India, S Korea start sharing bill of lading electronically to promote trade: DGFT
India and South Korea have initiated electronic transfer of the bill of lading between their customs, enhancing ease of doing business. This digital move eliminates the need for physical record submissions, expected to be fully adopted in 1-1.5 years. UNCITRAL is spearheading this global shift towards electronic trade documentation. Key Points
Economic TimesComprehensive trade portal launched for all exports, imports info
The government has launched the trade Connect ePlatform to streamline export and import information for entrepreneurs. Developed with various ministries and organizations, it aims to connect over 6 lakh IEC holders and provide real-time trade-related data. The portal will be updated regularly and include additional services in its second version by 2025. Key Points
Economic TimesIndia set to review trade pact with Malaysia as deficit grows
India is reviewing its trade agreement with Malaysia due to a rising trade deficit, which has doubled since 2011. The review will focus on rules of origin and non-tariff barriers. Major exports include petroleum products and aluminium, while key imports are vegetable oils and electronics. Consultations with industry sectors are planned. Key Points
Economic TimesIndia-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. Key Points
Economic Times$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. Key Points
Economic Times
Next round of India-Korea FTA review meeting from July 17 in Seoul
India and Korea are set to hold the next round of negotiations to upgrade their existing Comprehensive Economic Partnership Agreement (CEPA) from July 17-19. The talks aim to strengthen economic cooperation between the two countries by addressing issues related to implementation, rules of origin, customs procedures, and data sharing. India has also raised concerns about the growing trade deficit between the two countries, with exports to Korea dropping to USD 6.41 billion in 2023-24 and imports standing at USD 21.13 billion in the last fiscal year. Key Points
Economic TimesCommerce min engaging with different departments on India, Korea FTA upgrade talks: Official
India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations. Key Points
Economic TimesMarkets climb in early trade amid buying in Reliance, Tata Consultancy Services
The 30-share BSE Sensex climbs 252.62 points to 76,709.21 in early trade. Benchmark equity indices climbed in early trade on Wednesday amid buying in market... Key Points
The Tribune IndiaAmritsar traders say trade revival with Pakistan key poll issue; will benefit farmers, transporters
Amritsar, a major city in Punjab, is urging for the resumption of trade with Pakistan through the Attari-Wagah land route. The trade volume between India and Pakistan through the land route used to be around Rs 5,000 crore per annum before the bilateral trade ties were suspended in 2019. The local industry has emphasized the necessity of the revival of trade for the betterment and development of Amritsar. Key Points
Economic TimesChina may dump EVs, batteries into India with higher US tariffs: GTRI
GTRI warns of China dumping in India due to US tariffs. India can gain from higher duties on medical items. trade with China surpasses that with the US. GTRI advises vigilance by Indian trade authorities, ramping up production for US market exports. Key Points
Economic Times
India’s trade policy must learn lessons from the past, not repeat it: Experts
India urged to lead in proactive international trade policy for developed country status by 2047. Calls for coherent negotiation strategies, evidence-based discourse, and SME inclusion. Emphasis on aligning with evolving WTO dynamics and preparing White Paper for government bodies. Key Points
Economic TimesUS continues monitoring India's restrictions on ICT imports, raises concerns on digital trade barriers
The United States has expressed ongoing concerns about India's restrictions on the import of certain information and communications technology (ICT) products, including laptops, tablets, and servers. In its National trade Estimate Report on Foreign trade Barriers for 2024, the US trade Representative highlighted issues such as politically motivated content takedown requests and complex customs procedures in India. Key Points
Economic TimesIndia keen on trade deals with Britain, Oman early in Modi's probable third term, sources say
Indian Prime Minister Narendra Modi plans to prioritize finalizing free trade agreements with Britain and Oman in the first 100 days of his potential new term, as per government sources. Talks with both nations are at advanced stages, aiming to boost India's integration into global trade. Key Points
Economic TimesIndia wants WTO bodies to prioritise finance access, food security, tech
