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India signed the Trade and Economic Partnership Agreement with European Free Trade Association
India-European Union Free Trade Agreement negotiations re-launched
IPEF agreements for Pillar III (Clean economy), Pillar IV (Fair economy) and overarching agreement signed
Bharat Mart, a global trade hub for Indian exporters launched in Dubai.
Lab-Grown Diamond Project started by IIT-Madras for indigenous production under the 'Make in India' initiative.
Trade Connect e-platform, a single window initiative to help exporters, MSME’s access new markets launched
DGFT launched online JanSunwai facility for empowering trade by providing transparency
DGTR initiates investigations in more than 50 cases under anti-dumping, countervailing and safeguard rules
IIFT tops worldwide in LinkedIn Global MBA Rankings 2024 and opens its first overseas campus in Dubai
GeM registers 1.69 lakh women-led MSMEs, empowering women in government procurement process
India records robust export growth in 2024;agriculture,engineering,electronics,drugs and pharmaceuticals show healthy growth
Following are the important achievements and milestones of the Department of Commerce in the year 2024:
Free Trade Agreement (FTA) negotiations
India and the European Free Trade Association (EFTA) signed the Trade and Economic Partnership Agreement (TEPA) on 10th March 2024. EFTA countries comprise of Switzerland, Iceland, Norway & Liechtenstein. The TEPA is under the ratification process in the national parliament or legislature of each EFTA country. TEPA marks India's first FTA with an important economic bloc in Europe. Under TEPA, EFTA has committed to promote foreign direct investments by USD 100 billion in India in the next 15 years, and to facilitate the generation of 1 million direct employment in India, through such investments. TEPA is expected to give impetus to "Make in India" and Atmanirbhar Bharat by encouraging domestic manufacturing.
India-European Union (EU) Free Trade Agreement (FTA) negotiations were formally re-launched on 17th June 2022 as follow up of India-EU Leaders announcement in Porto on 8th May 2021. Negotiations cover 23 policy areas/chapters. Nine Rounds of negotiations have been held till September, 2024.
India-UK FTA negotiations were launched on 13th January 2022. Thirteen Rounds of negotiations have been held till December 2023. The 14th Round of Negotiations, which began on 10th January 2024, was underway when negotiations were paused by UK side in May 2024 due to their elections. Consequent to the meeting of Prime Minister Shri Narendra Modi and the Prime Minister of the United Kingdom H.E. Sir Keir Starmer on the sidelines of the G-20 Summit in Rio de Janeiro, Brazil, the UK announced the relaunch of the India-UK Free Trade talks early next year. The UK and India will continue to negotiate towards a comprehensive and ambitious Free Trade Agreement.
The India-Australia Comprehensive Economic Cooperation Agreement (CECA) builds on the foundation laid by the India-Australia Economic Cooperation and Trade Agreement (ECTA), which came into force on 29th December, 2022. The CECA envisage a deeper and comprehensive agreement and it initiates negotiations on the 5 ECTA agreed themes, namely Trade in Goods, Trade in Services, Rules of Origin (ROO)-Product Specific Rules Schedule, Digital Trade and Government Procurement. In addition to the 5 ECTA agreed tracks, exploratory discussions are being held on 14 new areas in which either party has shown interest for inclusion in CECA such as Competition & Consumer Protection, MSME, Trade and Gender Equality, Labour, Environment, Space Co-operation, Innovation, Agriculture & Animal Husbandry Technology, Legal & Institutional, State Own Enterprises, Sports Co-operation, Traditional Knowledge, Intellectual Property and Critical Minerals. Total 10 formal rounds along with inter-sessional discussions have been held so far.
India - Sri Lanka Economic and Technology Cooperation Agreement (ETCA) negotiations are ongoing with the 14th round of negotiations concluded in July 2024. Except the track on goods dealing with specific lines pertaining to garments, negotiations on almost all chapters including services and Rules of Origin have been concluded.
India is negotiating a Trade Agreement with Peru covering trade in goods & services. The 6th and the 7th rounds of negotiations were held this year during 12th - 14th February, 2024 and 8th - 11th April, 2024 respectively. Both sides aimed at understanding priorities and concerns of each other, ensuring that the negotiations were rooted in mutual respect and benefit.
