Trade Tidings

EDITORIAL
In 2009, .

VO LUME

I SSUE

2
June,

6
2009

Dr. D. R. Agarwal, Director

in this issue
Editorial P.1 News P.2 Glossary P.2 News P.3 Economic Overview P.3 Statistics P.4 Recent Events P.4

Published by

Affiliated to West Bengal University of Technology

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NEWS Glossary
Wet Lease - It is an arrangement for renting of an aircraft under which the crews, owner ground provides support

India and ASEAN resolve differences over FTA

The differences between India and the Association of South East Asian Nations (Asean) over Free Trade Agreement (FTA) have been resolved.

Increase banks NPAs

in

Indian

mergers with smaller banks, or there could be a special "golden share" which could allow the government to dilute stakes in these PSU banks and yet give it the same amount of powers to control.

Indian banks' net non performing assets (NPAs) are likely to increase from the current 1% of advances to 2.7-3% of advances by the end of 2010-11.

equipment, fuel, etc.

Transshipment - It is the transfer of a shipment from a carrier to another, mostly from one ship to another. A similar pact with South Korea involving free trade of goods, services and investment could also be signed in October this year. However the FTAs need approval by the Union Cabinet before they are Third Freedom Right - It is a term where the cargo is carried by an airline, from the base Earlier there were several times when the proposed India-Asean FTA had been delayed due to differences over issues like that of restricted list of goods, duty cut in Steamship Agent - It is a term for a representative, duly appointed and authorized, in a specified territory to act on behalf of a steamship line or lines and to attend to all matters relating to the vessels owned by his ASEAN accounts for nearly 11% of Indias exports and 9% of imports. The forthcoming ASEAN summit in Port Marks - It is an identifying set of letters, numbers and/or geometric symbols being folThailand will be attended by representatives of both India and South Korea and the deal will be signed. The trade deals will be the first ones to be signed during the present UPA regime, which in its earlier term had initiated about 15 negotiations on similar pacts with other countries and economic farm products like palm oil and norms related to value addition. However, South negotiations on the signed.

When banks give more time to the companies to repay back their loans then it is called restructuring. Alternatively lowering of interest rates also enables the companies to repay back the loans faster.

Goan Feni receives GI Registration

Goan Feni has joined the league of Darjeeling Tea, Mysore Sandalwood and Scotch Whiskey. The GI Registry in Chennai issued a Geographical Indication Certificate to the cashew brew, thus making it the first such alcoholic beverage in

special

scheme

has

been

the country to get the honour. The GI registration sought and received is only for cashew Feni.

launched whereby if the banks feel that the company wont be able to pay back on time then they can take up loans for restructuring. For this, the banks have been given time till 30 June, 2009.

country to a foreign country.

This will enable the product to be registered internationally and only Goa will have the right to produce Feni.

According

to

Parag

Jariawala, The Goan Feni is much superior to other brew spirit from cashew fruit because of the uniqueness of the states weather and the production process that is involved in it. The traditional Postal Method of brewing involves a three tier distillation process. Goa makes Feni from

analyst at CARE ratings, if the economy continues to perform

Korean

Comprehensive

Economic Partnership Agreement (CEPA) were carried out much smoothly.

badly then the public sector banks can also be in trouble. He said that banking and a steady government is very important for the economy to recover.

principals.

The Ratings Agency said that the infrastructure sector was the key driver and the banks advances were likely to grow by 15-17% in 2009-10, and 19-21% in 2010-11. The Reserve Bank of India expected a credit growth of 20% for the current financial year.

coconut palms too, by distilling the toddy collected from the sap of coconut trees.

lowed by the name of the port of destination. These are placed on export

Imposition of assessment fee by the Andhra Pradesh government opposed by the US and the EU
The US joins EU in opposing the levying of assessment fee of

shipments.

blocs like the European Union.

