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What is stopping India from joining RCEP trade deal? By Shantanu Nandan Sharma, ET Bureau | Updated: Jan 06, 2019, 02.34 PM IST

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If you have been paying attention to developments in global trade, you would already know that the contours of what is poised to become the world’s largest trading bloc is taking shape. India and 15 other nations in Asia and Asia-Pacific regions have been working to sew up contentious remaining areas, forge an agreement and put in place a deal by the end of 2019. RCEP could be a turning point in heralding major traderelated reforms unheard of since the days of liberalisation. Experts say RCEP will give Indian exporters a window to be a part of global value chains.

Related Industry worries are genuine but RCEP will bring trade reforms: Former commerce secretary Rajeev Kher

The proposed Regional Comprehensive Economic Partnership (RCEP) is gigantic in size and scope. It aims to create a free trade zone of 10 Asean nations and Australia,

China, India, Japan, South Korea and New Zealand. This means a zero-customs duty zone in a geography that contributes 34% of global gross domestic product (GDP) and 40% of world trade. The region is also home to almost half of the world’s population.

Naturally, the grouping will have immense economic clout. A sense of exuberance was visible among the members of the proposed group in mid-November at Singapore, which had hosted the summit level talk of the RCEP nations. Prime Minister Narendra Modi, who participated in the event, said he was committed to early conclusion of the agreement.

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But in December, the Government of India engaged three consultants — Indian Council for Research on International Economic Relations; New Delhi-based Centre for Regional Trade, and an expert in international trade, Rupa Chanda, also a professor at IIMBangalore — to independently take stock of the partnership’s “real gains and losses” to India in the long term.

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The move has raised a question. Why did India feel the need to get independent assessments done now — more than five years after negotiations involving 24 rounds of talks at the expert level and 13 ministerial meetings? In fact, seven of the 16 chapters of the RCEP have already been finalised, including economic and technical cooperation, customs procedures and trade facilitation, and government procurement.

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It is a smart move by the government, say trade negotiators. It reassures India Inc their apprehensions would be taken into account during the upcoming discussions on three crucial unfinished chapters — on trade, services and investments. The next meeting is due in Thailand next month. The reports of the consultants are expected to be submitted by the end of January. One of the three consultants — the Centre for Regional Trade, a commerce ministryfunded autonomous body — is meeting industry representatives across India to understand why they are upset over the impending trade deal. One such consultative meeting took place in Lucknow on December 26. ECONOMY NEWSLETTER 6

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If the Indian officials participating in the negotiations are to be believed, the pact may cover 80 to 90% of tariff lines in 20 years, with an exclusive category of select goods for which customs duties won’t be zero even after two decades. This should come as a relief to some manufacturers, as customs duties ensure their market is protected from the onslaught of cheap imports.

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“RCEP is nothing but a bilateral trade pact with China. India will lose, China will gain,” says Vinod Sharma, MD of Deki Electronics, which imports raw material from China. “Once the pact is enforced, India will give more market access to China and our trade deficit will increase further." India's trade deficit has given sleepless nights to many. In 2017-18, India exported goods worth $13.1 billion to China and imported goods worth $73.3 billion -creating a trade deficit of $63.1 billion. India has trade deficits with other RCEP nations, too, such as South Korea ($11.9 billion) and Australia ($10.2 billion). But China's trade muscle gives India Inc the jitters. Beijing has manipulated laws to give subsidies to its domestic manufacturers, despite being a member of the World Trade Organization for 18 years, say Indian manufacturers. The global trade body has a strict anti subsidy stance.

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RCEP will, India Inc Sterling & Wilson moves HC for representatives say, remove Skypower payment ECONOMY NEWSLETTER customs duty on about 80-85% Subscribe Nowcompanies flouting into the numbers that help you track trade agreements Enter your email Mumbai id customs to crack down on courier ‘gifts’ may be capped at Rs 5 6 Dive 7 of 8 Imported items. "The result will be that across world norms number to keep tabs on Chinese etail https://economictimes.indiatimes.com/news/economy/foreign-trade/mumbai-customs-to-crack-down-on-courier-companies-flouting-norms/article…

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Chinese goods will flood the Indian market even more," adds Sharma, who also heads an electronics export promotion panel in the Confederation of Indian Industry. Diary cooperative Amul and Jindal Stainless, among others, have expressed reservations about the deal. RCEP will also impact India's revenue collection.

