A new report by GTRI supports India’s decision to opt out of RCEP, citing concerns over widening trade deficits, particularly with China. The study argues that RCEP could harm domestic industries, especially MSMEs, and offers limited export gains, outweighing potential benefits like GVC integration.
RCEP benefit minimal for India due to China’s opaque trade practices: GTRI
India is proceeding with its free trade agreement negotiations with various countries and blocs, including the UK and the EU, according to a government official. Despite rumors of pauses, talks are progressing as planned, with a meeting between Indian and EU trade representatives scheduled soon.
India witnessed a 5% increase in oilmeal exports this October, reaching 3.05 lakh tonnes. This positive trend follows a 7% decline in oilmeal exports from April to October compared to the same period last year. The decline was mainly due to lower shipments of rapeseed and castorseed meals.
India’s imports from the UAE surged by 70.37% to USD 7.2 billion in October, resulting in a trade deficit of USD 3.5 billion. This surge in imports, primarily in silver, platinum, and dry dates, has prompted India to raise concerns with the UAE, urging them to ensure adherence to the Free Trade Agreement.
Uber India unveiled new safety features for its drivers, including SOS integration, helmet selfies, and a preference option for women riders to choose female drivers. The company also announced incentives for drivers who register on the e-Shram portal, supporting the government’s initiative for gig worker security.
India’s trade relationship with the US is expected to remain strong despite the recent change in US leadership. Bilateral trade between the two nations has shown significant growth, with India’s exports to the US increasing substantially. While experts suggest potential challenges depending on the new administration’s trade policies, both countries continue to benefit from strong […]
India’s spice industry is eyeing significant growth, aiming for $10 billion in exports by 2030. To achieve this, the industry is exploring new markets in Africa, South America, and Eastern Europe, while also focusing on emerging sectors like health and wellness.
The World Trade Organisation reported an increase in trade restrictions by G20 nations between mid-October 2023 and mid-October 2024. The WTO found 91 new trade-restrictive measures and 141 trade-facilitating measures on goods, primarily imports. The trade coverage of these restrictive measures reached USD 828.9 billion, a significant increase from the previous year.
Indian and Kazakh business leaders convened at the India-Kazakhstan Business Conference in Astana to explore partnerships in electronics and engineering. Ambassador Prasad highlighted India’s potential in these sectors, emphasizing opportunities in digital transformation, infrastructure development, and manufacturing. The conference aimed to boost bilateral trade and foster joint ventures between companies from both nations.
India imported more palm oil in October due to festive demand. Palm oil imports reached 845,682 metric tons, a 60% increase from September. Refiners increased purchases to stock up after recent lower imports. Soyoil imports decreased while sunflower oil imports increased. Overall, edible oil imports for the 2023-24 marketing year decreased slightly.