Commerce and Industry Minister Piyush Goyal stated India is prioritizing strong trade agreements with developed nations, citing deals with the UK, Australia, UAE, and EFTA. Goyal criticized past agreements with competitors like ASEAN, indirectly benefiting China. The focus now shifts to complementary economies like New Zealand and the Gulf region, alongside ongoing talks with Chile and Peru. New Delhi: India's focus is on entering into robust trade agreements with the developed world, commerce and industry minister Piyush Goyal said on Thursday. "Our focus is on entering into robust trade agreements with the developed world," Goyal said at an event in
Source: The Economic Times
Finance Minister Nirmala Sitharaman on Friday asked CBIC to make the GST registration easier, seamless, and more transparent for taxpayers, using technology and risk based parameters. Sitharaman, who chaired the Central Board of Indirect Taxes and Customs (CBIC) Conclave with the Principal Chief Commissioners, Chief Commissioners and Director Generals of the field formations, reviewed the performance of Customs and CGST zones on key indicators. During the conclave, she directed the zones to prepare an action plan to improve various parameters, such as GST registration, processing of refunds, and handling taxpayers' grievances.
The finance minister also directed the CGST formations to launch targeted awareness campaigns among taxpayers, trade associations, and industry bodies regarding the mandatory documentation required for GST registration, particularly those related to the principal place of business, the finance ministry said in a statement. This would help reduce rejections and delays in registration and enable faster processing of applications, she said. She also directed CGST Zonal Heads to have a dedicated helpdesk for GST registrations to facilitate the taxpayers in the application process. The finance minister also highlighted the need to ensure that GST Seva Kendras and Customs Turant Suvidha Kendras are well-staffed, accessible, and properly maintained so that taxpayers receive timely and quality assistance. Emphasising taxpayer trust, she called for a targeted and sustained focus on grievance redressal, ensuring the timely resolution of queries and complaints through improved systems and accountability. Sitharaman also underlined the need for the speedy closure of investigations for Customs and CGST cases, and exhorted for an analysis on detection and recovery and to seek solutions to reduce the gap between detection and recovery. At the same time, she emphasised the need to prevent tax evasion and wrongful input tax credit (ITC) claims. The CBIC was asked to expedite the processing of GST and Customs refunds to ensure timely redressal and ease of doing business, especially for MSMEs and exporters. Hailing that CBIC ranks in the top five out of 90 Central Ministries/Departments in CPGRAMS performance since February 2024, she underscored the importance of promptly addressing public grievances received through CPGRAMS. The finance minister suggested that the CGST and Customs zones may dedicate teams to further expedite the resolution of grievances. She asked the Customs to reduce dwell time at seaports, airports, and Inland Container Depots (ICDs) for both imports and exports and emphasised that faster cargo clearance is crucial to enhance India's global trade competitiveness and ease of doing business. Taking note of pending disciplinary matters, the minister directed those disciplinary proceedings against the officials at different levels be concluded expeditiously in a time-bound manner. The CBIC was also urged to fill all vacant posts at the earliest across various levels to strengthen field formations and enhance administrative efficiency. Sitharaman encouraged Chief Commissioners and DGs to actively undertake trade facilitation measures within their jurisdictions and submit actionable suggestions to CBIC Headquarters for further streamlining of procedures. The meeting was also attended by Revenue Secretary Arvind Shrivastava and CBIC Chairman Sanjay Kumar Agarwal, and senior officials of the Department of Revenue.
Source: The Economic Times
Exporters have suggested shifting cargo movement from Bandar Abbas port to the Chabahar port in the wake of IranIsrael conflict, stating any further escalation in the war would severely impact trade with Afghanistan, Central Asia, and Russia, an industry official said on Friday. The official also said that the air freight rates have already seen a 15 per cent rise, and traders expect both air and sea freight costs to increase further if the conflict escalates. This was suggested during a meeting convened by the commerce ministry on assessing impact of the war on India's trade. It was chaired by Commerce Secretary Sunil Barthwal. The official also said that while there has been no immediate impact on shipments to Iran, disruptions are likely if the situation worsens. "If Bandar Abbas port doesn't function, it will affect exports not only to Iran but to Afghanistan and Central Asia also. We have been informed that there is adequate capacity at Chabahar, and this needs to be explored urgently," the exporter said.
