Page 7 - India Trade

India eyes tariff cut on $23 bn of US imports, to shield $66 bn in exports

Under the deal, India is open to reducing tariffs on 55 per cent of US goods it imports that are now subject to tariffs ranging from 5 per cent to 30 per cent

Senior US trade official Lynch on 5-day visit to India from March 25

Brendan Lynch, the assistant US trade representative for South and Central Asia will pay a five-day visit to India beginning Tuesday to discuss issues relating to trade and tariff between the two countries. Lynch's visit comes days ahead of coming into force of reciprocal tariffs announced by US President Donald Trump. The senior US trade official is expected to hold talks with Commerce Minister Piyush Goyal besides meeting a number of senior Indian officials, it is learnt. The two sides are also expected to hold negotiations to firm a framework for a bilateral trade pact that would address issues relating to levies and market access. "Assistant US Trade Representative for South and Central Asia Brendan Lynch, along with a team of US government officials, will be in India from March 25-29 for meetings with Indian interlocutors as part of ongoing bilateral trade discussions," a US official said. "This visit reflects the United States' continued commitment to advancing a productive

India to drive 6% of world trade growth in 5 yrs, 3rd to US, China: Report

DHL Trade Atlas 2025 report reveals that global trade growth continues to show resilience despite geopolitical tensions and trade policy uncertainty

IT-ITes revenue over $250 bn, exports account for $200 bn: STPI DG

Revenue of IT and IT-enabled services in the country has crossed USD 250 billion out of which USD 200 billion is from exports, a senior government official said on Wednesday. While speaking at the inaugural session of Indiasoft 2025 and India Electronics Expo, Software Technology Parks of India (STPI), Director General, Arvind Kumar, said that the country's IT-ITes revenue has come a long way from USD 20 million in 1992-93. "This consistent effort of ESC, Government of India and support of ESC types of the organization means that today, from IT-ITes services, we have revenue of more than USD 250 billion. STPI's journey started when we had only USD 20 million in export from this country. It's a journey of USD 20 million to 250 million US dollars out of this USD 200 billion is from export," Kumar said. He said that the Electronics and Computer Software Export Promotion Council has always been very instrumental over the promotion of export from this country. Kumar said that now the ..

India's exports shrink 10.9% in February, the worst show in 20 months

Commerce secretary Sunil Barthwal said that although FY25 has been a difficult year, the country is moving towards achieving $800 billion in combined exports of goods and services in the current FY

Govt assessing gains, challenges from US tariffs: Commerce secy Barthwal

Barthwal said govt is carrying out stakeholder consultations and assessing challenges, opportunities, and the broader impact of the additional tariffs imposed by the US on Indian exports

India, China saw strong trade growth in Q4 2024 amid risks: UN report

Developing nations, particularly India and China, saw better than average trade expansion in the fourth quarter of 2024, a UN report has said but warned of a potential for an economic slowdown globally in the upcoming quarters. The latest Global Trade Update by UN Trade and Development (UNCTAD), covering data through early March, said that global trade expanded by nearly USD 1.2 trillion in 2024, reaching USD 33 trilliona result of a 9 per cent rise in services trade and a 2 per cent increase in goods trade. Developing nations, particularly China and India, saw better than average trade expansion, while many developed nations experienced trade contractions, it said. It said that China and India saw stronger trade momentum in Q4 2024 while the US remained a key driver. Merchandise trade showed mixed trends among major economies in Q4 2024. China and India trade continued to increase, particularly in exports. Conversely, export growth in South Korea decelerated, although it remaine

Govt mulls incentives for exporters amid global trade uncertainty

The government is considering additional incentives for exporters to arrest the decline in India's exports and mitigate the potential impact of reciprocal tariff threats by the Donald Trump administration, sources said. Though the government is yet to formulate the exact form of incentives to be given, the Rs 2,250 crore Export Promotion Mission announced in the Budget has room for flexibility in providing more incentives as the schemes are yet to be notified, they added. India's merchandise shipments witnessed a decline in value terms in the three months between November and January. Merchandise exports were USD 36.43 billion in January compared to USD 37.32 billion a year ago. In December, it stood at USD 38.01 billion against USD 38.39 billion in December 2023, while its outward shipments declined to USD 32.11 billion in November 2024 from USD 33.75 billion in the year-ago month. Commerce and Industry Minister Piyush Goyal is expected to hold discussions with export promotion ..

'Premature to talk about details of negotiations on Indo-US trade deal'

Negotiations between India and the US for a trade deal have just begun and it would be premature to talk about its details, government sources said on Saturday, hours after US President Donald Trump said India agreed to cut tariffs "way down". It is natural for both the countries to have their interests and sensitivities and these are legitimate matters for a discussion, the sources said. Last month, India and the US announced that they would negotiate a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) following talks between Prime Minister Narendra Modi and Trump in Washington DC. Commerce Minister Piyush Goyal was in the US this week to hold talks on the trade deal with his American counterpart as well as the US Trade Representative and their teams. Trump's announcement on Friday that India agreed to bring tariffs "way down" was largely viewed by New Delhi as premature. "India charges us massive tariffs, you can't even sell anything in India, it's almost ...

US President Donald Trump and trade policy: What should India do?

