Modi’s Bhutan trip this week to result in new initiatives in energy, infra & cross-border trade

Modi’s Thimphu visit focused on enhancing energy, trade, and infrastructure ties with Bhutan amidst China’s influence. Discussions included security, military partnerships, tech collaborations, and economic development support, showcasing India’s commitment to strengthening bilateral relations.

India’s merchandise exports are projected to hit USD 450 billion this fiscal, overcoming challenges like the Red Sea crisis. FIEO President Ashwani Kumar emphasized the need for marine insurance, reasonable freight charges, easy credit for MSMEs, and concluded free trade agreements to boost exports. Despite obstacles, exports rose 12% in February.

In a trade notice, the Directorate General of Foreign Trade said that the United Kingdom (UK) has replaced its existing origin declaration process under Generalized Scheme of Preferences (GSP) with the UK DCTS effective from June 19, 2023.

The Directorate General of Foreign Trade (DGFT) in a notification, said that import of urea (for agriculture purpose) on government account shall be allowed either by designated state trading enterprises (STE) itself, or other entities authorised by the fertilizers department.

The fourteenth round of free trade agreement (FTA) negotiations between India and the UK has concluded, with the next round expected to commence after the Indian general elections. The negotiations, which began in January 2022, aim to enhance bilateral trade, currently valued at around GBP 38.1 billion annually. Both sides remain committed to reaching an […]

India’s Feb goods exports hit $41.40 billion, 11.9% up, with a $18.71 billion trade deficit. Merchandise exports increased 11.9% year-on-year to an 11-month high of $41.40 billion in February, while imports increased 12.2% a four-month high of $60.11 billion, led by gold imports which went up 133% to $6.15 billion.

Commerce Secretary Sunil Barthwal leads progressing India-UK FTA negotiations, aiming to enhance economic ties. Talks cover 26 chapters, including intellectual property rights, with bilateral trade data showing an increase to USD 20.36 billion.

Oilmeals export in February rose 9% to 5.16 lakh tonnes, led by soyabean meal. Indian competitiveness faces threat from Argentina’s pricing, affecting export outlook. South Korea and Vietnam imports declined, showing shifting market dynamics.

Amid the threat of Houthi attacks on ships, a large share of diesel exports to Europe was diverted to transit via the Cape of Good Hope, avoiding the Red Sea and the shorter Suez Canal. The longer route means higher freight. This combined with weak east-west arbitrage helped attract more Indian diesel cargoes to Asia […]