Focused on doing trade deals to complement, not compete: Piyush Goyal

Piyush Goyal emphasized India’s strategic shift towards trade agreements with complementary economies, citing deals with the UK, Australia, and the UAE. He highlighted the UK-India FTA’s potential to boost science, technology, and innovation, fostering collaboration and trust.

Commerce Minister Piyush Goyal stated that the India-UK social security agreement, termed the Double Contribution Convention Agreement (DCCA), was a non-negotiable part of FTA discussions. This agreement exempts Indian professionals on short-term assignments in the UK from paying social security contributions there for up to three years.

Commerce and Industry Minister Piyush Goyal is in London to advance the India-UK Free Trade Agreement, aiming to eliminate duties on key exports and imports. Discussions with UK officials will focus on finalizing the FTA, boosting trade and investment, and doubling trade to USD 120 billion by 2030.

Indian refiners have cancelled orders for 65,000 metric tons of crude palm oil due to a sudden surge in Malaysian prices. This decision, impacting deliveries from July to September, was driven by refiners seeking to secure profits amidst market volatility.

Good news for pharma exporters. The government has approved the export of pharma-grade sugar. This move allows up to 25,000 tonnes to be exported each financial year. Only genuine pharmaceutical exporters can take advantage of this opportunity. In related news, the Trade Connect ePlatform now features a ‘Source from India’ option. This will help connect […]

The government has authorized the export of up to 25,000 tonnes of pharma-grade sugar annually, under strict regulations, exclusively for legitimate pharmaceutical exporters. Furthermore, the Directorate General of Foreign Trade (DGFT) has enhanced the Trade Connect ePlatform by introducing the ‘Source from India’ feature, facilitating connections between international buyers and verified Indian exporters.

India has declared cotton a sensitive domestic matter, advocating for the resolution of longstanding imbalances in the cotton industry between developed and developing nations within the WTO framework. India emphasized the vulnerabilities of its cotton farmers, who cultivate the crop in arid regions, and stressed the need to address asymmetries in support entitlements at the […]

India’s gems and jewellery sector faces a downturn in May 2025. Exports and imports witness a decline. This is due to global economic uncertainties and geopolitical issues. Cut and polished diamonds and lab-grown diamonds also see a drop. Gold jewellery exports buck the trend with positive growth. Industry experts hope for improved sentiments following US-China […]

An official highlighted India’s remarkable export growth from 2010 to 2023, citing an UNCTAD report. India’s export share grew by 6.3%, surpassing major economies like the EU, China, and the US. This growth reflects effective trade policies, strong manufacturing and service sectors, and successful export promotion initiatives, boosting India’s global supply chain integration.

India is preparing for significant rulebook shifts across ministries to align with the EU’s stricter ‘green’ regulations impacting trade. These regulations, set to take effect within a year, cover packaging, antibiotic use in livestock, deforestation-free products, and waste shipment. The changes necessitate comprehensive overhauls in various sectors to ensure continued trade with the EU.