The new member nations will become part of BRICS (Brazil-Russia-India-China-South Africa) with effect from January 1, 2024. The inclusion represents a strategic step for the UAE and consolidates its global economic and diplomatic engagements.
India-UAE ties transcend to multilateral level in 2023
India may sign a comprehensive trade deal with Australia after the general elections next year, as Canberra seeks access to India’s agriculture market. India’s exports to Australia rose 14% in April-November FY23, while imports fell 19%. The India-Australia Economic Cooperation and Trade Agreement (ECTA) came into effect in December 2022.
India and the UK are set to discuss duty concessions on Scotch whisky and electric vehicles, as well as the mobility of skilled workers. India is also considering a longer transition period and tax restoration for exporters. Despite these issues, New Delhi is hopeful of closing three trade pacts with the UK, Oman, and the […]
India’s exports to Australia surged 14% to USD 5.8 billion from April-November, benefiting engineering, pharma, and electronics sectors due to the free trade pact initiated last December. Negotiations for a broader trade deal are progressing, focusing on detailed rules of origin. Australian FDI in India rose from USD 30-40 million to USD 300 million this […]
India-UK FTA: Scotch whiskey, EV, services issues may figure in 14th round of talks in Jan
2 years ago
The upcoming round of FTA talks between India and the UK in January will address important issues such as duty concessions on scotch whisky and electric vehicles, as well as matters concerning the services sector. According to an official, significant progress has been made in resolving issues related to rules of origin and intellectual property […]
Finance Minister Nirmala Sitharaman affirmed on Friday that the Indian government intends to persist in procuring oil from Russia. She mentioned, “Considering the decline in global oil prices, we are maintaining our ongoing oil purchases from Russia.”
The Indian government aims to boost domestic manufacturing and increase exports to USD 500 billion by 2030 from 10-11 sectors, including automobiles, pharma, textiles, medical devices, and chemicals. The Commerce and Industry Ministry held a meeting to discuss these issues, which were discussed during the Chintan Shivir for Manufacturing. The 11 sectors include auto components, […]
The Indian government’s Department of Commerce (DGFT) is collaborating with the Reserve Bank of India (RBI) and other ministries to promote exports through e-commerce. The DGFT is working with departments like revenue, post, MSME, DPIIT, and the RBI to facilitate exports through e-commerce. The new Foreign Trade Policy 2023 has raised the value limit of […]
The Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, is vital for 30 per cent of global container traffic. It has seen increased tensions with various incidents in 2023, including attacks and military manoeuvres by regional and global powers.
The step will help SME sectors take advantage of government schemes, further pushing e-commerce exports and boosting overall export growth from the country to achieve the target of USD 1 trillion merchandise exports by 2030.