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The <keyword id="105668" type="ORGANIZATION" weightage="100" keywordseo="Commerce-and-Industry-Ministry">commerce and industry ministry</keyword> is likely to come up with the new five-year <keyword id="35067" type="ORGANIZATION" weightage="100" keywordseo="foreign-trade-policy">foreign trade policy</keyword> (2009-14) after the <keyword id="6358021" type="PERSON" weightage="100" keywordseo="budget">budget</keyword> as the ministry is looking to increase manufacturing and exports. 
 
"The Directorate General of Foreign Trade is already doing stakeholder consultations. It is expected that the new FTP would be announced only after the Budget. It would help in giving final touch to the policy," sources informed.

Foreign Trade Policy Likely To Be Announced After Budget

New Delhi, Mar 16 () The Commerce and Industry Ministry on Monday held deliberations with stakeholders on issues related to the forthcoming foreign trade policy (FTP) for 2020-25, an official said. The meeting was attended by representatives of CII and exporters from various sectors. The official said that presentations were given to Commerce Minister Piyush Goyal on sectors such as textiles, chemicals, agriculture, capital goods, electronics, engineering, pharmaceuticals, leather, higher education, hospitality and tourism, e-commerce, and media and entertainment. Suggestions were given on inclusion of these sectors in the next policy, the official added. All export and import-related activities are governed by the FTP, mainly aimed at enhancing the country's exports and using trade expansion as an effective instrument of economic growth and employment generation. The FTP will also provide guidelines and incentives for increasing exports for the next five financial years from 2020-21 to 2024-25. The validity of the old policy will end on March 31, 2020. Currently, tax benefits are provided under the Merchandise Export from India Scheme (MEIS) for goods and the Services Export from India Scheme (SEIS). RR RVK

Commerce Ministry holds meeting of stakeholders on new foreign trade policy

New Delhi, Mar 31 () The government on Tuesday extended the existing foreign trade policy (2015-20) for one year till March 2021 amid coronavirus outbreak and the lockdown to contain the virus spread."The existing foreign trade policy 2015-20 which is valid up to March 31 this year is extended up to March 31, 2021. Various other changes are also made extending the date of exemptions by one year and extending validity of DFIA and EPCG authorisations for import purposes," the directorate general of foreign trade said in a notification.Exports during April-February this fiscal dipped by 1.5 per cent to USD 292.91 billion.Imports during the period declined by 7.30 per cent to USD 436 billion, leaving a trade deficit of USD 143.12 billion.Export Promotion Capital Goods (EPCG) is an export promotion scheme under which an exporter can import certain amount of capital goods at zero duty for upgrading technology related with exports.On the other hand, advance authorisation is issued to allow duty free import of inputs, which is physically incorporated in export product.Under the Duty Free Import Authorisation (DFIA) scheme, exporters are allowed to import certain goods like sugar at zero duty. RR BALBAL

Foreign trade policy extended for one year till March 2021

New Delhi, Mar 11 () The commerce and industry ministry has called a meeting of all stakeholders on March 16 to discuss issues related to the forthcoming foreign trade policy (FTP) for 2020-25, an official said. The meeting will be attended by industry chambers and exporters from various sectors such as textiles, chemicals, agriculture, capital goods, electronics, engineering, pharmaceuticals, leather, higher education, hospitality, e-commerce, and entertainment. "We will have a sector-wise roundtable meetings and it will be followed by report-back session," the official said. All exports and import-related activities are governed by the FTP, mainly aimed at enhancing the country's exports and use trade expansion as an effective instrument of economic growth and employment generation. The meeting assumes significance as the commerce ministry is likely to soon come out with the policy, which provides guideline and incentives for increasing exports, for the next five financial years 2020-25. The validity for the old one will end on March 31, 2020. The new policy could focus on simplifying procedures for exporters and importers besides providing incentives to boost outbound shipments. The ministry's arm Directorate General of Foreign Trade (DGFT) is formulating the policy. Currently, tax benefits are provided under the Merchandise Export from India Scheme (MEIS) for goods and the Services Export from India Scheme (SEIS). In the new policy, changes are expected in the incentives given to goods as the current export promotion schemes are challenged in the World Trade Organization. RR HRS

