UK to relaunch trade talks with India, seeks ‘new strategic partnership’

The UK and India will resume negotiations for a free trade agreement in 2024. This follows a pause due to elections in both countries. UK Prime Minister Keir Starmer, who met with Indian Prime Minister Narendra Modi at the G20 summit, stated that a trade deal would boost jobs and prosperity in the UK.

Newly elected US Congressman Suhas Subramanyam has voiced his opposition to potential tariffs on Indian exports by the incoming Trump administration. Subramanyam believes such actions would trigger a trade war detrimental to both nations. He emphasizes the importance of US-India economic cooperation and plans to advocate for a reformed immigration system, including a path to […]

Senator Marco Dreosto highlights the potential of the India-Europe Economic Corridor (IMEEC) to reshape global trade. Dreosto emphasizes the historical ties between Italy and India, advocating for the Port of Trieste’s strategic role as a primary European terminal for IMEEC. He envisions joint ventures in third-country port sectors, aligning with Italy’s Mattei Plan for sustainable […]

The Indian government is considering imposing minimum import prices (MIP) on certain textile products, including viscose rayon yarn and woven fabrics, to protect domestic industries from a surge in imports, primarily from China. The move aims to curb dependence on imports and address the growing trade deficit with China.

Joining RCEP could hinder India’s goal of becoming a top investment destination. Experts warn that it could lead to domestic capital flight and harm small businesses. India already has trade agreements with most RCEP members. The World Bank suggests focusing on internal reforms instead. India’s exports to China have not grown significantly despite existing agreements.

India is proceeding with its free trade agreement negotiations with various countries and blocs, including the UK and the EU, according to a government official. Despite rumors of pauses, talks are progressing as planned, with a meeting between Indian and EU trade representatives scheduled soon.

A new report by GTRI supports India’s decision to opt out of RCEP, citing concerns over widening trade deficits, particularly with China. The study argues that RCEP could harm domestic industries, especially MSMEs, and offers limited export gains, outweighing potential benefits like GVC integration.

India witnessed a 5% increase in oilmeal exports this October, reaching 3.05 lakh tonnes. This positive trend follows a 7% decline in oilmeal exports from April to October compared to the same period last year. The decline was mainly due to lower shipments of rapeseed and castorseed meals.

India’s imports from the UAE surged by 70.37% to USD 7.2 billion in October, resulting in a trade deficit of USD 3.5 billion. This surge in imports, primarily in silver, platinum, and dry dates, has prompted India to raise concerns with the UAE, urging them to ensure adherence to the Free Trade Agreement.