Commerce and Industry Minister Piyush Goyal will visit Brussels from January 8-9 to meet EU Commissioner Maroš Šefčovič, aiming to expedite the conclusion of the India-EU Free Trade Agreement. The discussions will focus on resolving outstanding issues and securing tangible benefits for India’s labor-intensive sectors.
Piyush Goyal’s two-day visit to EU to give decisive push to conclude FTA
Parliamentary panel examines impact of higher US tariffs, meets affected sectors’ stakeholders
2 months ago
A Parliamentary committee is studying the effects of increased US tariffs on Indian goods. The panel is visiting Visakhapatnam, Chennai, and Coimbatore to meet with industry leaders and government officials. They are examining challenges in the marine, automotive, leather, and textile sectors.
India has become a major buyer of Russian crude oil since the Ukraine war. The country imported billions of euros worth of oil. This trade continues despite international sanctions. Some Indian companies have stopped purchases due to new US sanctions. Other refiners still buy from Russia. Russia’s earnings from global fossil fuel sales are substantial.
‘Relieve the tariff,’ US senator says Indian envoy asked him to convey to Trump amid oil squeeze
2 months ago
US Senator Lindsey Graham claims Indian Ambassador Vinay Kwatra requested the removal of tariffs on India, imposed due to Russian oil purchases. Graham stated this pressure led India to significantly reduce its imports of discounted Russian crude. Former President Trump also indicated he was unhappy with India’s oil deals and could impose further tariffs.
Government withdraws import restrictions on low ash met coke with ash content below 18%
2 months ago
The Directorate General of Foreign Trade (DGFT), on January 3, amended the import policy of Low Ash Metallurgical Coke, having ash content below 18%, including coke fines/coke breeze and ultra-low phosphorous metallurgical coke, to “free” from “restricted” earlier.
India’s palm oil imports hit 8-month low in December
2 months ago
India’s palm oil imports dropped significantly in December, reaching an eight-month low. This decline was driven by reduced winter demand and refiners opting for soyoil and sunflower oil. Total edible oil imports saw an increase due to these rival oil purchases. This shift could impact global oil inventories and prices.
As tensions rise, India faces a pivotal choice regarding its imports of Russian oil, especially with President Trump issuing threats of increased tariffs on Indian products. The stakes are high, as Senator Graham is advocating for penalties on nations linked to Russian oil purchases, further complicating India’s trade dynamics. With Indian exports to the U.S.
State Bank of India is set to enable trade settlements between India and Israel using Indian rupees. This move supports India’s goal to boost the rupee’s global use and reduce dollar reliance. SBI’s Tel Aviv branch is ready for these transactions, allowing Israeli businesses to pay and receive rupees.
India is unlikely to face any economic or energy fallout from the Venezuela crisis as its trade links with the country have already shrunk sharply due to US sanctions, according to think tank Global Trade Research Initiative. GTRI said India’s oil imports from Venezuela have fallen steeply since 2019, when sanctions forced refiners and firms […]
India’s traditional medicine system, AYUSH, has achieved formal recognition in bilateral trade agreements with Oman and New Zealand. These agreements, finalized last December, include dedicated sections for health services and traditional medicine. AYUSH and herbal product exports saw a growth of 6.11 percent, reaching USD 688.89 million in 2024-25 from USD 649.2 million in 2023-24.