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05 Apr

Piyush Goyal begins 3-day visit to Australia, days after inking India-Australia Economic Cooperation and Trade Agreement

On Tuesday Union Minister of Commerce and Industry Piyush Goyal left New Delhi on a 3-day visit to Australia. His visit comes days after India and Australia signed the Economic Cooperation and Trade Agreement (IndAus ECTA) on Saturday, 2nd April.

ECTA is the first trade agreement of India with a developed country after more than a decade and provides for an institutional mechanism to improve trade between the two countries.

During the visit, I will take the ECTA to people, Goyal said, adding that interactions had been planned with Business leaders, Indian students, diaspora, etc.

During the visit Goyal will hold wide-ranging discussions with his Australian counterpart, Mr. Dan Tehan MP, Minister for Trade, Tourism and Investment, on carrying forward the ECTA. Goyal will also hold talks with Tony Abbott, Australian PM’s Special Trade Envoy this evening.

Goyal will address a Public conversation on Wednesday with Minister Dan Tehan and Allan Myers, Chancellor, University of Melbourne, at the Melbourne Law School in The University of Melbourne.

Goyal will also visit the landmark Melbourne Cricket Ground and address the Australia-India Chamber of Commerce and Austrade, along with Dan Tehan, besides interacting with the Indian media.

Later he will visit the Shiva Vishnu Temple in Melbourne and attend a Community event with the Indian Diaspora.

On Thursday, 7th April, Goyal and Minister Dan Tehan will interact with students at the University of New South Wales in Sydney and pay tributes at the statue of Mahatma Gandhi in the University campus. He will later address the Emerging Diaspora Business Leaders Reception hosted by India-Australia Business and Community Awards (IABCA). Later in the evening, Goyal, accompanied by Dan Tehan and Alex Hawke, Minister for Immigration and Multicultural Affairs, will attend a Community event at the Swaminarayan Temple in Sydney. Before leaving Sydney on Friday, 8th April, Goyal will also meet Alan Joyce, CEO & MD, Qantas Airways.

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05 Apr

President Kovind arrives in Netherlands on final leg of his 2-nation visit; names new breed of yellow tulips ‘Maitri’

On Monday afternoon President Ram Nath Kovind and First Lady Savita Kovind arrived in Amsterdam on the final part of his two-nation visit.

The presidential visit to the Netherlands comes after 34 years since the visit of President Venkataraman in 1988.

President Kovind said that it is his pleasure to be in the Netherlands. He stated that he has undertaken this State Visit on the special occasion of the 75th anniversary of diplomatic relations between the two countries.

President Kovind and First Lady Savita Kovind also visited the World famous Tulip Garden at Keukenhof.

“I am very happy to be at the Keukenhof, the garden of Europe and home to the world-famous tulips. The garden attracts millions of visitors each year and heralds the spring in the Netherlands. It showcases the Dutch expertise in horticulture which makes it as the world’s largest producer and exporter of tulips,” said President Kovind.

President Kovind named a new breed of yellow tulips ‘Maitri’ on the occasion of the 75th anniversary of diplomatic relations between India and the Netherlands. Maitri in Sanskrit means friendship.

“Today, a new flower will bloom for India-Netherlands relations. We are naming the tulip flower as ‘Maitri’ which in Sanskrit means friendship. I sincerely thank the Government of the Netherlands for this unique gesture and also wish to appreciate the efforts of the breeders of this beautiful new Tulip variant. It will inspire us to work towards strengthening bonds of friendship and ties between people of India and the Netherlands,” he said.

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04 Apr

Govt. Launches Scheme To Connect North Eastern States With Selected International Destinations

The Ministry of Civil Aviation has launched International Air Connectivity Scheme (IACS) scheme with the objective to enhance air connectivity from certain States of the country with selected international destinations to promote socio-economic growth. This scheme is supported by the State Governments.

The State Government of Assam, Manipur and Tripura have identified routes connecting Guwahati, Imphal and Agartala with selected international destinations viz. Bangkok, Dhaka, Kathmandu, Yangon, Hanoi, Mandalay, Kunming & Chittagong.

This information was given by the Minister of State in the Ministry of Civil Aviation Gen. V. K. Singh (Retd) in a written reply to a question in Rajya Sabha on Monday.