Commerce ministry calls meeting of stakeholders on Mar 16 on new foreign trade policy

<ul><li>India’s ministry of commerce and industry has launched an online export awareness course to support future exporters. </li><li>The government also reportedly launched an app dedicated to update exporters on trade practices and share their grievances. </li><li>The online course is launched in collaboration with Indian Institute of Foreign Trade (IIFT).</li></ul>In a bid to boost international trade opportunities for potential exporters in India, the Ministry of Commerce and Industry has <a href="https://www.financialexpress.com/industry/sme/government-launches-online-course-app-to-support-potential-exporters/1490218/lite/">launched</a> an export awareness course. Once the course is complete, candidates will be awarded certificates in export-import management by the government under the ‘Niryat Bandhu Scheme’. The program titled, 'Anytime-Anywhere,’ is a reportedly a joint effort between the government and Indian Institute of Foreign Trade (IIFT). Commerce and industry minister, Suresh Prabhu reportedly said that the course is aimed at training, mentoring and supporting prospective exporters and traders in India. Stressing the need for spreading awareness on trade, commerce secretary Anup Wadhawan reportedly said the government has been able to stem decline in exports hurting the Indian market by facilitating trade combined with the growing technology and implementation of goods and services tax (GST). India’s Directorate General of Foreign Trade (DGFT), responsible for fostering the exports sector, is also trying to make the export sector more digital-savvy. According to Director General, Alok Chaturvedi, the DGFT has <a href="https://knnindia.co.in/news/newsdetails/sectors/prabhu-launches-anytime-anywhere-export-awareness-course-to-hand-hold-exporters">reportedly</a> approved to rebuild its entire IT infrastructure to go paperless and attain end-to-end IT enablement. It has also launched a DGFT's mobile app dedicated to trade practices, for a smooth sailing of the process. The app is designed as a communication platform that will let exporters apply for licences and stay updated on latest trade notices including <keyword id="35067" type="ORGANIZATION" weightage="20" keywordseo="foreign-trade-policy">Foreign Trade Policy</keyword> and international trade affairs. According to<a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=188641"> media reports</a>, <keyword id="147907" type="PERSON" weightage="20" keywordseo="Indias-exports">India's exports</keyword> faced a major slowdown in trade in the recent years. However, in the last three years, the country witnessed a slight increase in exports reaching $26.36 billion in January compared to $25.4 billion last year during the same time. See also: <a href="https://www.businessinsider.in/indian-government-maintains-ban-on-foreign-investments-in-multi-brand-retail/articleshow/67375565.cms">Indian government maintains ban on foreign investments in multi-brand retail</a> <a href="https://www.businessinsider.in/the-indian-government-may-roll-back-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">The Indian government may roll back a tax on angel investments that is said to be hurting the country’s startup ecosystem</a> <a href="https://www.businessinsider.in/india-to-make-a-renewed-push-for-an-important-regional-trade-treaty-that-will-create-the-worlds-largest-trading-bloc/articleshow/66602874.cms">India to make a renewed push for an important regional trade treaty that will create the world’s largest trading blo</a>

Fancy a career in exports? Indian government is offering an export awareness course