The country should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports

India should push for provisions in FTA to address EU's carbon tax: GTRI

India should push for inclusion of protective provisions in its proposed free trade agreement (FTA) with the European Union to safeguard its interests against the EU's carbon tax, think tank GTRI said on Thursday. The EU has decided to impose Carbon Border Adjustment Mechanism (CBAM), or carbon tax, which will come into effect from January 1, 2026. It would mainly impact seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products. The Global Trade Research Initiative (GTRI) said that if protective language is not included in the agreement, post FTA, EU goods will enter India duty-free, while Indian steel and aluminum could face high carbon charges under CBAM when exported to the EU. "Since CBAM imposes tariffs based on production methods, it violates WTO (World Trade Organisation) rules. India must push for protective language in the FTA to address this issue," GTRI Founder Ajay Srivastava said. The suggestions came at a time when Europea

European Commission Prez arrives in Delhi, says India is trusted friend

On her arrival, the President of the European Commission was accorded a warm and special welcome and was received by Minister of State for Health and Family Welfare Anupriya S Patel

In UPA decade, trade gap with China ballooned from $2 bn to $40 bn: Goyal

He noted that in the 1990s one of the biggest mistakes that countries worldwide, including India, committed was to accept China as a market economy and a member of the World Trade Organisation (WTO)

India-Qatar potential FTA must be approached with caution, says GTRI

India should tread cautiously on a potential free trade agreement (FTA) with Qatar, particularly in the petrochemical sector as both countries are strong in this segment, economic think tank GTRI said on Wednesday. The Global Trade Research Initiative (GTRI) added that India should ensure that tariff concessions on petrochemicals and energy-related imports do not undermine domestic industries. According to a joint statement issued after the meeting of Prime Minister Narendra Modi and Amir of Qatar Sheikh Tamim bin Hamad Al-Thani, the two sides agreed to explore the possibility of entering into a bilateral comprehensive economic partnership agreement (CEPA) with an aim to double bilateral trade to USD 28 billion by 2030. Normally in a CEPA, a kind of free trade agreement (FTA), two trading partners either eliminate or significantly reduce customs duties on the maximum number of goods (90-95 per cent) traded between them. Besides, they ease norms to promote trade in services and boost

India, UAE trade grows 21.35% to $80.51 billion during Apr-Jan in FY25

The bilateral trade between India and the UAE grew 21.35 per cent to USD 80.51 billion during the April-January period this fiscal year, according to the commerce ministry data. While India's exports to the UAE rose 6.82 per cent to USD 30 billion during the first 10 months of this fiscal year, imports during this period rose 35.58 per cent to USD 50.51 billion, the data showed. The ministry said the trade is registering healthy growth after implementation of a free trade agreement (FTA) between the two countries in May 2022. The India-United Arab Emirates (UAE) Comprehensive Economic Partnership Agreement (CEPA) is completing three years of its signing on Tuesday. "In terms of utilisation of CEPA, preferential duties are concerned, since coming into force, nearly 2,40,000 certificates of origin have been issued against which total export of USD 19.87 billion have been made to the UAE," it said in a statement. It also said the agreement has been successful in realising its potenti

India, Qatar aim to double bilateral trade to $28 billion in five years

The announcement came after talks between Indian Prime Minister Narendra Modi and Qatar's Emir Sheikh Tamim bin Hamad Al-Thani, who is on a two-day visit to New Delhi

Trade deficit widens to nearly $23 billion in January as exports shrink

During April-January, exports grew only 1.39 per cent, while imports saw a 7.4 per cent increase

World trade at risk: Trump's drive for reciprocity will undermine trade

Without the MFN principle, investigation into rules of origin might have to be applied to every single shipment

India's exports to US increase 39% to $8.44 bn in January: Govt data

India's exports to the US rose by 39 per cent year-on-year to USD 8.44 billion in January, while imports grew by 33.46 per cent to USD 3.57 billion, according to the commerce ministry data. Cumulatively, the country's exports to the US during April-January grew by 8.95 per cent to USD 68.46 billion against USD 62.84 billion in the same period previous fiscal, the data showed. During 2021-24, America was the largest trading partner of India. The US is one of the few countries with which India has a trade surplus. In 2023-24, the US was the largest trading partner of India with USD 119.71 billion bilateral trade in goods (USD 77.51 billion worth of exports, USD 42.19 billion of imports and USD 35.31 billion trade surplus). The increasing trade assumes significance as the two countries are aiming at USD 500 billion two-way commerce by 2030 and a trade agreement.

India, Qatar to discuss ways to boost bilateral trade, investments

India and Qatar on Tuesday will discuss ways to further promote bilateral trade and investments. The issues will be discussed between Commerce and Industry Minister Piyush Goyal and his Qatari counterpart Sheikh Faisal bin Thani bin Faisal Al Thani, an official statement said on Monday. Both will attend the Joint Business Forum meet here on February 18, the commerce and industry ministry said. It is being organised by the Confederation of Indian Industry (CII) in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT). The forum will act as an platform where top business leaders, policymakers, and industry stakeholders will convene to explore investment opportunities, technological collaboration, and economic partnerships, it said. The high-level Qatari delegation includes leading enterprises from energy, infrastructure, finance, technology, food security, logistics, advanced manufacturing, and innovation. "These discussions will enable Indian and Q