Development and up-gradation of airports to international standards is a continuous process and is undertaken by concerned airport operators from time to time depending upon commercial viability, traffic demand, availability of land etc.

As on date, there are two international airports in the North East Region at Guwahati and Imphal which are operated by Guwahati International Airport Limited (GIAL) and Airports Authority of India (AAI) respectively.

GIAL and AAI both have undertaken construction of New Integrated Terminal Building (NITB) and other associated works at their respective airports to improve services including, increase in passenger handling capacity.

In addition, AAI has taken up the following development works to boost international connectivity to/from North Eastern Region:-

  1. i) The new terminal building at Agartala Airport has been designed as integrated terminal keeping in view the future requirement for international operation.
  2. ii) Construction of a New Integrated Terminal Building for 2.4 Million Passengers Per Annum (MPPA), at a cost of around Rs.500 crore has been undertaken at Imphal Airport to augment passenger handling capacity, which has been declared as an International airport.
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04 Apr

Chief of the Army Staff MM Naravane lays wreath at Kranji War Memorial in Singapore

Indian Army Chief General MM Naravane, on the first day of his visit on Monday, laid a wreath at Kranji War Memorial in Singapore and paid tributes to the soldiers who laid down their lives during the 2nd World War in Singapore.

“On the first day of the visit, General MM Naravane COAS laid a wreath at Kranji War Memorial, Singapore and paid tributes to the soldiers who laid down their lives during the 2nd World War in Singapore,” Indian Army tweeted on Monday.

Indian Army Chief General MM Naravane is on a three-day visit to Singapore to further boost bilateral defence ties with the country.

The Kranji War Memorial honours the men and women from Britain, Australia, Canada, Sri Lanka, India, Malaya, the Netherlands and New Zealand who died in the line of duty during World War II.

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04 Apr

India overshoots export target; achieves USD 417.8 billion exports in 2021-22

Merchandise exports from India have reached USD 417.8 billion in the current financial year. This figure excludes the figures from non-EDI Ports and adding that, it is likely to exceed $418 billion, an all-time high in India’s export history.

India has achieved the highest monthly value of merchandise export in March 2022 amounting USD 40.38 billion, an increase of 14.53% over USD 35.26 billion in March 2021 and an increase of 87.89% over USD 21.49 billion in March 2020.

The exports have witnessed significant growth in non-petroleum goods also in April 2021-March 2022 which was USD 352.76 billion, an increase of 32.62% over USD 266.00 billion in April 2020-March 2021 and an increase of 29.66% over USD 272.07 billion in April 2019-March 2020.

Addressing a press conference here on Sunday, Minister of Commerce and Industry, Piyush Goyal said that India had truly gone from ‘local to global’ in response to the Prime Minister Narendra Modi’s call.

The Minister said that every Indian should be proud of the pace at which India is achieving ‘atmanirbharta’ while ensuring that every Indian benefits from this progress. He added that India has been able to achieve this spectacular target under the leadership of the Prime Minister.

Every sector of the economy, every farmer, every entrepreneur, every MSME and state governments worked together to achieve this lucrative goal, he said.

India’s diversified export portfolio in 2021-22 show India’s manufacturing abilities as well as growth in hi-tech goods, electronics and agricultural products.

Petroleum Products saw positive growth of 152.1 percent during April 2021-March 2022 over April-March 2020-21. Meanwhile, cotton yarn/fabrics/madeups, handloom products, etc., engineering goods and coffee also saw positive growth of 55.1%, 45.5% and 49% respectively.

Many other commodities also saw a huge growth which includes other cereals (52.2%), gems and jewellery (49.6%), man-made yarn/fabs/madeups etc.( 46.9%), , electronic goods (40.5%), jute mfg. including floor covering (36.2%).

Apart from diversified range of merchandise goods exported during 2021-22, India’s merchandise exports have also seen a significant increase to different countries, especially, developed countries. Exports to USA, UAE, Bangladesh, Netherlands, Singapore, Hong Kong, UK, Belgium and Germany grew by 46.4%, 66.9%, 64.5%, 90.5%, 26.8%, 7.8%, 28%, 90.4% and 21.1% respectively over April 2020- March 2021.

