Eu-india Trade

Experts cite logistical, Red Sea crisis as issues impacting India's exports

The Red sea crisis and logistical challenges have severely impacted the country's exports in August, which contracted 9.3 per cent, according to exporters and experts. Think tank GTRI said the contraction of petroleum product exports' by 37.56 per cent to USD 5.95 billion in August is linked to the ongoing disruptions in the Red Sea. These exports were USD 9.54 billion in August 2023. "This dramatic decline has significantly impacted India's overall merchandise trade, leading to a 9.33 per cent reduction in August 2024 compared to the previous year," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. Interestingly, he said, crude oil prices remained relatively stable between these two periods, suggesting that the drop in petroleum product exports is "linked to ongoing disruptions" in the Red Sea. The yearlong ongoing disruptions have forced shipping routes to take longer paths around the Horn of Africa and the Cape of Good Hope, rendering exports to Europe less

EU committed to stronger cooperation with India in Indo-Pacific, says envoy

The European Union is committed to forge a stronger cooperation with India to ensure a free, open, inclusive and rules-based maritime order in the Indo-Pacific, EU envoy Herve Delphin said on Thursday. The EU envoy to New Delhi described the Indo-Pacific as a "vital hub" of strategic importance to both India and the EU in view of the region's role in the maritime supply chains. "We're committed to forge a stronger cooperation with India to ensure free, open, inclusive and rules-based maritime order, address common security challenges and promote peace and stability in the region," he said. Delphin's comments came following a visit of senior Indian officials to EU institutions in Brussels to strengthen two-way security and defence ties. "The Indo-Pacific region is a vital hub of strategic importance to both India and the EU due to the growing interdependence of global economies and the importance of maritime supply chains," he said. The Indian delegation was led by Muanpuii Saiawi,

US top trading partner, China trade deficit highest in Jan-Jun 2024: GTRI

The US has emerged as India's top trading partner during January-June this year, while the country has recorded its highest trade deficit of USD 41.6 billion with China during the period, according to think tank GTRI. It also said the country's merchandise exports rose 5.41 per cent to USD 230.51 billion during the first of 2024. "China topped the list with a substantial trade deficit of USD 41.6 billion, as exports to China were USD 8.5 billion, while imports reached USD 50.1 billion during January-June 2024," it added. The data analysis for the first half of this calendar year by the Global Trade Research Initiative (GTRI) showed India exports goods to 239 countries and out of these, 126 countries showed positive growth in exports. These nations account for 75.3 per cent of India's total exports. Major countries with increased exports include the USA, UAE, Netherlands, Singapore, and China. However, exports declined in 98 countries, which account for 24.6 per cent of India's ...

UK trade body opens review into 13% import duty on PET plastics from India

The UK's Trade Remedies Authority (TRA) has initiated a transition anti-subsidy review of a countervailing measure on imports of polyethylene terephthalate (PET) plastics from India, to assess whether the nearly 13 per cent duties should continue to be applied. TRA, an independent arm's length body of the government's Department for Business and Trade, will consider whether the importation of the subsidised goods subject to review would be likely to continue or recur if the countervailing amount were no longer applied to those goods. It will also consider whether injury to the UK industry in the relevant goods would be likely to continue or recur if the countervailing amount were no longer applied to those goods. Countervailing measures are the UK's one of three trade policy tools to counter imports which are "causing or threatening injury" to domestic industry, the other two being anti-dumping and safeguard measures. Countervailing, or counteracting, measures address imported good

Timeline: 21-year-long effort by India to set up port in Chabahar

Monday's agreement is expected to finally realise efforts by India to gain a strategic foothold in the region

India, EU discuss ways to sustain secure maritime environment in Brussels

India and the EU explored avenues to strengthen their shared efforts in areas such as countering illicit maritime activities (IMA), maritime law enforcement and capability building

EU lawmakers approve deal to raise renewable energy target to 42.5% by 2030

European Union lawmakers endorsed a deal on Tuesday to raise the share of renewables in the bloc's energy mix, another step to accelerate its green transition away from fossil fuels. The bill, adopted by a large majority 470 lawmakers voted in favour, 120 against and 40 abstained foresees an updated renewable energy target of 42.5 per cent of total consumption by 2030, with the aim of reaching 45 per cent. The current goal is 32 per cent. Today's vote in the European Parliament clears the way for a massive boost towards the energy transition, in a way that is affordable for citizens and reinforces the EU as an industrial bastion, said Green MEP Ville Niinist. The EU is saying goodbye to fossil fuels in our energy mix. The energy crisis has shown that we must be fully independent of oil and gas, especially from Russia. A review by global energy think tank Ember showed that wind and solar generated a record 22 per cent of the EU's electricity last year and for the first time overto

EU, Taipei to resolve ICT duty dispute with India mutually: MoS Commerce

The European Union and Chinese Taipei have requested the World Trade Organisation's (WTO) dispute settlement body not to adopt the panel's ruling against India with regard to an ICT duty dispute to enable the countries to resolve the issue mutually, Minister of State for Commerce and Industry Anupriya Patel informed the Lok Sabha on Wednesday. On April 2, 2019, the EU challenged the introduction of import duties by India at WTO on a wide range of ICT products like mobile phones and components, base stations, integrated circuits and optical instruments. The EU had claimed that the measures appear to be inconsistent with certain provisions of WTO. Later, Chinese Taipei and Japan joined the dispute. Since Japan has filed its motion for the adoption of the panel's report at Dispute Settlement Body (DSB) meeting at WTO, India, in response, filed its notice of appeal. "But the European Union and Chinese Taipei have made a request to the Dispute Settlement Body at WTO to defer the adoption

EU's proposed carbon tax won't affect trade relation with India: Timmermans

European Union's climate policy chief Frans Timmermans on Friday said the bloc's proposed carbon tax will not have any negative effect on its trade relationship with India and that it would do nothing that is in violation of World Trade Organisation rules. The EU plans to implement a carbon import tax of 25 to 30 per cent on high carbon goods such as steel, cement, aluminum, iron, fertilisers, electricity and hydrogen. This has led to concerns about the impact on developing nations heavily reliant on carbon-intensive industries. The Carbon Border Adjustment Mechanism (CABM), expected to be introduced in its transitional phase from October, is part of the EU's larger climate strategy which focuses on incentivising member countries to reduce their carbon emissions and adopt greener practices. "If India fulfills all its ambitions in terms of greening the economy and reducing the carbon footprint and creating comparable footprints to the EU, there is no worry that CBAM will have a ...

India hits back at US with higher import duties on farm, steel products

India's move came a day after the EU's decision to charge higher import duties on a range of US products

Swati Dhingra: Avert raw deal on EU-India trade pact

Investment and agricultural imports are not new issues. The government is retreating from the same battles it fought during the Uruguay Round of the World Trade Organisation in 1995