Page 9 - Trade

Seeding the rice success: Technology and policy power India's rise

Since India is also the world's second-largest producer, exporter of wheat, it merits to be counted among the world's major food grain powerhouses, and a key player in the international food market

Blocking of Strait of Hormuz may impact India's energy procurement: Experts

Any blocking or disruption of traffic through the Strait of Hormuz -- a narrow passage connecting the Persian Gulf to the Arabian Sea -- will have significant global and regional impact, including for India's energy security, strategic affairs experts said on Sunday. Following the US bombing of three major Iranian nuclear sites, Tehran has indicated that closing the Strait of Hormuz for shipping is one of the options on the table to pressure its adversaries. Nearly 30 percent of global oil and a third of the world's LNG (liquefied natural gas) passes through the strait daily and its closure would immediately reduce global supplies triggering a spike in prices, they said. The closure of the narrow passage would have significant global repercussions across energy markets and it will impact India's energy security as well, Dr Laxman Kumar Behera, Associate Professor at Special Centre for National Security Studies at the Jawaharlal Nehru University, told PTI. Behera said any disruption

Piyush Goyal to visit UK to push India-UK FTA towards implementation

Commerce minister's UK visit will focus on reviewing FTA negotiations, establishing a roadmap for finalisation, and expanding trade, investment, and creative partnerships

Iran-Israel war: Govt to meet stakeholders to assess trade impact

The government is closely monitoring the situation arising from the Iran-Israel conflict, and a meeting with shipping lines, container firms, and other stakeholders will be held this week to assess the impact on the country's overseas trade and address any issue, a top official said on Monday. Commerce Secretary Sunil Barthwal said that the impact of the war on India's trade will depend on how the situation unfolds over a period of time. "We are watching the situation. We are also calling a meeting (this week) of all the shipping lines, the container organisations and the concerned departments, and stakeholders to understand from them that what are the kind of issues they are facing and how we can sort it out," he told reporters here. Exporters have stated that the war, if escalated further, would impact world trade and push both air and sea freight rates. They have expressed apprehensions that the conflict is expected to impact movement of merchant ships from the Strait of Hormuz

Merchandise trade deficit narrows to $21.88 billion in May, shows data

Merchandise exports stood at $38.73 billion in May 2025, a 2.2 per cent decline from $39.59 billion a year earlier

Zero-for-Zero Tariffs: Rethinking Trade Liberalization

In this SmartCut episode, Dr. Shikha Jain, Director of IMDR Pune, unpacks Zero-for-Zero Tariffs, their history, benefits, challenges, and why India needs to rethink trade liberalisation. >

Govt asks edible oil industry to pass tax cut benefits to retail users

The government had reduced the Basic Customs Duty (BCD) on crude edible oils-specifically crude sunflower oil, soybean oil, and palm oil-from 20 per cent to 10 per cent on 31 May

Racing against the clock: Why US, India can't miss window for a trade deal

The negotiation is unfolding in real time. The US is using tariffs as leverage; India, for its part, is signalling unusual flexibility

India-US trade deal hopes rise but the reliability part remains in doubt

While it is essential that the government do its best to avoid being hit with high tariffs, it should also keep in mind that any deal with the US is subject to the vagaries of its leadership

Amid reciprocal tariff row, NITI Aayog backs 'dual-track' India-US trade

In the aftermath of 'reciprocal tariffs' by the US, India should adopt dual-track approach and selectively reduce high tariffs on non-sensitive agricultural commodities imports from Washington, while also strategically offer concessions where domestic supply gaps exist, a NITI Aayog working paper has said. The Aayog in a working paper, titled 'Promoting India-US Agricultural Trade Under the New US Trade Regime', said that India's agricultural sector needs safeguards, to ensure price stability for both producers and consumers, against excessive volatility in international markets. "A dual-track approach is essential now. In the short term, India should consider to selectively reduce high tariffs on non-sensitive imports and negotiate non-tariff safeguards on vulnerable segments such as poultry," the paper said. It noted that sudden announcement of "reciprocal tariffs" and enhanced market access for US exports following re-election of Donald Trump as President of the United States in

India-EU free trade pact could be concluded before year end: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Sunday said that negotiations for the proposed comprehensive free trade agreement (FTA) between India and the European Union (EU) are progressing at a rapid pace and the deal could be concluded before the year end. He also said that India will raise its concerns over certain EU's regulations such as carbon tax and deforestation rules in the trade talks. "We have certain concerns about EU practices and regulations, likewise they have certain areas which they would like to discuss. All issues are on the table and we will negotiate a fair, balanced and equitable FTA," Goyal told reporters here. He added that all of these issues will come up for discussions, so that both sides can come up with a robust agreement that will support market access and promote easier trade. The minister is here for a two-day visit. He will meet French leaders and business representatives to promote trade and investments between the two countries. When asked ab

87% of Indian firms shift focus to domestic amid trade worries: HSBC

HSBC survey shows 87% of Indian firms are pivoting to the domestic market to reduce global exposure amid trade policy uncertainty and rising costs

Trump tariffs a call for nations to consider trade governance reforms

It is time for collective action among like-minded economies rather than be caught in the US tariff turmoil

Outdated fertiliser rules favour imports over domestic production: Industry

The government's "outdated" fertiliser regulations are creating an uneven playing field, favouring Chinese imports over domestic manufacturers and undermining the "Make in India" initiative, industry bodies said on Tuesday. The fertiliser control framework's concurrent naturegoverned by both central and state authoritieshas led to numerous amendments but has struggled to keep pace with evolving domestic needs and global developments, gradually coming to be seen as a relic of the legacy "Inspector Raj" and "License Raj", they said. The industry bodies called for comprehensive reforms including implementing "One Nation, One Licence" policies, ensuring regulatory parity between domestic and foreign manufacturers, and capping inspector numbers to two per unit. The Soluble Fertilizer Industry Association (SFIA), in a statement, said a major public sector enterprise recently issued tenders for soluble fertilisers that explicitly excluded "Made in India" products, highlighting how current

Steel ministry backs extension of import curbs on metallurgical coke

India, the world's second-largest crude steel producer, imposed quantitative restrictions in December on imports of low-ash met coke

Duty drawback on inputs used in export products shouldn't be denied

There is no bar on applying for advance authorisation under SION or Para 4.07 of HBP while your request for review of the SION under Para 4.06 of the HBP is pending

'Early tranche' of trade deal between India, US may be sealed soon

First phase might include a tariff reduction and focus on the priority non-tariff barriers faced by exporters

UK to give non-discriminatory treatment to India in procurement under FTA

The UK for the first time has agreed to accord non-discriminatory treatment to Indian companies in its public procurement system under the free trade agreement (FTA) between the two countries, an official said. On May 6, the two announced conclusion of negotiations for the FTA. It will be implemented next year. "For the first time, UK agreed to take binding commitment to provide non-discriminatory treatment to our suppliers under UK's Social Value regime in their public procurement system," the official said. Under the UK's Social Value law, the British government departments require public authorities to have regard to economic, social and environmental well-being in connection with public services contracts. According to the UK government, the trade pact will give UK businesses "unique and unprecedented" access to India's public procurement market, comprising about 40,000 tenders with a value of at least 38 billion pounds a year. On the other hand, India has agreed to allow Brit

Chinese smartphone exports to US decline to lowest level since 2011

Investors fear a global trade war that would erode some of the US-China bilateral trade that reached $690 billion in 2024, decimating industries and raising prices for consumers

Why India must rethink its use of quality control orders in trade policy

QCOs should protect against irreversible harm, not shield big firms or suppress imports under the guise of standards, especially as India embraces global integration