Latest news with #CommerceMinistry
Reuters
10 hours ago
- Business
- Reuters
China, EU discussed trade remedies, better ties, Chinese commerce ministry say
BEIJING, June 20 (Reuters) - China's and the European Union's trade chiefs had in-depth talks on trade remedy cases such as for electric vehicles, export control and market access, a statement from the Chinese commerce ministry said on Friday. China and the EU also agreed to promote the healthy and stable development of economic and trade relations, the ministry said of the talks held in a video call on Thursday between China's Commerce Minister Wang Wentao and EU Trade Commissioner Maros Sefcovic.
Times of Oman
12 hours ago
- Business
- Times of Oman
Piyush Goyal showcases India's strategic economic vision at India Global Forum 2025 in London
New Delhi: Indian Union Minister of Commerce & Industry, Piyush Goyal, showcased India's strategic global outlook and economic leadership at the India Global Forum (IGF) 2025 in London on Thursday, the Ministry of Commerce and Industry added in a statement. The release stated that the Minister's visit marks a significant moment following the historic signing of the India-UK Free Trade Agreement (FTA) in May 2025. Delivering the keynote address at the IGF Mainstage Plenary Session titled "From Agreement to Action: The UK-India FTA," the Union Minister reaffirmed India's commitment to transitioning the FTA from a negotiated text into a transformative economic partnership. He was joined in conversation by the UK Secretary of State for Business and Trade, Jonathan Reynolds. Union Minister Goyal described the FTA as a reflection of shared ambition between two vibrant democracies. He stated that the agreement not only enhances bilateral trade but also demonstrates India's ability to negotiate balanced and future-oriented trade frameworks aligned with its national interests. Outlining the next phase of implementation, Goyal highlighted key priorities such as strengthening institutional mechanisms for joint governance, unlocking early benefits for SMEs and startups, and facilitating smooth mobility of skilled professionals across sectors. On June 19th, the Union Minister participated in a special session on "UK-India Science, Technology and Innovation Collaboration" at the Science Museum in London. The session explored opportunities for UK stakeholders to contribute to India's expanding investments in digital public infrastructure, sustainable manufacturing, and green technologies. Discussions also covered efforts to make India a global manufacturing hub through Make in India, PLI schemes, and enhancing collaboration in sectors such as fintech, artificial intelligence, and creative industries. The Free Trade Agreement's role in deepening cooperation in critical technologies, defence production, and advanced manufacturing was also highlighted. The session further examined how innovations like UPI and CoWIN can be scaled globally through bilateral collaboration. The Minister's participation underscores India's continued commitment to strengthening its comprehensive strategic partnership with the United Kingdom. By leveraging the India-UK FTA, both nations aim to unlock new avenues in goods, services, technology, and innovation for shared prosperity.
Times of Oman
12 hours ago
- Business
- Times of Oman
India's $81.04 billion FDI inflow signals its emergence as a global manufacturing powerhouse
New Delhi: FDI flows into India increased 14 per cent to USD 81.04 billion in the recently concluded financial year 2024-25, the Commerce Ministry said in a statement Tuesday. Over the past decade, FDI inflows have seen a steady rise--from USD 36.05 billion in 2013-14 to USD 81.04 billion (provisional) in 2024-25. The central government has put in place an investor-friendly Foreign Direct Investment (FDI) policy, under which most sectors are open for 100 per cent FDI through the automatic route, the commerce ministry boasted. The FDI policy is reviewed on an ongoing basis to ensure that India remains an attractive and competitive investment destination, the commerce ministry statement added. Coming to 2024-25, the services sector emerged as the top recipient of FDI equity, attracting 19 per cent of total inflows, followed by computer software and hardware (16 per cent) and trading (8 per cent). FDI in the services sector rose by 40.77 per cent to USD 9.35 billion from USD 6.64 billion in the previous year. India is also becoming a hub for manufacturing FDI, which grew by 18 per cent in 2024-25, reaching USD 19.04 billion compared to USD 16.12 billion in 2023-24. Maharashtra accounted for the highest share (39 per cent) of total FDI equity inflows in 2024-25, followed by Karnataka (13 per cent) and Delhi (12 per cent). Among source countries, Singapore led with 30 per cent share, followed by Mauritius (17 per cent) and the United States (11 per cent). Over the last eleven financial years (2014-25), India attracted FDI worth USD 748.78 billion, reflecting a 143 per cent increase over the previous eleven years (2003-14), which saw USD 308.38 billion in inflows. This constitutes nearly 70 per cent of the total USD 1,072.36 billion in FDI received over the past 25 years. Additionally, the number of source countries for FDI increased from 89 in 2013-14 to 112 in 2024-25, said the commerce ministry. "In the regulatory domain, the Government has undertaken transformative reforms across multiple sectors to liberalize FDI norms. Between 2014 and 2019, significant reforms included increased FDI caps in Defence, Insurance, and Pension sectors, and liberalised policies for Construction, Civil Aviation, and Single Brand Retail Trading," the statement noted. From 2019 to 2024, notable measures included allowing 100 per cent FDI under the automatic route in coal mining, contract manufacturing, and insurance intermediaries. In 2025, the Union Budget proposed increasing the FDI limit from 74 per cent to 100 per cent for companies investing their entire premium within India.
