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Higher imports by India, the world's biggest buyer of palm oil, will support benchmark Malaysian palm oil prices that hit their highest level in eight years this month, but could weigh on U.S. soyoil futures.
The Central Board of Indirect Taxes and Customs (CBIC) in a notification said the basic customs duty (BCD) rate on crude palm oil has been revised to 27.5 per cent with effect from November 27. The BCD on crude palm oil is 37.5 per cent currently.
In an age of rising protectionism and trade wars, the future for globalisation and the organisation that champions it, looks bleak.
The pandemic forced organizers to scratch this year’s Hanover Fair as well as dozens of smaller events like VeggieWorld in Munich, the International Toy Fair in Nuremberg and Horse & Hunt in Hanover.
“This year we will easily be able to export over 10 million tonnes of non-basmati rice compared to 5.04 million tonnes in the previous year,” said BV Krishna Rao, president of the Rice Exporters’ Association.
The pandemic shuttered economic activity in its initial phase earlier this year, prompting shipping companies to respond by cutting voyages and the number of container boxes on board.
EEPC India chairman Mahesh Desai said India has been a consistent net exporter of agricultural machineries. ''India is a world leader in exporting solar irrigation pumps. India being largely an agrarian economy, mechanization has a significant potential," he said.
A cooperative mill operator from Maharashtra has sent a letter to the food ministry, claiming that it had already started shipments and seeking clarifications on future policy implications.
There is no denying the fact that it is this system that underlined peace, security, stability and prosperity in the post-war world, said Pradeep Mehta, Secretary General of CUTS International, a global public policy think- and action-tank on trade, regulations and governance.
India to export 3.5-4 million tonnes of wheat to neighbouring countries till March if govt extends export subsidy
The current stocks in the country with the government and the private sector are over 56 million tonnes, which the government will have to offload ahead of the arrival of the new crop in April.
While it may be hard for India to rejoin RCEP, there are other free-trade agreements worth exploring. One with the European Union is overdue, for example. It's a deal worth signing. If India holds back, somebody else will benefit; Vietnam signed its own pact with the EU this year. Protectionism, not openness, is what will really "hurt" India.
India pulled out of the China-backed trade agreement as negotiations failed to address its core concerns. These were threat of circumvention of rules of origin due to tariff differential, inclusion of fair agreement to address the issues of trade deficits and opening of services.
The first step of the negotiations at the World Trade Organization (WTO), India said, is to create a level playing field by getting rid of the aggregate measurement of support (AMS) or trade-distorting farm subsidies given by the developed countries.
International trade is likely to remain below the levels observed in 2019 and its recovery would depend upon the pandemic’s evolution and extent of policies adopted by the governments in order to restart their economies.
Under President Donald Trump, the US had withdrawn its preferential treatment to Indian exports under the GSP granted to India and some other developing countries in 1976 that allowed some Indian exports to get duty-free access into the US, allowing Indian exporters to export more and develop faster. The withdrawal of GSP became effective from June 5, 2019.
“Notwithstanding anything contained in paragraph 2, the anti-dumping duty imposed under this notification shall remain in force up to and inclusive of the 31st December, 2020, unless revoked, superseded or amended earlier,” the revenue department’s notification said, citing the November 2015 order it had issued at that time.
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