US to withdraw key proposal on digital trade

The United States has made a significant shift by withdrawing its support for a World Trade Organisation (WTO) initiative promoting free cross-border data flows without localization requirements. This change aligns with India’s stance of flexibility in digital policy and concerns about the potential dominance of a handful of e-commerce players.

n a communication to export promotion body APEDA, the Union Commerce Ministry has said “it has been decided to revise the price limit for registration of contract for export of basmati rice from USD 1,200 per tonne to USD 950 per tonne.” The government on August 27 decided not to allow exports of basmati rice […]

India’s Commerce and Industry Minister, Piyush Goyal, met with his Saudi Arabian counterpart to discuss ways to enhance trade relations between the two countries. Goyal emphasized the potential for India to contribute to global supply chains and highlighted the opportunities available in India.

Several countries, including India, Switzerland, Russia, and Japan, have criticized the EU and the UK for their safeguard measures on steel imports, stating that they are inconsistent with global trade rules. The countries, speaking at the World Trade Organisation’s Safeguards Committee meeting, argued that the measures violated WTO rules.

The Irish government is eager to strengthen its economic and cultural ties with India as part of its renewed Asia Pacific strategy, according to Deputy Prime Minister Micheal Martin. Ireland’s Asia Pacific Strategy, which aimed for €100 billion in trade with the region by 2025, has already surpassed this target two years ahead of schedule.

India’s government think tank, NITI Aayog, has started a study to develop a plan to reduce India’s trade deficit with China and align trading strategies with geopolitical risks. The study will analyze India-China trade trends, supply chains, and product categories where India has a competitive advantage. It will also examine barriers to Indian exports and […]

The diplomatic tension between India and Canada has led to a halt in new contracts for the import of lentils from Canada. Importers fear potential retaliatory tariffs from either country. Canada was the largest supplier of lentils to India, accounting for over half of total imports. However, existing contracts are still being honored.

India considers an investment treaty with the UK crucial as the latter is among the top investors in the country. In 2022-23, India received $1.74 billion in foreign direct investment (FDI) from the UK, up from $1.65 billion in the previous financial year. Between April 2000 and March 2023, FDI inflows from the UK amounted […]