India seeks duty concession on cars, commercial vehicles, machinery in FTA with Sri Lanka

India is seeking customs duty concessions on goods such as cars, commercial vehicles, and machinery from Sri Lanka under a comprehensive free trade agreement (FTA). The 14th round of talks between senior officials of India and Sri Lanka concluded in Colombo, focusing on rules of origin, goods, services, and technical barriers for trade. Sri Lanka […]

India and Asean will meet from November 19 to 22, 2024, for the next phase of negotiations on their free trade agreement. The third round was completed in August 2023 in Jakarta. The review seeks to alleviate barriers and promote mutually beneficial trade. India-ASEAN trade stood at USD 41.

The next round of talks for reviewing the India-Asean free trade agreement in goods is scheduled for November, according to the commerce and industry ministry. ASEAN, which includes 10 countries, has been actively engaged in these discussions.

India’s palm and soybean oil imports reached their highest levels in a year in July, with palm oil imports rising 39% to 1.09 million metric tons, the highest since August 2023. This increase is expected to help reduce inventories in top producers Indonesia and Malaysia and support benchmark prices.

The Trade and Economic Partnership Agreement between India and EFTA, signed in March, awaits ratification in Iceland, Liechtenstein, Norway, and Switzerland. The deal promises investment benefits and reduced duties on select products. India’s trade with EFTA hit USD 24 billion in 2023-24, with a trade gap favoring EFTA.

Facilitated by the CEPA, he observed that the South Asian country’s gems and jewellery, pharmaceuticals and fruits and vegetables exports to UAE rose massively, recording a growth rate of 64 per cent, 39 per cent and 35 per cent respectively.

The Supreme Court requested responses on a plea by Rika Global Impex Ltd. challenging bans on exporting non-basmati white rice. The court will examine claims that notifying restrictions opposed public interest and breached Foreign Trade Policy. The petitioner seeks to annul the notifications and gain export approval for previously acquired rice stock.

The council was set up under the IPEF Supply Chain Resilience Agreement, which aims to help mitigate risks of economic disruptions from supply chain shocks, improve crisis coordination, and reduce the member countries’ dependence on China. The council aims to pursue targeted, action-oriented work to strengthen the supply chains for those sectors and goods most […]

Vietnamese Prime Minister Pham Minh Chinh called for stronger economic cooperation with India, aiming for $20 billion in bilateral trade. Speaking in New Delhi, he highlighted opportunities in infrastructure, pharmaceuticals, and digital technology. Chinh invited Indian businesses to invest in Vietnam, focusing on strategic sectors and integrating Vietnamese companies into their supply chains.

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.