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Kimberly White/Getty ImagesJPMorgan Chase CEO Jamie Dimon speaks at the 2015 Fortune Global Forum..</div></div></div>JPMorgan posted record foreign exchange trading volumes overnight following the UK's historic decision to leave the European Union.The firm expects to do three times the normal daily volume on Friday.That's according to a memo to staff from CEO Jamie Dimon.The pound plunged by over 11.0% to a low as 1.3239 against the dollar around 12:30 a.m. ET (5:30 a.m. BST) after Britain voted for a Brexit.That's a 30-year low.The sterling has since recovered a little, and is currently down around 8% on the day as of 1:08 PM ET Friday.Below is the memo from Dimon:I want to thank our thousands of extraordinary employees across our businesses and functions who performed exceptionally well and worked around the clock in the wake of last night's momentous Brexit decision. I am extremely proud to be your partner.You were there for our clients - rock solid and steadfast in meeting their needs, executing their transactions and providing liquidity. We remained totally open and accessible on e-trading channels overnight and processed 1,000 trading tickets per second at one point. Our systems and technology were resilient, pricing was consistent, and feedback from clients was very good. FX volumes were a record overnight, and we expect to do three times the normal daily volume today. Importantly, we worked with clients before the vote to address their concerns and to ensure we were prepared to handle their needs in any eventuality. Our Sales teams, major business lines, and corporate functions coordinated closely as market dynamics changed - serving our clients and protecting our company.In dramatic times like these, the quality, scope, capabilities and character of JPMorgan Chase truly come into focus. We are here to be a source of strength for our clients, communities, governments and markets. Let's keep up the great work. Thank you. Jamie <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hugh-hefner-son-cooper-playboy-mansion-sale-2016-6">Hugh Hefner's son reacts to the sale of the Playboy Mansion</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

JPMorgan just posted record foreign exchange trading volumes

Foreign exchange trading platform FXCM has put an end to shorting the ruble for today.
In a statement to Business Insider, FXCM said:
"Please be advised that that most Western Banks have stopped pricing USD/RUB. As such, FXCM can no longer offer this instrument to our clients and will begin closing any existing client trades in USD/RUB effective at&#xa0;Noon EST today, December 16th, 2014."
This announcement was <a href="http://www.zerohedge.com/news/2014-12-16/russian-ruble-hereby-halted-until-further-notice">first reported by ZeroHedge</a>.
And so the long US dollar short Russian ruble trade that sent the ruble to as low as 80 against the dollar earlier this morning can no longer be traded through FXCM, which reported more than 590,000 average daily trades from retail customers in November.&#xa0;
And FXCM's reason is that most everybody else has stopped offering that trade, too.&#xa0;
Near noon, the ruble was pulling back some of its losses, trading at around 68 to the dollar.
US <a href="http://www.businessinsider.com/us-market-update-december-16-2014-12">stocks</a> and <a href="http://www.businessinsider.com/oil-price-december-16-2014-12">oil</a>, meanwhile, were surging to their highs of the day.&#xa0;

Foreign Exchange Trading Platform Puts An End To Shorting The Ruble... For Now

It is now beyond doubt that <keyword id="3658" type="COUNTRY" weightage="80" keywordseo="India">India</keyword> is emerging as a strong <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword>. The traditional approach of market-based economic reforms adopted by India since 1991 has stood the country in good stead in recent times when most of the developed nations such as the US and the UK have found it tough to tide over the global economic crises. According to a PwC report, India may well overtake the US in terms of India’s <keyword id="35050" type="CITY" weightage="40" keywordseo="gdp">GDP</keyword> in purchasing power parity by 2045. 
 
But it is not the time yet to send out invites for the gala event. India may well be on the path to self-reliance, but its two biggest threats – in some way intertwined – are the changing political equations and international debt. 
 
Then there’s another factor we cannot ignore. Indian population is about to reach 1.27 billion this year and will soon overtake China that happens to be the country with the highest number of mouths to feed. India, with an economy of $1.842 trillion and a GDP of $2.55 trillion, carries a national debt of 78%. Even a novice can pinpoint this as a ‘danger’ zone. However, India’s debt is just 129% of its GDP (if that’s any solace) while China’s stands at 158%. Overtaking India on this front are Greece and Ireland. 
 
