Global South not responsible for global environmental damage: Piyush Goyal

Commerce and Industry Minister Piyush Goyal stated that the Global South is not responsible for global environmental damage, attributing it instead to developed countries with high energy consumption. He emphasized the need for sustainable consumption patterns at the CII Partnership Summit.

US President-elect Donald Trump’s threat to impose 100% customs duties on BRICS countries if they replace the US dollar is deemed unrealistic by think tank GTRI. They suggest India should focus on developing a local currency trading system. Such tariffs would harm American consumers, disrupt global trade, and provoke retaliation from trading partners.

The Blue & Space Economy conference in Mumbai witnessed collaboration between Italian and Indian institutions, celebrating Italy’s achievements in the Space sector. Crucial discussions emphasised bilateral cooperation and integrating digital technologies into new space programs. Maritime sector talks highlighted Leonardo’s contributions to sustainable and secure seas through technology and Indian partnerships.

India and Italy are introducing the ‘Cotton Route’ initiative to enhance trade relations. Italy aims to become India’s third-largest trade partner in the EU. Both countries are eyeing collaboration in defence, space technology, and other emerging sectors. This initiative seeks to strengthen economic ties and improve logistics and port infrastructure to boost exports.

India is setting up a framework to prioritise investments from EFTA nations, which include Switzerland, Norway, Iceland, and Liechtenstein. Norway is eager to invest in renewable energy, while Switzerland eyes the pharmaceutical sector. EFTA countries have committed $100 billion in investments over 15 years under the India-EFTA free trade agreement.

India aims to become the world’s most efficient and trusted trade hub by expanding authorised economic operators (AEOs), integrating free zones, and implementing innovative policies. Technology and trust are pivotal, with 17 of 20 major ports fully automated and efforts to provide online services at all ports.

India has supplied port equipment worth about USD 24 million to develop Iran’s Chabahar Port, with further procurement underway. A 10-year contract for operating the Shahid Beheshti Terminal was signed in 2024. Chabahar Port aims to enhance trade access to Afghanistan, Central Asia, and Eastern Russia, with plans to link it to the International North […]

After declining in August over July, the services exports increased to USD 32.57 billion in September. Imports, too, increased for the second consecutive month.

As the US escalates tariffs on Chinese imports, Crisil warns this could lead to an increase in diverted exports to nations like India. While India-US trade has surged, India’s trade deficit with China has widened, highlighting stark imbalances despite overall trade growth.