Rajasthan Cabinet decides to amend law to allow bull calves' export

The Rajasthan Cabinet today decided to amend an act related to protection on bovines to allow the export of bull calves of the age of 2 years or above to other states, parliamentary affairs minister Rajendra Rathore said.

The Bill will be forwarded to the president for his consent before it is introduced in the state Assembly, he said.

The amendments to the Rajasthan Bovine Animal (prohibition of slaughter and regulation of temporary migration or export) Act are being made to allow the export of bull calves of 2 years or above age to only those states which have acted for probibiting cow slaughtering, he said.

The buyer will have to produce an affidavit that he will take care of the calves and will later use them for the purpose of agriculture or dairy farming, Rathore told reporters.He said the amendment is for allowing only male calf. "This is for Nagauri bull calves who are known for their good growth and built," he said.

The Cabinet also decided to cover all persons from the state who were detained under Maintenance of Internal Security Act (MISA) and Defence of India Rules (DIR) during the emergency outside Rajasthan under pension scheme for the detainees of MISA and DIR.

So far, only those persons who were detained under MISA and DIR and kept in any of Rajasthan jails were given monthly pension of Rs 12,000 and a monthly allowance of Rs 1,200.Besides, the minister informed, the name of the pension scheme was also changed to Rajasthan Loktantra Senani Samman Nidhi and few more relaxation for detainees were also announced.

In the Cabinet meeting chaired by Chief Minister Vasundhara Raje, it was also decided to free land of five villages from acquisition for Delhi-Mumbai Industrial corridor because the villages are close to national highway and the compensation amount was high as compared to the compensation decided for other five villages.In place of those five villages, the land will be acquired from other villages and a 60-meter road will be constructed to link that land to the highway, the minister informed.

The Cabinet also decided to allot land for the offices of GST commissioner, GST appeal commissioner and GST audit commission in Jodhpur, six bigha land for connecting an Army depot with rail line to Banar railway station in Jodhpur.It also decided to give land free of cost to the Food Craft Institute, which has been upgraded to hotel management institute, to create hostel and other facilities in Udaipur.

Harrisons brews a ‘new brand’ plan to export speciality teas

MUNNAR, DECEMBER 11: 
To leverage the growing export potential of speciality teas, Harrisons Malayalam Ltd (HML), a major tea producer in South India, is going in for a big branding exercise.

“We have firmed up plans to build an umbrella brand — Harrisons Heritage — with a logo for speciality teas such as single estate tea, white tea, hybrid and frost tea for our overseas and domestic buyers,” said N Dharmaraj, Whole Time Director and Chief Executive, SBU (A), HML.

The company has registered with Amazon.in for marketing, and the products, with the new tag, will hit the online and physical markets by the middle of next year.

Speaking to a group of visiting journalists from Kochi, Dharmaraj said the excess supply over demand will always put price pressure on mass-market teas. It is, therefore, important for South Indian producers to differentiate their products into speciality teas, the demand for which is growing at about six per cent — twice that of general-purpose teas.

South India’s tea production is in the range of 220 million kg and exports are at around 85 million kg.

Hence, it is important for South India to export about 45 per cent to create a better supply-demand equation internally, he said.

Today, the mass market is a challenge, and there is a need to come out with niche products.

The South Indian tea industry has been hit by low prices of teas and high cost of production. Increasing exports is critical to shore up the price line of South Indian teas.

This has to be carried out through a combination of quality improvement initiatives, he said.

Ayurvedic tea
“We won’t be successful without branding,” said Dharmaraj, adding that HML is also working with Kerala Ayurveda Pharmacy Ltd to develop an ayurvedic tea. The initial results are encouraging, and the product will hit the market soon.

Anil George Joseph, Vice-President – Tea, said that the company has introduced LED (leaf expansion time) based computerised harvesting programme using hand-held shears and harvesting machines developed in collaboration with IIT-Madras.

Besides, HML will be the first tea estate which goes for elephant friendly certification for its Lockhart, Panniar and Wentworth estates.

The initial prices of application is complete for the final audit in 2018. Certified elephant friendly tea is sourced from tea plantations that meet high standards for the protection of the pachyderms and their habitat.