But overall, India, which has been enjoying the status of the IT superpower across the world with the highest number of software companies in the country and trained professionals spread across the globe, is on the path of recovery and growth, much to the surprise of all economists and financial soothsayers. 
 Despite the fact that every Indian citizen carries a debt of about Rs 50,000 (approx $808) while poverty and hunger still remain the key issues that must be tackled more efficiently, India was brave enough to tell the UK that it didn’t require any foreign <keyword id="6421428" type="ORGANIZATION" weightage="80" keywordseo="Aid">aid</keyword> from Great Britain. This became a raging discussion among British politicians and policy makers who said India was turning down £280 million in foreign aid at its own peril. 
 What caused this uproar from Britons and what led to such candid attitude shown by India? Simply put, when a country receives foreign aid, it is supposed to use the aid to meet the basics. For instance, the country has to build the basic infrastructure, provide basic education to its citizens, put systems in place that can ensure safety and food security, and create windows for other countries to participate in the progress of the receiving country. The <keyword id="6355833" type="ORGANIZATION" weightage="40" keywordseo="united-nations">United Nations</keyword> has urged the developed countries to spend nearly 0.7% of their national income on aid to nations that live on lesser fortunes and need help with these problems. 
 
In India’s case, all the above was true till about a few years ago when the country was only at the ‘receiving’ end. Historians can argue on who said it first, but the UK was forced to take a stand on stopping foreign aid to India after the latter launched its own space mission to Mars last year. 
 Even the US aid to India has consistently dropped in the recent years – from around $127 million in 2010 to $98.3 million in 2013. Adopting a more diplomatic approach, the US strategically turned India into its potential ally and said that the progress India had achieved ‘creates an opportunity to evolve the traditional donor-recipient <keyword id="212605" type="POSITION" weightage="40" keywordseo="model-of-development">model of development</keyword> into a true partnership.’ India’s rapid growth is, indeed, phenomenal in view of the fact that it is the same country that used up nearly $55 billion in aid during 1951-1992. For a country that struggled to execute its progress charters into the second Five-Year Plan in 1958, the UK had offered some $40 million in foreign aid. But today, the <keyword id="6356076" type="UNKNOWN" weightage="40" keywordseo="indian-economy">Indian economy</keyword> has turned so robust that the country has had the confidence to say ‘No, thanks’ to British aid, which will be completely stopped from 2015. 
 
The criticism from the British side came in the wake of India turning into a ‘donor’ to countries that have been on the brink of poverty and social crises, such as Afghanistan. India has approved developmental projects in Afghanistan to the tune of $100 million as part of India’s $2 billion aid package to the war-torn nation. In 2010, India extended an aid package of $1 billion in the form of credit to neighbouring Bangladesh while offering a credit of $5 billion to the African nations. 
 In the recent years, India has significantly ramped up its spending on social welfare schemes and rural development projects, with an objective to achieve comprehensive development. “Aid is past, <keyword id="44844" type="ORGANIZATION" weightage="80" keywordseo="Trade">trade</keyword> is future,” one of the Indian ministers said, and that seems to be the way ahead. Powered by its newfound economic growth, modern India is surely looking beyond aid.

You Searched For "foreign trade" and got 8 results

Foreign Trade Policy Likely To Be Announced After Budget

BI India Bureau

Commerce Ministry holds meeting of stakeholders on new foreign trade policy

PTI

Foreign trade policy extended for one year till March 2021

PTI

Commerce ministry calls meeting of stakeholders on Mar 16 on new foreign trade policy

PTI

Fancy a career in exports? Indian government is offering an export awareness course

BI India Bureau

JPMorgan just posted record foreign exchange trading volumes

Portia Crowe

Foreign Exchange Trading Platform Puts An End To Shorting The Ruble... For Now

Myles Udland

Foreign Aid: India Moves From ‘Aid’ To ‘Trade’ With Its Donors

Preetam Kaushik

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