India-Dominican Republic Joint Economic and Trade Committee (JETCO): India and Dominican Republic signed a Protocol for establishment of Joint Economic and Trade Committee on 12th March, 2024. The establishment of JETCO will strengthen bilateral economic ties and shall provide a platform for discussions to facilitate trade and industry, mitigating challenges, exchange of information, knowledge and ideas.
India-ASEAN: The 21st ASEAN-India Economic Ministers’ meeting was held on 20th September 2024 in Vientiane, Lao PDR. The Economic Ministers or their representatives from all the 10 ASEAN countries viz. Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam participated in the meeting. Discussions were held on the issue of substantial conclusion of the ASEAN India Trade in Goods Agreement (AITIGA) Review negotiations by 2025.
During the year 2024, four rounds of AITIGA negotiations were held. 3rd & 6th AITIGA Joint Committee (JC) and related meetings have been held in India in February 2024 and November 2024 respectively. The 4th & 5th AITIGA JC was held in Putrajaya, Malaysia in May 2024 and in Jakarta, Indonesia during July-August 2024 respectively. AITIGA JC was co-chaired by Shri Rajesh Agrawal, Additional Secretary, Department of Commerce, India and Ms. Mastura Ahmad Mustafa, Deputy Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia. JC is working towards making AITIGA more effective, user-friendly, simple, and trade facilitative for businesses. The review will target addressing injury to industries from the existing AITIGA and the inequitable tariff liberalization by all the partner countries. The review is targeted to conclude in 2025. During all these rounds of discussions, the Sub-Committees working under JC have made good progress in textual discussions.
Enhancing Services Trade through Free Trade Agreements
India has bilateral trade agreements, including Trade in Services, with Singapore, South Korea, Japan, Malaysia, Mauritius, UAE, Australia and an FTA in services and investment with the Association of South East Asian Nations (ASEAN). The India- EFTA Trade and Economic Partnership Agreement (TEPA) was signed in March 2024.
Currently, India is engaged in FTA negotiations including in Trade in Services with the UK, the EU, Oman, Peru, and Sri Lanka. India is also engaged in negotiations on a Comprehensive Economic Cooperation Agreement (CECA) with Australia building upon the market access commitments in Trade in Services under India- Australia Economic Cooperation Trade Agreement (ECTA).
India is leveraging its FTA engagements to achieve these goals by ensuring certainty in market access, non-discriminatory treatment and a transparent and objective regulatory environment, for our Services exports.
Multilateral Engagements
World Trade Organisation (WTO) -
The 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) was held in Abu Dhabi, UAE, from February 26 to March 2, 2024. India actively participated in the Conference, with the Commerce Secretary and the Hon’ble Commerce and Industry Minister (HCIM) leading the delegation at different stages. India successfully defended its national interests in key areas of negotiations like agriculture, sustainable development, fisheries, investment, ecommerce, SPS/TBT etc. while highlighting the concerns of developing nations and the Global South.
During the Conference, Comoros and Timor-Leste were formally inducted into the WTO, raising the membership count to 166. India warmly welcomed these new Members, emphasizing the strengthened representation of the Global South.
Although there was no outcome on agriculture at MC 13, India managed to oppose attempts from a few WTO Members to divert focus from mandated issues, such as Permanent Solution on Public Stockholding for food security purposes.
Active participation and coalition building led to MC13 decision on maintenance of moratorium on imposition of customs duties on e-transmissions until MC14/ 31st March 2026, whichever is earlier, without further extension.
Through Ministerial decision [WT/MIN (24)/37, 4 March 2024] The Ministers decided to conduct discussions with a view of having a fully and well-functioning dispute settlement system accessible to all Members by 2024.
India actively participates in the WTO’s Sanitary and Phytosanitary (SPS) meetings held quarterly, on issues related to implementing the SPS Agreement and Specific Trade Concerns (STCs), to safeguard and advance India's interests. India has raised 20 and responded to 6 STCs in the SPS Committee meetings. The sixth review of the SPS Agreement began in November 2023 and is scheduled to conclude with the adoption of a report by March 2025. India had submitted three proposals for consideration during this review:
In light of the support these proposals have garnered, the SPS Committee has decided to organize thematic sessions in March 2025, focused on two of the key issues raised in India’s proposals: Maximum Residue Limits (MRLs) and Regionalization. In the WTO TBT committee meeting, India had raised 15 Specific Trade Concerns (STCs) while there were 17 STCs raised against India.
