India and the EFTA bloc’s free trade agreement, signed in March, awaits ratification by the four EFTA nations, including Norway, which aims to complete the process by 2025. Discussions at the India-Norway Business Forum in Mumbai highlighted the agreement’s potential to boost trade and investment, focusing on renewable energy and maritime industries.
Norway plans to ratify India-EFTA trade pact next year
India has no interest in weakening US Dollar: Jaishankar responds to Trump’s threat to BRICS nations
1 year ago
External Affairs Minister S. Jaishankar addressed the Doha Forum, emphasising India’s strong relationship with the US and dismissing the idea of weakening the dollar. He highlighted the positive ties during the first Trump administration, including the QUAD’s revival, and noted the personal bond between PM Modi and Trump.
India’s major ports saw a 4.95% dip in cargo traffic to 67.53 million tonnes this November. JNPA and Deendayal ports defied the trend with positive growth, while the other ten major ports experienced declines. Mormugao and New Mangalore ports faced significant drops, while Chennai, Visakhapatnam, and Mumbai also recorded lower cargo traffic.
The Reserve Bank of India (RBI) has simplified export procedures for shipments up to $1,000, benefiting small exporters, especially in e-commerce. Banks will no longer require costly reconciliation for these transactions, reducing compliance burdens and boosting profitability. This streamlined process, valid until March 31, 2025, requires exporters to adhere to KYC and AML regulations.
India continues to stay out of the RCEP trade deal. The government affirmed its 2019 decision. Concerns remain unaddressed. This comes as imports from China crossed $100 billion. Indian exports to China saw a slight decline. The trade imbalance with China continues to widen. The government is focusing on domestic production.
The Reserve Bank of India’s (RBI) recent cut to the Cash Reserve Ratio (CRR) is expected to boost liquidity, easing credit access for exporters facing challenges. The move will inject ₹1.16 lakh crore into the banking system, potentially softening interest rates.
Shipping lines are bolstering capacity to accommodate India’s burgeoning exports. Maersk, Hapag-Lloyd, MSC, and CMA CGM are introducing new routes and enhancing services, aiming to improve trade efficiency and reduce costs. This expansion comes as India’s merchandise exports surge and global logistics dynamics shift, creating opportunities for faster transit times and increased connectivity between India […]
India, Sri Lanka, and Pakistan voiced concerns at the WTO regarding the appointment of facilitators for stalled agriculture talks. They rejected the facilitator-led approach, emphasizing the need for consensus-based decisions and citing a trust deficit. The countries proposed an accelerated timeframe for negotiations on key issues within the committee on agriculture, adhering to established WTO […]
Political unrest in Bangladesh has disrupted Indian exports, causing delays in payments for cotton and textiles. Engineering goods, gems, jewelry, and oilmeal exports have declined. Despite challenges, raw cotton and yarn exports continue, as Bangladesh’s textile industry relies heavily on these materials.
At a WTO agriculture committee meeting, India urged expedited negotiations on a special safeguard mechanism for developing nations. This mechanism would allow temporary tariff increases on agricultural imports during price drops or import surges. India also emphasized finding a permanent solution for public stockholding for food security and advocated for text-based negotiations within the WTO […]