Page 2 - Trade

India growing force on world stage: UK PM Starmer updates Parliament

British Prime Minister Keir Starmer on Tuesday updated the House of Commons on his two-day visit to Mumbai last week with the country's biggest trade delegation to India, scoring deals worth around 1.3 billion pounds. Addressing Parliament as it resumed from recess this week, Starmer said both countries were united by the future following a historic trade deal struck in July to open up new opportunities for businesses and boost job creation. The India-UK Comprehensive Economic and Trade Agreement (CETA), signed during Prime Minister Narendra Modi's UK visit two months ago, is expected to significantly enhance the bilateral trade partnership from the current 44 billion pounds a year. India is a growing force on the world stage, on track to have the third largest economy by 2028, said Starmer. So, in addition to the bond we already shared, the living bridge of family and history, we are also united by the future and the incredible opportunities that we see before us. That's why, back

9 killed in fire at garment factory and chemical warehouse in Bangladesh

At least nine workers were killed and eight others injured on Tuesday in a fire that broke out at a garment factory and a chemical warehouse in Bangladesh capital, officials said. The devastating fire broke out at a chemical warehouse next to the garment factory, Talha Bin Jasim, an officer at the Fire Service and Civil Defence Media Wing, was quoted as saying by the state-run BSS news agency. Nine bodies have been recovered from the first and second floors of the garment factory, Fire Service and Civil Defence Director (Operation and Maintenance) Lt Col Mohammad Tajul Islam Chowdhury told reporters. "We suspect that all of them have died after inhaling toxic gas, Chowdhury was quoted as saying by Bangla language daily Prothom Alo. He added that the fire was brought under control, and firefighters are conducting searches at the garment factory. The number might go up, Talha Bin Jasim said. He said they received the report of the fire at 11:40 am (local time), and the first team .

Gems and jewellery exports rise by 6.5% to $2.9 billion in September

The overall gems and jewellery exports rose by 6.55 per cent in September to USD 2,914.29 million (Rs 25,737.50 crore) despite global headwinds as festive and wedding season demand gains momentum, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday. Gem and jewellery exports stood at USD 2,735.26 million (Rs 22,925.81 crore) in in September 2024, GJEPC said in a statement. In the first half of 2025-26, the overall gem and jewellery exports witnessed a growth of 3.66 per cent at USD 14.09 billion compared to USD 13.60 billion in the same period of the previous fiscal. "The first half of this financial year reflects encouraging signs of recovery for the industry. Demand for gem and jewellery products has strengthened across key markets such as the UAE, Hong Kong, and the UK, with exports registering consistent growth. The upcoming festive and wedding season among the Indian diaspora, together with the holiday season demand in global markets, is expected to further .

China's exports of EVs, hybrid vehicles doubled in Sep to 222,000 units

China's exports of electric vehicles doubled in September from a year earlier as its automakers expanded their reach into overseas markets. Domestic passenger car sales climbed 11.2 per cent year-on-year in last month down from a 15 per cent rise in August, the China Association of Automobile Manufacturers said Tuesday. Exports of new energy vehicles, including battery electric vehicles and plug-in hybrids, jumped 100 per cent to 222,000 units in September, the industry organisation said. That was slightly lower than the 224,000 units exported in August. China's EV makers have been increasingly looking abroad to markets such as Europe and Southeast Asia as overcapacity and price wars back home have pressured their profit margins. They invested more abroad than inside China last year, for the first time since 2014, the US-based consultancy Rhodium Group said in a recent report. BYD - one of China's largest EV makers - said this month that the United Kingdom has become its largest ..