India's paper on Technology transfer and transfer of know-how in the context of environmentally sound technologies elicited interventions in the committee of trade and environment (CTE) from member countries. The roadmap suggested in our paper could form the basis for a possible Ministerial Declaration in MC14 on environmental sound technologies/climate resilient technologies.
India is actively engaging in the ongoing fisheries subsidies negotiations to protect the interests of its fisheries communities. India has requested for longer transition periods, permanent carve out for small scale and artisanal fishers without geographical limitations, and a carve out of EEZs to protect the sovereign rights of developing countries. India has also raised concerns on the proposed dilution of disciplines for distant water fishing nations (DWFN) and has proposed that non-specific fuel subsidies and further transfer of rights under government to government access arrangements should be disciplined, being horizontal issues, as part of the scope of the proposed agreement. India has made four submissions to enunciate and highlight these issues.
The Indo-Pacific Economic Framework for Prosperity (IPEF)
The IPEF is structured around four pillars: Trade, Supply Chain Resilience, Clean Economy, and Fair Economy, with an Overarching Agreement for political oversight. In November 2023, India signed agreement for Pillar II (Supply Chain Resilience) which came into force in February, 2024. The Agreements for Pillar III (Clean Economy), Pillar IV (Fair Economy), and the IPEF Overarching Agreement were signed on September 21, 2024, during the Hon'ble PM’s visit to the USA. These Agreements are in force since October, 2024.
India was elected as vice-chair of the Supply Chain Council (SCC) constituted under Pillar-II. In its first meeting held at Washington in September, 2024, the SCC constituted Action Plan Teams on Chemicals, Semiconductors, Minerals with focus on batteries and Pharmaceuticals/Healthcare. Two sub- committees on logistics and movement of goods and data and analytics were also constituted. India is leading the Action Plan Team on Pharma/Healthcare.
An Indian delegation comprising about 20 energy start-ups participated in the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum held in Singapore on 5-6 June 2024. The Forum brought together the region’s top investors, clean economy companies, and start-ups to mobilise investments into sustainable infrastructure, climate technology, and renewable energy projects.
India is leading Cooperative Work Programs under Clean Economy Agreement (Pillar-II), on Urban e-waste mining.
Terms of Reference of all three bodies constituted under Pillar-II, namely Supply Chain Council (SCC), Crisis Response Network (CRN), Labour Right Advisory Board (LRAB) finalized.
Bilateral Cooperation
India –USA: The 6th India-USA Commercial Dialogue and CEO Forum Meeting was held on 2nd and 3rd October 2024. The two leaders signed a new MOU to Expand and Diversify Critical Minerals Supply Chains, with the aim of leveraging the two countries’ complementary strengths to ensure greater resilience in the critical minerals sector. The signing of this MoU will be a step forward for engagement with the USA as the scaling up of this will lead to more binding commitments fructifying to benefits under IRA. India re-iterated its keenness to get into the CMPA with USA, leading to a pathway under the IR Act.
India-UAE successfully held the second Meeting of the Joint Committee GC) under the India-UAE Comprehensive Economic Partnership Agreement (CEPA) on 10 October 2024 in Dubai, UAE. Both sides noted substantial growth in bilateral trade during the first two years of implementation of CEPA and expressed optimism in attaining the target of $100 million non-oil trade well before the year 2030.Both sides agreed to establish a technical group of experts for the seamless exchange of trade-related data. The UAE would consider a proposal to designate the Indian Jewellery Exposition Center in Dubai as a Designated Zone, which would enhance the export of Indian jewelry. They also agreed to expedite the recognition of the i-CAS Halal scheme, simplifying certification and facilitating the export of animal products to the UAE. Addressing the fast-tracking of registrations and pricing mechanisms for Indian pharmaceutical products, the UAE assured forthcoming domestic regulatory changes to resolve these issues. Furthermore, both sides committed to holding the First Sub-Committee Meeting on Services to develop Mutual Recognition Agreements in services like accountancy and nursing.
