BILATERAL TRADE
India confirms invitation from Pakistan for SCO meeting in October
India has confirmed receiving an invitation from Pakistan for the Shanghai Cooperation Organisation's Council of Heads of Government meeting in Islamabad this October. Pakistan, as the current chair, will host the two-day event. Invitations have been sent to various leaders, including Indian Prime Minister Narendra Modi.
Argentina emerges as key source for India's quest for lithium, gold and copper
Indian firms are expanding their footprint in Argentina, focusing on lithium, copper, and gold exploration. Bilateral trade has surged to $4.6 billion, with Argentina being a key supplier of soybean and sunflower oil to India. Both nations celebrate deep-rooted cultural, economic, and defense ties, enriching their longstanding partnership.
Turmoil in Bangladesh and its impact on India-Bangladesh trade ties
In 2023-24, India’s exports to Bangladesh were higher than many of the world’s leading economies like Japan, Germany and France. However, the ongoing socio-political turmoil has impacted economic activities in Bangladesh and is very likely to adversely affect its bilateral trade relations with India.
India-Oman free trade pact talks at advanced stage: Official
India and Oman are close to finalizing a Comprehensive Economic Partnership Agreement (CEPA) to increase bilateral trade and investments. The agreement would benefit Indian exports, including textiles and pharmaceuticals, by eliminating duties. Improved direct shipping links were also discussed to reduce trade costs and enhance economic ties.
Finance Minister meets Singapore President & PM to accelerate bilateral pact
Nirmala Sitharaman met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong to strengthen bilateral ties. Accompanied by other Indian ministers, they discussed enhancing cooperation in digitalisation, skill development, sustainability, and other areas, ahead of Prime Minister Narendra Modi's expected visit next month.
Nirmala Sitharaman, Piyush Goyal, S Jaishankar, Ashwini Vaishnaw to participate in India-Singapore ministerial meet
Union ministers Nirmala Sitharaman, S Jaishankar, Piyush Goyal, and Ashwini Vaishnaw will attend the India-Singapore ministerial roundtable to enhance economic ties. Singapore has been a key foreign investment source for India and an important trade partner.
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India and Australia set for next CECA talks in November to expand trade deal scope
The tenth round of India-Australia CECA negotiations took place from August 19 to 22 in Sydney. Discussions covered a variety of areas including goods, services, digital trade, government procurement, rules of origin, and agri-tech. Both parties engaged in intense dialogues on these subjects to achieve clarity and understanding, which is expected to help in bringing convergence on the remaining provisions of the agreement.
India, Ukraine ink four pacts; resolved to expand defence, trade ties
India and Ukraine signed four agreements on Friday, resolving to bolster their cooperation in areas such as defence, trade, pharmaceuticals, green energy, and education. This decision came after comprehensive talks between Prime Minister Narendra Modi and President Volodymyr Zelenskyy, who emphasized their commitment to enhancing bilateral ties.
Auto, agri, pharma, logistics key for India-Africa trade: Commerce Secretary
At the CII India Africa Business Conclave, Commerce secretary Sunil Barthwal said that the African Continental Free Trade Area (AfCFTA) has identified four potential sectors - automobiles, agriculture and agro-processing, pharmaceutical and transportation and logistics- where the two sides can collaborate.
No bilateral talks or trade with India post-August 2019, says Pakistan
The ties between the two countries nosedived after India abrogated Article 370 of the Constitution, revoking the special status of Jammu and Kashmir and bifurcating the State into two Union Territories on August 5, 2019.
Indo-Bangla trade resumes from Petrapole land port amid tight security
Trade between India and Bangladesh through the Petrapole land port resumed Thursday under heavy security after being halted since August 5 following the fall of Sheikh Hasina’s government in Bangladesh. Despite partial trade resumption through other ports in West Bengal on Wednesday, Petrapole remained closed until Thursday. This port handles the highest bilateral trade between the two nations. India's exports to Bangladesh fell to USD 11 billion in 2023-24, with imports also declining. The trade mainly includes perishable goods and textiles.
Better to get Chinese firms to invest in India to boost local manufacturing: Niti member Virmani
The survey noted that India faces two choices to benefit from the 'China plus one strategy' -- it can integrate into China's supply chain or promote FDI from China. "It is the trade-off...instead of keeping on import from them (China). We should allow it," Virmani opined.
Comprehensive Economic Partnership Agreement helped trade between UAE, India increase by 15%
Facilitated by the CEPA, he observed that the South Asian country's gems and jewellery, pharmaceuticals and fruits and vegetables exports to UAE rose massively, recording a growth rate of 64 per cent, 39 per cent and 35 per cent respectively.
Vietnam PM sets ambitious target of $20 billion in bilateral trade with India
Vietnamese Prime Minister Pham Minh Chinh called for stronger economic cooperation with India, aiming for $20 billion in bilateral trade. Speaking in New Delhi, he highlighted opportunities in infrastructure, pharmaceuticals, and digital technology. Chinh invited Indian businesses to invest in Vietnam, focusing on strategic sectors and integrating Vietnamese companies into their supply chains.