Union Minister Goyal said, notwithstanding the challenges posed by successive waves of Covid (2nd and 3rd wave), India’s merchandise trade performance has shown impressive growth and exports remained above USD 30 billion for twelve consecutive months during April 2021 to March 2022.

 

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03 Apr

President Kovind visits People’s Memorial, Yoga, traditional medicine centre in Ashgabat

President Ram Nath Kovind, who is on a four-day visit to Turkmenistan, on Sunday visited the People’s Memorial (Halk Hakydasy Memorial Complex) in Ashgabat and laid a wreath at the Monument of Eternal Glory.

Halk Hakydasy Memorial Complex (People’s Memory) is a memorial complex to the honor of those killed in battle at Geok Tepe and in World War II and in the 1948 Ashgabat earthquake.

He then paid floral tributes at the bust of Mahatma Gandhi and also planted a sapling at the Bagtyyarlyk Sports Complex in Ashgabat.

 

He also visited the Yoga and Traditional Medicine Centre at the Bagtyyarlyk sports complex and witnessed yoga demonstration at the Bagtyyarlyk Sports Complex.

On Saturday President Ram Nath Kovind landed in Ashgabat, Turkmenistan in the first leg of his state visit to two nations – Turkmenistan and the Netherlands. India and Turkmenistan signed and exchanged four MoUs and Programme of Cooperation in the fields of disaster management, financial intelligence, culture and youth matters in the presence of the two Presidents.

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03 Apr

“India-Nepal open borders should not be misused by unwanted elements,” says PM Modi

On Saturday in a press conference, PM Modi said that the friendship between India and Nepal is unique and cannot be seen anywhere else.

“The friendship of India and Nepal, the relationships of our people, such an example is not seen anywhere else in the world. Our civilization, our culture, the threads of our exchanges; are connected since ancient times. We have been companions of each other’s happiness and sorrows since time immemorial. The basis of our partnership is the mutual relations between our people and the exchanges between them. These give energy to our relations, maintain them,” said PM Modi.

PM Modi said that the introduction of Jayanagar-Kurtha rail line will make great contribution to smooth, hassle-free exchange between the people of the two countries.

“Prime Minister Deuba ji and I have also agreed to give priority to the initiatives on trade and cross border connectivity in all respects. The introduction of Jayanagar-Kurtha rail line is a part of this. Such schemes will make great contribution to smooth, hassle-free exchange between the people of the two countries,” said Modi.

He also talked about the introduction of the Rupay card in Nepal and other projects like Nepal Police Academy, Integrated Check Post at Nepalganj and Ramayana Circuit etc. he said that this projects will bring the two countries closer.

Modi emphasized on how the open borders between India and Nepal should not be misused.

“We also discussed today the issue of Open borders of India and Nepal being misused by unwanted elements. We also stressed on maintaining close cooperation between our defense and security institutions,” PM Modi said.

 

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03 Apr

India, Turkmenistan sign MoUs for cooperation, agree to expand bilateral trade

On Saturday President Ram Nath Kovind landed in Ashgabat, Turkmenistan in the first leg of his state visit to two nations – Turkmenistan and the Netherlands. President of Turkmenistan Serdar Berdimuhamedov received President Kovind and accorded a ceremonial guard of honour at the Ashgabat airport.

President Kovind commenced his engagements by paying a visit to Oguzhan Presidential Palace where he was received by President Serdar Berdimuhamedov. During the one-to-one talk, the two leaders held a detailed discussion on the state and prospects of bilateral relations. They also exchanged views on various regional and international issues of importance.

They have agreed to intensify efforts to further strengthen India-Turkmenistan’s multifaceted partnership. The President said that his visit, which is the first such visit by an Indian President, is special since it coincides with the 30th anniversary of the establishment of diplomatic relations between India and Turkmenistan.

Speaking on trade and economic cooperation, President Kovind said that trade between India and Turkmenistan continues to be modest. While it has picked up this year, there remains a lot of untapped potential for enhancing and diversifying it.

President Kovind appreciated Turkmenistan for its support to India’s candidatures in the recent past at the UN and other international organizations. He said that India counts on Turkmenistan’s support for its initiatives during India’s current membership at the UN Security Council for the term 2021-22.

