Commerce and Industry Minister Piyush Goyal will meet Indian and Australian CEOs to discuss investment opportunities during his visit to Australia from September 23-25. He will co-chair the 19th India-Australia Joint Ministerial Commission meeting with Australia’s Trade and Tourism Minister Don Farrell, focusing on enhancing bilateral economic engagement.
India-Oz investment talks: Goyal to meet CEOs this week
The Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations have raised concerns about whether member countries, including India, could protect their interests. Issues include potential restrictions on tax policy, trading critical materials, and clean energy standards. Think tank GTRI stresses the need for flexibility to support local industries and avoid rigid international commitments.
Senior officials from India and the European Union will begin the ninth round of free trade agreement talks on Monday. The discussions aim to enhance bilateral trade and investments, addressing issues like carbon tax and deforestation regulations. Both sides will negotiate on goods, services, investment, and government procurement.
India and Myanmar discussed promoting bilateral trade using local currencies, rupee and kyat, during a meeting between Commerce Minister Piyush Goyal and Myanmar’s Minister Kan Zaw. The talks also covered cooperation in areas like lentils, diesel, gasoline, and electric vehicles. India-Maynmar bilateral trade stood at USD 1.75 billion in 2023-24.
India and Korea discussed upgrading their free trade agreement, balancing commerce, and promoting investments. Commerce Minister Piyush Goyal met with his Korean counterpart Inkyo Cheong in Laos. They focused on achieving balanced trade, addressing non-tariff barriers, and boosting exports of Indian products like steel, rice, and shrimp. The review aims to strengthen economic ties and […]
India has proposed retaliatory customs duties on certain EU imports under WTO norms due to unresolved issues over the EU’s safeguard measures on steel products. India claims a trade loss of USD 4.412 billion from 2018 to 2023. The EU extended these measures until 2026, affecting India’s steel exports.
India may impose additional tariffs worth $1.1 billion on EU products in response to the bloc’s extended safeguard duties on steel imports. The list of items, primarily steel products, is being finalized. This issue will be discussed in the upcoming bilateral free trade talks with the EU next week.
Former US President Donald Trump’s claim that India is an ‘abuser’ of import tariffs is unfair, says think tank GTRI. Many countries, including the US, impose high customs duties to protect domestic industries. The report suggests the US should consider a free trade agreement with India for zero tariff access.
India and South Korea have initiated electronic transfer of the bill of lading between their customs, enhancing ease of doing business. This digital move eliminates the need for physical record submissions, expected to be fully adopted in 1-1.5 years. UNCITRAL is spearheading this global shift towards electronic trade documentation.
India’s Petroleum Minister Hardeep Singh Puri announced that the US is now India’s sixth-largest energy trade partner, with bilateral trade potentially reaching USD 500 billion. The hydrocarbon trade has nearly doubled since 2018-19. Puri discussed sustainable energy initiatives and investment opportunities with US stakeholders at the Gastech 2024 conference in Houston.