Moreover, banks with over 51% government stake could witness

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NEWS
100% for certain wines and 200% for certain spirits by the Andhra Pradesh government since US opines that it violates the WTO rules. According to the WTO norms, any product which is brought in from another country has to be subjected to same regulations as the domestic ones. Thus, states are free to apply local levies on imported wines and spirits as long as the same are applied on local products. EU had argued that the assessment fee was inconsistent with Indias obligation under WTO rules since it subjects imported bottled wines and spirits to internal taxes that are more than the internal taxes applied on similar domestic products. Over the period 2002-2007, US exports of wine and spirits worldwide was about $750 million and $806 million, respectively, making it the worlds 6th largest exporter of wine and 3rd largest exporter of spirits and now the EU and the US are playing a vital role in making India bring down its import tariffs on wines and spirits to 150% which is the level committed by it at the WTO. Ltd and Chennai-based Hansum India Ltd. The claim made by Ramkumar has been ruled out as being vexatious by the Mumbai Commissioner of Customs, Mathew John, who has also ruled that the patent granted to Ramkumar has not been infringed upon. Ramkumar had appealed to customs officials at all airports to seize the imports of dual-SIM mobile phones unless they are licensed by the patent holder for a fee ranging between Rs 35 and Rs 50 a handset. Atleast 15 companies import such phones. Samsung and other domestic importers like Spice Mobile Ltd and a few members of the Indian Cellular Association had appealed at the Indian patent dispute redressal forum Intellectual Property Appellate Board (IPAB) through postgrant opposition. This is the first time that the customs officials have ruled in a patent case. Dr. Shuster, who has a doctorate in molecular pathology conceded that patents on genes hinder medical practice. However, the other side of the argument was that companies such as Myriad perform The defendants are the University of Utah Research Foundation seven patents related to diagnostic tests and research involving the BRCA1/2 cancer genes. 10 years ago the U.S. Patent and Trademark Office issued the patents grant exclusive rights to the genes to Salt Lake City-based Myriad Genetics. Indias trade with Mercosur countries (Argentina, Brazil, Paraguay and Uruguay) was $4.6 billion

Economic Overview

during April 2007-March 2008 FICCI. However, Brazils share in Indias total trade currently is a meager 0.84%, that of

(which has part or full ownership of all the patents), and Myriad, as the exclusive licensee and the Plaintiffs include the American Civil Liberties Union, the Public Patent Foundation (PUBPAT), the Association for Molecular Pathology, the American College of Medical Genetics, the American Society for Clinical Pathology, and the College of American Pathologists.

Argentina 0.29 %; Paraguay just 0.01 % and Uruguay just 0.02 %.

According to Eurostat data Indian FDI in the EU soared from zero in 2004 to 2.4 billion in 2008. Outflows from India to the EU had touched 879

million in 2007.

In 2008-09 the total oil imported was 85, 00,000 tonnes whereas in 200708 the relevant figure was just 63, 00,000 tonnes. Thus there has been an import reliance of 56%. over

Patenting genes

of

human

the work that might lead to the identification and sequencing of genes years earlier than might otherwise happen.

Patenting of human genes are facing challenges by a group of scientists, civil libertarians, and cancer patients. An estimated 20% of the human genome is covered by patent claims. Since one-fifth of the hu-

Dual-SIM Patent Case ruled in favor of Samsung

It has been held by the Mumbai Commissioner of Customs that the patent held by the Madurai-based engineer S. Ramkumar has not been infringed upon by importers of dual-SIM mobile phones, such as Samsung Electronics India Pvt.

Dr. Shuster also added that the basic question was about what the patent system was designed to do. These [gene] patents eventually expire and hence they don't cover every use that we can make of them and hence these patents certainly don't eliminate the ability of a medical researcher to look at gene expression in a living cell.

According to the Reserve Bank of Indias

(RBIs) latest data foreign currency assets declined $1.75 billion to $243.75 billion. The reserves have gone up by $2.22 billion in the financial year so far.

man genome is already locked up by patents hence this is restricting medical practices. The lawsuits that are filed in U.S. District Court of the Southern District of New York in Manhattan is asking the court to invalidate

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STATISTICS Recent Events

Counseling The Institute of International Trade in association with Institute of Entrance Examination conducted a MOCK BBA Test and Counseling Session for the BBA aspirants in St. Xaviers College, Kolkata on 31st May. 2008. Foreign Exchange Reserves held by Reserve Bank of India. Source: The Hindu Business Line

Foreign Investment in India and Change in Reserves

Source: The Hindu Business Line

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Trade Tidings Volume 2, Issue 6 June 2009 Institute of International Trade, Kolkata, 2009

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