At a time when global trade is facing geo-political uncertainties, India's exports of goods like automobiles and gold jewellery have ventured into uncharted territories of Central Asia, Africa and Latin America, according to an analysis by the commerce ministry. The analysis has shown that India has penetrated into what are termed as 'absolutely new markets' in regions such as Africa, Central Asia, Latin America and North America during April-December 2023.

 

The 'absolutely new markets' refer to areas where India did see any export during April-December 2022, but healthy growth of certain principal commodities like motor vehicles, two- and three-wheelers, petroleum products, sugar, gold and other precious jewellery were recorded in April-December 2023.

 

Exports of these commodities to the absolutely new markets during April-December 2023 stood at USD 234 million as against nil shipments during the same period of 2022.

 

It added that these commodities captured a greater number of markets in the Central Asia, Africa, and European regions.

 

'A comprehensive examination of country-wise exports underscores a notable diversification of markets for India's merchandise exports, characterised by the exploration of new export destinations, in spite of strong global headwinds with subdued performance globally,' an official said.

 

The official added that after evaluating the market diversification of the country's merchandise exports across major sectors at the principal commodity level, comparing the periods from April-December 2022-23 to April-December 2023-24, significant advancements in market diversification emerged in the current fiscal.

 

These diversified markets are termed as 'absolutely new', 'new', and 'promising'.

 

'Together, exports to these markets capture 5 per cent of India's total exports of 42 principal commodities to the world. These commodities span across 16 important sectors of India's export basket,' the official added.

 

In the new markets, where India's exports share of goods like ceramics and allied products, aluminium, products of aluminium, two- and three-wheelers, products of iron and steel, electric machinery and equipments was meagre or nil has jumped to USD 2.17 billion during April-December 2023.

 

These items have captured a greater number of markets in the America, Central Asian, and African regions.

 

The analysis showed that the export of two- and three-wheelers has been headed to 31 new markets/countries with a total exported value of USD 110 million in the April-December 2023 period.

 

Similarly, in the 'promising markets' such as North and South American, European, and African regions, where the share of the country's outbound shipments of these commodities was less than 1 per cent, has now increased to USD USD 8.6 billion during the first nine months period of this fiscal.

 

'Despite challenging global conditions, India has demonstrated notable export growth, maintaining its position in established markets while proactively exploring new ones,' the official said.

 

This strategy not only reduces dependency on specific markets but also enhances India's competitiveness and contributes to economic development, the official added.

 

India's exports rose to a three-month high of 3.12 per cent to USD 36.92 billion in January despite global uncertainties, including the Red Sea crisis, while the trade deficit narrowed to a nine-month low of USD 17.49 billion.

 

Cumulatively, exports during the April-January period of this fiscal dipped 4.89 per cent to USD 353.92 billion. Imports contracted 6.71 per cent to USD 561.12 billion, leaving a trade deficit of USD 207.2 billion in the 10-month period of this fiscal as against USD 229.37 billion in April-January 2022-23.

 

The Red Sea crisis is impacting exporters as it has pushed up transportation costs as they are taking a longer route -- via Cape of Good Hope, encircling Africa -- to ship their goods to Europe and certain parts of Africa. War in Russia-Ukraine and Israel-Hamas too is impacting the global exports and imports.

India and Oman are close to concluding talks on a trade deal that will allow easier access of goods and services into each other’s markets, officials familiar with the matter said, further cementing the South Asian nation’s presence in the Gulf region.

 

The two sides have reached consensus on a majority of the issues in the comprehensive economic partnership agreement and the talks are likely to conclude soon, the people said, asking not to be identified because the discussions are private. A deal could be finalized as early as March, one of the people said.

 

Although a small economy, Oman is crucial to India given its location in the region. Oman sits alongside the Strait of Hormuz, an important oil transit chokepoint through which most of Asia’s crude oil moves. Oman also has the fifth-largest population of Indians working overseas.

 

New Delhi wants lower tariffs on exports to Oman ranging from rice and pharmaceuticals to petroleum and steel products, the people said. It’s also negotiating with Oman to ease access for Indian professionals such as doctors, nurses, engineers and other workers.

 

Oman wants better access for goods such as downstream petroleum products, fertilizer and iron and steel products among others, the people said.

 

A spokesperson for India’s trade ministry didn’t immediately respond to an emailed request for further information. Omani government officials couldn’t be reached for comment.

