Latest news with #FreeTradeAgreements
NDTV
11 hours ago
- Business
- NDTV
Social Security Of Overseas Workers Now On India's Trade Deal Agenda
New Delhi: As India deepens its trade ties globally, the centre is looking for new pathways to protect the rights of its thousands of Indian professionals working overseas, while also boosting the country's image globally with its welfare programmes. The Ministry of Labour and Employment has urged the Commerce Ministry to include provisions for social security pacts as a mandatory clause in ongoing and future bilateral negotiations for the Free Trade Agreements (FTAs). The move aims to ensure that Indian workers -- especially those employed by Indian companies based overseas -- do not lose out on social welfare benefits, either in host countries or when they return home. This is particularly relevant as India prepares for crucial negotiations with developed economies like the United States, the United Kingdom, and members of the European Union, where social protection regimes are tightly regulated. The move comes at a time when the International Labour Organisation (ILO) has recognised that 64 per cent of India's population is now under a social security net-- a major milestone in global terms. Sources in the labour ministry told NDTV that ILO's acknowledgement is being seen as a diplomatic asset, strengthening India's credibility and bargaining power at international labour and trade forums. What's A Social Security Agreement Social Security Agreements (SSAs) are bilateral treaties which allow the export of social security benefits, totalisation of insurance periods, and prevent dual contribution of social security in the country of origin and destination for inter-corporate transfers. These agreements help protect workers' interests and increase the circular migration of highly skilled labour. India has signed such agreements with 22 countries, mostly in Europe. However, major destinations for Indian professionals like the US, Canada, and Australia still lack such.
India Gazette
2 days ago
- Business
- India Gazette
India's growing economic leverage on global stage: RSS' Sunil Ambekar
New Delhi [India], June 30 (ANI): The Center of Policy Research and Governance (CPRG) hosted the second session of its Trade Roundtable Series at the India International Centre in Delhi on Monday. The session convened senior industry leaders, policymakers, academicians, trade negotiators, and public policy experts to deliberate on the theme 'US Tariff Policy and Trade Reform: Impact on the Indian Economy.' Speaking on this occasion Sunil Ambekar, All India Incharge of Media and Publicity division of the Rashtriya Swayamsevak Sangh (RSS) highlighted India's growing economic leverage on the global stage, asserting the need to engage with the world 'from a position of strength rather than dependence.' The discussions examined the implications of Free Trade Agreements (FTAs), standards compliance, and strategic trade positioning across key sectors such as pharmaceuticals, agriculture, defence, and intellectual property. Opening the session, Dr Ramanand, Director, CPRG, called attention to the need for sustained,stakeholder-led discourse to shape India's long-term trade strategy. 'In a rapidly changing geopolitical context, these dialogues help forge clarity around national priorities and industrial resilience,' he stated.A key point of discussion centered on standards and compliance. Prof. Rakesh Mohan Joshi, Vice Chancellor, Indian Institute of Foreign Trade, New Delhi, observed that 'despite many Indian facilities having international approvals like those of the FDA,' differences in standards, limited mutual recognition agreements, and high compliance costs continue to hamper India's export potential. Dr Omkar Rai, Ex-Executive Chairman Startup Odisha, Government of Odisha, stressed the need to boost India's innovation ecosystem, particularly in electronics and digital sectors. He noted that fragmented value chains and dependence on foreign standards undermine competitiveness, calling for stronger domestic certification frameworks. Panelists also discussed the importance of strengthening India's manufacturing base beyond startups, the need for better data and anticipatory scenario planning in trade negotiations, and the challenges of building competitiveness in global value chains. Several participants emphasised focusing on skill development, consistent quality standards, and improving domestic productivity as crucial steps for India's long-term trade strategy Building on the momentum of the Mumbai roundtable, the session focused on India's evolving trade landscape amidst shifting global tariff regimes, with particular emphasis on the electronics and startup ecosystems. CPRG's Trade Roundtable Series will continue with further sector-specific dialogues aimed at building consensus among industry stakeholders and informing India's broader trade vision amid an increasingly volatile geopolitical and economic landscape. (ANI)
Yahoo
2 days ago
- Business
- Yahoo
Maersk rolls out AI-driven trade and tariff platform to navigate customs