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Assuming that India and China agree to eliminate customs duties on 85% of bilateral trade, Chinese goods imports worth $62.3 billion (85% of $73.3 billion) will become duty free. This will lead to an estimated loss of $6.2 billion to the exchequer, going by the fact that India's average customs duty is 10%, assuming that the concessions are given at one go. The goods, however, will become duty-free over 20 years. Despite these arguments, former commerce secretary Rajeev Kher says RCEP will offer India an opportunity to engage with China. It will give New Delhi a chance to stall some of its unfair practices such as doling out subsidies unethically and stalling Indian pharmaceutical products, among others, on the pretext of quality control. "India can't stand alone. It has to be a part of the group", says Kher, who retired in June 2015. RCEP could be a turning point in heralding major trade-related reforms unheard of since the days of liberalisation in 1991, he adds. Experts say RCEP will give Indian exporters a window to be a part of global value chains.

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"Indian industry has no option but to rise to the competition. After RCEP, the nature of Indian businesses will change from family run ones to more of joint ventures," says an RCEP negotiator on condition of anonymity.

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There is no denying the fact that India's entry into such a giant club of economies will strengthen its strategic muscle. But, as Kher says, this is a chance to bring in historic trade reforms, which in itself will cement India's position as a major global economy. Will the signing of the RCEP sound the death knell for many in India Inc? There will be clear answers only after the deal takes a more definite shape. Before that happens, India will have to get through a few hard bouts of negotiations. Save

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Centre, states, industry to discuss ways to boost export on Jan 10 PTI | Jan 08, 2019, 03.33 PM IST

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In the wake of growing protectionism globally, centre, state governments and industry representatives will meet on January 10 to discuss ways to boost the country's exports, an official said Tuesday. The issues would be deliberated upon in the fourth meeting of the Council for Trade Development and Promotion, which will be chaired by the Commerce and Industry Minister Suresh Prabhu.

FIEO President Ganesh Kumar Gupta said issues related to credit and modern infrastructure need to be resolved to push the exports.

Trade ministers from different states including Uttar Pradesh, Punjab, Haryana and Karnataka are expected to attend the meeting, the official added. The council was constituted in July 2015 to promote India's overseas shipments. The meeting assumes significance as states play a proactive role in promoting outbound shipments. The commerce ministry has advised all the states to formulate their export policies and appoint export commissioners.

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The issues which are likely to figure in the meeting include ways to enhance export competitiveness, quality and standards of products.

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The council acts as a platform to develop partnership with states with an aim to boost international trade. Besides trade/commerce ministers of states and union territories, 14 secretaries of the central government, including commerce, revenue, shipping, civil aviation, agriculture, food processing and economic affairs are the members of the council.

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The council also provides a platform to state governments and UTs for articulating their perspective on trade policy to help them develop and pursue export strategies in line with the national foreign trade policy. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said issues related to credit and modern infrastructure need to be resolved to push the exports. Since 2011-12, India's exports have been hovering at around USD 300 billion. During 2017-18, the shipments grew by about 10 per cent to USD 303 billion. Experts have cautioned that growing trade tensions between the US and China could impact global trade growth. Imposition of high import duties by the US this year on certain steel and aluminium products have triggered a trade war kind of situation. The World Trade Organisation (WTO) too has stated that escalating trade tensions and tighter credit market conditions in important markets will slow trade growth in 2019. During April-November 2018-19, the country's exports grew 11.58 per cent to USD 217.52 billion. 0

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Iran hopes India will seek fresh waiver from US sanctions: deputy Foreign Minister Reuters | Jan 08, 2019, 02.27 PM IST

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NEW DELHI- Iran hopes India will strive to get another waiver from U.S. sanctions as New Delhi plans to continue buying oil from Tehran, Iran's deputy foreign minister for economic diplomacy Gholamreza Ansari said on Tuesday. In November, the Unites States granted a sixmonth waiver from sanctions to India and allowed New Delhi to continue to import a limited quantity of Iranian oil.

