GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] The Trump administration wants to bring down the U.S. trade deficit with India and hopes to have a fair bilateral trade deal with New Delhi in place in 2025, Trump administration officials said ahead of a summit between President Donald Trump and Indian Prime Minister Narendra Modi on Thursday.Trump's meeting with Modi will aim to build on defence sales to ensure they are prioritizing American technology and the two sides are moving toward signing a new defense framework, one official said in a briefing for journalists ahead of the talks in Washington on Thursday afternoon. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/trump-aims-for-fair-trade-deal-with-india-this-year/?feed_id=1768&_unique_id=67c26a22d115b

[ad_1] Barely hours before meeting Prime Minister Narendra Modi, US President Donald Trump has made a cryptic social media post, brandishing another tariffs weapon. "Three great weeks, perhaps the best ever, but today is the big one: reciprocal tariffs!!! Make america great again!!!” Trump posted. It was not immediately clear what time Trump's tariff plan would be unveiled. On Wednesday, Trump indicated it could happen Thursday morning. The White House had earlier told reporters it would happen before Indian Prime Minister Narendra Modi's White House visit.Trump has already announced tariffs on all steel and aluminum imports beginning on March 12, imposed 10% tariffs on goods from China, and imposed a 30-day hold on tariffs on goods from neighboring Canada and Mexico.Trump has not specified how he defines the term “reciprocal” and whether his order would apply only to matching tariffs or to including other foreign taxes that he views as a barrier to exporting Americ...

[ad_1] President Donald Trump ordered his administration to consider imposing reciprocal tariffs on numerous trading partners, raising the prospect of a wider campaign against a global system he complains is tilted against the US.The US president on Thursday signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis in an effort to rebalance trade relations — a sweeping process that could take weeks or months to complete. Howard Lutnick, Trump’s nominee to lead the Commerce Department, told reporters all studies should be complete by April 1 and that Trump could act immediately afterward. Trump announced his move just hours before he was set to host Prime Minister Narendra Modi. India stands to be affected by reciprocal tariffs more than many other major trading partners, as per a Bloomberg report.ALSO READ: Trump warns BRICS nations could face 100% tariffsTrump said that India has more tariffs than any other...

[ad_1] US President Donald Trump on Friday reacted to the meeting between Indian Prime Minister Narendra Modi and Tesla CEO Elon Musk in Washington.Musk met Modi, "I assume he wants to do business in India," said Trump.Modi discussed opportunities in space, mobility, technology, energy and exchanged notes on efforts at good governance in India and the US with Musk. Trump chose Musk to head a new US Department of Government Efficiency (DOGE) last month.Modi arrived in the US capital Wednesday evening for a bilateral meeting with Trump.ALSO READ: Trump announces reciprocal tariffs, says India has more tariffs than any other country"Had a very good meeting with @elonmusk in Washington DC. We discussed various issues, including those he is passionate about such as space, mobility, technology and innovation," Modi said in a post on X."I talked about India's efforts towards reform and furthering 'Minimum Government, Maximum Governance'," he ad...

[ad_1] U.S. President Donald Trump said on Thursday that BRICS nations could face 100% tariffs from the United States "if they want to play games with the dollar.""If any trading gets through, it'll be 100% tariff, at least," he said in response to a question about the BRICS nations - Brazil, Russia, India and China - setting up their own currency.This threat comes ahead of Prime Minister Narendra Modi’s meeting with Trump. He had earlier called out China, Brazil and India, three founding members of BRICS, for charging high tariffs.Highly placed people aware of developments told ET that there is neither a proposal to introduce a single BRICS currency, nor any move to trade in it. The focus, instead, is on bilateral trade in the national currencies of BRICS members, the people said, adding that the US President may be indulging in grand posturing.ALSO READ: Trump announces reciprocal tariffs, says India has more tariffs than any other countryThe reality is...

