India in trade deficit with nine of top 10 trading partners in 2023-24

The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23.

Members of the Geneva-based World Intellectual Property Organization (WIPO) have concluded an agreement that creates a mandatory disclosure requirement on the patent applicant, when a claimed invention is based on genetic resources.

A group of WTO member countries, including Brazil, Canada and the European Union, have urged India to submit timely notifications on sugar subsidies in the World Trade Organisation, an official said. The issue came up for discussion during the meeting of the WTO’s agriculture committee on May 23-24 in Geneva.

India’s coffee exports increased by 12.22% to USD 1.28 billion in 2023-24 due to higher demand for Robusta coffee in global markets. The country, Asia’s third-largest coffee producer, exports Arabica and Robusta varieties. Coffee shipments increased by 13.35% to 1,25,631 tonnes during January-March 2023-24.

Orthodox tea exports are thriving, with Iran’s controlled payments and Indian ambassador Rudra Gaurav Shresth’s support aiding trade. Mohit Agarwal of Asian Tea anticipates a 10% increase in overall exports, citing a rise in exports to Russia.

While political analysts and strategic experts have expressed confidence that very little should change on the bilateral relationship front whatever the outcome in either election, the very small window that was open for a deal being clinched by the Sunak-led Tory government has now been swept away in the election wave of both countries.

Singapore and Kazakhstan strengthen economic ties, enhancing India’s role as a link between Southeast Asia and Eurasia. Kazakhstan’s transport initiatives and Singapore’s expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan’s economy. Cooperation focuses on innovation and digitalization for mutual benefit.

Maldives’ Economic Development Minister Mohamed Saeed said he met with the Indian High Commissioner Munu Mahawar two weeks ago, who in turn, said that New Delhi would support and cooperate in arranging for the settlement of import payments in Indian Rupee.

India exported 45,000+ tonnes of onions post-ban lift, easing farmer woes. Nidhi Khare, Secretary, noted major exports to Middle East, Bangladesh. Govt has set minimum export price for onion. Monsoon forecast ensures good kharif crop sowing, buffer stock building.

India has urged state-run oil refiners and Reliance Industries Ltd. to negotiate a long-term supply deal with Russia to shield the economy from volatile prices. While the government wants collaboration, Reliance’s reluctance to share sensitive information poses a challenge. India seeks discounted oil amid tighter US sanctions.