Daily News - Wednesday, 6 November 2024
Trade awaits US poll outcome (Financial Chronicle)
The U.S. presidential election holds significant implications for India’s trade, which exceeds $190 billion annually, with differing approaches from Trump and Harris. A Trump presidency may introduce higher tariffs on Indian goods, such as automobiles, textiles, and pharmaceuticals, potentially making them less competitive, while tightening H-1B visa policies could harm India’s IT sector, which derives over 80% of its export earnings from the U.S. In contrast, a Harris administration would likely maintain steady trade relations with allies like India, potentially lowering tariffs and creating opportunities for Indian exporters amid a tougher stance on China.
Anti-Dumping Duty Imposed on Welded Stainless Steel Pipes, Tubes (The Economic Times)
India has imposed an anti-dumping duty on welded stainless steel pipes and tubes from Vietnam and Thailand, effective for five years, following a Directorate General of Trade Remedies (DGTR) investigation into imports from April 2022 to March 2023. The duty ranges from $246 to $307 per metric tonne, depending on the producer, with Thailand’s I Stainless Steel Co Ltd and Vietnam’s Sonha SSP and Steel 568 Co. exempt from higher tariffs. This action was prompted by complaints from Indian manufacturers, who argued that the dumped imports caused injury to the domestic industry, which produces around 50% of India’s stainless steel pipes and tubes.
India, Qatar hold talks to combat terror financing (mint)
India and Qatar have initiated discussions to enhance cooperation in combating money laundering and terrorism financing, focusing on advanced IT systems, strategic partnerships, and virtual digital assets. A Qatari delegation, led by Sheikh Ahmed Al Thani, met with India’s Financial Intelligence Unit head, Vivek Aggarwal, to review current practices, including the use of India’s FINNET 2.0 system and the Public-Private Partnership initiatives for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT). India’s high compliance with the Financial Action Task Force (FATF) recommendations, which places it alongside the UK, France, and Italy in regular follow-up, underscores the importance of this collaboration.
UN report calls for trillions of dollars in climate finance (mint)
Developing nations will require approximately $1.1 trillion annually in climate financing by 2025, with this figure rising to $1.8 trillion by 2030, according to a UNCTAD report. Developed countries’ contributions under the New Collective Quantified Goal (NCQG) are set to start at $0.89 trillion in 2025, increasing to $1.46 trillion by 2030, representing about 1.4% of their GDP. The report stresses that climate finance should be transparent, and adaptable, and not lead to debt burdens while advocating for an international financial architecture to enhance the effectiveness of climate flows and support sustainable development.
DCGI frames rules for imported cosmetics, fakes (mint)
The Drugs Controller General of India (DCGI) has introduced new guidelines for importing cosmetics, requiring products to have a “use-by date” at least six months from the import date, and banning the import of cosmetics containing hexachlorophene or those tested on animals after November 12, 2014. India’s cosmetic market, valued at $8.1 billion in 2023, is projected to grow to $18.4 billion by 2032, prompting stricter regulations to prevent the sale of fake products and ensure safety and effectiveness. Importers must submit safety data to the Central Licensing Authority, and cosmetics cannot be imported under any name if they are prohibited in the country of origin.