India, Vietnam should explore possibility of free trade pact: Vietnamese PM Chinh
Vietnamese Prime Minister Pham Minh Chinh called for exploring a free trade agreement with India during his visit to New Delhi. Speaking at the Vietnam-India Business Forum, he emphasized the goal of increasing bilateral trade to USD 20 billion and urged Indian businesses to invest more in Vietnam, particularly in strategic infrastructure areas.
India flags trade gap with China at WTO
India raises concerns over its significant trade deficit with China and the lack of transparency in Chinese subsidies. China's export numbers fluctuate as global partners express worries over its industrial policies. India and EU highlight issues such as import substitution and intellectual property rights. Calls for China to reconsider its developing country status and trade treatment.
$100 bln Indo-Russia bilateral trade achievable by 2030, trade gap no worry: GTRI
India aims for $100 billion trade with Russia by 2030 via exports, local currency trading, and Eurasian FTA. FY24 trade reached $65.7 billion, with $4.3 billion exports and 88% oil imports; import surge 8300% and 59% export growth due to discounted oil. Export strategy and currency exchange are crucial. INSTC reduces costs. Ajay Srivastava notes US bans SWIFT.
Piyush Goyal holds meetings to increase bilateral trade with UK, Germany and Italy
India trade pacts: Union Commerce and Industry Minister Piyush Goyal met with Italian Deputy PM Antonio Tajon at the G7 Trade Ministers' Meeting in Italy. They discussed enhancing bilateral cooperation in investments, start-ups, and energy. Minister Goyal also met with UK Secretary of State for Business and Trade and German Minister for Economic Affairs & Climate Action to strengthen economic relations. The visit aims to showcase India's trade and investment opportunities to the world.
India, Eurasian Economic Union bloc finalising broad contours, ToRs on proposed FTA: Official
India and the Eurasian Economic Union (EEU) are finalizing broad contours and terms of reference for a proposed free trade agreement. The five EEU members are Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Chief negotiators have met and broad contours are being finalized. The scope and terms of reference are under stakeholder consultation in India and Russia.
Piyush Goyal to hold meetings with G7 trade ministers in Italy next week
Commerce and Industry Minister Piyush Goyal will participate in bilateral meetings with G7 nations' counterparts in Reggio Calabria, Italy, during the G7 Trade Ministers' Meeting outreach session on July 16-17. Discussions will focus on enhancing trade, resolving issues, and strengthening economic cooperation. Goyal aims to showcase India's trade and investment opportunities, emphasizing global trade vision, supply chain resilience, and ease of business reforms. Prior to Italy, he will visit Switzerland on July 14-15 to discuss EFTA trade commitments and deepen economic ties, following India's recent FTA with the bloc securing USD 100 billion in investments.
Surging: Russia-India trade USD 57 bn in 2023; goes up 23 pc in Jan-April 2024
Russian First Deputy Prime Minister Denis Manturov emphasized the strategic importance of the India-Russia partnership, noting a significant boost in trade turnover. The trade between the two nations surged to USD 57 billion in 2023 and continued its upward trajectory in 2024, achieving a 23 percent growth and nearing USD 18 billion by April.
India and Russia set $100 billion trade goal by 2030, cooperation in energy, agriculture
India and Russia aim to boost their bilateral trade to over USD 100 billion by 2030. The focus is on using national currencies, expanding trade routes, and increasing cooperation in sectors like energy, agriculture, infrastructure, and the digital economy. The agreement, announced at the 22nd Annual Bilateral Summit in Moscow, includes eliminating trade barriers, optimizing customs procedures, and promoting investments and joint projects, with a strong emphasis on humanitarian and cultural collaboration.
Discussions on for comprehensive free trade agreement with India: Australian diplomat
Nicholas McCaffrey aims to enhance the scope and impact of the existing trade agreement between India and Australia, working towards formulating a comprehensive free trade agreement to strengthen economic relations between the two nations.
India looks to sign FTA after UK elections, 8th round of talks soon
The India-UK Free Trade Agreement (FTA) is set to be signed after the UK's elections on July 4. So far, 13 negotiation rounds have been completed, focusing on reducing tariffs and addressing regulatory concerns. Both sides aim to finalize the FTA to enhance bilateral trade, currently valued at GBP 38.1 billion annually.
"If they are considering FTA with India, we will surely look into it": MEA denies any FTA proposal with Maldives
India on Thursday said it has not made any proposal to the Maldives for a bilateral free trade agreement (DTA) and that it was ready to consider if the island nation expresses interest for such a pact. "No specific proposal for a bilateral FTA with the Maldives has been made by the Government of India," External Affairs Ministry spokesperson Randhir Jaiswal said.
India in trade deficit with nine of top 10 trading partners in 2023-24
The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23.
India, China have agreed to cooperate in paying in local currency for imports: Maldives
Maldives' Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee.
Hope India-UK FTA not far away, says incoming FICCI UK Council chair
Priya Guha, the new chair of FICCI UK Council, and Baroness Usha Prashar discuss the India-UK Free Trade Agreement, emphasizing research, innovation, and cultural ties for a stronger bilateral partnership.
Next round of India-Asean trade pact review talks in July
The discussions for review of the ASEAN-India Trade in Goods Agreement (AITIGA), to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. The Joint Committee undertaking the review work has met four times so far and has finalised its terms of reference and the negotiating structure for the review negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its third meeting held from February 18-19, 2024 in New Delhi.
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