Trade Current Affairs

India and China sign agreement to inspect fish meal, fish oil imports

India and China signed protocol on hygiene and inspection requirements for exports of fish meal, fish oil imports from India to China. It was signed as part of discussions between India’s Commerce Ministry and six-member Chinese delegation led by Vice Minister, General Administration of Customs of China, Hu Wei on easing market access for exports of various farm products held in New Delhi.

Highlights of meeting

Both Indian and Chinese sides appreciated each other’s concerns and agreed to resolve market access issues expeditiously to achieve the vision of the leaders of both the countries by promoting a more balanced trade. Chinese delegation also discussed issues regarding market access for Chinese products such as milk and milk products, agricultural goods like soy meal, fruits and vegetables, tobacco and pharmaceuticals.

Protocol on hygiene and inspection requirements

This protocol for export of fish meal and fish oil from India to Chin is significant as India has been seeking market access for these items from China. It will enable India to commence export of fish meal and fish oil to China. China imports fish oil to tune of USD 143.29 million per year and fish meal worth US $263.43 million. It had so far not allowed these exports from India. This is the second Indian product to get clearance from China in the last six months. Earlier, during meeting of two countries in Wuhan, China protocol for Indian rice export to China was signed paving way for export of Indian rice to China.

Month: Categories: India Current Affairs 2018

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First-ever India Russia Strategic Economic Dialogue held at St. Petersburg

The first-ever India Russia Strategic Economic Dialogue was held at St. Petersburg in Russia. Indian side was led by NITI Aayog Vice Chairman Rajiv Kumar and Russian delegation headed by Economic Development Minister Maxim Oreshkin.

Key Facts

The two-day forum provided participants platform to discuss development of bilateral ties in trade, investment, technology and industry. It was aimed to bring together key business figures from both countries. Transport, agriculture and agro-processing, Small and Medium Enterprises (SMEs), digital transformation and frontier technologies and industrial cooperation were some of the key areas of focus of the forum.

 Indo-Russian Strategic Economic Dialogue

It was created by PM Narendra Modi and President Vladimir Putin in their informal summit (held at Sochi in May 2018) to give big push to economic partnership between both countries that has started to gain momentum since 2017. It aims to focus on macro picture of economic partnership and also explore partnership and joint ventures in services and IT sectors. It seeks to put in place mechanism for partnership between resource-rich Russian regions and Indian states. In effort to boost bilateral trade to $30 billion by 2025, both countries have agreed to give high priority to removal of obstacles to trade in order to improve upon 21.5% growth in two-way trade recorded last year. India has already launched Strategic Economic Dialogue with China.

Month: Categories: India Current Affairs 2018

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