The Star
a day ago
- Business
- The Star
Thai-Cambodian border closure has limited impact on Thailand: Agriculture Ministry
BANGKOK: The closure of the Thai-Cambodian border has impacted Cambodia's annual cassava exports worth 9 billion baht, while Thailand's vegetable exports remain insignificant. Agriculture and Cooperatives Minister Narumon Pinyosinwat said on Thursday (June 19) that the border closure had little impact on Thailand, citing the Office of Agricultural Economics. This projection was based on Thailand's limited exports to Cambodia, most of which are non-agricultural goods, she explained. Narumon noted that the primary impact would be on Cambodia, as Thailand imports approximately 9 billion baht worth of cassava from Cambodia to supply raw materials for its industries. However, if the situation in Cambodia worsens, Thailand will source cassava from other regions, such as Laos, or substitute with other agricultural products. Discussions with the Commerce Ministry are ongoing. 'I want to reassure the public and farmers that the issue will not significantly affect the agricultural sector. Only some farmers in specific areas may be directly impacted, and I have instructed the relevant agencies to monitor the situation and provide assistance,' she said. Narumon added that seasonal vegetables and fruits that may be affected by the border closure have been coordinated with modern trade groups to purchase and redistribute them. The Agriculture Ministry has already begun this process, with the Cooperative Promotion Department buying some products itself. Next week, discussions will be held with the Board of Trade of Thailand and the Federation of Thai Industries to find further ways to assist farmers. The key priority at this moment is national unity, she emphasised. 'Exports through Cambodia mainly involve vegetables worth around 100,000 baht, which is not significant. Going forward, we may need to adjust transport routes and consider shipping by sea, which could increase costs, but we must adapt,' she said. 'As for eastern fruits, the season is nearing its end, so the impact is minimal. Even if the border remains closed for 6 to 12 months, I can assure you there will be no major impact on agriculture,' she added. Narumon concluded that the Agriculture Ministry is not blocking imports and is not responding to political negotiations, which fall under the responsibility of the Defence Ministry. However, as agricultural goods are involved in the trade, the Agriculture Ministry has asked the Office of Agricultural Economics to analyse the situation and find ways to mitigate any impact on Thai farmers. With the analysis showing minimal impact, she hopes all parties can feel reassured. Nonetheless, further discussions with the Commerce Ministry will continue to form a coordinated overall strategy. - The Nation/ANN
Yahoo
a day ago
- Business
- Yahoo
China has granted rare earth export licences to some firms, commerce ministry says
BEIJING (Reuters) -China's commerce ministry said on Thursday that "a certain number" of rare earth export licence applications had been approved, but declined to give further details such as the exact amount and how many had been extended to U.S. firms. "China will continue to strengthen the approval process for compliant applications, and is willing to further enhance communication and dialogue with relevant countries on export controls," He Yadong, a ministry spokesperson told a regular news conference.
