ET Graphics: India eyes bigger share in Russia trade as exports diversify beyond energy

India is actively pursuing a trade deal with the Eurasian Economic Union, aiming to boost its exports to Russia. Bilateral trade has seen a significant rise, with India’s shipments diversifying beyond traditional sectors like machinery and pharmaceuticals to include aluminum and apparel. The nation is also exploring opportunities to export marine and farm goods.

President Trump stated he discussed trade and energy with Indian Prime Minister Modi, who assured him India would limit oil purchases from Russia. This comes as Trump pressures Moscow to end the Ukraine war, with India being a major buyer of Russian crude.

August saw a slight fall in India’s coal imports compared to the previous year, with the April to August period reflecting an overall decrease. Non-coking coal imports took a hit, whereas coking coal demand showed an upward trend.

In a move signaling a new chapter for seafood trade, Australia has lifted its eight-year ban on unpeeled Indian prawn imports, paving the way for Andhra Pradesh shrimp exporters to thrive. This decision comes after the advocacy of importers in Australia and New Zealand, who campaigned for more lenient trading conditions.

As the rabi sowing season approaches, India is taking decisive steps by expanding its fertilizer imports. Buoyed by a promising monsoon that has enhanced soil moisture levels, expectations are high for a bountiful winter harvest. The imports of urea and di-ammonium phosphate have soared compared to last year, reflecting a strategic move to sidestep last […]

Commerce and Industry Minister Piyush Goyal said the Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) has officially come into force. The pact aims to attract $100 billion in investments and generate one million direct jobs in India over the next 15 years.

The European Union Council has announced a new strategy to strengthen political, economic, and security ties with India. The move expands cooperation across trade, technology, defence, sustainable development, and global governance.

The European Investment Bank (EIB) expressed strong confidence in India’s growth, highlighting its resilience and opportunities despite geopolitical uncertainties. EIB Vice President Nicola Beer emphasised the need for faster approvals and a level playing field for global investors to boost investment flows, particularly in climate action and urban mobility projects.

India’s central bank is actively working to facilitate rupee settlements with free-trade partners, aiming to boost the local currency. This involves establishing direct rupee rates independent of the US dollar and developing reference rates with several countries. These efforts align with Prime Minister Modi’s goal of increasing the rupee’s international use for trade and capital […]

Indian exports face challenges from US tariffs. However, India is successfully diversifying its export markets. This strategy is showing positive results, with growth in many countries. While some sectors are impacted, overall export performance remains resilient. India is turning trade barriers into opportunities for long-term gain.