The official, who attended the meeting, said that the secretary assured that the feasibility of shifting operations to Chabahar port would be examined. A Federation of Indian Export Organisations (FIEO) official said that they would soon hold a meeting with Chabahar port authorities on the issue of shifting the movement of consignments. "We will enquire about the facilities at the port," the official said, adding, "The shifting call will have to be taken by the shipping lines. DG shipping would look into that." If Strait of Hormuz gets impacted due to the war, "we have to look at Fujairah port in UAE and Oman port", the official said. FIEO flagged that as of now, Iran's Bandar Abbas port is operational and being used for cargo movement to Afghanistan and other CIS (Commonwealth of Independent States) countries, including Russia. However, if the conflict continues beyond Monday, the route may be impacted.
"In case ship movement in the Persian Gulf is blocked, exports to Gulf and Mediterranean countries will also suffer. Currently, buyers have put orders on hold, and exporters are delaying shipments due to concerns that goods may get stuck at ports, leading to heavy demurrage," another industry official said. Although certain factors remain beyond control, in the current circumstances, focus on Chabahar Port -- an Indian-managed port in Iran -- could help the industry. There is connectivity via Dubai and direct linkage from Kandla Port. Due to the conflict, Basmati rice exports to Iran have reportedly stopped, and shipments to the Middle East have become expensive. An exporter said there is a need to improve Chabahar's connectivity to Uzbekistan by engaging local players who may otherwise lose business if Bandar Abbas operations are affected. As per the exporting community, freight has risen by USD 500-600 per 20-feet container. Ocean freight from Indian ports to EU and Mediterranean ports has surged by USD 1,000 per TEU (twenty-foot equivalent unit). The meeting was attended by senior officials from the petroleum, commerce, shipping, and financial services, revenue departments, along with representatives from shipping lines, cargo handlers, and airport authorities. While the Red Sea route remains unaffected and 90 per cent of Indian cargo currently moves via the Cape of Good Hope, concerns were raised about potential disruptions at the Strait of Hormuz. This narrow waterway, only 21 miles wide at its narrowest point, handles nearly a fifth of global oil trade and is indispensable to India, which depends on imports for over 80 per cent of its energy needs. Meanwhile, the exchange of strikes between Iran and Israel has entered the second week on Friday even as President Donald Trump weighed US military involvement and new diplomatic efforts appeared to be underway. At the same time, Iran's foreign minister is in Geneva for holding talks with his counterparts from France, Germany and the UK and the European Union's foreign policy chief. It is the first face-to-face meeting between Western and Iranian officials since the start of the conflict.
Source: The Economic Times
New Delhi: India's focus is on entering into robusttrade agreements with the developed world, commerce and industry minister Piyush Goyal said on Thursday. "Our focus is on entering into robust trade agreements with the developed world," Goyal said at an event in London.
Source: The Economic Times
Any further escalation of the ongoing war between Iran and Israel will have wider implications for India's trade with West Asian countries, including Iraq, Jordan, Lebanon, Syria, and Yemen, say experts. They said that the war has already started impacting India's exports to Iran and Israel. The US attacked three sites in Iran early Sunday, inserting itself into Israel's war aimed at destroying the country's nuclear programme in a risky gambit to weaken a longtime foe that prompted fears of a wider regional conflict as Tehran accused Washington of launching "a dangerous war". "We are in for big trouble now because of this war. It will have a cascading effect on India's trade with West Asian countries," Mumbai-based exporter and founder chairman of Techno craft Industries India Sharad Kumar Saraf said. Saraf said that his company is also holding back consignments to both these countries. Techno craft Industries manufact "There will be a cascading effect of this war," he added. Another exporter said that the Indian trader’s community is already reeling under the impact of the Israel-Hamas conflict and involvement of Yemenbacked Houthis' attack on shipping vessels in the Red Sea. Due to that, shipping lines from India were taking consignments from the Cape of Good Hope, encircling the African continent. Now, because of the Iran-Israel war, another key trading route - the Strait of Hormuz - is getting affected. "This route will hit the movement of oil tankers. I have a feeling that oil tankers will find new routes but that will push crude oil prices. It will have implications on inflation as crude oil prices are the mother of all prices," Saraf said. Think tank Global Trade Research Initiative (GTRI) said that a wider regional escalation could threaten India's much larger trade with the broader West Asian region, including Iraq, Jordan, Lebanon, Syria, and Yemen, where Indian exports total USD 8.6 billion and imports stand at USD 33.1 billion.
