The commerce department will examine procedures that are part of India’s existing free trade agreements (FTAs) in the wake of compliance with rules of origin being tightened. The Finance Bill has proposed an omnibus process but individual pacts need to be studied to check how the proposed Customs Act amendment can take effect, officials said.…
US-based trade finance company Drip Capital has released a report detailing the state of India’s rice exports which says that rice exports this year have seen a decline across the globe with a major dip coming from the Middle East due to heightened geopolitical tensions. A resulting fall in prices has further aggravated the sector’s…
I Ten people have tested positive for coronavirus onboard Diamond Princess cruise ship, a health screening conducted by the Japanese Ministry of Health shows. The infected persons include two Australian guests, three Japanese guests, three guests from Hong Kong, and one guest from the U.S. in addition to one Filipino crewmember, Princess Cruises confirmed to…
The Centre has allowed exporters also to pay terminal handling charges (THC) directly to the terminals, bypassing the shipping lines, to cut logistics costs and promote ease of doing business. To start with, Jawaharlal Nehru Custom House, which serves Jawaharlal Nehru Port Trust (JNPT), India’s biggest container gateway, issued a public notice to implement the…
The government on Saturday said it will soon release the national logistics policy, which aims to promote seamless movement of goods across the country. Finance Minister Nirmala Sitharaman in her Budget speech said that the policy will help in clarifying the roles of Centre, states and key regulators. “A National Logistics Policy will be released…
Exporters say new scheme, first announced in September 2019, will reduce premium, costs Exporters have been assured implementation of the new export credit insurance scheme `Nirvik’, offering lower premiums and faster claims settlement, in 2020-21, in the Union Budget announced on Saturday. Under the scheme, first announced by Finance Minister Nirmala Sitharaman in September 2019,…
The long-awaited recovery of the tanker market finally materialized at the end of 2019, across all market segments, according to the CEO of Concordia Maritime, Kim Ullman. Announcing the company’s quarterly results, Ullman said that 2019 started with a weak market which took a further tumble as the year progressed before making a sharp upturn…
World’s major cruise liner companies have pulled their planned sailings from Shanghai amid efforts to mitigate the potential spread of the coronavirus. “Due to urgent guidelines from the Chinese government to combat the spread of the coronavirus, MSC Cruises is required to cancel the upcoming cruise with MSC Splendida on January 28. Guests booked on…
Empty containers are piling up in Shanghai, the world’s biggest port, according to the data from xChange, a Germany-based startup focusing on the repositioning of containers. “The Container Availability Index shows relatively high values for 40 High Cube containers (0.58), 40 Dry Cargo containers (0.46) and 20 Dry Cargo containers (0.62),” xChange said commenting on the impact of…
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere, officials and industry sources said. Finance Minister Nirmala Sitharaman could make the announcement when she presents her annual budget for 2020/21 on Feb. 1, along with…