India-Qatar: An Indian delegation comprising of officers from Department of Commerce and other Ministries and organizations held a Joint Working Group (JWG) meeting with Qatari side in Doha on 10th July, 2024. Both sides also reviewed the progress of ongoing discussions for Memorandum of Understanding (MoU) on Food Safety and Cooperation in exchange of pre-arrival information for facilitation of trade and customs control on goods and agreed to conclude them expeditiously. Both sides agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries. Both sides discussed the possible mechanism to activate the Joint Business Council to carry out its assigned role in following up and implementing the private sector's visions and proposals for trade and investment cooperation. Both sides undertook a detailed review of recent developments in bilateral trade and economic cooperation and noted that the relationship has a huge potential to be scaled up even further. To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial cooperation sectors. These include Gems and Jewellery, cooperation between customs authorities, trade in local currency, pharmaceuticals, food processing and food security, cooperation in MSME, etc.
India-Egypt: The sixth Session of India-Egypt Joint Trade Committee (JTC) was held in New Delhi from 16th to 17th September 2024 Indian side informed that necessary approvals for signing the MoU on cooperation between National Small Industries Corporation (NSIC) of India and MSME Development Agency (MSMEDA) of Egypt have been obtained. Both sides expressed their desire for an early signing and operationalization. Both sides identified several areas of focus for enhancing bilateral cooperation in trade and investment including that in the Suez Canal Economic Zone (SCEZ), pharmaceuticals and health sector, gems & jewelry, engineering goods, petroleum and mining, MSME Sector, customs matters, services sector, IT services, electronics manufacturing, apparel manufacturing, renewable energy - green hydrogen, food security, international trade settlement and digital payments, transport and trade disputes etc. Both sides also discussed market access issues on agricultural products and agreed to resolve the issues as early as possible.
India-Nigeria Joint Trade Committee (JTC) meeting: A Joint Trade Committee meeting with Nigeria was held during 29th and 30th April, 2024. The comprehensive dialogue undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. Both sides agreed to the early conclusion of the Local Currency Settlement System Agreement.
India-Ghana Joint Trade Committee (JTC) meeting: Joint Trade Committee meeting with Ghana was held during 02-03 May 2024. Both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments. The possibilities of a MoU on Digital transformation Solutions; Local Currency Settlement System and also the opportunities offered by African Continental Free Trade Agreement were also delved upon.
India-Zimbabwe Joint -Trade Committee (JTC) meeting: Joint Trade Committee meeting with Zimbabwe was held during 13-14 May 2024 and several areas of focus were identified for enhancing bilateral cooperation. Both sides agreed to explore MoUs for regulatory cooperation in Digital Transformation Solutions, Tele-medicines, Rough diamonds, fast payments system and traditional medicines, among others.
The 19th CII India Africa Business Conclave: The 19th CII India Africa Business Conclave held from 20 - 22 August, 2024, in New Delhi was addressed by Hon'ble Union Minister of Commerce & Industry and saw an impressive turnout of over 870 delegates from India and more than 1200 international participants from 47 African countries and 18 other nations. The high-level representation included 5 Heads of States and 40 Ministers from 20 African countries. It was a testament to the strong commitment to strengthening India-Africa relations. The discussions on key sectors, as well as the 380 project opportunities and over 780 B2B meetings, paved the way for promising collaborations and future growth. The exposition, featuring 47 exhibitors and presentations by 7 African missions, showcased the immense potential for joint ventures and investment. On the sidelines of the conclave, Bilateral meeting of Hon'ble MoS with counterparts from Malawi, Chad and Somalia and Bilateral meetings of Commerce Secretary with counterparts from Zimbabwe, Somalia, Niger and Ghana were held.
India-Cambodia: The 2nd meeting of JWGTI was hosted by India in Vanijya Bhawan, New Delhi on 19th June 2024. The meeting was co-chaired by Shri Siddharth Mahajan, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, India and Mr Long Kemvichet, Director General for International Trade, Ministry of Commerce, Cambodia. The representatives of stakeholder Ministries also participated in the meeting. The meeting discussed various measures to improve the value and the quantum of trade and to promote investment. Both the sides were unanimous on the need for having more interaction for concrete mutual benefits.
India-Myanmar: The 8th meeting of India-Myanmar Joint Trade Committee (JTC) was hosted by India in Vanijya Bhawan, New Delhi on 27th September 2024. The meeting was co-chaired by Shri Siddharth Mahajan, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, India and Mr Myint Thura, Director General, Department of Trade Myanmar. The meeting discussed the potential areas of cooperation to drive mutual growth. Both the parties conversed about the focus sectors like Shipping, Textile, Health, Indian Pharmacopoeia, Power, Transport & Connectivity, ICT, 5G Telecom Stack and MSME Sector as key avenues for collaboration. The discussion also touched on how this cooperation could lead to long-term benefits, helping both the countries to achieve their goals more effectively while fostering a spirit of mutual support and collaboration.