According to Santosh Kumar, Senior -VP – Rubber, the company will go for inter-cropping and honey production in rubber estates to raise earnings from the commodity.

It has developed three value-added products in rubber such as de-protenised natural rubber, Nitrosamine-free centrifuged latex, and Latxsive for packaging industry.

Apple, India Tussle Over Import Tax on Mobile Parts: Reports

Apple has asked India to defer a planned increase in import taxes on mobile phone parts so it can expand its iPhone manufacturing in the country, but the government is unlikely to accede, people familiar with the matter said. The U.S. technology giant has been in talks with Indian officials for months, seeking "pre-requisites" - government tax breaks and incentives - for expanding its operations in one of the world's fastest-growing smartphone markets.
During those talks, Apple has conveyed it wants India to defer an existing policy that plans to levy taxes on more imported mobile components in line with Prime Minister Narendra Modi's "Make in India" drive to boost domestic manufacturing. While India's government has been keen to get Apple to manufacture in India as a showpiece investment, it has told the U.S. firm there would be no policy exemptions, so there will be no tax breaks on parts imports, the people said.
"Apple wants duty-free imports of components. India wants indigenization," said one person with direct knowledge of the talks. Apple has expressed willingness to increase local value added over time, but has stuck to its demand for immediate import tax relief to expand its iPhone manufacturing, the person added. Apple declined to comment, and there was no response from either Modi's office or the Ministry of Electronics and Information Technology, which is trying to help build an electronics manufacturing base.
NO SPECIAL TREATMENT

The disagreement could be a stumbling block, and risks delaying Apple's plans to penetrate the Indian market, where it currently just assembles its iPhone SE model.
Despite a boom in smartphone sales in India, Apple's market share is only around 2 percent. Apple has demanded the tax relief as India still lacks an ideal ecosystem for parts makers to thrive. Counterpoint Research data shows that while more than three-quarters of smartphones sold in India are made locally, about 90 percent of the $14 billion worth of mobile components are imported.

To change that scenario, India imposes a 10 percent tax on imported components such as batteries, chargers and headsets. Under a "phased manufacturing programme" (PMP), the government plans to extend the taxes to more components as a way of nudging parts makers to switch to more local production. "It's been a chicken-and-egg problem for component suppliers whether to set up manufacturing operations in India," said Neil Shah, a director at Counterpoint. "Apple and its partners will eventually have to comply, otherwise Apple will always price its products at a premium."
A previously unreported note prepared by India's IT ministry assessing Apple's demands showed the company sought an exemption from PMP, which the ministry said "may not be feasible". Some of Apple's other demands - including capital equipment incentives as well as allowing importing and then exporting phones after repairs - would require policy changes, according to the note.

While the government has publicly said it is still considering Apple's demands, the people familiar with the talks said it has made clear it won't make any special concessions. "We have told them, please come and invest but we cannot do things that go beyond our policies. We cannot do things only for you," said one senior government official with direct knowledge of the matter. "They are coming around (to our view)."

Apple has said it would be able to create 5,000-10,000 jobs in India as and when it expands there, the official said.

'No need to import coal'

NAGPUR: The Union ministry of power made a startling claim that coal import was not necessary owing to improved generation and availability, thus exposing the Mahagenco which was importing costly coal.
An affidavit in this regard was filed in the Nagpur bench of Bombay High Court last week by deputy director in Central Electricity Authority (CEA), Neerja Verma. A division bench comprising justices Bhushan Dharmadhikari and Swapna Joshi asked the Mahagenco to reply on the ministry's claims.
The court was hearing a PIL by activist Anil Wadpalliwar through counsel Shreerang Bhandarkar contending that due to the ongoing tussle between WCL and Mahagenco, all consumers are unnecessarily forced to shell out more for power supply. He also claimed that steep hike in the generation cost is due to short supply of domestic coal and import of costly coal by the power utilities.During the last hearing, the court asked Directorate of Revenue Intelligence (DRI) to inform on progress and action taken in alleged multi-crore scam in supply of coal.
Earlier, the ministry stated that domestic coal availability in the power plants has been improved in country during last two to three years. As a result, the import of coal by power plants required for blending with t domestic coal has declined during last two years."Due to initiative of ministry and Coal India Limited (CIL) for substitution of imported coal with the domestic ones since last year, no programme of import is being given by CEA. The CIL had also organized one-to-one interaction with power generators to devise customized strategy as per suitability of each power station. It had already started supplying domestic coal against the earlier requirement of imported coal for many power plants," Verma said.
She added Mahagenco may apply for coal linkage under 'New Coal Allocation Policy -2017' which is a scheme for harnessing and allocation of coal in India issued by the ministry of coal under the policy which is for the central/state government generation companies (GENCOS). As per Clause B (i) of SHATI policy, CIL/SCCL may grant linkage to central/ state government utilities based on the recommendation of ministry of power.

