Page 4 - Trade

India will not allow rerouting of domestic goods from UAE to US, says Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said India will not encourage or allow rerouting of domestic goods from the UAE to the US. He said that if Indian goods come to the UAE and are sent to other Asian countries or African nations, or other parts of the region, declaring that they are made in India, it will be a very welcome step. India will be looking at creating such pathways, he told reporters here. Goyal is here for the 13th India-UAE High Level Task Force on Investments (HLJTFI). "We do not encourage any Indian exporters to trans-ship goods to America. So at no point in time would we like to see or encourage or even allow Indian exports to go to America from the UAE," he said. The remarks are important as the US has imposed a steep 50 per cent tariff on Indian goods entering Washington. It is expected to impact exports of Indian goods from labour-intensive sectors such as shrimp, leather and textiles. Earlier, the commerce ministry had suggested to Indian .

'Hoped for more progress' in talks with India, says EU trade chief

The EU's key interests include cars, wines and spirits, and agriculture -- areas considered sensitive by India, and are still under negotiation

J&K landslides: Around 2,200 fruit-laden trucks evacuated via Mughal Road

More than 2,200 fruit-laden trucks were evacuated via the Mughal Road, the alternative road link between the valley and Jammu, during the past 24 hours, an official said on Tuesday. The trucks were stranded along the Srinagar-Jammu national highway due to its closure following landslides in the wake of incessant rains. The 270-km Jammu-Srinagar national highway, the only all-weather road linking Kashmir with the rest of the country, suffered extensive damage at several places, especially between Nashri and Udhampur, in the aftermath of record rainfall on August 26 and 27, leading to its closure for vehicular movement. The traffic on the highway was partially restored last week, but hundreds of trucks, including those carrying apples to different markets within and outside Jammu and Kashmir, remained stranded for days, causing extensive damage to the produce. In a major relief to fruit growers and traders of the valley, Divisional Commissioner (Div Com) Kashmir, Anshul Garg, informe

Denmark PM Frederiksen speaks to PM Modi; discusses trade, investment

Prime Minister Modi conveyed his best wishes for the success of Denmark's ongoing Presidency of the Council of the European Union and non-permanent membership of the United Nations Security Council

Sanctions complicate issues: China FM on US tariffs on Russian oil imports

China's Foreign Minister Wang Yi has rebuffed the US call to G7 countries to impose tariffs on countries purchasing oil from Russia, saying that war cannot solve problems and sanctions only complicate them. China does not participate in or plan wars, and what China does is to encourage peace talks and promote political settlement of hotspot issues through dialogue, Wang Yi said in an apparent reference to US Treasury Secretary Scott Bessent's call to G7 ministers to impose sanctions on countries importing oil from Russia to stop the Ukraine war. A US Treasury Department statement said on Saturday that Treasury Secretary Bessent during a call with G7 finance ministers, reiterated President Donald Trump's call to G7 countries that if they are truly committed to ending the war in Ukraine, they should join the US in imposing tariffs on countries purchasing oil from Russia. China is a responsible major country and also a country with the best record on peace and security issues, Wang sai

India doesn't buy even a small amount of US corn, says Howard Lutnick

India brags about having 1.4 billion people but won't buy even a small amount of American corn, Commerce Secretary Howard Lutnick has said, asserting that New Delhi must bring down its tariffs or face a tough time doing business with the US. Lutnick made the comments during an interview on Saturday when he was asked whether the US is mismanaging very valuable relationships with important allies like India, Canada and Brazil with the tariffs imposed on these countries. The relationship is one way, they sell to us and take advantage of us. They block us from their economy, and they sell to us while we are wide open for them to come in (and) take advantage, Lutnick said. The president says, fair and reciprocal trade', he added. India brags that they have 1.4 billion people. Why won't 1.4 billion people buy one bushel of US corn? Doesn't that rub you the wrong way that they sell everything to us and they won't buy our corn. They put tariffs on everything, Lutnick said. He added that ..

Trade deal, Quad, China: What Trump’s India envoy nominee, Sergio Gor, said

At his Senate confirmation hearing, Sergio Gor, President Trump’s nominee for US Ambassador to India, outlined a roadmap for closer ties.

