Page 5 - Trade

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 .

US tariffs: India eyes Russia, Netherlands for pharma exports' growth

India's pharmaceutical industry is currently exempt from U.S. President Donald Trump's tariffs of up to 50% but the sector has been on edge due to the uncertainty surrounding the situation

Rupee hits fresh intraday low of 88.33 on tariff fears, ends flat at 88.20

The rupee hit a fresh low of 88.33 on tariff concerns before recovering losses to end flat at 88.20 per dollar on likely RBI intervention, amid continued FPI outflows

Re-export of goods from DTA to SEZ must get drawback U/S 74 of CA62

I think the CBIC should take note of the difficulties of the trade and amend the definition of 'export' at Rule 2(b) of Re-export of Imported Goods (Drawback of Customs Duties) Rules, 1995.

India Post suspends all US-bound mail services over new tariff rules

India Post has halted booking and dispatch of all US-bound mail, citing operational hurdles under new US tariff rules, affecting families, students and small exporters

Qatar wants to negotiate trade pact with India, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said a proposed Free Trade Agreement (FTA) with Oman will be finalised soon, and Qatar also wants to negotiate a pact with India. He said that India has already signed such acts with a number of developed economies, including Australia, the UK, the UAE, Mauritius, and four-European nation bloc European Free Trade Association (EFTA). Besides, India is negotiating trade pacts with the European Union (EU), the US, New Zealand, Chile, and Peru. These agreements, he said, will open up new opportunities, markets, and investment possibilities. Negotiations with the EU are moving at a faster pace, Goyal said, adding Commerce Secretary Sunil Barthwal is visiting Brussels next week to take stock of the trade pact talks. The India-EU official team will meet for the 13th round of negotiations from September 8 here in the national capital. After that, European Commissioner for Trade Maros Sefcovic is likely to visit India next month to tak

Trump tariff may hinder tyre makers' growth momentum in US: Industry body

The steep Trump tariff will severely constrain Indian tyre makers' ability to sustain the momentum established in the last few years in America, and there is a need for immediate policy support to help mitigate the adverse impact, the Automotive Tyre Manufacturers' Association (ATMA) said on Thursday. Tyre exports from India to the US will now face a tariff of 50 per cent on most categories and 25 per cent on specific categories. Competing economies such as China, Thailand, Vietnam, Cambodia and Indonesia continue to attract far lower tariffs, putting India at a distinct strategic disadvantage in its largest export market, the Automotive Tyre Manufacturers' Association (ATMA) said in a statement. "Hike in US tariffs will severely constrain the ability of Indian manufacturers to sustain export momentum established in the last few years, particularly since the US is our largest export destination," ATMA Chairman, Arun Mammen said. The Indian tyre industry has invested over Rs 28,000

FM pledges support, vows to safeguard traders' interests amid US tariffs

Finance Minister Nirmala Sitharaman on Thursday assured an exporters' delegation that the government stands firmly with them in this challenging time and is committed to addressing their concerns, while exploring every possible avenue to safeguard their interests amidst high US tariffs, FIEO said in a statement. The assurance was given to a delegation of the Federation of Indian Export Organisations (FIEO) led by its President S C Ralhan. They apprised her of the challenges faced by Indian exporters due to the recent escalation of tariffs imposed by the United States. During the interaction, Ralhan said he highlighted the immediate concerns of the exporting community, particularly the adverse impact of higher tariffs on market access, competitiveness, and employment generation. He underscored the need for quick and calibrated policy measures to mitigate the strain on India's exporters, who have been key drivers of growth and job creation. "The Finance Minister reassured the delegat

US tariffs to hit nearly one-fourth of textile exports in 6 months: Experts

As the 50 per cent tariffs imposed by the US come into effect, close to one-fourth of India's textile exports may be severely impacted in the next six months, with America being the largest export market for the country's apparel industry and exporters grappling with order cancellations, experts said on Thursday. However, the extension of duty-free import of cotton by three more months till December 31 is expected to bring some much-needed relief to the domestic textile industry, as it looks to mitigate the impact of the steep tariffs by re-orienting its export strategy and exploring alternate destinations other than the US, by leveraging India's existing free trade agreements (FTAs). "We are looking at a hit of at least 20-25 per cent for the next six months, if I am considering some amount of re-orientation to be done because otherwise the figure is 28 per cent of exports, largely apparel and made-ups," Confederation of Indian Textile Industry (CITI) Secretary General Chandrima ...