Shastri expects India to export home dominance overseas

India will approach 2018 as the year to shed their "poor travellers" tag, head coach Ravi Shastri said ahead of the team's tour of South Africa.

India top the test rankings having sealed their record-equalling ninth consecutive series on Wednesday, six of which came at home and only one -- against West Indies in the Caribbean -- outside Asia.

Sterner tests await Virat Kohli's men next year when they also travel to England and Australia, where conditions will not be as conducive to their spinners as it is at home, and the moving ball will probe their batting technique.

"This team is looking good and they have their priorities in place. They're hungry to prove themselves home and away," Shastri told the Times of India newspaper.

"It's often been argued that India are poor travellers. We want to be the team that helped change this perception and this is the year to do it."
"Frankly, we're not too hooked on to this 'home and away' thing, where a lot of chatter goes on about conditions that aren't too familiar," the former test player added.

"For instance, once you've played a test match in Kolkata, how long does it take before you play another test there? Two years? Sometimes three? It's the same as an overseas tour.

"So that mindset is quite passé. In this day and age, wherever you go, it's home. You just got to walk in there and perform."

Starting on Jan. 5, India play three tests in South Africa -- as well as six one-day and three Twenty20 internationals -- and, for a change, they will be relying more on pace than spin to succeed against the world second-ranked side.

India have named five frontline pacemen in their 17-man squad, handing a maiden call-up to Jasprit Bumrah, whose unorthodox action and ability to bowl yorkers have made him a limited-overs asset.
"...he has just worked his way to the top so well. He's young, hard working, and has a unique action with which he can whip up quite some pace," Shastri said of the 24-year-old.

"Bumrah adds a lot of value to this attack. We have to earn those 20 wickets if we have to make any impact in a test match and we need all the arsenal possible because it's going to be quite a testing tour."

Institutional mechanism needed for jewellery exports: Suresh Prabhu

New Delhi, Dec 1 : India needs a robust institutional mechanism to help boost jewellery exports, Commerce Minister Suresh Prabhu said on Friday.Addressing the Gold Summit, organised by the Gem and Jewellery Export Promotion Council, Prabhu also suggested that efforts be made to bring in the best global designers in the jewellery sector to compete in the international market."With the organised support that the industry as well as the government can provide, we can create an institutionalised mechanism that is necessary to increase exports of the gold jewellery," he said.

The Minister's remarks come against the backdrop of official data last month showing that exports of Indian gems and jewellery declined nearly 25 per cent to USD3.3 billion in October, from 4.4 billion in the same month last year.

The Commerce Minister also spoke favourably about stakeholders' earlier suggestions for setting up a Gold Board on the lines of those existing for some other commodities.

Addressing the gathering, Commerce Secretary Rita Teaotia said the government is considering a relook at the import duty on gold in order to curtail the arbitrage opportunities resulting from free trade agreements but without hurting the genuine requirement of business.
Her comment came in the wake of a surge in gold imports earlier this year from South Korea, which signed an FTA with India in 2010. In August this year, the Indian government responded by restricting imports of gold and silver items from South Korea.

Gold imports from South Korea more than quintupled to USD339 million between July-August this year over the same period last year.

Interacting with reporters on the sidelines, Prabhu said he had told industry stakeholders to target USD25-30 billion worth of gold jewellery exports in the next few years.

"India has a large stock of gold... a lot of it in homes. Our artisans, who do such marvellous work, with the requisite marketing, their designs have great potential to boost exports," he said.

India to import Onion to arrest spiraling prices

National Capital owned Metals and Minerals Trading Corporation of India (MMTC) has floated a global tender for import of 2,000 tonnes of Onions, aimed at boosting the local availability and curbing prices, which at present are ruling as high as Rs 80 per kg in some states.

