India’s trade deficits with several FTA partners, including Asean, Japan, and South Korea, have widened since the agreements came into force. While new trade deals with the UAE and Australia show mixed results, older pacts reveal concerning trends.
It’s not so good(s)! India has trade gap with 5 of 7 key FTA partners
External affairs minister S Jaishankar on Monday met Chinese foreign minister Wang Yi in Beijing and flagged India’s concerns over trade restrictions and lack of progress in economic cooperation. The meeting came amid China’s curbs on rare earth magnet supplies to India.
Govt envisions BIMSTEC Pact as blueprint to transform Bay of Bengal into global trade hub: Sonowal
4 months ago
Union Minister Sarbananda Sonowal envisions the BIMSTEC Maritime Transport Pact as a blueprint to transform the Bay of Bengal into a global trade and tourism hub. He inaugurated the second edition of the BIMSTEC Ports Conclave in Vishakhapatnam, emphasizing the importance of the Kaladan Multi-Modal Transit Transport Project. A BIMSTEC Sustainable Maritime Transport Centre will […]
Experts caution India against rushing into a trade deal with the US, potentially compromising crucial sectors like agriculture. The US’s aggressive tactics, including imposing tariffs on key partners like the EU, highlight the risk of unbalanced agreements. Despite US pressure, many nations resist one-sided terms, urging India to proceed cautiously and protect its core interests […]
India’s crude oil imports from Russia surged to a near-annual high in June, reaching 2.08 million bpd, driven by West Asia tensions and discounted prices. While overall imports decreased, Russian volumes increased, with three refineries processing over half for G7+ exports. Despite diversification efforts, Russia remains India’s top supplier, accounting for 40% of total crude […]
India’s trade gap likely narrowed to $20.7 billion as cheaper oil, sluggish gold imports ease June deficit
4 months ago
India’s merchandise trade deficit saw a slight decrease to USD 20.7 billion in June 2025, according to Union Bank of India, driven by lower crude prices and gold imports. Strategic sourcing, particularly increased oil purchases from Russia and the US, helped mitigate global commodity fluctuations.
Tata Steel has completed its first paperless import transaction using an Electronic Bill of Lading for a coal shipment from Australia to India. This digitized process, facilitated by ICE Digital Trade and involving multiple banks, aims to enhance supply chain efficiency and sustainability. The initiative aligns with Tata Steel’s goal of achieving Net Zero emissions […]
China, ASEAN to submit upgraded free trade deal to leaders in October, says China’s foreign minister
4 months ago
China and the Association of Southeast Asian Nations will submit an upgraded free trade pact for approval. The agreement happened after negotiations that started in November 2022. Both parties will collaborate in over 40 fields based on a five-year action plan. They also aim to finalize a code of conduct in the South China Sea […]
Switzerland has ratified a significant trade agreement with India and the EFTA. This Trade and Economic Partnership Agreement is expected to be effective in October. EFTA nations plan to invest USD 100 billion in India over 15 years. The agreement aims to reduce trade barriers and boost economic ties. It will streamline customs and enhance […]
The US is reportedly working towards an interim trade deal with India, potentially setting tariffs below 20%, a favorable position compared to other Asian nations. This arrangement allows for continued negotiations, aiming to resolve outstanding issues before a broader agreement expected this fall.