Maersk has introduced the Maersk Trade & Tariff Studio, a digital platform designed to help global cargo owners navigate the complexities of an unpredictable trade landscape. This AI-driven solution addresses challenges such as rising tariffs, increased regulatory oversight, and disrupted customs processes through a centralised system for managing customs and tariffs. After extensive testing with major clients, the platform became available for cargo imported into the US, with a global rollout planned for August. It integrates seamlessly with Maersk's logistics services but can also operate independently for cargo owners. Many global companies currently rely on a fragmented network of up to 40 local customs brokers, resulting in disjointed data, reduced transparency, and overpaid duties. Maersk's data indicates that an average of 5–6% of tariffs are overpaid due to a lack of centralised data and optimisation. Additionally, 20% of shipment delays are attributed to inadequate customs preparation. Only 50–55% of trade eligible for Free Trade Agreements (FTAs) fully capitalises on these opportunities, despite the availability of more than 650 FTAs globally, according to the company. The Maersk Trade & Tariff Studio features AI-powered tariff engineering and optimisation, ensuring accurate application of over 6,000 product codes and more than 20,000 sub-codes. It includes upstream compliance risk screening to prevent delays, detentions, and penalties, while providing real-time updates through data partners and Maersk's network of 2,700 customs experts worldwide. The platform also assists companies in complying with complex regulations, including product safety, labour standards, and emerging environmental mandates such as the EU's Carbon Border Adjustment Mechanism (CBAM), as non-compliance can lead to significant fines and market restrictions. Maersk Trade and Customs Consulting global head Lars Karlsson said: 'Today's environment is defined by unpredictability, with newly imposed and suddenly postponed tariffs creating what many of our customers describe as 'tariff chaos'. 'Maersk Trade & Tariff Studio is our answer to this challenge—bringing clarity, compliance, agility and cost optimisation to global supply chains when goods are crossing borders.' Recently, Maersk unveiled a new class of 17,480TEU vessels featuring dual-fuel methanol propulsion, built at Hyundai Heavy Industries in Ulsan, South Korea. These container ships will improve Maersk's services by linking Eastern Asia with Northern Europe. "Maersk rolls out AI-driven trade and tariff platform to navigate customs" was originally created and published by Ship Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hindu
2 days ago
- Business
- The Hindu
FTAs will bring more orders for MMF-based textiles, says Minister
The Free Trade Agreements (FTAs) concluded by India and the ones it is working on will bring opportunities for the manmade fibre (MMF) textile sector, Union Minister of State for Textiles Pabitra Margherita said in Coimbatore on Monday. Inaugurating the third edition of Confederation of Indian Textile Industry's (CITI) MMF conclave on the theme 'Global Trade Dynamics: Strengthening India's Position in the Manmade Fibre Value Chain', the Minister said the FTAs with the US and the European Union would bring more orders for MMF garments when they were signed. The government was also working on creating a green MMF value chain. The global textile industry was going through structural shift. Fibres such as polyester, viscose and other synthetics were leading demand. From active wear to technical textiles, the world was moving to high performance textiles. India cannot be on the side in this scenario, he said. India had set an ambitious target to cross $ 100 billion exports. MMF and its blends would be central in this increase in exports. In 2024-25, MMF exports were to the tune of $ 6 billion. This showed the world had confidence in India's MMF sector. India had the raw material, manpower, policy vision and eco system for MMF growth. According to Rakesh Mehra, chairman of CITI, said India could emerge as a hub for innovation-driven, sustainable, and value-added man-made fibre products. Though India had an impressive strength in the upstream arena, its downstream presence in MMF-based exports remained limited. Former chairman of CITI T. Rajkumar said that India must rapidly modernise its fibre mix, upgrade manufacturing capabilities, and adopt a market-responsive approach. Apparel Export Promotion Council (AEPC) Vice-Chairman A. Sakthivel reiterated the need for establishing a robust ecosystem for the MMF segment in India. The Minister visited the Netaji Apparel Park in Tiruppur and interacted with the members of the Tiruppur Exporters Association. Association president K.M. Subramanian pointed out that only 10% of Tiruppur's garment exports were MMF-based. The cluster was working to develop an ecosystem so that 70% of the exports were MMF-based by 2030. Mr. Margherita also visited the Sardar Vallabhbhai Patel International School of Textiles and Management in Coimbatore and interacted with the students and faculty members.
Time of India
2 days ago
- Business
- Time of India
Tiruppur Exporters Association seeks govt support for migrants' housing facility
The Tiruppur Exporters Association (TEA), which is facing a labour shortage, has sought the government's support for setting up housing facilities for migrant workers so that the knitwear export hub can attract these workers. Tiruppur currently can employ over 1 lakh additional workers," said K M Subramanian, president of TEA. With the anticipated surge in orders following the implementation of upcoming Bilateral Trade Agreements (BTAs) and Free Trade Agreements (FTAs), the demand for a larger workforce, particularly migrant workers expected to rise significantly, Subramanian said. "However, the lack of adequate housing facilities for these workers poses a serious challenge. As a labour-intensive sector, it is imperative to address this issue promptly," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More "We therefore request government support in establishing hostel facilities, with a funding model comprising 75 per cent contribution from the government and 25 per cent from the industry," the TEA president added. Tiruppur alone contributes to about 68 per cent of the Indian knitwear exports. "We completed the FY25, with Rs 45,000 crore exports, which is 25 per cent more than last year," said the TEA president. Live Events Tiruppur exporters have set an annual growth target of 15 per cent and aim to achieve Rs 1 lakh crore exports by 2030. They are expecting that with the signing of the India-UK Free Trade Agreement (FTA), there will be an increase of 10 per cent in orders when the FTA becomes operational by the end of this year.
