The council was set up under the IPEF Supply Chain Resilience Agreement, which aims to help mitigate risks of economic disruptions from supply chain shocks, improve crisis coordination, and reduce the member countries’ dependence on China. The council aims to pursue targeted, action-oriented work to strengthen the supply chains for those sectors and goods most […]
India elected vice-chair of IPEF supply chain council
Vietnamese Prime Minister Pham Minh Chinh called for stronger economic cooperation with India, aiming for $20 billion in bilateral trade. Speaking in New Delhi, he highlighted opportunities in infrastructure, pharmaceuticals, and digital technology. Chinh invited Indian businesses to invest in Vietnam, focusing on strategic sectors and integrating Vietnamese companies into their supply chains.
India’s July diesel, jet fuel exports to Singapore, Australia set to hit 2-1/2-year high
2 years ago
India’s diesel and jet fuel exports to Singapore and Australia hit their highest levels in 2-1/2 years in July, fueled by waning European demand and cheaper shipping costs. Industry sources indicate that Australia’s increased imports were also due to planned refinery maintenance and new government mandates for refined product stockpiles.
India’s Ministry of Steel has asked the trade ministry to investigate cheaper steel imports from China and Vietnam amid rising imports. India turned net steel importer in FY23, with imports reaching a five-year high. The steel ministry is also discussing diversifying coking coal imports from Russia, Canada, and the U.S. to reduce reliance on Australia
Vietnamese Prime Minister Pham Minh Chinh called for exploring a free trade agreement with India during his visit to New Delhi. Speaking at the Vietnam-India Business Forum, he emphasized the goal of increasing bilateral trade to USD 20 billion and urged Indian businesses to invest more in Vietnam, particularly in strategic infrastructure areas.
The India-Korea agreement, dubbed as comprehensive economic partnership agreement (CEPA), was operationalised in January 2010. India has sought greater market access for certain products like steel, rice, and shrimp from South Korea to boost exports of these goods. India has also raised concerns about the growing trade deficit between the two countries. India’s exports to […]
India’s pulses import surged 90% to 47.38 lakh tonnes in 2023-24, satisfying local demand. Domestic production climbed to 244.93 lakh tonnes. The agriculture budget grew significantly, and MSPs for crops were set with a minimum 50% margin over production costs. Financial support to farmers continued under the PM-KISAN scheme.
Jindal Stainless (JSL) considered using the breakbulk method for shipping due to high container costs and unavailability. The company aimed to export 10-15% this fiscal year, focusing on key markets like the US and Europe. JSL tested breakbulk shipments and received positive feedback, planning to expand its use in the coming quarter.
Commerce minister Piyush Goyal confirmed that India is not reassessing its stance on easing Chinese investment norms, despite recommendations from the Economic Survey. He also mentioned that India will consider the European Union’s proposal to implement its own carbon tax system in response to the EU’s carbon border adjustment mechanism (CBAM).
Commerce and Industry Minister Piyush Goyal criticized the domestic industry at a Confederation of Indian Industry (CII) event on Tuesday for demanding protectionist measures that could obstruct Free Trade Agreements (FTAs) with the United Kingdom and the European Union. Goyal emphasized that FTAs are a reciprocal arrangement and expressed concern that reluctance to offer tariff […]