Russia and Azerbaijan have decided to enhance the Azerbaijan route of the International North-South Transport Corridor during President Putin’s visit to Baku. This aims to boost trade with India. The corridor’s railway segment is being upgraded to handle up to 30 million tonnes of cargo annually. Uzbekistan recently utilized this route for the first time.
Azerbaijan agrees to boost INSTC infra as Putin visits Baku
Piyush Goyal, India’s Commerce and Industry Minister, highlighted potential to double India-Africa trade to USD 200 billion in seven years. Key collaboration areas Goyal mentioned include agriculture, pharmaceuticals, mining, and renewable energy. He urged increased participation in India’s duty-free scheme and emphasized partnerships in IT, entertainment, and critical minerals, especially for the EV sector.
India has allowed the export of 200,000 tonnes of non-basmati white rice to Malaysia as per an August 20 notification, coinciding with the Malaysian Prime Minister’s visit. Initially banned in July 2023, exports have now started to various countries under set conditions to address their food security needs.
Tata underlined the importance of building mutual trust between financial institutions in India and Africa, stressing that this would pave the way for broader private-sector participation.
Adani Krishnapatnam Port introduced a new cargo handling system to boost its capacity and productivity. The system, designed to enhance efficiency in managing containerised and bulk cargo, included features like automated tracking and real-time data analysis. It promised better logistics coordination, increased safety, and faster turnaround times for operations.
Egypt has positioned itself as a significant gateway for Indian enterprises looking to expand in Africa, the Arab World, and Southern Europe. With Egypt’s recent entry into BRICS, business collaborations between Egypt and India are expected to strengthen. Indian companies are increasingly investing in sectors such as chemicals, textiles, renewable energy, and ICT in Egypt.
“We have initiated long-term policy reforms, particularly in the mineral sector, which have already begun benefiting the eastern states,” Pradhan said.
India is upgrading ports to bolster its manufacturing and exports. Efforts include expanding the Jawaharlal Nehru Port and constructing a new deep-water port in Vadhvan. These enhancements aim to cut trade costs and speed up delivery times, appealing to global companies looking to diversify manufacturing away from China.
The ministry has moved a note for the approval of the Expenditure Finance Committee (EFC) to extend to the Interest Equalisation scheme by five years, which is available for small businesses and products falling under 401 tariff codes, till August 31. The total outlay of the scheme is capped at Rs 750 crore.
India and Australia have begun a new round of negotiations in Sydney to advance their comprehensive free trade agreement. These talks aim to finalize several chapters of the pact, which builds upon the Economic Cooperation and Trade Agreement implemented in December 2022. Discussions include duty-free access and deeper engagement in key sectors like goods and […]