US trade team may visit India next week for talks

The visit is crucial as India and the US are working to finalise the first tranche of the BTA amid Washington imposing 50% tariffs on India, of which 25% are penalty for buying Russian energy, effective August 27. So far, five rounds of trade talks have been completed for the BTA.

India welcomed Russia’s approval of 128 seafood processing units for exports, calling it a sign of growing trust. Fisheries Minister Rajiv Ranjan Singh urged Moscow to clear the remaining 32 units and lift temporary suspensions to further boost trade. Expanded access will benefit 30 million fishery-linked livelihoods, diversify exports, and strengthen India’s position as a […]

Commerce Minister Piyush Goyal has urged Indian industry to identify weaknesses and innovate for future growth. He stressed reducing reliance on any single country due to the weaponization of trade. Goyal highlighted India’s strong economic performance with 8.2% growth and low inflation. He emphasized self-sufficiency in critical products and strengthening domestic supply chains.

India is negotiating a trade deal with the Eurasian Economic Union to increase exports of pharmaceuticals, chemicals, and engineering goods. The agreement aims to reduce India’s trade deficit with Russia. Discussions focus on product categories and potential restrictions. This move comes ahead of Russian President Vladimir Putin’s visit. The EAEU market presents significant opportunities for […]

The EU and India are committed to finalizing their Free Trade Agreement by the end of 2025, with 11 out of 23 chapters already closed. Key areas like market access for cars and services remain under negotiation. This strategic partnership, representing 25% of global GDP and population, aims to boost bilateral trade, currently at $136 […]

The commerce ministry will release the export and import data for November on December 15.

Commerce and Industry Minister Piyush Goyal urged industries to identify vulnerabilities, innovate, and diversify supply chains to ensure long-term resilience, citing the “weaponization of trade.” He highlighted India’s strong economic growth of 8.2% and robust foreign exchange reserves, emphasizing the need for self-sufficiency in critical sectors and deeper global integration.

India is actively working to lessen the effects of the US tariff increase on its exports. The government is launching an export promotion mission to boost trade diversification and resilience. Measures include engaging with the US for a trade agreement, providing immediate relief through RBI measures, and announcing a credit guarantee scheme for exporters.

Indian seafood exports saw a strong rise in the first seven months of FY26. Shipments to the European Union, China, Vietnam, Russia, and the United Kingdom surged. This growth helped compensate for reduced exports to the United States. The European Union saw a substantial increase in seafood value. Russia also increased its imports from India.

President Putin’s visit marks a critical juncture for India, solidifying its position as Russia’s largest oil supplier and a key defense partner. The summit aims to secure energy, defense, and payment mechanisms amidst global fragmentation, balancing India’s strategic autonomy with pressure from Washington and dependence on Moscow.