The official said there is also a chance for Indian companies to get development rights for Iran's Farzad B gas field.

In the previous round of sanctions India did not halt oil imports from Iran, said Ansari, who is in India as part of a business delegation participating in a visit by Iran's foreign minister Javad Zarif. The official said there is also a chance for Indian companies to get development rights for Iran's Farzad B gas field. Tehran could ease some terms associated with the project, he added.

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India to fully operationalise Chabahar port soon; Iranian bank branch to open in Mumbai: Nitin Gadkari PTI | Jan 08, 2019, 02.05 PM IST

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NEW DELHI: India is hopeful to fully operationalise the strategic Chabahar port in the Sistan-Balochistan province of Iran; and the government has allowed an Iranian bank to open a branch in Mumbai for related transactions, Union Minister Nitin Gadkari said Tuesday.

Gadkari with Iran's Minister of Foreign Affairs Mohammad Javad Zarif in New Delhi.

Gadkari, after Iran's Minister of Foreign Affairs Mohammad Javad Zarif called on him, said that the meeting was "fruitful" and both the sides could resolve several issues.

"Chabahar port is very important for us. We are working very hard on it... Some problems were there, but the Iranian government and their minister... are also in the process to resolve all the issues as early as possible. I am confident that we will be in a position to start full function of Chabahar Port at the earliest," Gadkari said. The Chabahar port in the Sistan-Balochistan province in the energy-rich nation's southern coast is easily accessible from India's western coast and is increasingly seen as a counter to Pakistan's Gwadar port located at distance of around 80 km from Chabahar.

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Zarif said, "We are very happy that both UCO Bank from India and Pasargad Bank from Iran are getting started with the business." The two banks will facilitate transactionsECONOMY relating to operation of berths at Chabahar port. NEWSLETTER 6

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Shipping and Road Transport and Highways Minister Gadkari said the Reserve Bank of India (RBI) has given all clearances to an Iranian bank which to open a branch within the next three months.

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"The government of India has given permission to an Iranian bank to open its branch in Mumbai. It is going to open within three months, and will be used for transactions (related to Chabahar port)," Gadkari said.

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India has placed USD 85 million machinery order for Chabahar, he said. He said India has already taken over partial operations at Chabahar, and the first ship from Brazil has already been received at the Iranian port. This is the first time India will be operating a port outside its territory. The government of India took over the operations of a part of Shahid Beheshti Port, Chabahar, in Iran during the Chabahar Trilateral Agreement meeting held there on December 24, 2018. The heads of Indian, Iranian and Afghanistan delegations had jointly inaugurated the office of the Indian SPV - India Ports Global Chabahar Free Zone (IPGCFZ) at Chabahar. Commercial operations began at IPGCFZ with the arrival of a vessel, a Cyprus registered bulk carrier that arrived at Chabahar with 72,458 MT of corn cargo. The vessel MV Macheras berthed at the terminal at 0130 hrs on December 30, 2018, and IPGCFZ carried out its first cargo operation by discharging the imported cargo (ex-Brazil) using pneumatic un-loaders. Gadkari said the Iranian Minister has given many proposals including those on a barter system between the two nations. "They need steel, particularly rail steel and locomotive engines in large quantities, and they are ready to supply urea," he stated. India can provide steel rails to Iran and the Persian gulf nation can provide urea to India, he added.

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"For railway line, IRCON has to work. We have got proposal for locomotive engines ...," the minister added.