Source: The Economic Times
A finance ministry report on Friday made a case for improving gate infrastructure including IT systems, scanning facilities, temperature-controlled facilities for perishable export cargo across ports. Also, post-clearance logistics processes need to be improved to achieve faster release time and streamlined movement of cargo. Finance and Corporate Affairs Minister Nirmala Sitharaman released the fifth edition of National Time Release Study (NTRS), a performance measurement tool that provides a quantitative assessment of the time taken for cargo release. The NTRS 2025 is the fifth national-level edition of this annual study, conducted using a standardised methodology. It covers 62,981 Bills of Entry (BoEs) for imports and 69,533 Shipping Bills (SBs) for exports filed during the first week of January 2025. The study spans 15 major customs formations, grouped under four categories - Seaports, Inland Container Depots (ICDs), Integrated Check Posts (ICPs), and Air Cargo Complexes (ACCs) - which together account for a significant share of the total BoEs and shipping bills filed across India. In the import segment, the study said Average Release Time (ART) declined between 2023 and 2025 across seaports (about 6 hours), ACCs (about 5 hours), and ICPs (about 18 hours), while ICDs saw an increase of around 12 hours. Performance against NTFAP 3 targets showed that 93.33 per cent of import cargo at ICPs met the 48-hour target, followed by air cargo complexes (55.03 per cent within 24 hours), seaports (51.76 per cent), and ICDs (43.7 per cent). Export cargo analysis, from arrival to final departure, revealed varied patterns across port categories. Regulatory clearance (arrival to Let Export Order) was fastest at air cargo complexes (under 4 hours) and ICPs (06:10 hours), according to NTRS. At seaports, regulatory clearance averaged 29:36 hours, with post-LEO logistics extending to 157:50 hours. At ICDs, regulatory clearance of exports took 30 hours, with improvement in post-LEO logistics time to 99:51 hours. On facilitating export cargo, the study has made several recommendations, including for reduction of manual documentation processes at port gates and minimizing instances of delays in duty payment. "In terms of infrastructure, there is scope for enhanced gate infrastructure (including IT systems), scanning facilities, temperature-controlled facilities for perishable cargo, etc across ports," the study said. Post-clearance logistics processes need to be improved to achieve faster release time and streamlined movement of cargo, it suggested. Regarding imports, the study said post-clearance delays, especially at ICDs, continue to impact overall efficiency, highlighting the need for targeted procedural and operational improvements. The ministry said a key strength of India's TRS lies in its use of accurate and reliable data sourced directly from the Customs Automated System, operated by the Directorate General of Systems and Data Management, CBIC. Over the years, the scope of TRS has significantly expanded. What began as a report measuring release time across select gateway ports went on to include other areas of considerable importance such as transit cargo, courier shipments, and commodity-specific assessments, it said.
Source: The Economic Times
The proposed East Coast Freight Corridor is ‘top most priority’ for approvals among the three new proposed dedicated cargo tracks according to Praveen Kumar, Managing Director (MD) of Dedicated Freight Corridor Corporation of India Limited (DFCCIL). Speaking to ET on the sidelines of the Global Heavy Haul Seminar, Kumar said detailed project reports for three new freight corridors worth Rs 4.5 lakh crore have been prepared and sent for approvals to the Railway Boards. DFCCIL has proposed the East Coast Freight Corridor which will run from Kharagpur (West Bengal) to Vijaywada (Andhra Pradesh), an East West Corridor that runs between Kharagpur and Palghar (Maharashtra), and a North South Freight Corridor from Vijaywada to Itarsi (Madhya Pradesh). “The first priority (for approvals) is the East Coast, followed by East – West, and then North – South,” Kumar said while responding to queries on the plans for DFCCIL once the Western DFC is complete later this fiscal.
He said discussions have also been held for refinancing Rs 5,000 crore worth World Bank loans availed by the DFC. According to Kumar, deliberations have been held with the Indian Railway Finance Corporation (IRFC) for the same but other government-owned lenders have also expressed interest. The MD also said IRFC may be approached for financing future DFC projects.