India-South Korea: India Korea CEPA came into force on 1 Jan 2010. The Prime Ministers of India and Korea, at the Summit meeting held on 18 May 2015 in Korea, agreed on commencement of negotiations to amend the IKCEPA with a view to achieve qualitative and quantitative increase of trade through an agreed road map. In pursuance of above, the negotiations for upgradation of India-Korea CEPA started in 2016 and so far, 11 rounds of negotiations have been held with the last round held in Seoul in July 2024.
New Initiatives
InCENT Lab Grown Diamond (LGD) Project
To encourage indigenous production of Lab Grown Diamond (LGD) seeds and machine and to reduce import dependency. Work on research and development project accorded by DoC has been started by IIT-Madras. This initiative is a key ‘Make in India’ project aimed at driving indigenization of the LGD manufacturing.
Bharat Mart in Dubai
Bharat Mart is a transformative physical trade hub both in B2B and B2C format which is being set up in Jebel Ali Free Zone Area, Dubai, catering to Indian exporters for establishing a wholesale & retail marketplace. This project seeks to bridge the gap between India's burgeoning manufacturing sector and untapped international markets and aligns with Government of India initiatives such as Make in India, promotion of MSMEs, among others. It will provide 1400 units comprising of showrooms, warehousing, and office space with multimodal connectivity through Jebel Ali Port, Al Maktoum International Airport and Etihad Rail. Notably, Machinery, Electrical and Electronics, Auto and Auto Component, Medical Equipment, Furniture, Apparel, Process Food, Pharma, Cosmetics and Perfumes, Plastics, rubber products and handicrafts have been identified as focus sectors. The foundation stone was laid by Hon'ble PM in February, 2024 and the project is scheduled for commercial operations in Q1 2026.
Pradhan Mantri Cha Shramik Protsahan Yojana (PMCSPY)
Families of more than 10 lakh workers across 1210 tea gardens of Assam & West Bengal will gain access to better education, health, and improved working conditions through the PMCSPY initiative.
Strengthening Organic Regulatory Eco-system- Revamp of the National Programme of Organic Production (NPOP)
Around 20 lakh farmers associated with 5000 grower groups certified under NPOP Standards will benefit due to better export opportunities arising out of improved certification ecosystem. The overall increase in organic exports is targeted to cross USD 1 billion during 2025-26
Enhanced Insurance Cover for MSME Exporters
ECGC has extended the scope of its Whole Turnover Export Credit Insurance for Banks (WT-ECIB) Scheme to export credit working capital limits up to ₹80 crore w.e.f. July 1, 2024. The scheme will enable banks to extend cost-effective export credit with interest rate applicable to accounts with ‘AA’ and equivalent rating. ECGC aims to improve the export credit offtake for MSME exporters and reduce the export credit gap through this Scheme which is expected to benefit around 1,000 new small exporters, in addition to around 8,000 existing exporters, by facilitating the availability of adequate and affordable export finance from banks for working capital. Additionally, ECGC has introduced an enhanced percentage of up to 100% cover to exporters who take policy directly from the Company without involving any alternate channels/brokers w.e.f. 01.05.2024. This may be considered as a collateral by the bank for export credit lending, particularly to MSMEs, who mostly avail policy directly from the Company without the involvement of alternate channels or brokers, thereby reducing collateral requirement for export credit sanctioned by banks.
E-Commerce Export Hubs
In the Union Budget 2024-25, the Government proposed the establishment of E-Commerce Export Hubs (ECEHs) to empower MSMEs and traditional artisans to access international markets. These hubs will operate under a seamless regulatory and logistics framework and provide comprehensive trade and export-related services, including warehousing, packaging, labelling, certification, logistics, and returns management for cross-border e-commerce.
The hubs aim to enable exporters to warehouse goods and ensure expedited deliveries to global markets. The pilot launch of ECEHs has been initiated in consultation with the Department of Revenue, Ministry of Civil Aviation, and industry stakeholders. 5 ECEH Pilots have been approved for the NCR region, Bengaluru and Mumbai.