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Iraninan Minister Zarif said, "We had very good discussions on both Chabahar as well as other areas of cooperation between Iran and India. The two countries complement each other and we can cooperate in whole range of areas... We hope that in spite of the illegal US sanctions, Iran and India can cooperate further for the benefit of the people of the two ECONOMY NEWSLETTER countries and for the region." Subscribe Nowcompanies flouting into the numbers that help you track trade agreements Enter your email id customs to crack down on courier 6 Dive 7 Mumbai across world norms India started interacting with Iran on Chabahar Port around 2003 but a major push was

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India started interacting with Iran on Chabahar Port around 2003, but a major push was received in the second half of 2014, resulting in the signing of a memorandum of understanding (MoU) between the two countries for the development of Chabahar Port in May 2015. This MoU translated into a formal ten-year contract for equipping and operating the Chabahar port, which was executed on May 23, 2016, during Prime Minister Narendra Modi's visit to Tehran.

On account of challenges in activation of the said contract, the foundation of an interim period contract was laid during the visit of Hassan Rouhani, President of Islamic Republic of Iran to New Delhi in February 2018. Resultant was a formal short-term contract between the two sides that was signed on May 6, 2018. The first phase of the Chabahar port was inaugurated in December 2017 by Iranian President Hassan Rouhani, opening a new strategic route connecting Iran, India and Afghanistan bypassing Pakistan. The Chabahar port is being considered as a gateway to golden opportunities for trade by India, Iran and Afghanistan with central Asian countries, besides ramping up trade among the three countries in the wake of Pakistan denying transit access to New Delhi. Under the agreement signed between India and Iran earlier, India is to equip and operate two berths in Chabahar port Phase-I with capital investment of USD 85.21 million and annual revenue expenditure of USD 22.95 million on a 10-year lease. 1

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Industry worries are genuine but RCEP will bring trade reforms: Former commerce secretary Rajeev Kher By Shantanu Nandan Sharma, ET Bureau | Updated: Jan 06, 2019, 09.57 AM IST

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Former commerce secretary Rajeev Kher argues India must weigh in its economic interests first while negotiating for RCEP. Kher, a distinguished fellow in New Delhibased policy think tank RIS, tells Shantanu Nandan Sharma that diplomatic gains out of the trade pact could at best be incidental. Edited excerpts: RCEP negotiations have been on since 2013. Where do the talks stand as far as Also, when you are a part of a global value chain, you India is concerned? won’t look just at manufacturing," he said. I won’t know the exact status as I am no Related longer with the government (Kher retired as commerce secretary in June 2015). I have learnt the RCEP is at an What is stopping India from joining RCEP trade deal? advanced stage of negotiations, but some of the tricky areas are yet to be sorted out. Till recently, there were debates whether India should stay or get out of the RCEP. Now, there’s a resolve at the highest level that India must be a part of the RCEP. "India can’t stand alone. It has to be a part of the group.

SPOTLIGHT In post-Trump environment of protectionism around the world, why do you think India should liberalise its trade further and be a part of the RCEP? India has not seen a major trade reform since 1991. We have broadly remained in the same trade paradigm since then. Meanwhile, we embarked on export incentive schemes and diversified in terms of products and markets. But we paid very less attention to the Indian industry getting integrated with global value chains. That’s why our exports have remained static. But there will be a paradigm shift once we join the RCEP. Today, global manufacturing hubs are in China, South Korea, Japan and Asean — largely in the RCEP region. India can’t stand alone. It has to be a part of the group. Also, when you are a part of a global value chain, you won’t look just at manufacturing. The emphasis will then be on quality of investments, standards, logistics, services reforms, etc. I feel, RCEP will be a trigger for India to move to a higher trajectory of industry and trade-related reforms.

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But India already has a free trade agreement with 12 nations of the RCEP. The industry is worried and sees the RCEP as nothing but an FTA with China. I don’t want to brush aside the concerns of Indian industry. They are genuine as India already has a large trade deficit with China. Yes, China has advantage over us even without this agreement; they may have more advantages with this agreement. So, we need to negotiate harder. Currently, Indian medicines, for example, can’t be sold in China because China demands clinical trials there. But why? All medicines exported to the US or Europe are clinically tested in India itself. But China does not agree, mainly to delay the process and protect its domestic industry. This can be negotiated. The registration process (to sell medicinal products) in China takes five years against six months in India. This can be negotiated. We should also use the RCEP negotiation to persuade China to bring in some of its trade practices into the realm of this agreement and discipline its regulatory practices. For example, China is often accused of subsidising its industry in an unfair manner.

