India signs BIT with UAE to further promote investments

India and the UAE signed a Bilateral Investment Treaty (BIT), witnessed by Prime Minister Narendra Modi and UAE’s President Sheikh Mohamed bin Zayed Al Nahyan. The treaty aims to facilitate investments in both countries, boosting confidence among investors and fostering foreign direct investment opportunities.

According to a presentation of the Agricultural & Processed Food Products Export Development Authority (APEDA), they are working on separate HSN codes for GI (Geographical Indications) rice varieties like Red rice, Black rice and Kalanamak rice.

Officials said that India is in the process of developing new Harmonised System of Nomenclature (HSN) codes for specific rice varieties to facilitate exports of those traditionally not consumed domestically. Currently, all categories of non-basmati white rice are prohibited for export.

The Indian government has added Mundra Port and Garhi Harsaru Inland Container Depot (ICD) to the list of terminals allowed for importing new vehicles, bringing the total number of ports and ICDs permitting new vehicle imports to 18. The Directorate General of Foreign Trade (DGFT) stated that the move aims to facilitate the import of […]

During the visit, Prime Minister Modi will inaugurate the BAPS Mandir, marking the first Hindu temple in Abu Dhabi. The UAE is an important partner for India, with a Comprehensive Strategic Partnership, significant bilateral trade, and foreign direct investments.

The India Electronics & Semiconductor Association (IESA) and the India SME Forum have supported the continuation of prohibition of customs duties on electronic transmissions at the WTO. They argue that it is important for supply chain resilience post Covid.

The IMF and World Bank caution that the Israel-Hamas conflict and Red Sea attacks threaten global economy. The war’s prolonged nature could worsen repercussions, especially on shipping through the Suez Canal. UN reports show a significant drop in traffic. IMF’s Georgieva urges for peace, fearing broader consequences. Despite uncertainties, IMF remains optimistic about the global […]

Increase in international prices of palm oil and the upcoming harvest of mustard crop are some of the other reasons that led to cut in the country’s cooking oil imports. According to SEA, import of cooking oil in January 2024–reported at little more than 12 lakh tonnes–is down by 28% compared with January 2023.

According to the Solvent Extractors Association of India (SEA), about 7,82,983 tonnes of palm oil and 4,08,938 tonnes of soft oil were imported in January this year out of total vegetables oils.

Robert Johnson from the Institute for New Economic Thinking (INET) emphasizes the need for nations to think globally and protect all humans affected by carbon burning. He suggests that low-wage labor may not be the solution for development and discusses the anxiety in Europe regarding migration from Africa and the Middle East.