India has urged for the prioritization of several key issues in discussions within the World trade Organization (WTO), including access to finance, manufacturing concentration, food security, and reducing transaction costs in international trade and services. New Delhi emphasized the need to address trade issues that disproportionately affect developing countries, such as access to technology, bridging the digital divide, and supply chain resilience. Key Points
Economic TimesIndia’s trade dependence on China, EU rose in 2023: UNCTAD
In 2023, India's trade reliance on China and the EU grew, while declining on Saudi Arabia. Global trade showed improvement in major economies like India and China. The outlook for 2024 suggests a potential impact from rising demand for electric vehicles. Key Points
Economic Times
Red Sea crisis could spike inflation & lower growth, but other routes have own issues, says govt
Sectors like fertilisers, oil, auto, chemicals, textiles & metals could be further affected, it warns in monthly report. Diversifying trade routes could lower competitiveness of exports. Key Points
ThePrintRound 14 of India-UK FTA talks closes ahead of election schedule
The fourteenth round of free trade agreement (FTA) negotiations between India and the UK has concluded, with the next round expected to commence after the Indian general elections. The negotiations, which began in January 2022, aim to enhance bilateral trade, currently valued at around GBP 38.1 billion annually. Both sides remain committed to reaching an ambitious deal but acknowledge the need for further discussions to finalize terms across goods, services, and investment. The UK seeks reduced tariffs on exports to India, while India is concerned about the fairness of rules for Indian workers in the UK. Key Points
Economic TimesFree trade has two faces and the one offering harmony must prevail
It’s a force for good if we make proper use of it for common prosperity. There’s still hope. We must democratize trade and not let narrow interests dictate its patterns. Key Points
minttrade game-changer in making? Several countries willing to start trading with India in rupee
Neighbouring Sri Lanka and Bangladesh are keen to start trading with India in rupee immediately. Countries from the Gulf are giving it a serious thought too. The mechanism is already in place in trade with Singapore, minister Piyush Goyal said. Key Points
Economic TimesIndia, EFTA ink free trade agreement
New Delhi, Mar 10 (PTI) India and the four-nation European bloc EFTA on Sunday signed a free trade agreement to promote investments and boost two-way trade in goods and services. The European Free trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The agreement has 14 chapters, including trade in goods, rules of origin, […] Key Points
ThePrint
Here's how India's $100 billion trade pact with EFTA will benefit Indians; Swiss watches, chocolates to ge
India has signed a trade agreement with the European Free trade Association (EFTA) countries, including Switzerland, aiming to boost trade and investments. The agreement will lead to the phasing out of custom duties on imported goods, allowing Indian consumers access to high-quality Swiss products at lower prices. Notably, gold imports are excluded from tariff concessions. Key Points
Economic TimesIndia, EFTA ink free-trade agreement; USD 100 billion investment target in next 15 years
European Free trade Association (EFTA) members are Iceland, Liechtenstein, Norway and Switzerland. India and the four-nation European bloc EFTA on Sunday signed... Key Points
The Tribune IndiaIndia, EFTA announce $100-bn free trade pact to promote investments
India-EFTA deal: Union Minister Piyush Goyal, quoting PM Narendra Modi, said, Despite structural diversities in many aspects, our economies possess complementarities that promise to be a win-win situation for all nations. With the opening up of enormous trading and investment opportunities, we have reached a new level of trust and ambition. The trade agreement symbolizes our shared agreement to open fair, equitable trade, as well as generate growth and employment for the youth. Key Points
Economic TimesEFTA Deal: India to link duty cuts with investments from companies of member nations
India plans to link duty reductions under the trade agreement with the European Free trade Association (EFTA) to investments made by member countries like Switzerland, Norway, Iceland, and Liechtenstein. These nations have committed to investing $100 billion over 15 years. The FTA is scheduled to be signed on Sunday following its clearance by the Union cabinet on Thursday evening. Key Points
Economic TimesIndia-UK trade talks set to end with key issues unresolved