Launch of Aabhar Collection
On July 11, 2024, GeM launched a new online store called The AABHAR COLLECTION under the #VocalForLocal initiative. This store is designed to showcase curated One District One Product (ODOP), Geographical Indication (GI), and other exquisite products, including gift hampers from select organizations such as CCIE, TRIFED, KVIC, and State Handloom & Handicraft Emporiums. The collection features five broad categories:
Digital Transformation
The Department has been undergoing a significant digital transformation in trade facilitation, leveraging technology to streamline trade processes, reduce inefficiencies, increasing ease of doing business and enhance global competitiveness. These initiatives are aimed at improving the ease of doing business, reducing delays, and increasing transparency in the trade ecosystem.
Plantation Boards (Coffee Board, Rubber Board, Tea Board and Spices Board)
Coffee Exports during April to October FY 2024-25 were USD 1047 million, which is about 46% higher than the corresponding period last year. Tea exports, during the period from April to October 2024-25, reached USD 525.96 million, compared to USD 463.67 million in the same period last year, reflecting a growth of 13.43%. India’s Spice exports also showed significant growth during April-October2024, with a 10.40% increase in value, reaching USD 2476.50 million. In October alone, spices exports surged by 30.91%.
Under the INROAD Project, which was initiated in 2021-2022 and under which 200,000 ha ares is envisaged to be brought under Rubber plantation in the North- East region, planting has been completed in an area of 1,25,722.47 ha (as of November 2024) benefitting over 1,40,000 small growers in the NE region.
The Coffee Board, in collaboration with exporters and the Specialty Coffee Association of India, participated in Gulfood 2024 in Dubai.It also, with the support of Consulate General of India, Dubai, organized Buyer Seller Meet on 21st February 2024 at Dubai. The Tea Board participated in the Bi-Centenary Assam Tea International Conference in January 2024 (BATIC 2024) in Guwahati to mark 200 years of Assam tea. At World Food India September 2024, Tea Board showcased Indian teas at the India Tea Pavilion, where global buyers and stakeholders engaged in productive discussions.
Spices Board introduced the high-yielding, climate-resilient small cardamom variety ‘ICRI 10’, developed by the Indian Cardamom Research Institute. The Board signed an MoU with the Directorate of Horticulture and Food Processing, Govt. of Uttarakhand on 9thOctober, 2024 to promote sustainable agriculture and expand spice cultivation, further strengthening India’s spice industry and farmer livelihoods.
Financial assistance for the Plantation Sector (Tea Board, Coffee Board, Rubber Board, and Spices Board) has been significantly enhanced for the two financial years of 2024-25 and 2025-26, under recently approved schemes.
Directorate General of Foreign Trade (DGFT)
The DGFT has announced significant enhancements to the Export Promotion Capital Goods (EPCG) Scheme aimed at simplifying processes, reducing transaction costs and promoting automation to benefit exporters by amending Handbook of Procedures, 2023 vide Public Notice No. 15 dated 25.07.2024 and Public Notice No. 24 dated 20.09.2024. The extension of time period to submit installation certificate for the imported Capital Goods and simplification of calculations for composition fee for extending the Export obligation period will help in automation and faster service delivery by creating a more business-friendly environment and improving India’s manufacturing competitiveness.
DGFT introduced a one-time Amnesty Scheme on 01.04.2023 for exporters to close the old pending authorizations under the Advance Authorisation/EPCG Schemes and start afresh. The last date of payment under the Amnesty Scheme was 31.03.2024. An amount of approx. Rs. 954 crores as duty/interest has been recovered under the Scheme.
Export Inspection Council (EIC)
Enhancing Market Access for Premium Indian Fish Species to China: As a result of the initiatives and ongoing efforts by the Export Inspection Council and Ministry of Commerce and Industry, China’s General Administration of Customs (GACC) has granted market access for the export of key fish species which are of high value, from India including Pampus chinensis (Chinese pomfret), Pampus argenteus (silver pomfret), and Scylla serrata (mud crab).
Upgradation of laboratory Ecosystem: Upgraded Microbiology laboratory at EIA-Kochi for food testing to ensure the overall quality of exported products in compliance with international standards.
List of establishments by Russian Federation: After persuasion at bilateral level, the Federal Service for Veterinary and Phytosanitary Surveillance (FSVPS) has allowed the export of dairy products from the already listed two establishments and already listed five export establishments from India. Further, FSVPS has included the name of one more establishment from India for export of egg products.
