The commerce and industry ministry is set to seek Cabinet approval for a new standard operating procedure for negotiating FTAs, addressing issues like labour and the environment. The SOPs aim to prevent misuse of origin rules and focus on reciprocity and sustainability.
Ministry may soon tap Cabinet for green flag on FTA SOPs as new guidelines nearly ready
Union Minister of Commerce and Industry Piyush Goyal stated that the H1B visa issue is “a thing of the past” and will no longer be a focus in international discussions, shifting attention to other economic and strategic partnerships. During his recent visit to the U.S., Goyal met with major CEOs in New York to promote […]
India seeks critical mineral agreement with US, hopes for a trade pact, Piyush Goyal says
2 years ago
India’s trade minister, Piyush Goyal, announced that the country is seeking a critical mineral partnership agreement with the United States, hoping it could lead to a broader Free Trade Agreement (FTA). This follows an initial pact signed earlier this month to enhance cooperation on lithium, cobalt, and other critical minerals essential for electric vehicles and […]
Kemi Badenoch, former UK business secretary and contender for Conservative Party leader, claims she blocked India-UK FTA due to visa demands. However, ex-ministers and sources dispute her narrative, asserting she sought a deal despite immigration concerns. Talks may resume under Labour government.
India plans laptop import curbs to boost Apple and others’ local production, sources say
2 years ago
India plans to impose import restrictions on laptops, tablets, and PCs post-January to encourage domestic manufacturing by companies like Apple. This move aims to mitigate reliance on imports, particularly from China. The Ministry of Electronics and Information Technology is devising a new import authorization system to enforce these restrictions.
Under the new bill, Indian ships will not require separate licences. It will be presumed that they have got approvals when the vessel is registered, Kumar said. It is expected that these changes will enable concerted regulation of trade activities, particularly by foreign flag vessels in India’s coastal waters, including in the country’s exclusive economic […]
India has provided a Rs 487.60 crore credit line to Mauritius for replacing 100 km of outdated water pipelines. This marks the first rupee-denominated credit under India’s IDEAS scheme. The project underscores India’s commitment to socio-economic development in the Global South.
India’s net oil and gas import bill rose by 20% to $69 billion in the first half of the fiscal year due to rising consumption and stagnant domestic production. Crude oil imports increased to $71.3 billion, while LNG imports jumped 18%. This rise in import costs was exacerbated by a decline in refined product exports.
The worsening diplomatic ties between India and Canada, the previous year’s largest pulse supplier, are unlikely to increase pulse prices for Indian consumers. Adequate imported stocks, higher domestic production, and alternative sources from Russia and Australia are expected to maintain stable prices.
India’s merchandise exports grew marginally in September after two months of decline, driven by engineering, chemical, and electronic goods. Despite global uncertainties, exports increased, with a slight rise in goods imports and a marginally widened trade deficit. Discussions for FTAs with the UK and EU continue.