The latest round of trade talks between the UK and India appears set to end without a breakthrough. Negotiations for a free-trade agreement, seen as a key prize of Brexit, have been plagued by disputes over visas, market access, and more. Indian negotiators dont have sufficient time to engage on the pending issues ahead of elections likely in April, two people familiar with the development said, refusing to be identified as the discussions are private. That means the 14th round of talks is likely to close without further discussions. Key Points
Economic Times
UK team heads back to London with Round 14 of FTA talks with India still open
Earlier, UK Secretary of State for Business and trade Kemi Badenoch said that while a trade deal with India is possible to be concluded before a general election in the country, Britain does not want to use that as a deadline. We can actually sign an agreement before the Indian election. I suspect that that is not necessarily going to be the case because I don't want to use any election as a deadline, Badenoch said during a Global trade conference at Chatham House in London on Thursday. Key Points
Economic TimesFree trade pact with EFTA likely to be signed on March 10
The agreement has several chapters, including trade in goods, rules of origin, intellectual property rights, trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. New Delhi has sought $100 billion of committed investments from the grouping and is considering giving quota-based duty concessions on gold imports from Switzerland. Key Points
Economic TimesIndia-US trade likely to top USD 200 billion this year, says Ambassador Garcetti
The envoy asserted that US President Joe Biden in the past had emphasized that trade between India and America should rise to the level of USD 500 billion given the potential for expansion. Efforts are on achieve this goal, said the Ambassador who took charge of his new diplomatic assignment last year. Key Points
Economic TimesIndia may give quota-based duty concession on gold imports from Switzerland under EFTA trade pact
India is considering quota-based duty concessions on gold imports from Switzerland as part of a proposed free trade agreement with the European Free trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. India seeks a USD 50 billion investment commitment from EFTA members over the first ten years post-agreement and an additional USD 50 billion in the subsequent five years. Key Points
Economic TimesWTO MC13 talks may get delayed one more day amid logjam on key issues
Negotiations at the World trade Organization's (WTO) 13th ministerial conference are expected to be delayed by one more day as key issues, including farm and fish subsidies, remain unresolved. India, the US, and the EU are holding talks to address differences on agriculture, fisheries subsidies, WTO reforms, and e-commerce trade duty moratorium. South Africa withdrew its opposition to the China-led proposed Investment Facilitation Agreement. Key Points
Economic Times
India calls out hidden agenda of rich nations to tap poor countries' markets
India criticizes the Global North's hidden agenda of using non-tariff barriers for market access. It urges the WTO to address services trade and mobility issues while emphasizing free trade and addressing the disparity in micro, small, and medium enterprises (MSME). Key Points
Economic TimesMC13: Talks on new issues yield five outcomes
Amid pressure, New Delhi said that at least five outcomes were in place at the World trade Orgnaisation MC13, including new disciplines on services domestic regulation. The developing countries are facing demands from richer nations regarding environment, labour, and gender issues. Key Points
Economic TimesIndia closes in on Oman trade deal as Mideast ties strengthen
India and Oman are close to concluding talks on a trade deal that will allow easier access of goods and services into each others markets. The deal aims for lower tariffs on exports and better access for Indian professionals. Prime Minister Narendra Modi is determined to build stronger links with the Middle East. Key Points
Economic TimesWhere's India? Key holdout country's minister absent from WTO meeting
India's Commerce Minister, Piyush Goyal, was absent at the start of a major World trade Organization (WTO) meeting in Abu Dhabi, causing concerns about the impact on discussions. Goyal is a key player in the trade negotiations focusing on fisheries and digital trade tariffs. However, WTO Director-General Ngozi Okonjo-Iweala stated that Goyal's participation delay was due to mistiming, and he would join the conference later. Key Points
Economic TimesWTO seeks modest outcomes in Abu Dhabi at 'critical juncture' for global trade
India Business News: trade ministers from nearly every country gathered in Abu Dhabi for a World trade Organization meeting to set new global commerce rules. Get the latest updates on global trade and negotiations. Key Points
Times Of India
World trade Organization: The sick man of global trade?