Onion prices have skyrocketed in most parts of the country owing to supply constraints following a likely drop in the 2017-18 kharif output.

The government has taken several steps to boost Onion availability, including restrictions on exports and stock holding limits on local traders to check hoarding.

Cooperative Nafed has started procuring Onions directly from farmers for distribution in consuming areas. It has been asked to buy about 10,000 tonnes of onions.

Another agency SFAC has been directed to buy 2,000 tonnes of onions, which will start soon.

India restricts Onion export by imposing MEP at $850 a ton

Minimum export price (MEP) is the minimum rate below which exports are not allowed was eliminated from Onion in December 2015 and has reintroduced by the government at USD 850 per tonne to increase domestic supplies and check rising prices.

Supplies got exhausted as large quantity of exports were undertaken in the first four months of the current fiscal. The country exported 1.2 million tonnes in April-July of this fiscal, up by 56 per cent from the year-ago period.

Export of Onion shall be permitted only on Letter of Credit (LC) subject to a MEP of USD 850 per tonne till December 31, 2017." the Directorate General of Foreign Trade (DGFT) said.

The government has asked state-run MMTC to import 2,000 tonnes of Onion, while other agencies Nafed and SFAC to buy Onions locally and supply in consuming areas.

Government to import 2,000 tonnes onion to check prices: Food Minister

NEW DELHI: State-run MMTC (Metals and Minerals Trading Corporation of India) will import 2,000 tonnes of onion, while Nafed and SFAC will buy 12,000 tonnes locally in order to boost supplies and check prices, Food and Consumer Affairs Minister Ram Vilas Paswan said on Wednesday.
He said that his ministry has again written to the commerce ministry to reimpose export floor price of $700 per tonne on onion to discourage outbound shipments.
Onion prices in most retail markets have skyrocketed to Rs 50-65 per kg due to tight supply.
"We have asked Nafed (National Agricultural Cooperative Marketing Federation of India) to procure 10,000 tonnes and SFAC (Small Farmers Agriculture-business Consortium) about 2,000 tonnes directly from farmers and sell in consuming areas. We have also asked the MMTC to import 2,000 tonnes," Paswan told reporters.
Onion prices have been under pressure since August, but they have now touched high level that the government is trying all means to improve the availability and control prices.
While the private traders have imported 11,400 tonnes in the last few months, now the government agency MMTC will soon float tenders to import 2,000 tonnes in two tranches.
To discourage exports, Paswan said that he has recommended the commerce ministry to reimpose minimum export price (MEP) on onion, which was scrapped in December 2015.
Meanwhile, the commerce ministry is mulling over imposing MEP of $700-800 a tonne. It has already taken the opinion of exporters and other stakeholders on the matter.

Export drops 1.12% to USD 23 billion in October; trade deficit balloons

Export declined by 1.12 percent to USD 23 billion in October, retreating from a six-month high growth in September as shipments of textiles, pharmaceuticals, leather and gems and jewellery fell, official data showed.
Imports, however, grew by 7.6 percent to USD 37.11 billion in October from USD 34.5 billion in the year-ago month, the commerce ministry data released on Tuesday showed.
Trade deficit widened to USD 14 billion during the month under review as against USD 11.13 billion in October 2016.

Gold imports dipped by 16 per cent to USD 2.94 billion last month.

Oil and non-oil imports grew by 27.89 per cent and 2.19 per cent to USD 9.28 billion and USD 27.83 billion, respectively in October.

Cumulative exports during April-October 2017-18 increased by 9.62 per cent to USD 170.28 billion, while imports grew by 22.21 per cent to USD 256.43 billion, leaving a trade deficit of USD 86.14 billion.

In October, petroleum, engineering and chemicals exports grew by 14.74 per cent, 11.77 per cent and 22.29 per cent, respectively.
India's export had soared by 25.67 per cent to USD 28.61 billion in September, logging its highest growth in last six months on the back of expansion in shipments of chemicals, petroleum and engineering products.

