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Time of India
3 days ago
- Business
- Time of India
Goyal asks exporters to leverage FTAs, talks non-tariff barriers
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Commerce and industry minister Piyush Goyal Tuesday asked exporters to increase the utilisation of free trade agreements (FTAs) and discussed non-tariff barriers at a meeting with export bodies and industry. The proposed centralised exporters portal, India's trade pact talks with the EU and the US, and ways to further boost exports of services and value-added goods were also discussed."Met representatives of all Export Promotion Councils (EPCs) & Industry Associations and discussed emerging global opportunities for India. Also, encouraged them to create a facility that makes Indian exporters easily discoverable by overseas buyers to further boost our country's exports," Goyal said in a post on X."Non-tariff barriers were discussed during the meeting," said an representatives said support could be provided to exporters to deal with EU regulations like the Digital Product Passport (DPP).The DPP, which is to be implemented by the EU from January 1, 2026, aims to digitally record, store and share information about a product's entire life cycle-from raw materials to manufacturing, usage, recycling and disposal. It will be mandatory for a wide range of products including electronics, batteries, textiles and construction materials."It was discussed that about 9-10 FTAs are in the pipeline, including Chile and New Zealand," said an industry representative, adding that an early harvest trade deal with the EU is progressing at a faster pace and it may be concluded soon."Discussions happened on ways to incorporate exporters' data and put it on a common portal," said another industry representative who attended the government has allocated Rs 18,233 crore under the Remission of Duties and Taxes on Exported Products (RoDTEP) in the current financial year for over 10,750 product categories, the commerce and industry ministry said. As of March 31, 2025, total disbursements under the scheme have crossed ₹57,976.78 benefits under the scheme for exports of goods manufactured in SEZsand export-oriented units are restored from June 1 this year.
Time of India
3 days ago
- Business
- Time of India
Trade pacts, Red Sea route resumption to aid India's FY26 exports to $1 trn: FIEO
India anticipates its goods and services exports to hit $1 trillion by fiscal year 2026. This growth is supported by new trade agreements and the resumption of shipments via the Red Sea route. Federation of Indian Export Organisations projects increases in merchandise and service exports. Key sectors driving this growth include electronics, agriculture, and petroleum products. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: India's overall goods and services exports are expected to reach $1 trillion in FY26 aided by more trade agreements with key trade partners coming into force amid Indian export consignments having gradually started moving through the Red Sea route again, Federation of Indian Export Organisations ( FIEO ) said 2024-25, India's exports were $825 billion. FIEO President S C Ralhan said that merchandise exports will increase to $525-535 billion this fiscal from $437 billion, led by electronics, agriculture and petroleum products while services exports are seen rising to $465-475 billion from $387 factor will be the foreign buyers particularly in the US looking beyond China to source their main sectors which can help push the exports include electrical and electronics $60 billion, machinery at $40 billion, chemicals at $40 billion, pharmaceuticals $ 30 billion, petroleum $70 billion and agriculture at $55 billion, among pacts with the US, EU, UK and EFTA will aid the efforts, said FIEO Director General Ajay Sahai, adding that the interim trade deal that exempts India from reciprocal tariffs would offer a big advantage over also said that consignments are gradually going through this important sea route.'It will cut transportation time,' he said, adding that freight rates have stabilised because of a drop in ship demands from gradual movement signals a cautious recovery in shipments after months of disruptions on the route caused by regional tensions. Around 80% of India's merchandise trade with Europe passes through the Red Sea and substantial trade with the US also takes this year, the situation around the Bab-el-Mandeb Strait , a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, escalated due to attacks by Yemen-based Houthi militants. Due to the attacks, the shippers were taking consignments through the Cape of Good Hope, encircling the African continent, resulting in delays of almost 14-20 days and higher freight and insurance apex trade body said that despite the healthy outlook, some headwinds are expected to come from technical and non-tariff barriers. The latest one facing the industry is the implementation of Digital Product Passport (DPP) that is to be implemented by the EU from January 1, 2026 which aims to digitally record, store, and share information about a product's entire life cycle—from raw materials to manufacturing, usage, recycling, and disposal. It will be mandatory for a wide range of products including electronics, batteries, textiles, and construction materials.
Time of India
3 days ago
- Business
- Time of India
Piyush Goyal meets exporters, urges higher FTA use; US, EU trade deals figure in discussions
New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday discussed a host of issues, including ongoing trade talks with the US and EU, in a meeting with exporters and urged them to increase the utilisation of free trade agreements (FTAs), industry officials said. The minister also stated that support could be provided to exporters to deal with European Union (EU) regulations like Digital Product Passport (DPP), they said. The other issues that figured in the deliberations held by Goyal with exporters include the proposed centralised exporters portal, and ways to further boost exports of services and value-added goods. One of the industry officials, who attended the meeting, said that the commerce ministry informed the exporters that about 9-10 FTAs are in the pipeline including with countries such as Chile and New Zealand. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Your IQ Is 140 If You Can Answer 10 Of These Questions Correctly IQ International Undo The talks for a trade pact with the EU would get an impetus as Goyal is expected to visit Italy, and France in the first week of June. He may also visit Switzerland in the second week of the next month. India and the four-nation European bloc EFTA signed a Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Live Events Another exporter said that they flagged concerns over EU regulations such as EUDR (EU Deforestation Regulation), CBAM (Carbon Border Adjustment Mechanism), ESPR (Eco Design Sustainable Product Regulation) as it would increase their compliance cost to export goods to the 27-nation bloc. "The minister assured that labour-intensive sectors such as leather, plastics, and textiles would get greater market access in FTA partner countries, and Indian exporters should gear up to tap into that opportunity," the officials added. Exporters were informed that an early harvest trade deal with the EU is progressing at a faster pace and it may be concluded soon, they said. Commerce ministry officials, representatives from different export promotion councils and industry chambers participated in the meeting.