Directorate General of Trade Remedies (DGTR)
In order to provide a level playing field against unfair trade practices and in certain cases of surge in imports trade, Directorate General of Trade Remedies (DGTR) initiated investigations in more than 50 cases under Anti-dumping, Countervailing and Safeguard Rules. Considering the recommendations of DGTR, measures have been imposed in more than 25 cases already.
The product categories covered in the investigations pertain to various sectors such as Metals (Steel and Articles made of Steel), Solar manufacturing (Articles pertaining to Solar Industry), Electronics (PCBs) and various Chemicals.
DGTR also initiated investigations on suo-moto basis on products such Telescopic Channel Drawer Slider, Vacuum flasks & Unframed Glass Mirror manufactured by MSMEs. Pursuant to the recommendations in these investigations, duty has been imposed by the Government.
Special Economic Zones (SEZ)
Rollout of ICEGATE for Non-IT/ITES SEZs: Non-IT/ITES SEZ units can now apply for RoDTEP scheme benefits via the ICEGATE portal, which includes a 24/7 helpdesk, simplifying business operations for SEZ units.
NSEZ Capgemini Skill Development Centre: The Noida SEZ Capgemini Skill Development Centre was inaugurated on 25.06.2024 in a built-up space measuring 700 square metres in the Facilitation Centre. The available facilities include classrooms, a computer lab, a counselling area, and a STEM lab with coding, tinkering, and robotics equipment or providing training on AI, Data Science, STEM education, coding, robotics, basic office packages like MS Office and soft skills. The Centre aims to upskill workers and empower youth through hands-on training and industry-relevant skills – targeting the utility providers and units in NSEZ, government school children and youth/graduates located near NSEZ. The target is to train 1000 youths annually. The Centre promotes inclusive and gender sensitive digital literacy by focusing on economically disadvantaged children, marginalized communities, girl graduates and those with special needs.
Indian Institute of Foreign Trade (IIFT)
Significant Jump in IIFT’s Perception and Ranking
During the recent months, there has been a remarkable jump in IIFT’s perception among its stakeholders, such as industry, government, academia and student community as evident by its remarkable rise in ranking. IIFT tops worldwide in LinkedIn Global MBA Ranking 2024 in Networking whereas holds 51 ranks among world’s top 100 MBA programmes in September, 2024. Moreover, IIFT’s NIRF (National Institutional Ranking Framework) ranking jumped 12 spots from 27th in 2023 to 15th spots in 2024. IIFT was ranked as the 7th among all the B-Schools in India by Business India in Oct. 2024.
IIFTs First Ever Overseas Campus in Dubai
IIFT after 61 years of its establishment, is expanding internationally and opening its first ever overseas Campus in Dubai. As Dubai is the global trade hub, Dubai campus would provide opportunities for world class programs for participants from around the world. Consequent to India’s signing of a Comprehensive Economic Partnership Agreement (CEPA) with UAE in 2022, IIFT’s Dubai Campus would serve as a crucial knowledge hub to promote trade and investment between India and UAE. An MoU was signed between IIFT and Expo-City FZCO Dubai on Oct. 03, 2024. IIFT’s Dubai Campus would be a milestone in transforming IIFT into a world class B-School in a real sense.
Centre for International Trade Negotiations:
IIFT is in the process of setting up a state-of-art Centre for International Negotiations for research and to provide quality training to government officials and corporates in International Negotiations. IIFT has conducted some training programmes on International Negotiations along with Centre for WTO Studies for government officials and corporates in recent months and has also planned a series of activities in months to come. The Centre would provide world class training opportunities in International Negotiations at IIFT.
Foreign Trade Case Study Centre
There is a dearth of Indian Case Studies in the area of International Trade, both on policy initiatives and firm level international expansions despite world class innovative practices adopted domestically. In order to develop world class quality Case Studies on the lines of Harvard and Ivy Business School, IIFT is setting up Foreign Trade Case Study Centre. A series of events have already been scheduled to operationalize IIFT’s Case Study Centre. The Centre would be a milestone in bringing out Indian Case Studies on Internationalization and International Trade to worldwide academicians and industry.
Government e Marketplace (GeM)
Launched in 2016 and managed by the Department of Commerce, GeM has transformed public procurement in India by promoting digital governance and ease of doing business. It offers a paperless, cashless, and contactless platform for government entities to directly purchase goods and services from sellers across India.