Speaking on the regional issues, President said that India stands for peace and stability as well as inclusive government in Afghanistan. In order to arrive at a regional perspective on Afghanistan, India convened the ‘Regional Security Dialogue on Afghanistan’ in New Delhi in November 2021. The first India-Central Asia Summit in January this year reaffirmed our strong support for a peaceful, stable and secure Afghanistan with an inclusive and representative Government.

The President said that any instability in Afghanistan is a threat to the whole region.

India and Turkmenistan signed and exchanged four MoUs and Programme of Cooperation in the fields of disaster management, financial intelligence, culture and youth matters in the presence of the two Presidents.

 

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03 Apr

“Watershed moment,” says PM Modi as India, Australia sign historic free trade deal

The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) was signed by Union Minister of Commerce and Industry Piyush Goyal, and Dan Tehan, the Minister for Trade, Tourism and Investment, Government of Australia in a virtual ceremony.

The ceremony was done in the presence of Prime Minister Narendra Modi and the Prime Minister of Australia, Scott Morrison on Saturday.

Speaking after the signing, the Prime Minister, Narendra Modi, noted that this is his third interaction with his Australian counterpart in last one month. He conveyed his appreciation for the leadership of the Prime Minister Morrison and the efforts of his Trade Envoy and former Prime Minister of Australia Mr Tony Abbott.

Modi underlined the huge potential that exists in the two economies to fulfil the needs of each other and this agreement will enable the two countries to fully leverage these opportunities. “This is a watershed moment for our bilateral relations”, he emphasized. The Prime Minister said “On the basis of this agreement, together, we will be able to increase the resilience of supply chains, and also contribute to the stability of the Indo-Pacific region.”

 

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03 Apr

India-Australia Signs Economic Cooperation and Trade Agreement

The Minister of Commerce and Industry, Piyush Goyal, and Minister for Trade, Tourism and Investment, Government of Australia, Dan Tehan, MP, signed the India-Australia Economic Cooperation and Trade Agreement on Saturday, in a virtual ceremony in presence of Prime Minister Narendra Modi and Prime Minister of Australia, Scott Morrison.

The India-Australia ECTA is the first trade agreement of India with a developed country after more than a decade.

The Agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries, and covers areas like Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, Dispute Settlement, Movement of Natural Persons, Telecom, Customs Procedures, Pharmaceutical products, and Cooperation in other Areas.

Eight subject-specific side letters covering various aspects of bilateral economic cooperation were also concluded as part of the Agreement.

The ECTA between India and Australia covers almost all the tariff lines dealt in by India and Australia respectively. India will benefit from preferential market access provided by Australia on 100% of its tariff lines. This includes all the labour-intensive sectors of export interest to India such as Gems and Jewellery, Textiles, leather, footwear, furniture, food, and agricultural products, engineering products, medical devices, and Automobiles.

On the other hand, India will be offering preferential access to Australia on over 70% of its tariff lines, including lines of export interest to Australia which are primarily raw materials and intermediaries such as coal, mineral ores and wines etc.

As regards trade in services, Australia has offered wide ranging commitments in around 135 sub sectors and Most Favoured Nation (MFN) in 120 sub sectors which cover key areas of India’s interest like IT, ITES, Business services, Health, Education, and Audio visual.

The negotiations for India-Australia ECTA were formally re-launched on 30 September 2021 and concluded on a fast-track basis by the end of March 2022.

Australia is the 17th largest trading partner of India and India is Australia’s 9th largest trading partner.

According to a statement by the Ministry of Commerce & Industry, India-Australia bilateral trade for both merchandise and services is valued at US$ 27.5 billion in 2021. India’s merchandise exports to Australia grew 135% between 2019 and 2021. India’s exports consist primarily of a broad-based basket largely of finished products and were US$ 6.9 billion in 2021. India’s merchandise imports from Australia were US$ 15.1 billion in 2021, consisting largely of raw materials, minerals and intermediate goods.

India and Australia are partners in the trilateral Supply Chain Resilience Initiative (SCRI) arrangement along with Japan which seeks to enhance the resilience of supply chains in the Indo-Pacific Region. Further, India and Australia are also members of the recently formed Quad, also comprising US, and Japan, to further enhance cooperation and develop partnership across several issues of common concerns.

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