India services export flat at $14 billion in September, import grows

MUMBAI: Services export of India remained flat at USD 13.73 billion in September year-on-year while import slightly picked up to USD 8.45 billion, showed RBI data.
In September 2016, India had exported services worth USD 13.77 billion. The import grew 1.7 per cent from USD 8.30 billion last year.
In August 2017, the services export was USD 13.7 billion while the import came in at USD 8.66 billion.
Cumulatively, the services export during April-September read USD 80.33 billion. Import of services was valued at USD 46.74 billion in the first half of the fiscal, showed the data on India's International Trade in Services released by the Reserve Bank of India (RBI).
India is one of the major economies contributing to the world services export industry.

The services sector contributes to about 55 per cent in India's gross domestic product.
The data for the latest month comes with a lag of 45 days.

The data published by the RBI is provisional and undergoes revision when the Balance of Payments (BoP) data is released on a quarterly basis.

India begins anti-dumping probe into "cheap" paper imports

India has initiated an anti-dumping probe into imports of a certain kind of paper from Indonesia, Thailand and Singapore following complaints from some domestic companies.

The West Coast Paper Mills, Tamil Nadu Newsprint, Papers Ltd, Ballarpur Industries and JK PaperBSE -1.61 % had filed an application before the Directorate General of Antidumping and Allied Duties (DGAD) for initiation of anti-dumping investigation into imports of 'Uncoated Paper' from the three countries.
The DGAD in a notification said it has found "sufficient prima facie evidence" of dumping of such paper from these countries. This paper is used as a photocopy or copy paper.
The move is aimed at protecting domestic players in the sector against cheap imports.

"The authority hereby initiates an investigation into the alleged dumping, and consequent injury to the domestic industry," it said.
In the probe, it would determine the existence and effect of the alleged dumping and recommend the amount of anti- dumping duty, which if levied, would be adequate to remove the injury to the domestic industry, it added.
The period of probe would be April 2016 - June 2017 (15 months) for the purpose of present investigations.

However, for the purpose of injury investigation, the period will cover the data from 2013-2016.
Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in cheap imports.
As a counter measure, they impose duties under the multilateral regime of WTO.

The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a- vis foreign producers and exporters.
India has already imposed anti-dumping duty on several products to tackle cheap imports from countries, including China.

India, Armenia review bilateral trade, ties

India and Armenia on Friday reviewed bilateral ties across multiple sectors in a bilateral meeting between Prime Minister Narendra Modi and Armenian President Serzh Sargsyan.

The two leaders discussed bilateral as well as regional and multilateral issues during the course of the meeting.

"The two sides reviewed present status of bilateral relations and discussed ways to further strengthen future cooperation in diverse areas including political, defence, space, trade and investment, science and technology, education, culture and people to people contacts," an External Affairs Ministry statement said.

"Specific areas with potential to propel bilateral trade and economic relations were discussed including in the sectors of food processing, renewable energy, pharmaceuticals and healthcare, information technology, mining and jewellery," it said.

Data made available by the External Affairs citing Statistical Service of Armenia, the bilateral trade stood at $32.3 million only.

India's imports from Armenia were at $0.4 million and exports to Armenia stood at $31.9 mn again favouring India.

Indian exports to Armenia consist of bovine meat, agricultural products, electrical equipment, cut and polished diamonds, optical equipment, plastics, pharmaceuticals, cosmetics, garments and other chemical goods and cars, while Armenia's exports include non-ferrous metals and rawrubber.

In Friday's meeting, both sides agreed that early conclusion of an India-Eurasian Economic Union free trade agreement would unleash huge opportunities in increasing bilateral trade.

Earlier on Friday, Sargsyan attended the Worl Food India 207 which was inaugurated by Modi.

He also called on President Ram Nath Kovind and met Vice President Venkaiah Naidu.

The Armenian President arrived here on Thursday on a four-day visit to India.

India likely to lift import duty on Vegetable Oil

India, one of world’s biggest importer of vegetable oil, is to lift import duty on Vegetable Oils mainly due to lower domestic demand of Oil seeds like Rapeseed and Soybeans.

Local Oil-seed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina.

Considering the situation of local crushers, India seeks raise in import taxes on crude and refined edible oils to protect local farmers.

In August New Delhi had doubled the import tax of Crude Palm Oil and Refined Palm Oil to 15 percent and 25 percent respectively.