RBI announces measures to facilitate cross-border trade transactions

Banks in India and their overseas branches have been permitted to lend in Indian Rupees to persons resident in Bhutan, Nepal, and Sri Lanka to facilitate cross-border trade transactions, the Reserve Bank said on Monday. The RBI said amendments have been made to the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 and Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015, as part of continuous efforts towards facilitating external trade and payments'. "AD (authorised dealer) banks in India and their overseas branches have been permitted to lend in Indian Rupees to persons resident in Bhutan, Nepal, and Sri Lanka, including banks in these jurisdictions, to facilitate cross-border trade transactions," it said. In January 2025, the RBI permitted Indian exporters to open foreign currency accounts with a bank outside India for the realisation of export proceeds. Unutilised balances in these accounts are required to be

US retailers brace for impact as Trump's additional 100% China tariffs loom

The tariff threat could prompt a "pull-forward of shipments" as retailers try to beat implementation timelines, said Blake Harden, managing director at Washington Council EY

India, US to hold trade talks as New Delhi seeks higher energy imports

The official, speaking on condition of anonymity, due to the sensitivity of the issue, said India was looking to increase purchases of energy and gas from the US

India-EU trade pact talks progressing; steel, auto issues need resolution

Negotiations for the proposed free tarde agreement between India and the EU are progressing well, but differences still need to be ironed out in certain areas such as steel, automobiles and non-tariff barriers, a senior official said on Monday. Senior officials from India and the 27-nation European Union (EU) last week concluded the 14th round of talks for the agreement in Brussels. The five-day talks began on October 6 to iron out differences on different issues related to goods and services for the early conclusion of the negotiations. "Talks are progressing well. There are issues which need resolution such as steel and automobiles. No major issue is pending in agri," the official said. The Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the closing days of the round for providing a push to the negotiations. Agrawal held discussions with European Commission Director General for Trade Sabine Weyand during the visit. The official also said Commerce an

India, EU conclude 14th round of talks for free trade agreement in Brussels

Senior officials of India and the 27-nation European Union (EU) concluded the 14th round of talks for a proposed free trade agreement in Brussels, an official said. The five-day talks began on October 6 to iron out differences on different issues related to goods and services for the early conclusion of the negotiations, the official said. The Indian negotiators were later joined by Commerce Secretary Rajesh Agrawal in the closing days of the round for providing a push to the negotiations. Agrawal held discussions with European Commission Director General for Trade Sabine Weyand during the visit. Commerce and Industry Minister Piyush Goyal recently expressed hope that the two sides will sign the agreement soon. The minister is also expected to visit Brussels to meet his EU counterpart Maros Sefcovic to review the progress. Both sides have targeted to conclude negotiations by December. In June 2022, India and the EU bloc resumed negotiations for a comprehensive FTA, an investment

Sergio Gor meets commerce secy Rajesh Agrawal amid trade agreement talks

Sergio Gor discusses economic cooperation with Commerce Secretary Rajesh Agrawal in New Delhi as both sides work to resolve tariff issues and boost investment

India dials up record smartphone exports; shipments touch $13.4 bn in H1

Shipments touch $13.4 bn in H1FY26, powered by iPhone; September exports to US treble

India-UK joint panel to oversee to oversee trade deal implementation

"Meeting marked significant step towards operationalising CETA, with both ministers agreeing to reposition Joint Economic and Trade Committee to oversee implementation and delivery," dept said

Protection for industry must come with performance obligations: CEA

Speaking at a seminar by CareEdge, Nageswaran stressed the need for an industrial policy focused on productivity and performance

British PM Keir Starmer in India: Meet with PM Modi, trade deal, and more | India-UK relations

British Prime Minister Keir Starmer is in India for a two-day visit, his first since taking office. Watch the video to know what's on the agenda.

