March Oil imports rise 67% from US, 11% from Russia

Indian refiners significantly increased US crude imports in March, while Russian crude imports rose despite US sanctions. Trump’s threats to impose secondary tariffs on Russian oil seem like posturing, as removing substantial Russian oil would raise prices. Indian refiners sourced more crude from the US and Nigeria, cutting back on Saudi and Iraqi imports.

The European Union is urging India to include a ‘forward most-favoured-nation’ clause in their free trade agreement, ensuring any concessions offered to the US will also be extended to the EU. The recent round of talks in Brussels saw little progress, with sticking points remaining on India’s government procurement market and tariff negotiations for various […]

Commerce and Industry Minister Piyush Goyal stated India’s tariff policy aims to regulate trade, protect domestic industries, and raise revenue through taxes on imports and exports. With evolving trade dynamics, India is focusing on free trade agreements to lower tariffs, enhancing competitiveness and international trade. Monitoring imports ensures domestic industries are safeguarded under WTO rules.

Finance Minister Nirmala Sitharaman will visit London from April 8-10 to discuss the proposed free trade agreement and bilateral investment treaty with the UK. She will attend the India-United Kingdom Economic and Financial Dialogue. Key issues include resolving the resolution of disputes and market access for goods and services between the two countries.

Indian industry and government officials remain uncertain if US President Trump’s threat of reciprocal tariffs on trade partners, including India, will materialize on April 2. This move could significantly impact sectors spanning agriculture and industry, with varied tariff impacts, leading stakeholders to hope for deferred decisions and fair trade negotiations to minimize disruptions.

India’s tea exports reached 254.67 million kg, worth Rs 7111.43 crores in 2024, moving up to third place globally. North India contributed 60.79% in quantity and 67.96% in value. The Tea Board of India celebrates its 72nd Foundation Day on April 1, 2025.

Finance Minister Nirmala Sitharaman’s visit to London aims to address key issues related to the proposed India-UK free trade agreement and bilateral investment treaty. Discussions are expected to cover market access, investment disputes, and FDI in the insurance sector, along with increased access for Indian students and professionals in the UK.

Steelmakers are finalizing a mechanism to offer concessional rates for MSMEs and EEPC members, under the condition that products will be exported. This follows the planned imposition of a 12% safeguard duty on certain steel imports to protect local producers. This measure aims to prevent a domestic price surge while supporting exports.

India and the US aim to finalize a bilateral trade agreement (BTA) focusing initially on goods by fall 2023, followed by services. The pact seeks to significantly boost bilateral trade to USD 500 billion by 2030. Upcoming sector-specific talks will address trade tariffs, with US interests in industrial goods and agriculture, and India’s focus on […]

India is set to expand its preferential trade agreement (PTA) with Chile into a Comprehensive Economic Partnership Agreement (CEPA) during President Gabriel Boric Font’s visit. The goal is to double bilateral trade to $100 billion, focusing on sectors like automobiles, medical devices, and pharmaceuticals.