FTA with India to boost exports and open doors for farmers, businesses: New Zealand PM Christopher Luxon

New Zealand and India have concluded a Free Trade Agreement. This pact is set to boost exports and create jobs for New Zealand. The deal aims to enhance market access and promote investment. It is expected to take effect in seven to eight months. This agreement signifies a significant step in strengthening bilateral economic ties […]

Ramesh Juneja has taken over as the new Chairman of the Council for Leather Exports. The organization sees significant growth potential for India’s leather and footwear exports. Bilateral trade agreements with the EU and US could boost exports to $14 billion in the next 3-5 years. Currently, exports stand at around $5.5 billion.

A Parliamentary committee is studying the effects of increased US tariffs on Indian goods. The panel is visiting Visakhapatnam, Chennai, and Coimbatore to meet with industry leaders and government officials. They are examining challenges in the marine, automotive, leather, and textile sectors.

Commerce and Industry Minister Piyush Goyal will visit Brussels from January 8-9 to meet EU Commissioner Maroš Šefčovič, aiming to expedite the conclusion of the India-EU Free Trade Agreement. The discussions will focus on resolving outstanding issues and securing tangible benefits for India’s labor-intensive sectors.

India has become a major buyer of Russian crude oil since the Ukraine war. The country imported billions of euros worth of oil. This trade continues despite international sanctions. Some Indian companies have stopped purchases due to new US sanctions. Other refiners still buy from Russia. Russia’s earnings from global fossil fuel sales are substantial.

The Directorate General of Foreign Trade (DGFT), on January 3, amended the import policy of Low Ash Metallurgical Coke, having ash content below 18%, including coke fines/coke breeze and ultra-low phosphorous metallurgical coke, to “free” from “restricted” earlier.

US Senator Lindsey Graham claims Indian Ambassador Vinay Kwatra requested the removal of tariffs on India, imposed due to Russian oil purchases. Graham stated this pressure led India to significantly reduce its imports of discounted Russian crude. Former President Trump also indicated he was unhappy with India’s oil deals and could impose further tariffs.

As tensions rise, India faces a pivotal choice regarding its imports of Russian oil, especially with President Trump issuing threats of increased tariffs on Indian products. The stakes are high, as Senator Graham is advocating for penalties on nations linked to Russian oil purchases, further complicating India’s trade dynamics. With Indian exports to the U.S.

India’s palm oil imports dropped significantly in December, reaching an eight-month low. This decline was driven by reduced winter demand and refiners opting for soyoil and sunflower oil. Total edible oil imports saw an increase due to these rival oil purchases. This shift could impact global oil inventories and prices.