficit in June narrowed to $20.13 billion from $22.12 billion in May, according to a Reuters calculation based on export and import data released by the government on Friday.

  

• Govt restricts imports of some gold jewellery, articles

  The government on Wednesday imposed restrictions on imports of certain gold jewellery and articles. In a notification, the directorate general of foreign trade (DGFT) amended the import policy for unstudded jewellery made of gold, and other articles made of gold to “restricted” from “free”.