India and Myanmar discussed promoting bilateral trade using local currencies, rupee and kyat, during a meeting between Commerce Minister Piyush Goyal and Myanmar’s Minister Kan Zaw. The talks also covered cooperation in areas like lentils, diesel, gasoline, and electric vehicles. India-Maynmar bilateral trade stood at USD 1.75 billion in 2023-24.
India, Myanmar discuss ways to promote trade through local currencies
India and Korea discussed upgrading their free trade agreement, balancing commerce, and promoting investments. Commerce Minister Piyush Goyal met with his Korean counterpart Inkyo Cheong in Laos. They focused on achieving balanced trade, addressing non-tariff barriers, and boosting exports of Indian products like steel, rice, and shrimp. The review aims to strengthen economic ties and […]
Asean-India trade review high on priority: Govt
2 years ago
The government has prioritized the review of the Asean-India Trade in Goods Agreement (AITIGA) to make it more user-friendly and trade-facilitative. ASEAN is a key trading partner for India, being its second largest for two consecutive years. Commerce Minister Piyush Goyal is visiting Laos to discuss the trade pact and attend the East Asia Summit […]
India has proposed retaliatory customs duties on certain EU imports under WTO norms due to unresolved issues over the EU’s safeguard measures on steel products. India claims a trade loss of USD 4.412 billion from 2018 to 2023. The EU extended these measures until 2026, affecting India’s steel exports.
India may impose additional tariffs worth $1.1 billion on EU products in response to the bloc’s extended safeguard duties on steel imports. The list of items, primarily steel products, is being finalized. This issue will be discussed in the upcoming bilateral free trade talks with the EU next week.
Former US President Donald Trump’s claim that India is an ‘abuser’ of import tariffs is unfair, says think tank GTRI. Many countries, including the US, impose high customs duties to protect domestic industries. The report suggests the US should consider a free trade agreement with India for zero tariff access.
Former US President Donald Trump, running for office again, has made mixed remarks about India and Prime Minister Narendra Modi. While praising Modi, Trump criticized India’s trade practices. Despite this, a report suggests Trump’s policies may benefit India due to the shift of supply chains from China to friendly countries like India.
India and South Korea have initiated electronic transfer of the bill of lading between their customs, enhancing ease of doing business. This digital move eliminates the need for physical record submissions, expected to be fully adopted in 1-1.5 years. UNCITRAL is spearheading this global shift towards electronic trade documentation.
The Gujarat High Court has ruled that Notification No. 54/2018 will apply prospectively, providing relief to Indian importers under investigation for availing dual benefits. This decision corrects previous retrospective demands and offers clarity on import transactions, though the issue of interest remains unresolved.
India’s Petroleum Minister Hardeep Singh Puri announced that the US is now India’s sixth-largest energy trade partner, with bilateral trade potentially reaching USD 500 billion. The hydrocarbon trade has nearly doubled since 2018-19. Puri discussed sustainable energy initiatives and investment opportunities with US stakeholders at the Gastech 2024 conference in Houston.