 

The two sides started talks on the trade pact just three months ago, and their haste in completing the deal shows Prime Minister Narendra Modi’s determination in building stronger links with the Middle East. India has already signed a free trade agreement with the United Arab Emirates and is in talks with the Gulf Cooperation Countries on a trade deal.

 

Oman is India’s third-largest trade partner among the GCC nations. Two-way trade stood at $12.38 billion in 2022-23, according to India’s trade ministry.

 

Sultan Haitham bin Tarik became the first Omani ruler to visit India in over two decades in December. After the trip, Oman allotted New Delhi an exclusive zone at the strategically-located Dqum port for its commercial cargo and to dock warships.

 

Modi’s government has expedited trade talks with several major trading partners recently, including the UK, European Union and the European Free Trade Association, which comprises Switzerland, Norway, Iceland and Liechtenstein.

 

The thirteenth Ministerial Conference of the World Trade Organization (WTO) began in Abu Dhabi on 26 February. On the opening day, the Indian delegation was led by Commerce Secretary Shri Sunil Barthwal.

 

Two countries – Comoros and Timor Leste acceded to the WTO on the opening day. India had been supporting these accessions and welcomed the expansion of the organization. 

 

The WTO will be completing 30 years of its establishment next year. Two ministerial discussion sessions were organized on the opening day allowing ministers to exchange views on the future direction the organization should take.

 

In the session on sustainable development and policy space for industrialization, India highlighted the need for avoiding fragmentation of the multilateral trading system and the importance of remaining focused rather than mix non-trade issues with the WTO agenda.

 

India explained that it has put forward and propagated a sustainable way of living based on traditions and values of conservation and moderation including through a mass movement for LiFE- 'Life Style for Environment' as a key to combating climate change. It also expressed serious concerns regarding the increasing use of trade protectionist unilateral measures, which are sought to be justified in the guise of environmental protection.

 

India asserted that the developing countries seek appropriate policy space to find solutions to their concerns, some of which have been unaddressed for a long time. India said that it was of the firm view that developing countries require flexibility in the existing WTO agreements to overcome the constraints faced by them in their industrialization. India expressed concerns on the concerted attempt to club long standing development issues like policy space for industrial development with the new issues of 'Trade and Industrial policy'.

 

In the second session on Trade and Inclusion, India cautioned members that mixing non-trade topics with WTO rules can lead to greater trade fragmentation. Bringing issues like Gender and MSMEs in the realm of WTO discussions was not practical because these issues were being discussed in other relevant international organizations already.

 

India stressed that issues like inclusion are better addressed through contextual and targeted national measure and they did not fall in the domain of international trade relations. India stressed that non-trade issues have the potential to encourage trade distortive subsidies and non-trade barriers. He expressed concerns about such measures and their negative spillover effect on the trade interests of developing countries.

 

India recounted several measures undertaken by the government for greater inclusion of MSMEs and women, especially through use of Digital Public Infrastructure. It explained how the government’s focus was bringing about economic transformation for these segments of the economy.

 

India assured its unwavering commitment to multilateralism and the importance of adhering to the rules-based global trading system.

Aahar – The international food & hospitality fair, is all set to take place from March 7 to 11, 2024, at Bharat Mandapam, Pragati Maidan, in New Delhi. The 38th edition of the event will highlight food and beverage products; F&B equipment; hospitality and décor solutions; and allied sectors. New attractions to the fair this year are – nutraceuticals; aquaculture & marine products; floriculture; dairy products; fresh fruits & vegetables; plant protein; plant- based meat; and dairy products.

 

Exhibitors at Aahar get a great opportunity to showcase products, technologies and services to national and international buyers. As well as generate sales leads, order bookings and network with the industry big wigs. Aaahr is a great way for exhibitors to establish business contacts, launch new products, appoint agents and distributors. The event will help promote company products, build brands and improve market research, all while gauging market trends.

 

Aahar is an order-writing B2B show, that has become one of Asia’s biggest and best-known events, and the ultimate destination for global vendors and sourcing professionals. Aahar is the place where the hotel industry, restaurants, catering industry, institutions, importers, buyers, distributors, all meet under one roof, with vendors to source best of the products in the food, hospitality and equipment sectors. The event is the best brand for senior management, professionals like CEOs, managing directors, vice presidents, directors, general managers, form a substantial part of the visitors.

