Free trade deals give Delhi Air Cargo Reefer exports a boost

NEW DELHI: Delhi Air Cargo is betting high on reefer cargo exports, as Indian shippers steadily scale up their global market reach, aided by recent bilateral free trade deals.

AccordingtoKameshPeri,CEOof Celebi Delhi Cargo Terminal Management, perishable air freight out of the terminal has seen measurable traction in recent months.

He said the terminal had more than 3,000 sq metres of space for temperature-controlled cargo handling, “a dedicated set up that enables a monthly capacity for handling over 2,000 mt of cargo, such as fruit, vegetables, meat and other perishables”.

Mr Peri said the market was seeing an uptick in reefer truck deployment by forwarders and shippers, encouraged by the longtermeconomicgrowthoutlook.

Celebi is also eyeing more mango shipments, as Indian fruit producers and traders look beyond the traditional Gulf markets for India’s “kingofallfruits”.

Bangladesh, Sri Lanka, Malaysia & Egypt eager to Trade in Rupee

NEW DELHI: Last year, Sri Lanka’s debt default was partially causedbyalackofdollars.Bangladesh also borrowed money from the IMF to boostitsownreserves.

With as many as 18 nations, India has an agreement in place to settle trade agreements in rupee. It will be carried through 30 separate rupee bank accounts. In order to facilitate the movement of the rupee abroad, the RBI has also permitted various Indian banks, notably HDFC Bank and UCO Bank, to establish unique rupee vostro accounts tie-ups with 30foreignbanks.

The Ministry of Foreign Affairs stated recently that India and Malaysia have signed a major deal.

It would allow the two countries to settle commerce in Indian rupees. Meanwhile, adjustments to the FTP have been made to facilitate international trade settlement in Indianrupees,withthegoalofmaking INRaworldwidecurrency.

TheGovernmenthasinvitedtrade organisations and banks to look into chances to trade in rupees with other countries. Indian banks have created special rupee vostro accounts with banks from throughout the world. It will put the rupee trade arrangement into action. Gazprom, a Russian bank with no presence in India, has also established an account with KolkatabasedUCOBank.

The decision to create the special vostroaccountpavedthewayforrupee payments to be settled for commerce betweenIndiaandRussia,allowingfor cross-border trading in the Indian currency. To assist popularise the new structure,theRBIhasalsoauthorised the special vostro accounts to invest the surplus balance in Indian governmentsecurities.

Up to 18 nations have previously consented to trade in Indian money. The Commerce Secretary, Sunil Barthwal, said the Government is concentratingonimprovingtherupee payment system. This came after the announcement of the Foreign Trade Policy (FTP) 2023, which aspires to grow India’s exports to USD 2 trillion by2030.

Diamond Jubilee Celebrations of National Maritime Day 2023 held in Mumbai

MUMBAI: The Grand Finale function of Diamond Jubilee of NationalMaritimeDaywasorganised at Domestic Cruise Terminus, Mumbai,with‘AmritKaalinshipping’ as its theme. The day is celebrated to commemorate embarkation of the first Indian-owned vessel “S S Loyalty” on her maiden voyage from Mumbai to London, on this day in 1919.Eminentmaritimepersonalities from India and abroad and seafarers and their families participated in the colourful event held in Mumbai recently.

The Chief Guest for the function was function was Minister for Infrastructure and Water Management, Kingdom of the Netherlands Mark Harbers, and the event was presided over by Union MinisterofStateforPorts,Shipping andWaterways,ShantanuThakur.

In his written message, the Union Shipping Minister Sarbananda

Sonowal said he is very pleased to learn that the theme adopted for the 60th edition of the National Maritime Day2023celebrationsisAmritKaalin Shipping. This theme refers to the most auspicious period to start new ventures which also holds true for shipping,saidtheMinister.

The Minister of Netherlands recalled the age-old maritime relationship between the two countriesandsaidthattheCountryis happy to share its maritime expertise withitsfriendssuchasIndia.

Director General of Shipping, Rajiv Jalota reminded all stakeholders of the past glory and dominance of India in shipping and seaborne trade. “Documented proofs of maritime trade are found in Indus Valleycivilizationandinexcavationof our tidal dockyard at Lothal, Gujarat which date back to 2500 B.C. The concept of maritime insurance and administrative setup related to merchant marines are found in Chanakya’s Arthashastra. During ChhatrapatiShivajiMaharaj’sregime in Maharashtra, the importance of maritime dominance was acknowledgedandstrengthened.”

Duringthisprogram,thefollowing Sagar Samman Awards were conferred upon the meritorious persons.

Moreover, 14 maritime organisations were recognised for their outstanding performance in differentfields.