Exporters seek loan relief, favorable rupee rate in meeting with RBI

India is preparing measures to help exporters deal with the crisis, even as the U.S. and India look at resuming negotiations to address the trade barriers, Reuters reported earlier

Why is India in a rush to seal an FTA with the Russia-led Eurasian bloc?

The trade deal, when finalised, will help narrow high trade deficit with Russia by opening up new export markets in Armenia, Belarus, Kazakhstan, Kyrgyzstan, and will also push connectivity plans

India in active dialogue with US for free trade agreement, says Goyal

The minister said that negotiations are going on with the European Union as well in the national capital for concluding a trade agreement

PM Modi speaks to Italian counterpart, discusses EU-India trade pact

Prime Minister Narendra Modi on Wednesday discussed with his Italian counterpart Giorgia Meloni the proposed free trade agreement between India and the European Union (EU) and thanked her for the support to it. In a phone conversation, Modi also discussed with Meloni ways to end the conflict in Ukraine as well as the implementation of the India-Middle East-Europe Economic Corridor (IMEEC). "Had an excellent conversation with Prime Minister Giorgia Meloni. We reaffirmed our joint commitment to deepen India-Italy Strategic Partnership, and shared interest in bringing an early end to the conflict in Ukraine," Modi said on X. "Thanked PM Meloni for Italy's proactive support for concluding a mutually beneficial India-EU trade agreement and promoting connectivity through the IMEEC initiative," he said. India and the EU are looking at firming up the proposed free trade agreement (FTA) by the end of this year. The two sides are holding the 13th round of negotiations in New Delhi this ...

Indian shrimp export industry likely to take a 12% revenue hit in FY26

Shrimp exporters' revenue is likely to decline 12 per cent year-on-year in 2025-26, hit by the steep tariffs imposed by the US, effective August 27, a report said on Wednesday. The US is India's most critical market for frozen shrimp, representing 41 per cent of the export volume and 48 per cent of the value in FY25, India Ratings and Research (Ind-Ra) said in the report. The 50 per cent reciprocal tariff (58 per cent effective tariff rate after additional anti-dumping duty and countervailing duty) is expected to significantly impact trade flows, eroding India's cost competitiveness against its peers, namely Ecuador, Vietnam, and Indonesia and thus impacting export volumes, it added. As per Ind-Ra's analysis of India's major shrimp companies, aggregate revenue could decline 12 per cent year-on-year, while margins could compress around 150 bps year-on-year in FY26. Ind-Ra also expects some working capital stress to emerge. "The steep reciprocal tariff in the key export market of th

India-EU trade talks moving fast towards conclusion, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said trade talks with the European Union are progressing fast and both sides would be in a position to "substantially conclude" the agreement by the time EU Trade and Agriculture commissioners visit India. The chief negotiators of the two sides are holding the 13th round of negotiations for the proposed free trade agreement. EU Trade Commissioner Maros Sefcovic and EU Agriculture Commissioner Christophe Hansen are likely to visit India this week. The two sides are working "very very" actively to converge on different parts of the agreement, Goyal told reporters here. Almost 60-65 per cent of chapters also are completed and finalised, he said. "By the time my counterparts Mr Maros Sefcovic, the EU Trade Commissioner and Mr Christophe, the EU Agriculture Commissioner, come to India, I think we will be quite set to try and conclude the agreement substantially," he said. India and the European Union (EU) on Monday started the 13

CM Yogi reviews UP int'l trade show prep; PM to inaugurate on Sept 25

According to the CM's office post, Prime Minister Narendra Modi is set to inaugurate the trade show with Russia participating as a partner country