 

Visitors profile includes - overseas buyers and trade delegations; importers & distributors; executive chefs & executive housekeepers; hospitality procurement heads; start-ups & entrepreneurs; purchase professionals & consultants; overseas & Indian industry associations; organised retailers; mega chains; hospitality service providers; policy makers; diplomatic & commercial representatives of foreign missions in India.

 

The event will highlight the following pavilions - Foreign Participation and FIFI Pavilion; Wine Pavilion; Food & Beverages Start-ups; Confectionery & Bakery Products & Ingredients; ICMA; APEDA Pavilion; Spices, Condiments Ingredients & Agri Produce; Organic, Processed Food, Ingredients, Spices, Farm Produce, Fresh Fruit & Vegetables, Meat Products; Culinary Art India Show by Indian Culinary Forum; Bakery Heavy Machinery Equipment, Tentage & Décor, Packaging, Kitchen & Hotel Equipment; Refrigeration; Hospitality, Décor, Housekeeping Products, Gift Items, Open Area Hospitality, Décor, Mist Coolers, Coolers & Fans.

Churpi is prepared from the milk of Arunachali yak, which is a unique yak breed found in West Kameng and Tawang districts of Arunachal Pradesh. Yak Churpi, a naturally fermented milk product made from yak milk, has been given recognition as a Geographical Indication (GI) of Arunachal Pradesh.

 

Dr Mihir Sarkar, Director, ICAR- National Research Centre on Yak said it is a major boost to the pastoral production systems and yak rearing in the country.

 

Churpi is an excellent source of proteins and is frequently used as a substitute for vegetables by tribal yak herders in the vegetation-starved cold and hilly mountainous regions of the state. It is also mixed in vegetable or meat curry and is eaten with rice as a staple food in tribal households. It is considered an integral part of the tangible cultural and tribal heritage of Arunachal Pradesh- says Sarkar.  

 

Arunachali yak breed is reared by tribal yak pastoralists known as Brokpas who migrate along with their yaks to higher reaches (at an altitude of 10,000 ft and higher) during summers and descent to mid-altitude mountainous regions during winters. Since the product is prepared at such a high altitude, it is also expected to provide benefits to the tribal herders against cold and hypoxia besides providing enriched nutrition, Dr Vijay Paul, Principal Scientist of NRC-Yak who was associated with the GI application process informed.

 

ICAR-National Research Centre on Yak, Dirang applied for registration of this unique yak product.  The institute is closely working with the Brokpas rearing Arunachali yaks and is helping them through research and extension support. The services rendered by the institute assume greater significance in the light of the fact that yak population throughout the country has been declining at a fast pace due to enormous hardships and dwindling gains associated with pastoral yak rearing. The registration of yak Churpi of Arunachal Pradesh as a GI is going to serve the cause of yak conservation and yak pastoralists’ socio-economic upliftment.

Albania, a country in the Western Balkans with a rising economy and famous for Mother Teresa, is pitching itself to emerge as India’s gateway to the region where countries are in negotiations to join the European Union (EU), according to Igli Hasani, Minister for Europe and Foreign Affairs of Albania.

 

Hasani who was on a visit to India to participate in Raisina Dialogue told ET about the immense opportunity to deepen and strengthen the relationship with India with a focus on economy and people to people ties. 'Albania offers Mediterranean culture and with its mountains and seas and affordable tourism infrastructure has emerged as the most attractive European tourist destination,' Hasani said, adding, '50,000 Indians visited Albania last year. A total of 10 million tourists visited Albania in 2023 and the country with a population of three million, this is a big achievement.'

 

'Albania is at the crossroads between the European Union and the East. Albania is a part of many corridors that go through possible routes of goods that link India with the European Union. With Albania today emerging as one of the fastest growing European economic realities in the last year, we are moving rapidly to foster stronger economic ties with India. Six countries in the region including Albania are in negotiations to join the EU and we are ready to be a gateway for India in the region.'

 

Albania also provides opportunities for Indian investors in IT, agriculture and manufacturing.

 

Hasani said 'I’m glad to know the plans of the Indian Government to open a representation in Tirana and we are also planning to open an Embassy very soon in New Delhi, India.'

 

Honorary Consul General of Albania in India, Dikshu Kukreja said, 'Albanian language traces its roots in Sanskrit and has a strong connection with India. The beauty of the country and peace-loving nature of Albanians go hand-in-hand.'

 

Albania, which was close to China during the Cold War period does not have a major Chinese economic presence in the country and is not under any debt burden, Hasani pointed out.

