![]() ![]() The key negotiating subjects are Trade in Goods, Services, Investment, Rules of Origin, Customs Facilitation, Legal and Institutional issues etc.īRICS Trade Fair, an initiative of the Department of Commerce, was held virtually under India’s Chairmanship from 16 to 18 August, 2021. Final agreement is expected to be completed by end of 2022. Both countries are expected to complete negotiations for the Interim Agreement soon. India-Australia Comprehensive Economic Cooperation Agreement (CECA) negotiations are at an advanced stage. This new strategic economic agreement is expected to increase bilateral trade in goods to $100 billion within five years of the signed agreement and increase trade in services to $15 billion. Two rounds of negotiations have been held so far and both sides are aiming to conclude the negotiations by December 2021 and signing of the Agreement by March 2022. India-UAE CEPA negotiations were launched on 22 September 2021 during the visit of UAE delegation. As regards trade in services, Indian service providers will have access to around 115 sub-sectors from the 11 broad service sectors," the ministry stated. The CECPA between India and Mauritius covers 310 export items for India. "The India-Mauritius CECPA provides for an institutional mechanism to encourage and improve trade between the two countries. India and Mauritius signed the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) on 22 February 2021 which entered into force on 1 April 2021.The CECPA is the first trade Agreement signed by India with a country in Africa. India and Mauritius sign first trade agreement Further, exemption from Integrated Goods & Service Tax (IGST) and Compensation Cess under Advance Authorizations (AA)/ EPCG, EOU scheme was also extended up to 31 March 2022. In order to provide policy stability during the pandemic period, Foreign Trade Policy (FTP) 2015-20 was extended for the year 2021-22 i.e. World Expo, Dubai is expected to herald the revival of global economy post the COVID-19 pandemic with participation of more than 190 countries and 25 million expected visitors. The India Pavilion at World Expo in Dubai was inaugurated on Octowhere it turned out to be a huge draw, registering another landmark by receiving more than six lakh visitors in just 83 days of its opening. This is the first expo which is being held in MEASA (Middle East, Africa and South Asia) region. World Expo 2020 is being held in Dubai from 1 October, 2021 to 31 March, 2022. India Pavilion at World Expo 2020 in Dubai India’s share in world commercial services exports has increased from 3.5 per cent in 2019 to 4.1 per cent in 2020, leading to improvement of India’s rank in leading exporters of commercial services from 8th to 7th in 2020. India’s services exports remained relatively resilient to the pandemic which impacted world trade in commercial services in 2020. As compared to April-November 2019, exports in April-November 2021 exhibited a positive growth of 24.82 per cent. The cumulative value of exports during April-November 2021 has been estimated at $263.57 billion compared to $174.16 billion during April-November 2020, which is a positive growth of 51.34 per cent. India’s exports have been performing extremely well in last 8 months with exports exceeding $30 billion for the 8th consecutive month in the current financial year, according to government statistics. Prime Minister Narendra Modi had addressed ambassadors, high commissioners, commercial missions, and others on 6 August 2021 on “Local Goes Global - Make in India for the World” for achieving the target. With an eye on $400 billion annual exports milestone by end of this fiscal, India’s merchandise exports have reached 65.89 per cent of the target till November 2021. Export target of $400 billion for merchandise in FY22 ![]() India's Ministry of Commerce & Industry department has outshone in terms of major achievements for this fiscal especially in terms of a significant increase in annual merchandise exports, finalising trade negotiations with UAE, drawing attention at World Expo 2020 in Dubai, and much more.ĭespite witnessing the second year of COVID-induced hit to economy, the commerce ministry achieved a number of targets in 2021. Read the original article by Business Today HERE
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