Source: The Economic Times
The Central Board of Direct Taxes (CBDT) has exempted payments made by finance companies, fund management entities, recognised clearing corporations and stock exchanges to International Financial Services Centre units from deducting tax at source (TDS), effective July 1. CBDT said Saturday the exemption will cover payments under several categories, including those made by stock exchanges, commission incentives, interest from leases, freight or hire charges from finance firms, portfolio management fees, advisory charges and other service fees, professional and technical fee and rent for data centres. The payee must furnish a statementcum-declaration to the payer. The relief is available for 10 consecutive assessment years chosen by the payee.
Source: The Economic Times
The Indian Rupee ended higher on Friday, breaking a three-day losing streak, with US President Donald Trump taking two weeks to decide on potential action against Iran. The domestic currency rose 14 paise to end at 86.59 against the dollar, after closing at 86.73 on Thursday, according to Bloomberg. The currency has fallen 1.17 per cent so far this month. During the session, most Asian currencies inched up, with the Korean won leading gains. The uncertainty around the Iran-Israel conflict continues, with US President Trump delaying the country’s response to Iran by two weeks, according to analysts.
Source: Business Standard
Companies operating in the Ajabeng textiles and garment enclave in Accra recently requested Ghana’s Deputy Minister for Trade, Agribusiness and Industry Sampson Ahi to raise government contracts, expand access to land, and extend support for modern machinery and training. Many also advocated for inclusive employment policies, including employing persons with disabilities (PWDs), as the government rolls out its 24-hour economy initiative. While international trade continued to flow in May this year and global air cargo volumes rose by 6 per cent year on year (YoY), market sentiment and concerns over what comes next saw airfreight spot rates decline for the first time in a year, according to Xeneta’s latest market analysis. Midway through the month, the global air cargo market appeared to have dodged a perfect storm as the US-China 90-day tariff truce began on May 14 after the escalating retaliatory tariffs since April.
This welcome news came too late to reverse a softening in freight rates. The global air cargo spot rate fell by 4 per cent YoY in May to $2.44 per kg—the first such decline since April 2024. This could, in part, also be attributed to nearly 20 per cent YoY declines in jet fuel costs. More downward pressure may lie ahead, said Xeneta’s chief airfreight officer Niall van de Wouw in a release.
Source: Fibre2fashion
ISLAMABAD - Textile exports witnessed an increase of 7.37 per cent during the first eleven months of the current financial year (July-May) as compared to the corresponding months of last year, Pakistan Bureau of Statistics (PBS) reported. The textile exports from the country were recorded at $16,365.325 million during the July-May (2024-25) against the exports of $15,241.482 million during July-May (2023-24). The textile commodities that contributed in trade growth included knitwear, the export of which increased by 14.46 percent to $4,555.345 million from $3,980.000 million while the export of bed wear surged by 10.56 percent to $2,839.509 million from $2,568.185 million. The other commodities that witnessed growth in trade included towels, the export of which rose by 2.84 percent to $995.423 million from $ 967.936 million, tents, canvas, and tarpaulin by 9.58 percent to $ 177.770 million from $ 107.476 million, readymade garments up by 16.35 percent to $3,768.432 million this year compared to the exports of $ to extend airspace ban for Indian a 3,238.818 million last year.
Source: Nation.pk. New
The Pakistan Hosiery Manufacturers & Exporters Association (PHMA) and the Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) have jointly urged the government to consider and implement the textile industry’s key budget proposals through the FBR’s Budget Anomaly Committee. The demand came during a post-budget joint meeting of both associations, which was attended by PHMA Chairman Abdul Hameed, PHMA former chairmen Naseer Butt and Shehzad Azam Khan, PRGMEA Chairman Dr. Ayyazuddin, and PRGMEA former chairmen Ijaz Khokhar and Sohail Afzal Sheikh. It was clarified that these are proposals from the textile export sector currently being submitted to the committee for review. The participants stressed that the government must not only examine these industry recommendations through the Anomaly Committee process but also implement the committee’s final report once compiled. While addressing the meeting, PHMA Chairman Abdul Hameed pointed out that Pakistan’s value-added textile, apparel, bedwear, home textile, and towel sectors contribute over $11 billion in annual exports and provide livelihoods to millions.
Source: Daily Times