Indian Express
3 days ago
- Business
- Indian Express
India's exports may touch $1 trillion in FY26, headwinds remain: FIEO
India's overall goods and services exports are expected to grow by over 21 per cent year-on-year to $1 trillion during FY26 from $825 billion in the last fiscal, largely due to a jump in exports to the US, Federation of Indian Export Organisations (FIEO) President S C Ralhan said on Tuesday. Ralhan said the healthy growth may result from international buyers seeking to diversify their sourcing amid global economic uncertainties, aided by free trade agreements that India is finalising. However, he added that despite the healthy outlook, some headwinds are expected from technical and non-tariff barriers. The latest challenge facing the industry is the implementation of the Digital Product Passport (DPP), which will be introduced by the EU from 1 January 2026. It will be mandatory for a wide range of products, starting with sectors like electronics, batteries, textiles, and construction materials, with wider rollouts expected by 2030. DPP aims to digitally record, store, and share information about a product's entire life cycle—from raw materials to manufacturing, usage, recycling, and disposal. In FY26, merchandise exports are expected to grow 12 per cent to $525–535 billion from $437 billion in 2024–25, while services exports are likely to rise by about 20 per cent year-on-year to $465–475 billion from $387 billion in the last fiscal, Ralhan said. All the major sectors are expected to show a significant jump in shipments this fiscal, he said, adding that healthy growth is expected in electronics, engineering, chemicals, textiles and clothing, pharmaceuticals, and even agriculture. Petroleum and gems and jewellery exports will also be in the positive zone in the coming year. DPP may increase the compliance burden, particularly for exporters from the Micro, Small and Medium Enterprises (MSMEs) sector. 'These are clearly protectionist measures,' Sahai said. Non-compliance with DPP requirements may lead to rejection of consignments or loss of competitiveness in the EU market, which is becoming increasingly sustainability-focused, Sahai said. This DPP follows the EU's carbon tax, deforestation regulations, and the Eco Design Sustainable Product Regulation—all of which will come into force from 1 January 2026. He also said that issues pertaining to the Red Sea and the wars between Russia–Ukraine and Israel–Hamas have eased, and in fact, ships have started moving through the Red Sea. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Time of India
3 days ago
- Business
- Time of India
India's exports set to cross $1 trillion in FY26 on robust global demand, says FIEO
India's total goods and services exports are projected to surge over 21% year-on-year to touch $1 trillion in the fiscal year 2025-26, according to the Federation of Indian Export Organisations (FIEO). In 2024-25, the country's exports stood at $824.9 billion. FIEO President S C Ralhan attributed the projected growth to global buyers looking to diversify their sourcing strategies amid ongoing geopolitical and economic uncertainties. 'The free trade agreements, which India is finalising, would also help in pushing the country's outbound shipments,' he noted. For FY26, merchandise exports are expected to rise by 12% to $525-535 billion, up from $437 billion in FY25. Services exports are projected to grow about 20% year-on-year to $465-475 billion, compared to $387 billion last fiscal, PTI reported. R by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Добро пожаловать в Аравию SAUDI Забронировать Undo alhan said that all major sectors are likely to witness robust growth, including electronics, engineering, chemicals, textiles and clothing, pharmaceuticals, and agriculture. Petroleum and gems and jewellery exports are also expected to rebound into positive territory. Export estimates for 2025-26 include $60 billion from electronics and electricals, $40 billion from machinery, $40 billion from chemicals, $30 billion from pharmaceuticals, $70 billion from petroleum products, $23–25 billion from apparel and made-ups, $30–35 billion from gems and jewellery, and $55 billion from agriculture. A key growth driver for the electronics segment will be the Production Linked Incentive (PLI) scheme. Ralhan also pointed to rising trade diversification as a catalyst, especially with U.S. buyers increasingly looking beyond China. As evidence of the shift, Apple supplier Foxconn invested $1.48 billion (around Rs 12,800 crore) in its India unit during May 14–19, according to regulatory filings. 'It is not just Apple—many other companies are also looking at India. Trade diversion from China will bring at least an additional $5 billion worth of opportunity,' said Ajay Sahai, Director General and CEO of FIEO. India's ongoing negotiations for free trade agreements with the UK, the European Free Trade Association (EFTA), and the European Union (EU) are expected to further support export growth. Additionally, an interim trade deal with the U.S., which may exempt India from reciprocal tariffs, could give Indian exporters a competitive edge, Sahai said. In FY25, the gems and jewellery sector saw exports of $29.8 billion, but the sector has experienced a decline over the past two years due to weakening demand and challenges in sourcing natural diamonds. While the outlook remains strong, Sahai cautioned about emerging headwinds, particularly from non-tariff and technical barriers. A major upcoming challenge is the EU's implementation of the Digital Product Passport (DPP) from January 1, 2026. Initially covering electronics, batteries, textiles, and construction materials, the regulation is set for broader rollout by 2030. The DPP will require detailed digital documentation of a product's life cycle—from raw material sourcing to recycling and disposal—which could significantly increase compliance costs, especially for Micro, Small, and Medium Enterprises (MSMEs). 'These are clearly protectionist measures,' Sahai said, warning that failure to comply could lead to shipment rejections or competitiveness loss in the EU market, which is increasingly focused on sustainability. The DPP follows a series of EU regulations including the Carbon Border Adjustment Mechanism, anti-deforestation rules, and the Eco Design Sustainable Product Regulation, all coming into effect from January 1, 2026. On a positive note, Sahai mentioned that geopolitical disruptions in key trade routes like the Red Sea have subsided, with shipping operations gradually resuming despite recent conflicts in the Russia-Ukraine and Israel-Hamas regions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
