World must recognise risks of critical mineral supplies being concentrated in few regions: Piyush Goyal

Piyush Goyal cautioned about the risks of critical mineral supply chains being concentrated in specific regions, potentially hindering global economic progress. He highlighted the potential for increased collaboration between India and Italy in the critical minerals sector. India is actively promoting domestic R&D to reduce reliance on specific critical minerals.

Piyush Goyal is visiting Italy to boost economic ties. India and Italy will explore collaboration in areas like the India-Middle East-Europe Economic Corridor. They will also focus on Industry 4.0, agritech, and energy transition. Goyal will co-chair the India-Italy Joint Commission for Economic Cooperation with Antonio Tajani.

India has urged action against trade distortions from non-market economies and non-tariff barriers, emphasizing the need for a robust WTO dispute settlement mechanism. Piyush Goyal stressed strengthening the consensus-based approach and special treatment for developing nations. Discussions also covered agriculture, overfishing, and concerns about incorporating joint statement initiatives into the multilateral framework.

India is approaching upcoming trade talks with the US cautiously due to legal uncertainties surrounding Trump’s tariffs. These uncertainties, including a court challenge to the tariffs and potential further increases, could influence India’s strategy for a proposed bilateral trade pact. Despite the complexities, India aims for a balanced agreement while considering retaliatory measures to protect […]

The India-Middle East-Europe Economic Corridor aims to connect India and Europe. It involves railways, ports, and digital infrastructure. Experts discussed its potential at a conference organized by Chintan Research Foundation. The project promises trade benefits and reduced emissions. It also supports India’s green energy goals. IMEC is seen as a geopolitical and economic tool.

India and the US are engaged in bilateral discussions at the WTO regarding India’s proposed retaliatory tariffs on American goods in response to US tariffs on steel and aluminium. The US has dismissed India’s proposal as baseless, leading to discussions within the context of the India-US bilateral trade agreement (BTA) talks.

Piyush Goyal asked businesses to identify areas of trade where the two sides can help each other in crossing the Rubicon of regulation. “Indian businesses are foxed navigating between the EU regulations and individual regulations in member countries,” Goyal said while addressing businesses of India and France.

India is poised to secure a trade agreement with the US, potentially granting it a tariff advantage over China with a reciprocal tariff of 10%. This deal is expected to boost India’s economy through trade diversion and supply chain shifts. Nomura projects a GDP growth of 6.

India and the EU are negotiating a comprehensive free trade agreement. It will not include an early harvest deal. Discussions are ongoing regarding Geographical Indications. Investment protection is also being discussed. Both sides are addressing concerns like the EU’s carbon border adjustment mechanism. India may impose retaliatory duties if the EU imposes a carbon tax.

India has requested consultations with Indonesia under WTO rules regarding the extension of safeguard measures on cotton yarn, citing its significant trade interest in the textile product. Indonesia’s decision was influenced by an unexpected surge in Indian cotton yarn exports. India proposes virtual consultations in June 2025 to review information and exchange views on the […]