Nirmala Sitharaman, Piyush Goyal, S Jaishankar, Ashwini Vaishnaw to participate in India-Singapore ministerial meet

Union ministers Nirmala Sitharaman, S Jaishankar, Piyush Goyal, and Ashwini Vaishnaw will attend the India-Singapore ministerial roundtable to enhance economic ties. Singapore has been a key foreign investment source for India and an important trade partner.

India has released draft plans to create e-commerce export hubs, aiding small producers in selling via aggregators. The hubs will include packing, storing, and customs stations. The goal is to provide predictability, quick turnaround, and flexible payments for exports. Unique QR codes will be used for tracking and customs processes.

The United States emerged as India’s leading trading partner in early 2024, although the country experienced a record trade deficit of $41.6 billion with China. India’s merchandise exports increased by 5.41%, led by sectors such as iron ore and pharmaceuticals, while services exports grew by 6.9% to $178.2 billion, says GTRI.

The government invited proposals to set up e-commerce export hubs (ECEH) in India. The initiative aims to streamline export processes through e-commerce, supporting small producers and aggregators. The project includes warehousing, customs clearance, and returns processing, targeting to increase exports significantly in the coming years.

At the CII India Africa Business Conclave, Commerce secretary Sunil Barthwal said that the African Continental Free Trade Area (AfCFTA) has identified four potential sectors – automobiles, agriculture and agro-processing, pharmaceutical and transportation and logistics- where the two sides can collaborate.

Russia and Azerbaijan have decided to enhance the Azerbaijan route of the International North-South Transport Corridor during President Putin’s visit to Baku. This aims to boost trade with India. The corridor’s railway segment is being upgraded to handle up to 30 million tonnes of cargo annually. Uzbekistan recently utilized this route for the first time.

An inter-ministerial panel has approved investment proposals in the electronics manufacturing sector, including some from Chinese companies, amidst border tensions. Prominent approvals include Luxshare, a vendor for Apple, and a JV between Bhagwati Products (Micromax) and Huaqin Technology. The move follows pressure from the industry to diversify supply chains. The panel is cautiously opening up […]

Tata underlined the importance of building mutual trust between financial institutions in India and Africa, stressing that this would pave the way for broader private-sector participation.

India has allowed the export of 200,000 tonnes of non-basmati white rice to Malaysia as per an August 20 notification, coinciding with the Malaysian Prime Minister’s visit. Initially banned in July 2023, exports have now started to various countries under set conditions to address their food security needs.

Piyush Goyal, India’s Commerce and Industry Minister, highlighted potential to double India-Africa trade to USD 200 billion in seven years. Key collaboration areas Goyal mentioned include agriculture, pharmaceuticals, mining, and renewable energy. He urged increased participation in India’s duty-free scheme and emphasized partnerships in IT, entertainment, and critical minerals, especially for the EV sector.