Despite the hike in import duty, prices of key oil-seeds such as Soybeans and Rapeseed are trading below the government set price.

India needs to develop 20-25% of steel capacity along coast by 2025 to meet export targets: Birender Singh

Steel minister Birender Singh has said India could aspire to develop 20-25% of its steel capacity along the country's coastline by 2025 to meet its export targets.
The minister's comments came during an event when he flagged off the maiden coastal shipment of Rashtriya Ispat Nigam Limited(RINL), the corporate entity of Vizag Steel, marking the steel major's foray into sea trade for its domestic needs.

Speaking on the occasion, the Steel Minister said the Sagarmala Project would transform the logistic sector and change the lives of those living along the country's 7500-km coastline. India could aspire for 25-30% of steel capacity to be coastal by 2025 to meet the requirement of steel exports, the minister said. At present, logistic cost in India is amongst the highest in the world but Sagarmala programme has the potential to unlock full potential of India’s coast line and waterways and logistics sector competitive with the world standards, he added.
Coastal shipping is cheaper than road or rail by 60-80% and reduces the burden on rail and road transport. He observed that an overall cost saving of around Rs.40,000 crore per annum is estimated from this project by 2025.
While commending RINL for foraying into sea trade to strengthen its relationship with the coastal transportation for domestic requirements, he said and added that RINL should take advantage of utilizing its locational advantage for import of raw materials like coking coal and export of finished products. He lauded the inherent advantages of coastal shipping over land modes of transport adding that it is environmentally friendly, energy efficient and safer.

India has ‘very strongly’ raised H-1B issue with US, says Suresh Prabhu

India has “very strongly” raised the issue of H-1B and L1 visas with the US, Union minister Suresh Prabhu said on Saturday, asserting that the American economy will find it difficult to cope with the reality as it has been immensely benefited by Indian IT professionals.

The US has tightened the norms for issuing the most sought-after H-1B and L1 visas in line with the Trump administration’s goal to protect American workers from discrimination and replacement by foreign labour.
In a new directive, the Trump administration this week made it more difficult for the renewal of H-1B and L1, popular among Indian IT professionals, saying that the burden of proof lies on the applicant even when an extension is sought.

Under the current US rules, Indian IT professionals working in the US on H-1B visas do not get back their hard- earned contribution to Social Security, which runs into at least more than US $1 billion per annum.
“We raised very strongly the issue of Indian professionals and H-1B and L1 visa issues,” Prabhu said after the first US-India bilateral Trade Policy Forum (TPF) under the Trump administration which was also attended by US Trade Representative Robert Lighthizer.

“We explained to them that we are not raising this issue because Indians will find it difficult to come, because US economy itself will find it difficult to cope with the reality because the US has immensely benefited by IT professionals penetrating into the market by offering services that has improved their productivity,” Prabhu said.
Batting for Indian IT companies, he also strongly raised the issue of totalisation.

“I hope they will look into the issue,” Prabhu said, as he pointed out towards the issue of mismatch between US visa and US social security regimes, wherein Indian professionals making social security contributions do not receive their due benefits upon their return to India.

US agricultural export have grown 250 per cent: Official

WASHINGTON: American agricultural products have experienced a whopping 250 per cent growth in its exports to India in the last decade, a senior US official has said.
US Department of Agriculture Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney made the remarks ahead of his five-day visit to India starting Monday.
"US agricultural exports to India have grown nearly 250 per cent over the past decade, but the country's barriers impede exports of many of our products," he said.
McKinney is leading an agribusiness trade mission to India from October 30 to November 3 with stops in New Delhi and Mumbai.
On his first international trip in this position, he will head a delegation of approximately 50 business, trade association and state government leaders who are seeking to grow US agricultural exports to the world's second-most- populous country.
"On this trip, I look forward to not only promoting US farm and food products, but also to meeting with my Indian government counterparts to build relationships and address key trade policy issues in an effort to improve American access to this important market," McKinney said.

US agricultural exports to India totaled nearly USD 1.3 billion in 2016, with tree nuts, cotton, pulses, fresh and processed fruits, and prepared foods accounting for more than 80 percent of those exports.
India is also a major market for US ethanol exports.
The United States is India's top ethanol supplier, with sales totaling nearly USD 176 million in 2016.

