Next round of India-Asean trade agreement review talks in Feb

India and the Association of Southeast Asian Nations (ASEAN) have scheduled the next round of talks concerning their free trade agreement for February 2025 in Jakarta, Indonesia. The two trading partners aim to enhance trade and eliminate barriers by reviewing the existing agreement, AITIGA, which was signed in 2009.

UK Prime Minister Keir Starmer announced the resumption of Free Trade Agreement negotiations with India in early 2024. The decision, following a meeting with Indian Prime Minister Narendra Modi, aims to bolster the countries’ bilateral trade partnership, which is currently valued at approximately GBP 42 billion annually.

A new report by Goldman Sachs suggests that India’s economy will likely remain stable despite potential global economic shocks in 2025, including a possible US-China trade war. Although the country’s GDP growth is predicted to slow to 6.3 percent due to fiscal consolidation and tighter credit, India’s long-term growth potential remains strong.

India’s services exports are on track to surpass merchandise exports by 2030, reaching USD 618 billion. Driven by software, IT, and Other Business Services (OBS), this shift highlights India’s emergence as a global services powerhouse. However, diversifying IT exports beyond the US and promoting OBS sectors are crucial for sustained growth.

Indonesia and Thailand have raised concerns at the World Trade Organization about India’s quality control orders. The orders cover products like medical textiles, footwear and viscose staple fibre. They also questioned measures restricting imports of copper, wooden boards and tyres. Canada, Japan, the UK and the EU had previously raised similar concerns.

India’s services exports are predicted to surpass merchandise exports, reaching $618.21 billion by FY30, according to a report by GTRI. This growth will be driven by IT and other business services (OBS). However, the report emphasizes the need for diversifying IT exports beyond the US and regulating the dominance of American tech giants to ensure […]

India and Australia have strengthened their partnership by signing a renewable energy agreement and pursuing a broader economic pact. Prime Ministers Modi and Albanese, meeting at the G20 summit, pledged to deepen cooperation in defense, technology, and trade to promote stability and prosperity in the Indo-Pacific region.

Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer met at the G20 Summit and agreed to relaunch trade negotiations in 2025. They discussed visas for Indian professionals, new Indian consulates in the UK, and the extradition of economic offenders. Both leaders are committed to a trade deal that strengthens the India-UK partnership […]

India’s Chief Economic Advisor, V Anantha Nageswaran, cautioned that the country needs to brace for potential increases in US tariffs and a slowdown in global export growth under the Trump administration. While acknowledging the challenges posed by these factors, Nageswaran highlighted the need for India to focus on domestic growth drivers and adapt to the […]