India, Oman decide to expedite trade pact talks, ink protocol to amend tax treaty

India and Oman have agreed to accelerate negotiations for a Comprehensive Economic Partnership Agreement (CEPA) to boost bilateral trade and investments. During Indian Commerce Minister Piyush Goyal’s visit to Oman, the two nations signed a protocol amending the Double Taxation Avoidance Agreement (DTAA), aligning it with international standards to simplify tax procedures and enhance cooperation.

US President Donald Trump criticized China, India, and Brazil as “tremendous tariff-makers” during a speech to House Republicans, while emphasizing his “America First” agenda. Trump pledged to impose tariffs on countries he believes harm the US economy and encouraged foreign companies to operate within the US. This stance raises concerns about the future of US-India […]

AEPC has urged the government to reform labour laws, improve workforce skilling schemes, and make fabric import policies more flexible to boost apparel exports. The goal is to achieve USD 40 billion in exports by 2030, with emphasis on capacity building and addressing skilled labour shortages. The council highlights India’s design strength and favourable FTAs.

The Indian government has upgraded the electronic certificate of origin system to simplify export certification and enhance trade efficiency. From January 2025, electronic filing of non-preferential certificates will be mandatory, helping streamline processes for over 7,000 certificates daily and ensuring transparency and accuracy.

India’s Directorate General of Trade Remedies (DGTR) has launched an investigation into the alleged dumping of PVC paste resin from the EU and Japan following a complaint by Chemplast Sanmar Ltd. The probe aims to determine if these imports are causing injury to the domestic industry, potentially leading to the imposition of anti-dumping duties.

The talks on the India-Oman Comprehensive Economic Partnership Agreement (CEPA) are expected to receive significant momentum during Commerce Minister Piyush Goyal’s visit to Oman. Discussions will focus on enhancing trade and investment, reflecting the importance of their economic ties, with bilateral trade estimated over $8.94 billion in 2023-24.

India’s exports increased by 5.57% to USD 59.93 billion during April-December due to strong demand in the US market, while imports grew by 1.91% in the same period. Experts predict continued growth in bilateral trade and potential opportunities due to the US-China trade conflict. Concerns remain over possible US tariffs on Indian goods.

India has a key opportunity to enhance its trade within Asia, with emerging corridors including India-US, India-Japan, and Southeast Asia. Gautam Kumra, chairman of McKinsey Asia, emphasizes the importance of manufacturing’s contribution to GDP and the potential of Global Capability Centres (GCCs). He highlights the need for localization and partnerships, particularly between Japan and India.

NECSTGA raises concerns over the Tea Board’s directive to stop tea production in North India, linking it to increased tea imports from Nepal, Kenya, and other countries. They highlight the adverse effects on over 1.5 lakh small growers, emphasizing the flawed regulations and negative impact on the Indian tea industry’s market value.