World needs stable environment for trade; practices must be fair: India

The world is seeking a stable and predictable environment for trade and economic practices should be fair, transparent and to everyone's benefit, External Affairs Minister S Jaishankar said on Monday, against the backdrop of increasing global concerns over Washington's tariff tussle. In an address at a virtual BRICS summit, the external affairs minister said India strongly believes that the international trading system's foundational principles of non-discriminatory and rules-based norms must be protected and that there is a need to create more resilient and reliable supply chains. Jaishankar represented Prime Minister Narendra Modi at the summit that saw participation of Chinese President Xi Jinping, Russian President Vladimir Putin and several other leaders of the grouping. It was convened by Brazilian President Luiz Inacio Lula da Silva to discuss trade disruptions triggered by US' policies on trade and tariff. The US slapped 50 per cent tariffs on Brazilian exports like in the

India reduces local remedies exhaustion period for Israel under BIA

India has cut down the local remedies exhaustion period for Israeli investors to three years from the earlier five years under the Bilateral Investment Agreement (BIA) signed on Monday between the two countries. A similar provision was included in India's investment pact with the UAE, which came into effect last year. The India-Israel BIA, aimed at providing comfort to investors of both countries, also includes portfolio investments in a deviation from such treaties in the past. Local remedies exhaustion means that investors must first try to resolve their disputes using the legal system of the host country before they can take the matter to international arbitration. Normally, India keeps a five-year period for this. An official said that the India-Israel BIA was signed on the lines of the India-UAE bilateral investment treaty. Israel is the first OECD (Organisation for Economic Co-operation and Development) member with which India has inked this agreement. The pact includes ..

It's 'blood money': Navarro's new rant on India's purchases of Russian oil

US President Donald Trump's trade advisor Peter Navarro on Monday termed India's purchases of Russian oil as "blood money" and said Delhi didn't buy oil from Moscow in large quantities before the Ukraine conflict. Using an expletive in his post on X, Navarro said, "Fact: India didn't buy Russian oil in large quantities before Russia invaded Ukraine. It's blood money and people are dying." Last week, Navarro, White House's Senior Counsellor for Trade and Manufacturing, had said in a post that India highest tariffs costs U.S. jobs. India buys Russian oil purely to profit/Revenues feed Russia war machine. Ukrainians/Russians die. U.S. taxpayers shell out more. India can't handle truth/spins. When a community note was added to Navarro's post by X, he slammed Elon Musk, saying the X billionaire owner is letting propaganda into people's posts. That crap note below is just that. Crap. India buys Russia oil solely to profiteer. It didn't buy any before Russia invaded Ukraine. Indian govt sp

India, EU advance talks on trade agreement, target year-end deal

Eyeing to conclude their ambitious free trade deal soon, India and European Union will hold two rounds of crucial negotiations in next one month to overcome differences in areas of rules of origin, market access and duties on wine and dairy products, authoritative sources said on Sunday. European Commission's agriculture commissioner Christophe Hansen and trade chief Maros Sefcovic are visiting India this week to hold talks with their Indian interlocutors as both sides look to seal the free trade agreement (FTA) by end of this year. The European Union is India's biggest trade partner with bilateral trade in goods recording USD 135 billion in the financial year 2023-24. Besides the trade deal, India and the EU are also in the process of firming up a series of transformative initiatives including a new politico-strategic vision and key foundational frameworks to expand defence ties -- moves that came against the backdrop of increasing geopolitical uncertainty. Significantly, the EU w

India, Israel likely to sign bilateral investment agreement next week

The expected treaty may offer investors from Israel and India protection based on international norms, promises non-discriminatory minimum treatment, and independent arbitration

Goyal assures help to exporters to deal with global trade uncertainties

Commerce and Industry Minister Piyush Goyal on Wednesday assured exporters to support them in dealing with steep tariffs imposed by the US, an official said. He also reaffirmed the government's commitment to safeguarding the interests of Indian exporters amid the evolving global trade scenario. He assured industry representatives that the government is actively engaged in creating an enabling environment to help exporters navigate recent challenges, the official said. The minister urged exporters to upgrade product quality, align with global standards, diversify supply chains, and explore alternate markets. These issues were discussed during a meeting convened by the commerce ministry with representatives of export promotion councils (EPCs) and industry associations to address rising global tariffs, explore solutions, and chart a path forward amid shifting trade dynamics. "He assured EPC and industry representatives that the government remains committed to providing a supportive .