PM Modi speaks to UK counterpart Starmer, both agree to work for early free trade agreement

Prime Minister Narendra Modi on Saturday spoke to newly elected British Prime Minister Keir Starmer as the two leaders agreed to work towards an early conclusion of a mutually beneficial India-UK free trade agreement, a statement said. Modi congratulated him on assuming charge and a remarkable victory of his Labour Party in the election.

India-UK FTA: Keir Starmer’s Labour Party is poised to end the 14-year Conservative Party rule in the UK, with Starmer set to become the next Prime Minister. The change in government is expected to have minimal impact on India-UK relations, particularly concerning the Free Trade Agreement (FTA). Starmer’s manifesto pledges to pursue a “new strategic […]

The India-UK FTA talks began in January 2022 but were stalled in the 14th round as both countries stepped into their general election cycles this year. India saw the new government in the first week and on Friday, it was the UK’s. “There is no question in my mind that India will continue to be […]

The Labour Party gained a landslide majority in Thursday’s parliamentary elections and dealt a bruising defeat to incumbent Rishi Sunak’s Conservative Party. “Smooth transition of current talks will take place as the Labour Party has shown support to the trade deal with India,” said Sachin Chaturvedi, Director General, Research and Information System for Developing Countries. […]

The city state is India’s strategic partner in Southeast Asia and the financial hub for the Indo-Pacific region. It has a free trade agreement (FTA) with Eurasian Economic Union (EAEU) and is exploring the establishment of a trade and transit corridor with Kazakhstan, in which the Chabahar port would be a key link between SE […]

In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.

India has launched an anti-dumping probe into Chinese lift guide rails. The move comes after a complaint from a domestic company, and aims to safeguard local industry from low-cost imports. The investigation, led by the Directorate General of Trade Remedies, targets ‘T-Shaped Elevator/Lift Guide Rails and Counterweight Guide Rails.’ If proven, anti-dumping duties may be […]

India aims to clock $2 trillion goods and services exports by 2030 amid the Red Sea crisis and two ongoing wars.

India’s palm oil imports rose in June due to strong demand before festivals. Refiners played a key role, potentially impacting Malaysian palm oil futures. Sunvin Group highlighted palm oil’s competitive pricing. The country’s edible oil imports increased, with significant purchases from Indonesia, Brazil, Russia, and Ukraine.

The UNCTAD nowcast predicts a stronger positive trend for the second quarter of 2024, projecting an approximate 2% increase for the first half of 2024. This increase is expected to add around $250 billion to goods trade and about $100 billion to services trade in the first half of 2024 compared to the second half […]