Chile favours India's candidature to APEC: former President Eduardo Frei

Chile is open to support the candidature for membership of India in APEC but all the resolutions for the entry of a new country its decided by all the members of the group, pointed out former Chilean President Eduardo Frei ahead of APEC Summit in Vietnam next month.
Chile has an open economy and a stable institutional and political system, who installs a healthy business environment. With the 10 trade agreements signed between Chile and Latin-American countries, the possibilities to export and make business in the region are maximized, Frei told a select group of media here during his visit to push Indo-Chile economic partnership.
"Even more, Chile is one of founders of the Pacific Alliance, the most successful integration movement of the history of the Latin American region. Actually, its functions are becoming to been a platform of political articulation, economic and commercial integration and projection to the world, with emphasis on the Asia-Pacific region," noted Frei .
" I would like to express that the Trade Agreement that India and Chile was established in 2007, and then expanded in 2017 is not a Free Trade Agreement (FTA), it’s a Preferential Trade Agreement (PTA). The nature of this Agreement is relative minus ambitions of an FTA, because it’s does not contain chapters related intellectual propriety, electronic commerce, gender issues, environment or investment, among others. The entry on force of the PTA plus, has been the 16th of May of 2017,months ago. For this reason, today, is difficult to highlight an increase in trade on either side."

"Nonetheless, I trust, that the PTA Plus will increase the trade, in the same way that the exported non-copper products have triplicated from US$ 51 millions in 2006 to US$ 178 millions in 2016."

India tightens gold import norms for nominated agencies

India tightened gold import norms for nominated agencies by restricting them from importing the yellow metal only for export purposes and not for selling in the domestic market, the government said in a circular on Wednesday.
"...are permitted to import gold as input only for the purpose of manufacture and export by themselves during the remaining validity period of the Nominated Agency certificate," the government said in the circular.
Some nominated agencies, which account for nearly a quarter of total imports by India, were taking advantage of India's free trade agreement with neighbouring countries and importing the bullion without paying import duty, prompting the government to impose these curbs, analysts said.
India is the world's second largest gold consumer importing on an average 75 tonnes every month in 2017 before tapering to 48 tonnes in September.

Newest outpost for U.S. crude exports: India

NEW YORK/NEW DELHI (Reuters) - India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports.
U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
Indian refineries are starting to increase purchases as the country seeks to secure more supply from outside the Middle East. Refiners are testing both U.S. sweet and sour crudes in their facilities, a common practice when importing crude from new sources.
"A lot of these (Indian refiners) want to see what it's like if they run it," said one Houston-based oil broker. "They want to get a taste of U.S. crude."
Those refiners are taking advantage of a wide spread between U.S. oil and other global benchmarks, which has created an attractive discount on American crude grades.
Foreign refiners, including those in India, have bid up those physical grades against the U.S. crude benchmark to multi-year highs, traders and brokers said. That includes onshore grades from the Permian Basin in West Texas and the Eagle Ford further east, as well as offshore U.S. Gulf grades including Mars Sour and Southern Green Canyon.
In June, Indian Prime Minister Narendra Modi and U.S. President Donald Trump met and discussed energy exports to India. Since then the Modi administration has been encouraging more crude imports by waiving some shipping requirements.
Indian refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corporation Limited were given a special permission by the shipping ministry to import oil from the United States until March.
"They've been stepping up to be a sizeable importer; they're looking to diversify away from the Middle East," said John Kilduff, partner at energy hedge fund Again Capital LLC in New York.
The executive of India's state-owned Hindustan Petroleum Corp Ltd said in August the company was assessing whether U.S. crude could replace Nigerian barrels; it made its first buy of U.S. oil in September.
One supertanker carrying nearly 2 million barrels discharged in India earlier this month, according to Eikon shipping data, while two other vessels carrying a combined 3 million barrels are set to arrive in November.
Prior to this, U.S. crude rarely went to India, with only one month this year - February - showing deliveries, according to U.S. EIA data through July.
In August, IOC bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude for end-October delivery from trading firm Trafigura. In October the company bought 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude.
In October, India's Reliance Industries Ltd, the world's largest refining complex, purchased 1 million barrels of Midland and a similar-sized cargo of Eagle Ford crude for November delivery.