India set to sign trade deal with Oman to expand its Middle East ties

India and Oman have annual trade of less than $13 billion, but the relationship is important for New Delhi as the Gulf nation is a gateway to the narrow Strait of Hormuz between Oman and Iran, a major transit point for global oil shipments.

In a submission to the WTO last week, India said that stringent MRLs can be trade-restrictive and act as non-tariff barriers to international trade, disproportionately affecting exporters from developing countries.

Despite global economic uncertainties, India’s services exports surged by 11.4% to $345 billion in 2023, outpacing China, whose shipments from the sector shrank by 10.1% to $381 billion, as per a UNCTAD report. Key sectors driving India’s growth include travel, transport, medical, and hospitality services. The world’s services exports, exceeding $7.9 trillion in 2023 with […]

India’s engineering goods exports, including steel and machinery, increased by 10.7% YoY to $11.28 billion in March, despite supply issues caused by disruptions in shipping through the Red Sea. In the 2023/24 financial year, engineering goods exports rose 2.13% to $109.3 billion. However, global demand slowdown, Russia-Ukraine war, and Middle East conflict have impacted exports. […]

The Indian government has eased an export ban on white onion exports from three ports. Exporters must obtain a certificate from the Horticulture Commissioner of Gujarat certifying the item and quantity of onion. The exports are allowed from Mundra Port, Pipavav Port, and Nhava Sheva/JNPT Port. The ban was imposed to increase domestic availability and […]

CCI President, Sergey Katyrin, who is currently heading a Russian delegation of entrepreneurs in India, inaugurated the new office by cutting the ceremonial ribbon alongside prominent Indian officials.

India is engaging in discussions with various countries to seek technical assistance for lithium processing, aiming to bolster its emerging lithium mining and electric vehicle industries and reduce dependence on China. The Ministry of Mines initiated talks with Australia and the US last year, along with private companies reaching out to Bolivia, Britain, Japan, and […]

Azerbaijan has been slow in full implementation of INSTC, which has otherwise contributed to increase in India-Russia trade since 2022. Armenia is also interested in developing a branch of INSTC. While the Kazakhstan-Turkmenistan route is another branch of INSTC, another branch is the Iran-Caspian Sea route.

At a WTO meeting, they argued that the EU’s safeguard duty – brought into force after the United States in 2018 imposed additional duties on certain categories of steel imports from the bloc – was inconsistent with the global trade body’s rules. WTO members, including India, also criticised similar duties imposed by the United Kingdom.

Spices Board of India probes Hong Kong and Singapore’s ban on MDH and Everest products containing ‘ethylene oxide’ pesticide, leading to recalls and health warnings. Offenders risk heavy fines and imprisonment for selling contaminated items.