Vijay Mallya becomes first person to be declared a 'fugitive economic offender' under new law Taxman on a refunds spree as income tax returns hit record high in FY19 Why Opposition can't fight Modi's quota move: From Maya to Manmohan, these leaders wanted it too Government hikes sales tax, petrol & diesel price up in Karnataka More »

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Will the RCEP be more an opportunity for India to position itself globally rather than deriving real economic benefits? We must not bring in geopolitical aspects to do a cost-benefit analysis of the RCEP. For me, trade agreement is a trade agreement. If it also has geopolitical gains, that is fine. But the basic reason for signing this pact must be pure economic interests. 2

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Dive into the numbers that help you track trade agreements across world By G Seetharaman, ET Bureau | Jan 05, 2019, 11.00 PM IST

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One of US President Donald Trump’s most controversial policies has been to reevaluate trade deals with other countries. The US’ seesawing trade dispute with China is a case in point. Moreover, Trump has called the North American Free Trade Agreement (Nafta) — between the US, Canada and Mexico — the “worst” trade deal in history, and has threatened to pull out of it. Nafta, which accounted for nearly 14% of global Nafta, which accounted for nearly 14% of global manufacturing exports in 2017, turned 25 on manufacturing exports in 2017, turned 25 on January 1. January 1. ET Magazine takes a look at the size of global trade and at regional trade agreements (RTAs), which include free trade agreements and customs unions, across the world.

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Mumbai customs to crack down on courier companies flouting norms ET Bureau | Jan 04, 2019, 06.54 AM IST

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New Delhi: In a crackdown on goods being imported into India in the guise of 'gifts', the zonal office of Mumbai customs authority has ordered cancellation of registration of courier companies which outsource their activities without the permission of the customs department and don't comply with know-yourcustomer norms while importing. Under current customs rules duty-free goods up to 5000 are permitted as 'gifts' via courier products from China entering India as 'gifts' and shipped for personal use. But, stringent KYC norms ECONOMY NEWSLETTER directly to customers. have to be followed. Subscribe Nowcompanies flouting into the numbers that help you track trade agreements Enter your email id customs to crack down on courier 6 Dive 7 Mumbai across world norms There have also been reports of a large number of

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The authority has said while calculating the exemption limit of 5,000 to these gifts, the total amount of courier charge, which is based on the weight of the parcel, should be included. The cost borne by the sender of the gift should be included, it said. For those exceeding 5,000, will be charged IGST, basic customs duty and social welfare cess including the courier charge. The order follows instances of smuggling of precious metals and misdeclaration of goods such as food items to avoid mandatory quarantine or food standards checks through the courier route.

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"Multiple consignments of goods to the same consignees of dutiable goods imports for trading in the guise of gifts and samples, has been noticed," said the customs commissioner of APSC, Mumbai-zone three in an order dated December 28, 2018. There have also been reports of a large number of products from China entering India as 'gifts' and shipped directly to customers. "Non-compliance of prescribed KYC guidelines by authorised couriers and their staff is also a major cause of incidents of smuggling," as per the order. PG Diploma in Data Science : Amity + eCornell

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Citing a "total lack of supervision at all levels among the staff at the courier terminal in Mumbai", it has directed examination of 60 import consignments per shift in addition to the required checks and maintain separate records.

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The government is considering sample checking of consignments and limiting the value of imported ‘gifts’ to Rs 5,000 per Aadhaar number to keep a check on online purchases of goods through foreign ecommerce platforms and applications, especially China.

Concerns have been raised by certain industry players, including some e-commerce firms, that Chinese online companies are getting huge number of orders per day from India.

This comes in the wake of a large number of online purchases from China entering India as gifts and being shipped directly to customers. Under the current customs rules, gifts of up to Rs 5,000 intended for personal use are exempt from customs duties.

