India’s trade surplus with UK remained flat during past decade; FTA to improve overall trade: ICRA

India’s trade surplus with the UK has seen a slight increase over the last decade. A newly established Free Trade Agreement is set to boost trade relations. Merchandise trade has grown modestly, with imports outpacing exports. The FTA is expected to eliminate duties on most Indian exports. Reduced tariffs will also benefit Indian consumers.

The government is contemplating reinstating interest subsidies on export credit, particularly for MSMEs, under the proposed Export Promotion Mission. This move aims to enhance their competitiveness amidst global tariff uncertainties, addressing concerns raised after the previous interest equalisation scheme was discontinued in December 2024.

India’s merchandise exports surged by 9.03% in April, reaching a six-month high, driven by a 27% increase in exports to the US. However, a significant rise in imports led to a higher trade deficit. Increased exports of electronics and engineering goods contributed to the growth, while rising crude oil and gold imports also played a […]

External Affairs Minister S Jaishankar has confirmed that trade negotiations between India and the United States are actively in progress, though he cautioned against premature conclusions, emphasizing the need for mutual benefit. Simultaneously, President Trump linked the recent India-Pakistan ceasefire to a shift towards commerce, following heightened tensions and India’s retaliation for a terror attack.

“Trade talks and negotiations have been going on between India and the US. These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial, it has to work for both countries. That would be our expectation from the deal. Until that is done, any judgement on it would […]

India’s proposal for retaliatory duties on US goods, prompted by American steel and aluminum tariffs, will be a key topic in upcoming trade talks starting May 17. An official emphasized this as a pragmatic approach within WTO norms, reserving India’s right to retaliate while prioritizing negotiation. The aim is to boost bilateral commerce to USD […]

India and the US are collaborating on a revised customs audit process to reduce consignment rejections and expedite goods movement amidst ongoing trade negotiations. Discussions involve clearer protocols, relaxed certification norms for seafood and genetically modified agri-produce, addressing key contention points.

India strengthens its economic bonds with Gulf nations. Trade agreements are being finalized. A free trade agreement with Oman is expected soon. Similar pacts with Qatar and other Gulf countries are under consideration. India already has a trade deal with the UAE. Negotiations with the Gulf Cooperation Council are ongoing.

India’s palm oil imports declined by 24.29% in April compared to March, reaching 321,446 metric tons, according to the Solvent Extractors’ Association of India.

India’s trade relations with Turkey and Azerbaijan face potential strain due to their support for Pakistan and criticism of India’s strikes on terror camps. Calls for boycotts of Turkish goods and tourism have emerged in India. Despite this, trade continues, with India maintaining a surplus with both nations, engaging in diverse product exchanges and people-to-people […]