Successful conclusion of India's proposed trade agreements with the UK, Oman and four European nation bloc EFTA will reflect its commitment to trade liberalisation and economic integration at a time when the whole world is turning protectionist, according to a report. Economic think tank Global Trade Research Initiative (GTRI) said the free trade agreements (FTAs) have become pivotal instruments for India's economic expansion and integration into the world market.

 

These nations and the bloc are eager to finalize these agreements before the upcoming general elections, GTRI said, adding the talks are on the verge of conclusion.

 

Signing of these three agreements will take India's FTA tally from 13 to 16.

 

Number of countries with comprehensive FTAs will go up from 22 to 28. In addition India has six small scope PTAs (preferential trade agreements).

 

Last pact was signed with Australia in March 2022.

 

'Everyone wants to do an FTA with India. The main reason for this is India's high import duties, which make it difficult for these countries to access India's large and rapidly growing market,' the report said.

 

It added that these three pacts with the UK, Oman, and the European Free Trade Association (EFTA) also reflect a shift in India's focus from east to west in terms of preferential trade partnerships.

 

India's most important FTAs are with countries located in the east of India: ASEAN, Japan, South Korea, and Australia.

 

It said that in all the new FTAs, India is negotiating many non-trade areas such as sustainable development, digital, IPR, labour, gender, MSME, government procurement, and competition.

 

'India is reluctantly changing its earlier approach to focus only on traditional market access subjects like merchandise and services trade to also include new issues. Most new issues restrict policy space for domestic regulations by forcing adoption of developed country regulations,' GTRI Founder Ajay Srivastava said.

 

EFTA members are Iceland, Liechtenstein, Norway, and Switzerland.

 

He said that the negotiations for the trade pact with EFTA were initiated in January 2008. After 20 rounds of talks, the negotiations are reaching towards conclusion.

 

India has a large trade deficit with EFTA, especially with Switzerland. In FY'2023, India's imports from EFTA were significantly higher than its exports, leading to a trade deficit of USD 14.8 billion, he added.

 

It also said that gold, accounting for 80 per cent of India's imports from Switzerland, is a critical factor in this agreement.

 

'The complexities surrounding the inclusion of gold in the FTA and its compliance with Rules of Origin conditions pose a significant challenge.

 

EFTA's demand for TRIPS-plus (trade related aspects of intellectual property rights) protection for strengthening intellectual property rights in India could conflict with India's domestic regulations and interests,' it said.

 

With Oman, the report said that over 6,000 India-Oman joint ventures exist in Oman with an estimated investment of over USD 7.5 billion.

 

Indian companies are leading investors at Sohar and Salalah Free Zones of Oman.

 

Srivastava said that India can hope to radically increase its exports post FTA as currently over 80 per cent of its goods enter Oman at average 5 per cent import duties, and there are not many trade barriers.

 

Oman's import duty ranges from 0 to 100 per cent along with the existence of specific duties. 100 per cent duty is applicable on specific meats, wines and tobacco products.

 

'Government procurement is one of the limited policy tools still available to the government to incentivise domestic producers. India should not agree to stop preferential treatment to domestic suppliers in the government procurement chapter,' it said.

 

Further, it said that India's trade agreement with the UK would have a positive impact on domestic export sectors such as silver, metal scrap, petroleum products, alcohol, machinery and medicine.

 

'India may reduce, but not eliminate, tariffs on automobiles and Scotch whiskey from the UK. For luxury cars like those from JLR, Bentley, Rolls-Royce, and Aston Martin, the UK might want zero tariffs, but India could reduce them from 100 per cent to 50 per cent. India might also consider allowing a few thousand units at a 25 per cent tariff,' he added.

 

India could also reduce tariffs from 150 per cent to 50 per cent over a few years, similar to what it did for Australian wines, the report said, adding that these sectors in India have had high tariff protection, even more than agricultural products.

 

'Significant tariff cuts, especially for wines, will help the Indian market grow,' it said, adding, 'In UK too, India may face challenges in obtaining a large number of short-duration business visas for its professionals, as the UK erroneously associates it with immigration, a sensitive issue since Brexit.'

 

ICAR has developed 150 biofortified varieties, including 132 field crop and 18 horticultural crop varieties, which are nutritionally-rich, under the Nutri-Sensitive Agricultural Resources and Innovations (NARI) Programme.

