India, Vietnam should explore possibility of free trade pact: Vietnamese PM Chinh

Vietnamese Prime Minister Pham Minh Chinh called for exploring a free trade agreement with India during his visit to New Delhi. Speaking at the Vietnam-India Business Forum, he emphasized the goal of increasing bilateral trade to USD 20 billion and urged Indian businesses to invest more in Vietnam, particularly in strategic infrastructure areas.

India’s diesel and jet fuel exports to Singapore and Australia hit their highest levels in 2-1/2 years in July, fueled by waning European demand and cheaper shipping costs. Industry sources indicate that Australia’s increased imports were also due to planned refinery maintenance and new government mandates for refined product stockpiles.

The India-Korea agreement, dubbed as comprehensive economic partnership agreement (CEPA), was operationalised in January 2010. India has sought greater market access for certain products like steel, rice, and shrimp from South Korea to boost exports of these goods. India has also raised concerns about the growing trade deficit between the two countries. India’s exports to […]

India’s pulses import surged 90% to 47.38 lakh tonnes in 2023-24, satisfying local demand. Domestic production climbed to 244.93 lakh tonnes. The agriculture budget grew significantly, and MSPs for crops were set with a minimum 50% margin over production costs. Financial support to farmers continued under the PM-KISAN scheme.

Jindal Stainless (JSL) considered using the breakbulk method for shipping due to high container costs and unavailability. The company aimed to export 10-15% this fiscal year, focusing on key markets like the US and Europe. JSL tested breakbulk shipments and received positive feedback, planning to expand its use in the coming quarter.

Commerce minister Piyush Goyal confirmed that India is not reassessing its stance on easing Chinese investment norms, despite recommendations from the Economic Survey. He also mentioned that India will consider the European Union’s proposal to implement its own carbon tax system in response to the EU’s carbon border adjustment mechanism (CBAM).

Commerce and Industry Minister Piyush Goyal criticized the domestic industry at a Confederation of Indian Industry (CII) event on Tuesday for demanding protectionist measures that could obstruct Free Trade Agreements (FTAs) with the United Kingdom and the European Union. Goyal emphasized that FTAs are a reciprocal arrangement and expressed concern that reluctance to offer tariff […]

In July 2023, the government had prohibited the export of non-basmati white rice but it had said exports would be allowed on the basis of permission granted to other countries to meet their food security needs and based on requests from those countries.

The newly elected Labour government of the UK announced the resumption of FTA negotiations with India, emphasizing economic growth and job creation. Business and Trade Secretary Jonathan Reynolds laid out plans for international trade deals and a trade strategy that aligns with the industrial strategy, economic security, and net zero goals.

As per a public notice issued by the Directorate General Of Foreign Trade (DGFT), exporters will now get additional time to submit installation certificates for imported capital goods, reducing pressure on businesses to meet timelines.