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Related A standing group of secretaries chaired by industry secretary Ramesh Abhishek had suggested that the revenue department examine “steps to prevent violation of existing rules to circumvent customs duties particularly by the gifting route” at its first meeting in September 2018. Mumbai customs to crack down on courier companies flouting norms

The minutes of the meeting have only been finalised and a decision will be taken based on the discussions. The Rs 5,000 limit can be used via any other know-your-customer (KYC) route as well and not just by the Aadhaar number.

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ECONOMY NEWSLETTER The standing group has asked the department of revenue to examine options such as tracking thethe source country consignors/consignees to identify suspicious activities, the companies flouting Subscribe Now Dive into numbers that helpand you track trade agreements Enter your email id customs to crack down on courier 6 across world 7 Mumbai norms abolition of exemption for gifts to avoid ambiguity and limiting the number of such

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abolition of exemption for gifts to avoid ambiguity and limiting the number of such consignments.

Indian industry has complained to the government that Chinese etailers such as Club Factory, AliExpress and Shein are taking undue advantage of the exemption from customs duties on gifts of up to Rs 5,000. Officials have said that Chinese etailers, unlike their counterparts from other countries, do not ask customers for any government-issued identity proofs to complete transactions, making it difficult to track them. Besides impacting local manufacturing, the move is a violation of domestic laws.

A complete ban on such imports had also been considered but the Department of Industrial Policy and Promotion had suggested capping these to four per person per year, citing infeasibility of an outright prohibition. 0

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India not to impose anti-dumping duty on coated paper imported from China, EU, US ECONOMY NEWSLETTER PTI | Jan 03, 2019, 02.57 PM IST

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New Delhi: India would not impose antidumping duty on coated paper from China, European Union and the US as the commerce ministry's investigation arm DGTR has not found any impact on the domestic industry due to the alleged dumped imports. After concluding its anti-dumping probe, the Directorate General of Trade Remedies (DGTR) has said "there is no causal link between the dumped imports" from these countries and "injury to the domestic industry".

Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in cheap imports.

The directorate in a notification has said it "does not consider it appropriate to recommend levy of anti-dumping duty" on the papers from China, European Union and the US.

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It has also said there is a substantial increase in the imports from these counties in absolute terms but the increase was necessitated due to the decline in production of the domestic industry.

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The Indian Paper Manufacturers Association on behalf of BILT Graphics Paper Products, subsidiary of Ballarpur Industries, filed an application before the DGTR in January to initiate anti-dumpinginvestigation on imports of coated paper from these countries.

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The directorate recommends duty only when it establishes that dumping has caused material injury to domestic players.

The paper is primarily used for printing of magazines, catalogues, books and manuals, calendars, brochures, labels and flexible packaging. Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in cheap imports. As a counter measure, they impose duties under the multilateral regime of the World Trade Organization. The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers with regard to foreign producers and exporters.

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Indian textile firms face higher trade barriers in EU, US: Government PTI | Jan 02, 2019, 08.30 PM IST

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NEW DELHI: Indian textile companies face higher trade barriers, compared to other competing countries like Bangladesh, Vietnam and Pakistan, in the US and European Union, Parliament was informed Wednesday. The average tariff on textile products faced by India in the EU and US is 5.9 per cent and 6.2 per cent, respectively. Representative image.

In comparison, Pakistan face zero per cent and 5.3 per cent average tariff in the EU and US, respectively; for Bangladesh it is zero per cent and 3.9 per cent; whereas Vietnam attracted 6.1 per cent and 5.5 per cent tariff.

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The US is the top export destination for textiles made in India with a share of 17 per cent, followed by the EU, Bangladesh, China, Pakistan, UAE, Vietnam, Sri Lanka, Brazil and South Korea, respectively, Minister of State for Textiles Ajay Tamta said in a written reply to the Rajya Sabha.

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ECONOMY NEWSLETTER 6

Dive into the numbers that help you track trade agreements Enter your across world

Subscribe Nowcompanies flouting email id customs to crack down on courier 7 Mumbai norms

8

Imported ‘gifts’ may be capped at Rs 5 number to keep tabs on Chinese etail

https://economictimes.indiatimes.com/news/economy/foreign-trade/mumbai-customs-to-crack-down-on-courier-companies-flouting-norms/articl…

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