Daily News - Monday, 16 December 2024

India sees big opportunity to be ship recycling leader (Financial Chronicle)

The Maritime Shipping Bill can position India to overtake Bangladesh and become the leading country in global ship recycling, supported by weaknesses in Bangladesh’s ship dismantling sector. Key reforms, such as simplifying vessel registration with temporary registration options for recycling and aligning seafarer certifications with international standards, are expected to attract investment and operational clarity into the sector. According to CareEdge, India’s ship recycling industry is projected to grow from 2.3–2.6 million gross tonnage (GT) in 2024 to 3.8–4.2 million GT in 2025, with a compound annual growth rate of 10% expected between 2026 and 2028. 

⁠Nearly a decade on, New Zealand keen to restart FTA talks (Business Standard)

⁠New Zealand has shown strong interest in resuming FTA negotiations with India to boost bilateral trade, although India is finalizing its trade strategy and standard operating procedures for future trade agreements. The two nations began FTA talks 14 years ago but stalled after 10 rounds, with delays caused by geopolitical factors and negotiations surrounding the Regional Comprehensive Economic Partnership (RCEP). While New Zealand seeks greater market access for agricultural goods, wine, and forest products, India maintains dairy products like milk and cheese as a “red line,” though reductions in customs duties for wine could be a possibility—similar to Australia’s FTA benefits with India. 

China tops list of 20 nations in dumping (mint)

China topped the list of 20 countries involved in India’s 43 anti-dumping cases in 2024, accounting for 79% (34 cases), followed by Thailand (6 cases) and Taiwan (5 cases). The Directorate General of Trade Remedies (DGTR) is investigating China’s alleged dumping of goods like polyethylene terephthalate resin, aluminium foil, and solar cells, which has caused significant harm to India’s chemicals, glass, metals, and plastics industries. Anti-dumping duties, permitted under multilateral trade agreements, are being considered to counter China’s unfair trade practices and protect domestic manufacturers. 

Jalvahak scheme launched, to boost waterway cargo (mint)

⁠Union Minister Sarbananda Sonowal launched the Jalvahak policy to promote long-haul cargo movement via inland waterways NW-1 (Ganga), NW-2 (Brahmaputra), and NW-16 (Barak), with incentives covering distances over 300 km and reimbursements of up to 35% of operational costs. This initiative, supported by the Inland Waterways Authority of India (IWAI) and Inland and Coastal Shipping Ltd (ICSL), aims to reduce logistics costs, decongest railways and roadways, and encourage sustainable transportation through the Indo-Bangladesh Protocol Route. With cargo vessels like MV Trishul and MV Homi Bhaba already operational, the scheme highlights India’s untapped potential in its 20,236 km of navigable waterways, ensuring optimized supply chain networks and reducing transit times, such as the 14-day journey between Kolkata and Varanasi. 

⁠India-UK FTA talks may resume next yr (mint)

⁠India and the UK are expected to resume negotiations on their proposed free trade agreement (FTA) between April and June, marking the first quarter of the UK’s fiscal year, following a pause since May 2023. The talks, now at the 14th round, aim to address key issues, including a bilateral investment treaty spanning 26 chapters like goods, services, and intellectual property, though political changes in the UK may affect the timeline. Bilateral trade reached $21.34 billion in 2023-24 (up from $20.36 billion in 2022-23), with merchandise trade growing but services trade slightly declining, reflecting the shifting economic dynamics amid anticipated visa agreements and adjusted trade terms.