The WTO, which launches its 13th ministerial meeting Monday, regulates large swathes of global trade but is handicapped by a rule requiring full consensus and a dispute settlement system crippled by the United States. - Dispute settlement in disarray - The WTO is a forum where governments negotiate multilateral trade deals affecting all member states. Key Points
Economic TimesWe're going to reach a deal that is balanced: Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign
Thani bin Ahmed Al Zeyoudi, chair of the 13th Ministerial Conference (MC13) of the WTO, emphasizes the shared desire to expand and modernize global trade. The conference aims to be inclusive, transparent, and uphold the multilateral rules based trading system, while addressing various issues and expectations. Key Points
Economic TimesDespite opposition, non-trade issues make their way into WTO draft package
The draft package distributed ahead of the Abu Dhabi World trade Organisation (WTO) conference scheduled for next week has brought attention to themes of trade inclusivity, women's involvement in trade, industrial policy, and environmental considerations – topics that India and numerous other developing nations oppose. The draft document has been reviewed by ET. Key Points
Economic TimesIndian official delegation heads for London for FTA talks
Negotiations for the India-UK free trade agreement are in the final stage. A high-level Indian delegation is heading to London to resolve remaining issues on goods, services, and rules of origin. The negotiations cover 26 chapters, including market access, skilled professionals, and import duties. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23. Key Points
Economic TimesBudget 2024: Trade, taxes, and potential transformations awaiting in India's fiscal strategy
Budget 2024: India's 2024 budget announcement has the potential to bring about significant changes in cross-border trade finance. This budget holds immense importance for companies engaged in international trade, as it could impact trade policies and financing options. One notable positive development expected is the revision of the 'Inverted Duty Structure', which has been adversely affecting domestic industries' competitiveness and profitability. Key Points
Economic Times
Opportunities for India-Australia economic and trade cooperation limitless: Experts
Experts agreed that the India-Australia Economic Cooperation and trade Agreement (ECTA) was an important milestone in bilateral trade. Both sides deserved credit for sealing the deal, supported by political guidance from the highest levels. The early upward trends seen in levels of goods trade and a strong potential for greater services trade and business mobility were pointed out as positive signs. Key Points
Economic TimesIndia seeks investment commitment from Switzerland under proposed EFTA trade pact: Official
Switzerland is the largest source of gold imports, with about 41 per cent share during April-October this fiscal, followed by the UAE (about 13 per cent) and South Africa (about 10 per cent). The precious metal accounts for over 5 per cent of the country's total imports. Key Points
Economic TimesDGFT working with MEA, customs, industry to ease export norms for some dual-use goods
The government is working to ease export norms for certain products with dual-use, such as chemicals, for companies with a proven track record. The Director General of Foreign trade (DGFT) emphasised the sensitivity of dual-use goods and technologies, which can cause disruptions if misused. These goods include high tech equipment, chemicals, biotechnology, defense, aerospace, electronics, telecommunications, and information security. Key Points
Economic TimesIndia, EU set for 7th round of free-trade talks next month
India and the European Union will hold the seventh round of negotiations for a free trade pact in mid-February, covering services and investments. Progress has been made in 18 out of 23 policy areas, and the two sides have resolved differences to prepare for the next round of talks. The EU wants India to remove trade barriers for smaller firms and open up services and public procurement markets. However, India will protect sensitive sectors such as MSMEs, agriculture, and dairy. The comprehensive deal with the EU will take more time compared to recent trade pacts with Australia and the UAE. | Latest News India Key Points
Hindustan TimesChances to reach consensus on WTO dispute settlement body reforms 'low' in next meet: GTRI
WTO member countries are unlikely to reach a consensus on reforming the dispute settlement system at the upcoming ministerial conference (MC). The differences between developed and developing countries over the issue pose a challenge. Key Points
Economic Times
Significant headwinds continue to prevail : RBI flags trade risks yet again
The Reserve Bank of India (RBI) has highlighted the challenges faced by Indian trade, citing a contractionary zone in PMIs for new export orders in December.The RBI also noted that retail inflation in India has gradually descended closer to the target, despite growth beating expectations. The central bank attributed India's growth to strong domestic demand. Key Points
