Piyush Goyal urges exporters to adopt uncompromising stance on quality

 

Stating that the new Trade Agreements endorsed with UAE and Australia were very generally welcomed and didn't get a solitary negative reaction from any area, Union Minister Piyush Goyal encouraged exporters to embrace a firm position with regards to guaranteeing quality.

Conveying a feature address at the 51st National Export Awards of Engineering Export Promotion Council of India in New Delhi on Wednesday.

Goyal said that the product local area had made India glad with heavenly accomplishments in sends out.

Bringing up that products have been the foundation of India's economy, the Minister said that it was significant to respect our exporters and perceive their commitment in country building.

He added that the honor capacity could never have comes at a superior time when India is commending its lucky products execution. He saluted all the honor champs and hailed their greatness in business venture, difficult work, arranging and the board abilities.

In a proclamation, Goyal likewise said that Engineering Export Promotion Council (EEPC) India had accomplished exceptional work and was a model Export Promotion Council. He valued EEPC India for reliably working with the business in limit building including innovation upgradation, quality, affirmations, other than trades advancement.

India only Asian economy that's growing its export share amid trade war

International News

The only major Asian economy that’s grown its export share since the start of the tariff wars in 2018 is the one with the fewest trade links to China.
India’s share of world exports rose to 1.71 per cent in the first quarter of 2019 from 1.58 per cent in the fourth quarter of 2017, data compiled by Bloomberg show. The share of every other economy among Asia’s 10 biggest exporting nations fell in the same period.
Part of the reason for India’s outperformance is that it’s not as integrated into global manufacturing supply chains as peers, which means exporters are cushioned from rising trade tensions in the region. It’s a sentiment that was flagged by central bank Governor Shaktikanta Das in a recent interview.
“India is not part of the global value chain,” he said. “So, US-China trade tension does not impact India as much as several other economies.”
China is the biggest buyer of goods from South Korea and Japan, whose share of world exports have fallen the most in Asia. For India, China is the third-largest market, after the US and the UAE.
“Our biggest advantage is that our product basket and market basket are both quite diversified,” said Rakesh Mohan Joshi, a professor at the Indian Institute of Foreign Trade in Delhi.

 Trade tensions between the US and China have given India an opportunity to ramp up exports to both countries, according to Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations. India’s exports to the US grew at the fastest pace in six years in the year ended March 2018, while exports to China surged 31 per cent, the second highest annual pace of growth in more than a decade, data from India’s Ministry of Commerce show....Read More

Trade growth slowdown likely to worsen amid tariff war, says WTO

Current Affairs

Rising trade tensions have prompted the World Trade Organization (WTO) to dim its prospect for trade growth in the second quarter of the 2019 calendar year.

“World trade growth is likely to remain weak into the second quarter of 2019,” the WTO said on Monday, pointing towards falling levels of growth in international air freight, automobile production, sales and trade in agriculture raw materials. “The outlook for trade could worsen if heightened trade tensions are not resolved or if macroeconomic policy fails to adjust to changing circumstances,” it further said.

While the WTO did not mention the US and China in its latest assessment, the escalating trade war between the two largest economies had been blamed by it earlier as a source of destabilisation of growth. The Geneva-based body brings out its quarterly forecast of global trade growth through the World Trade Outlook Indicator (WTOI) index. It shows a sustained slowdown in container port throughput, stemming from slow growth in crucial sectors.

The WTO has maintained that the index is not intended as a short-term forecast, suggesting it provides an indication of trade growth in the near future. The index had correctly forecast continued reduction in trade growth since 2018. Readings greater than 100 suggests growth above medium-term trends, while those below the number indicate the opposite. However, actual trade volumes have closely followed its predictions.


 This was driven by declines in all, but two component indices, electronic components and most importantly, export orders, which managed to rise slightly.graph Indices for export orders (96.6) and electronic components (96.7) appear to have bottomed out, even as both remained firmly below-trend, the WTO said. Elsewhere, the index for container port throughput (101.0) also declined but remained above 100, suggesting growth in line with recent trends.