India-US continue dialogue to finalise bilateral trade pact by Nov: Goyal

India and the US are in continuous dialogue on the proposed bilateral trade agreement, and all possibilities are there to meet the November deadline for concluding the talks, Commerce and Industry Minister Piyush Goyal said on Tuesday. On the possibility of the next round of trade negotiations in a physical mode, he said that every possibility exists, but with the US government currently in shutdown mode, it remains to be seen how, where, and when the next round of talks can take place. "Aap sub jante hain ki USA me aaj-kal government shut down mode me hai, toh uske maddenazar dekhna padega ki kaise baat-cheet ho sakti hai, kahan ho sakti hai, aur kab ho sakti hai (As you all know, the US government is currently in shutdown mode. So, keeping that in mind, we'll have to see how, where, and when the discussions can take place)," he told reporters here. The US government has stopped working since midnight on October 1 as Congress failed to pass a funding bill. Theoretically, this means

Leading FMCG companies witness disruption in trade in September

Leading FMCG companies have reported disruption in trade in September on account of implementation of new GST slabs, which in turn impacted revenue and profitability in the second quarter. Major players including HUL, Dabur and Marico, continued their momentum in July and August with a stable demand trends. However, in September, they had to absorb the transitory impact of disruption in trade channels on account of GST reforms and one of them expects the impact to drag in October. According to them, the consumers had deferred their purchase after the government announced the Next-Generation (GST 2.0) reforms on September 4, lowering duties on most daily essentials, including food and personal care products. The FMCG companies expect growth in the second half of the fiscal year, helped by stabilisation of prices and stimulation in demand from the lowering of duties. Moreover, they also expect sentiment to gradually improve during the festive season and months ahead, aided by easing

SC upholds trade tax on ink, chemicals used in printing lottery tickets

The Supreme Court on Tuesday upheld the levy of trade tax on ink and processing materials used by a firm in printing lottery tickets, while deciding an over 25-year-old matter. A bench comprising Justices J B Pardiwala and K V Viswanathan held that ink and processing materials used in printing lottery tickets form part of the goods transferred in the execution of a works contract under Section 3F of the Uttar Pradesh Trade Tax Act, 1948. The verdict came on an appeal of Ghaziabad-based printing company, M/s Aristo Printers Pvt Ltd, against a 2010 verdict of the Allahabad High Court which had allowed the revenue department's revision petitions and restored the tax demand. The firm undertook printing of lottery tickets using paper supplied by its clients and procured its own ink, processing chemicals and other materials for carrying out the printing work. The Trade Tax Officer, Ghaziabad, had in assessment orders dated October 28, 1999, levied trade tax on the value of ink, chemicals

India, Qatar likely to finalise trade pact by third quarter of 2026: Goyal

India and Qatar will soon finalise the contours to negotiate a free trade agreement and the pact is expected to be concluded by the middle or third quarter of next year, Commerce and Industry Minister Piyush Goyal said on Monday. The minister is here for a two-day visit. He is leading a business delegation to increase trade and investments between the two countries. "I would think that sometime by the middle of next year, or third quarter of next year, we will be able to finalise an FTA (free trade agreement), if not earlier," he told reporters here. Qatar is an important trading partner of India in the Gulf Cooperation Council (GCC) with bilateral trade of over USD 14.15 billion in 2024-25. GCC members are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). India already has a trade pact with the UAE. A similar deal is likely to be signed with Oman soon. Goyal said that he held discussions with Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of

India-EFTA agreement kicks in, Goyal says deal offers predictability

This is also India's first trade agreement with any European nation or bloc coming into effect

DGTR initiates probe into import of solar cell component from China

The Commerce Ministry's arm DGTR has initiated an anti-dumping probe into the import of a solar component and mobile covers from China, following complaints by RenewSys India and All India Mobile Cover Manufacturer Association. The applicant has alleged that the industry is impacted due to the dumped imports of "Solar Encapsulants, excluding EVA Encapsulants" from China. The item is used in the manufacturing of solar PV modules. "The authority, hereby, initiates an anti-dumping investigation to determine the existence, degree and effect of the dumping," DGTR said in a notification on Monday. If it is established that the dumping has caused material injury to domestic players, the DGTR would recommend the imposition of the levy on imports. The finance ministry takes the final decision to impose duties. Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose these d