Bilateral trade settlement in local currencies in textiles, chemicals, metals to aid intra-APAC trade

Asia Pacific economies are urged to boost local currency trade invoicing for goods like textiles and metals, potentially extending to services and finance. India Exim Bank highlights the need for interoperable digital systems and payment networks to facilitate seamless cross-border settlements. Regional cooperation and modernized infrastructure are key to enhancing trade efficiency and resilience.

In a bid to bolster local industry, a parliamentary committee is advocating for the domestic production of essential steel components. Leading manufacturers gathered to strategize on replacing imports of premium materials essential for transformers and automotive manufacturing. The emphasis is on fostering independence within these vital sectors.

India is exploring importing coking coal from Mongolia to diversify supplies, despite transport and geopolitical challenges. Currently reliant on Australia for over half its coal, India faces rising demand and is evaluating Mongolia’s high-grade, lower-cost coal via Russia or China routes, though logistics and potential Chinese restrictions pose hurdles.

India aims to achieve $2 billion in organic food exports by 2030, with current exports reaching $665 million in 2024-25. The nation’s organic production has surged to 46.99 lakh tonnes, driven by a 15% CAGR in cultivation area. The first Northeast India Organic Week is underway to boost regional organic potential.

Indian buyers have secured significant soybean oil purchases for April-July 2026, a rare move driven by a discount to palm oil. This strategy hedges against Indonesia’s planned B50 biodiesel mandate, which is expected to tighten palm oil supplies and increase prices. Traders are also concerned about reduced sunflower oil output.

Elon Musk revealed on the People by WTF podcast that he attempted to convince President Trump against imposing tariffs, but his efforts were unsuccessful. Musk stated that the President clearly favored tariffs, and his attempts to change this perspective did not yield results.

India and Russia are set to significantly boost trade and investment. A major business forum will be held in New Delhi, coinciding with President Putin’s visit. Both nations aim for $100 billion in bilateral trade by 2030. The focus will be on expanding Indian engineering and food product exports to Russia.

Indian export businesses face growing climate risks. Sectors like aluminium and steel are vulnerable to international regulations. Climate inaction threatens profits and operations. Extreme weather events already impact India significantly. By 2030, 4.5 percent of India’s GDP is at risk. Climate challenges could cost India over 10 percent of national income by century’s end.

Global trade is cooling, according to the World Trade Organization. India’s exports are also falling, with major markets showing declines. This slowdown is linked to trade policy changes and rising domestic costs. The situation threatens to impact India’s economy as global demand weakens. Experts warn of further erosion of trade volumes in the coming year.

The central government’s recent integration of 29 laws into 4 streamlined Labour Codes, enabling an environment that promotes industrial efficiency while safeguarding workers’ interests, is expected to catalyse growth in India’s export sector.