Experts met to discuss the I2U2 partnership. They explored its potential to reshape global cooperation and trade. The group focuses on economic and technological advancement. The experts talked about the India-Middle East-Europe Economic Corridor. They examined its role in connecting Asia, the Arabian Gulf, and Europe. The I2U2 partnership aims to boost various sectors.
I2U2 & IMEEC chart new course for global economic cooperation: Experts
Commerce and Industry Minister Piyush Goyal urged for complete industry-government integration on logistics platforms to boost efficiency. He emphasized green logistics through sustainable practices, adopting electric mobility and biofuels to reduce carbon footprint. Goyal also advocated skill development and AI/data analytics use for minimizing time and cost overruns.
Indian garment, handicraft, and engineering exporters anticipate 5-10% gains from the rupee’s decline. However, import-dependent sectors like gems, jewelry, and electronics face rising input costs, offsetting potential benefits. Further, sharper depreciations of other currencies may pressure Indian exporters to lower prices, limiting long-term competitive advantages.
India probes surging steel imports. Domestic steel makers allege harm from the import rise. The government might impose a 20% safeguard duty. The probe covers various steel products. It excludes certain specialized steel types. The investigation will analyze import data from recent years. A decision on duties is expected soon.
India and the EU are working to address trade barriers under FTA negotiations. India’s Commerce Minister highlighted non-tariff barriers impacting domestic industries, urging resolution as a confidence-building measure. Both sides aim for a balanced and mutually beneficial agreement, with further talks scheduled for March in Brussels.
India raises trade barriers issue with EU
1 year ago
India and the EU discussed trade barriers and a potential free trade agreement. Commerce Minister Goyal highlighted non-tariff barriers impacting Indian businesses in the EU. Both sides agreed to work towards a mutually beneficial FTA. Nine rounds of negotiations have already taken place.
India’s import data since July is under scrutiny due to a potential miscalculation in gold imports. A transition in data portals may have led to errors, prompting a govt investigation. November’s gold imports were initially reported at a record high, impacting the trade deficit. Officials are examining whether gold movements within special economic zones were […]
India prepares to offer tariff cuts on US goods like pork, medical devices, and motorcycles, seeking a broader trade deal with the incoming Trump administration. To address trade imbalances, India proposes increased purchases of US LNG and defense equipment. Officials see opportunity in Trump’s China tariffs, pitching India as an alternative manufacturing hub.
India is analysing potential impacts and preparing for possible US tariff increases under the Trump administration. Officials are examining various scenarios and remedies, while experts suggest a strategic approach, including potential tariff adjustments and WTO action. India’s current average import tariff is low, but specific products like Harley Davidsons and medical devices face higher tariffs.
Iran’s currency devaluation threatens Indian tea and basmati rice exports. The increased cost of imports may hinder sales of premium orthodox tea, while basmati rice exporters face insurance and pricing challenges. However, some believe the impact on rice may be mitigated by government subsidies.