Economic TimesRed Sea and ship of state
International Business News: US-led strikes won’t stop Houthi attacks on ships. GOI should prepare for trade disruptions. Low-value/high-volume exports, critical imported parts fo Key Points
Times Of IndiaPiyush Goyal said government to launch an eplatform ‘Trade Connect’ for Indian exporters
The Indian government plans to launch an ePlatform called 'Trade Connect' by May this year to help achieve the $2tn export target by 2030. The platform will provide information on regulations, access to markets and benefits under free trade agreements, as well as the ability to address trade-related queries with government officials. The announcement was made during a meeting of the reconstituted Board of Trade, which advises the government on trade policy measures. The meeting also focused on reviewing export performance and strategies to promote export growth. | Latest News India Key Points
Hindustan TimesMajority of India-UK FTA issues either closed or at advanced stage of talks: Official
Majority of the issues in the proposed FTA between India and the UK are either finalised or at an advanced stage of talks, according to a government official. The 14th round of negotiations is currently underway. Talks are also progressing on the proposed BIT. Meanwhile, the seventh round of talks for the proposed trade deal between India and the EU and the sixth round of negotiations for a proposed trade agreement between India and Peru are scheduled. Key Points
Economic TimesCentre, states to meet industry and discuss ways to boost exports
The board provides an opportunity to have regular discussions and consultations with trade and industry and advise the government on policy measures on foreign trade. It also provides a platform for state governments and Union Territories to articulate their perspective on trade policy and also for the central government to apprise them about international developments affecting India's trade potential and opportunities. Key Points
Economic Times
Nepal, India express commitment to implementing bilateral initiatives for strengthening cross-border conne
Nepal and India have agreed to strengthen their economic and commercial ties through bilateral initiatives. The India-Nepal Inter-Governmental Sub-Committee (IGSC) on Trade, Transit, and Cooperation to Combat Unauthorised trade convened its latest session in Kathmandu. The agenda included discussions on the construction of new Integrated Check Posts and railway links, as well as the review of the Treaty of Transit and the Treaty of Trade. Key Points
Economic TimesUS considers ‘treaty country status’ for India, easier visas
The US government is considering a proposal by India for a social security pact for non-resident Indians, which could lead to new visa options for Indian businesspeople. The proposal suggests granting India "treaty country status", allowing for E1 and E2 visas. The two countries have recently resolved seven trade disputes and are seeking to further open up trade between them. The proposal also includes a step to help Indians secure E1 or E2 visas, which are non-immigrant visas for temporary travel to the US. India is one of the US's major trading partners, and the proposal has been well received by US officials. | Latest News India Key Points
Hindustan TimesIndia, US discuss visa, GSP restoration, critical minerals at TPF meet
New Delhi, Jan 12 (PTI) India and the US on Friday discussed a range of issues pertaining to visa, critical minerals, restoration of export benefits under GSP, and ways to promote trade in pharma and marine goods. The issues came up for discussions during the 14th trade Policy Forum (TPF) meeting here. It was co-chaired […] Key Points
ThePrint14th ministerial-level meeting of India-US trade Policy Forum held in Delhi
New Delhi [India], January 12 (ANI): The 14th ministerial-level meeting of the India-United States trade Policy Forum (TPF) was held here in the national capital on Friday. Union Commerce Minister Piyush Goyal and US trade Representative, Ambassador Katherine Tai, co-chaired the meeting. The Ministers underlined the significance of the Forum in forging robust bilateral trade […] Key Points
ThePrint14th trade Policy Forum: US flags India's new import requirements for PCs, tablets
The issue related to India's import requirements was flagged by US trade representative Katherine Tai during the TPF meeting here. It was co-chaired from the Indian side by commerce and industry minister Piyush Goyal. He informed the US that the measure was taken on the ground of national security concerns. Key Points
Economic TimesVibrant Gujarat: PM Modi to inaugurate trade show on Tuesday
Gandhinagar (Gujarat) [India], January 7 (ANI): Prime Minister Narendra Modi will inaugurate a large trade show on Tuesday, which is part of the Vibrant Gujarat Global Summit. Industrialists from India and abroad will participate. A release from the Gujarat government said more than 1,000 exhibitors from 20 countries across the world will participate in the […] Key Points
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