GeM has achieved 100% coverage of states and Union Territories with the signing of an MoU with the Government of Sikkim. It has rolled out interactive training courses in six additional languages: Assamese, Punjabi, Malayalam, Bengali, Kannada, and Telugu. Since its inception, GeM has facilitated over 2.5 crore orders with a GMV exceeding ₹11 lakh crore, including services GMV of ₹4.84 lakh crore. The platform has simplified procurement processes and significantly reduced transaction charges, directly benefiting MSMEs, with 97% of orders placed being free of transaction charges. In FY 2024-25, GeM recorded its highest single-day order volume of ~49,000 orders. Additionally, GeM has actively promoted women-led MSMEs in government procurement, registering 1.69 lakh women entrepreneurs who have successfully fulfilled 23 lakh orders.
Indian Trade Promotion Organisation (ITPO)
Indian Trade Promotion Organisation (ITPO) organized trade fairs in India, namely, Atmanirbhar Bharat Utsav’24, Aahar-the International Food & Hospitality Fair’24, India International Footwear Fair’24, Delhi Book Fair & Stationery Fair’24, India International Trade Fair’24. In addition, ITPO also organized international fairs like Summer Fancy Food Show, New York (USA), FIME (Florida, USA), SIAL, Canada. etc.
ITPO has followed a policy of providing world class conference and exhibition facilities with a customer centric approach. With a view to promote MICE (Meetings, Incentives, Conferences & Exhibitions) industry in India, a new business development policy has been announced by the ITPO in July, 2024 by downward revising the tariffs up to 44%. It has not only increased the number of events being held in Bharat Mandapam but also added to the customer satisfaction. Through various business activities, ITPO has achieved the highest turnover of Rs.670 crore with a profit of Rs.168 crore in the financial year 2023-24.
Trade Performance
India’s total exports during April-October 2024 exhibited a positive growth of 7.3 percent. Total exports (merchandise and services) during April-October 2024 stood at USD 468.5 Billion as compared to USD 436.5 Billion during April-October 2023. Total imports (merchandise and services) during April-October 2024 stood at USD 531.6 Billion as compared to USD 496.5 Billion in April-October 2023, registering a growth of 7.1 percent.
Merchandise exports during April-October 2024 were USD 252.2 Billion as compared to USD 244.5 Billion during April-October 2023, registering a positive growth of 3.1 percent. Merchandise imports during April-October 2024 were USD 416.8 Billion as compared to USD 394.2 Billion during April-October 2023, registering a positive growth of 5.7 percent.
Service exports during April-October 2024 stood at USD 216.3 Billion, registering a positive growth of 12.7 percent vis-à-vis April-October 2023 (USD 192 Billion). Service imports during April-October 2024 stood at USD 114.8 Billion, registering a positive growth of 12.2 percent vis-à-vis April-October 2023 (USD 102.3 Billion).
The top performing Services sectors/sub-sectors in terms of share in total services exports are Computer Services (47.4 %), Other Business Services (26 %), Transport (9.62 %) and Travel (8.31%).
Agricultural and allied products: India has strengthened its leadership in traditional exports with labour intensive sectors while expanding into new areas. During April-October 2024 the agricultural and allied products exports were USD 27.84 billion as compared to USD 26.90 billion in April-October 2023.
Engineering Goods Export: The engineering goods exports have shown an impressive performance during the year. During April to October 2024, the exports of engineering goods were USD 67.48 billion as compared to USD 61.50 billion in April to October 2023, registering a growth of 9.73%.
Electronic Goods Export: The electronics goods exports during April-October 2024 were at USD 19.07 billion as compared to USD 15.42 billion in April-October 2023, registering a growth of 23.69%.
Drugs and Pharmaceuticals: India has sustained its performance in the drugs and pharmaceuticals sector. Drugs and Pharma export during April-October 2024 at USD 17.05 Billion continue to registered strong growth of 8% as compared to April-October 2023 at USD 15.79 Billion. India continues to be a major exporter of generic drugs, medical devices and other healthcare products.
RMG of all Textiles: Textiles is a key sector from employment generation perspective. The exports of RMG of all Textiles were USD 8.73 billion in April-October 2024 as compared to USD 7.83 billion in April-October 2023, registering a growth of 11.59%.
TaxTMI 