 

According to ministry of Agriculture and Farmers Welfare, on-farm trials,

technology demonstrations on nutri rich biofortified varieties, trainings and various extensions have been conducted in 75 villages identified as Nutri Smart Villages across the country.

 

The Ministry told Parliament that Under the Scheme 'Support to State Extension Programs for Extension Reforms' state

governments' efforts in this regards are supported and Food and Agriculture Organisation (FAO) has collaborated with government agencies, training institutions, and other partners in India to advance the agenda of nutrition- sensitive agriculture and agrifood systems in the country.

 

Meanwhile, to support chemical-free farming, 4.09 lakh ha area has been sanctioned and Rs 70.13 crore have been released for natural farming in eight states under Bhartiya Prakritik Krishi Paddhati scheme across the country.

 

Besides, area of 1.48 lakh ha has also been sanctioned for promotion of natural farming along the Ganga Corridor.

 

'To motivate farmers to adopt natural farming and to enhance the reach of natural farming, the Government has formulated National Mission on Natural Farming (NMNF) as a separate and independent scheme by upscaling the BPKP,' the Ministry told Parliament.

If all proceeds according to plan, a state-of-the-art Integrated Checkpost (ICP) is poised for inauguration at Sabroom in Tripura on the Indian side, and in Ramgarh Upazila in Bandarban on the Bangladesh side, on Saturday, marking a significant milestone in border relations between the two countries.

 

Top government officials in Delhi have hinted that both Prime Ministers, Sheikh Hasina and Shri Narendra Modi, will virtually attend the inauguration ceremony on Saturday morning.

 

An ICP serves as a modern terminal and logistics hub located at international borders, facilitating the seamless movement of goods and passengers between two countries. It consolidates various systems, including customs, immigration, container transshipment, and warehousing, all under one roof, thereby streamlining trade and travel processes.

 

The launch of this ICP signifies the commencement of another modern land port between India and Bangladesh at the border town of Sabroom in Tripura.

 

Currently, the largest ICP between the two countries is situated on the Petrapole-Benapole border. However, experts anticipate that the volume of trade and passenger traffic on the Sabroom-Ramgarh route may even surpass that in the coming days.

 

Several factors contribute to this anticipation. Sabroom is located less than 80km from the commercial capital of Bangladesh, Chittagong, by road.

 

India has long been granted permission to use the Chittagong port, further enhancing Sabroom’s potential to become the primary gateway for goods movement in the Northeast region of India.

 

Additionally, it is within 100km from the Matarbari deep-sea port, currently under construction in Bangladesh. When Matarbari becomes operational in three years, traffic through Sabroom is expected to increase significantly.

 

Furthermore, the construction of the 1.9km long Maitri Setu bridge over the Feni River at the India-Bangladesh border in Sabroom, jointly inaugurated by Narendra Modi and Sheikh Hasina on March 21, 2021, will further enhance connectivity.

 

The bridge’s utilization was pending until the completion of the ICP. With the launch of the ICP, the traffic on this friendship bridge is expected to soar.

 

Railway connectivity to Sabroom has also been established, with a broad-gauge rail link connecting it to the rest of India.

 

In essence, Sabroom is poised for a transformative change with the imminent launch of the ICP, promising to open up new horizons in bilateral trade and people-to-people contacts between India and Bangladesh.

 

Aditya Mishra, Chairman of the Land Ports Authority of India (LPAI), along with other top officials, visited Sabroom last month to assess the progress of the ICP’s construction on the ground.

 

The visit was aimed at ensuring that all necessary preparations were in place for the inauguration. Following the visit, rapid progress was made in completing the remaining 10% of the ICP’s construction and the associated road infrastructure connecting Sabroom to Bangladesh.

 

A meeting between delegations from India and Bangladesh was held on January 22 on the No Man’s Land of the friendship bridge over the Feni River to finalize plans for the inauguration of the ICP.

 

The Indian delegation, led by LPAI Chairman Aditya Mishra, and the Bangladesh delegation, led by Ramgarh Port Authority Director Sarwar Alam, along with other officials, discussed the final preparations for the event.

 

At the groundbreaking ceremony of the ICP in Sabroom three years ago, Prime Minister Shri Narendra Modi emphasized that enhancing connectivity between India and Bangladesh was not only about fostering friendship but also about creating new trade and traffic corridors.

 

Spread over 49 acres of land, the Sabroom Integrated Checkpost between Bangladesh and India’s Northeast is poised to achieve precisely that.