Day: January 4, 2023

Jan 04

ICICI Bank launches digital solutions for exporters

ICICI Bank today announced the launch of digital solutions for exporters, a comprehensive set of banking and value-added services on a single platform. In a first-of-its kind initiative in the industry, the suite of solutions digitise the entire export life-cycle from discovery of export markets, export finance, foreign exchange services to receipt of export incentives. The initiative aims to simplify the journey of exporters by decongesting the current time-intensive manual procedures, thereby significantly improving their operational efficiency. The set of Read Full Details…

Jan 04

India-Australia agreement comes into force

“Australia and India are natural trading partners – this agreement will unlock the enormous potential in our trading relationship,” Australian minister for Trade and Tourism, Don Farrell, said in a statement. “This agreement reflects the government’s commitment to diversifying exports and strengthening our partnerships,” he added. An interim free trade agreement was signed in early 2022. The agreement will also unlock deeper economic and social benefits, according to Universities Australia. “Universities fully support the government’s focus on growing our relationship Read Full Details…

Jan 04

New Foreign Trade Policy will focus on e-commerce: DGFT

New Delhi: Indian traders should follow seven steps, including knowing trade policy and rules of origin of respective products in Australia in order to take full advantage of the recently implemented free trade agreement, according to a study by GTRI. The India-Australia free trade agreement came into effect on December 29, 2022. The Global Trade Research Initiative (GTRI) said India-Australia Economic Cooperation and Trade Agreement (ECTA) offers many concessions to exporters and imp .. Utilisation rate of India’s free trade Read Full Details…

Jan 04

New Foreign Trade Policy will focus on e-commerce: DGFT

New Delhi, Jan 3 (KNN) Director General of Foreign Trade (DGFT), Santosh Kumar Sarangi said that India will soon get its new Foreign Trade Policy (FTP) this year which will also include e-commerce. In an interview with The Print, Kumar said India’s merchandise exports, which are expected to touch USD 450 billion this financial year, are likely to maintain “similar or higher levels” in the next financial year despite global recessionary trends. He explained that India’s recently signed free-trade agreements Read Full Details…

Jan 04

China lifts registration system for foreign trade authorization

China’s commercial authorities have canceled registration requirements for businesses engaged in foreign trade activities from Dec 30, 2022, following a revision of the country’s Foreign Trade Law, the Ministry of Commerce said. The authorities will no longer require market entities to provide foreign-trade operator registration materials in applying for import and export licenses, registration certificates of technology import and export contracts, quotas, state-owned trade qualifications, and other relevant documents. The change is a significant reform measure in foreign trade management, Read Full Details…

Jan 04

Chinese local commerce authorities cease filing foreign trade operations

Local commerce authorities in China have stopped filing and registering foreign trade operators from December 30, in accordance with the revised law on foreign trade, the Ministry of Commerce said on Tuesday. The relevant authorities will no longer require market entities applying for certain certificates and qualifications to provide foreign trade operator filing and registration records. The certificates and qualifications in regard include import and export licenses, technology import and export contract registration certificates, quotas, and State-operated trade certificates. “That Read Full Details…