[ad_1] US President Donald Trump has issued a blunt warning to BRICS nations, threatening a 100% tariff on all imports into the United States if they proceed with launching a common currency. Speaking just hours before a scheduled meeting with Indian Prime Minister Narendra Modi, Trump dismissed the economic bloc’s relevance, declaring, "BRICS is dead."Trump did not hold back in his criticism. "BRICS was put there for a bad purpose... I told them if they want to play games with the dollar, then they are going to be hit by a 100% tariff. The day they mention that they want to do it, they will come back and say - we beg you, we beg you. BRICS is dead since I mentioned that..." he stated. His comments reinforce his long-standing position that any move to undermine the US dollar’s dominance in global trade would be met with severe economic consequences.Donald Trump’s Hardline Tariff StrategyTrump’s remarks align with his broader stance on trade, which advocates f...

[ad_1] Prime Minster Narendra Modi said on Thursday the United States and India have set a target of doubling their bilateral trade to $500 billion by 2030 and will work on concluding a mutually beneficial trade agreement very soon.Modi made the comment at a press conference after a meeting with President Donald Trump in Washington. Modi said the U.S. and India would work together on artificial intelligence and semiconductors and focus on establishing strong supply chains for strategic minerals."We have ... set ourselves the target of more than doubling our bilateral trade to attain $500 billion by 2030. Our teams will work on concluding very soon, a mutually beneficial trade agreement,” Modi said.A Trump administration official told reporters earlier that U.S. and Indian officials were also moving forward with talks on a bilateral trade deal and they hoped to have a deal in place this year.Trump told the news conference India had announced a reduction of tariffs on U.S. go...

[ad_1] President Donald Trump met Thursday with Indian Prime Minister Narendra Modi and vowed to bring "fairness and reciprocity" to their countries' economic relationship, which he said would involve reducing U.S. trade deficits and likely raising tariffs. As he has in recent meetings with other foreign leaders, Trump said he wanted to ensure that the U.S. erases global trade deficits. He said both the U.S. and India would begin negotiations to increase trade in coming weeks, but also said more U.S. tariffs on Indian goods might be coming from his administration. "Whatever India charges, we charge them," Trump said at a joint news conference. "So frankly, it no longer matters to us that much what they charge" He added, "Really, we want a certain level playing field."As he has in the past, Modi lavished praised on Trump, saying that he's determined to "Make India Great Again," or "MIGA." That's a play on t...

[ad_1] US President Donald Trump's announcement on imposing reciprocal tariffs has created an uncertain trade environment between India and America, though the plan for a major trade deal could help promote two-way commerce, experts say. They said that India should take steps cautiously for protecting domestic industries and expanding exports to the US. After talks with Prime Minister Narendra Modi in Washington, Trump has announced that India will buy more oil, gas and military hardware from America to bring down the trade deficit but asserted that Washington will not spare New Delhi from reciprocal tariffs. Economic think tank Global Trade Research Initiative (GTRI) said that the two leaders talked about having a trade agreement soon, but the details remain unclear. The US, GTRI Founder Ajay Srivastava said, is not clear if the reciprocal tariff applies to specific products or entire sectors. Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai s...

[ad_1] For four years, Indians sensed that the US was terrified of the word “trade.” Joint statements after summits buried trade such issues somewhere near the end; officials avoided the question at press conferences, preferring to focus instead on relatively esoteric concerns such as cooperation in space.For better or worse — but mainly for better — that has changed under President Donald Trump. The big news out of his meeting with Prime Minister Narendra Modi on Thursday was that the two leaders committed to negotiating the first tranche of a “mutually beneficial” trade agreement by fall.Asking for a “free trade agreement” instead of merely a “trade agreement” might have been too optimistic, but this is still a step forward for an economic relationship that was stagnant at best. It matters for more than just India. Policymakers from countries across the Indo-Pacific who had given up on discussing market access to the US will feel energized.Also Read: Trump & Modi talk figh...

[ad_1] New Delhi, India's export of machinery & components to Germany jumped over four-fold to USD 4.13 billion in 2024 and is expected to maintain double-digit growth in coming years, according to the managing director of VDMA India office. Addressing the second edition of LogiMAT India 2025, Rajesh Nath, Managing Director of the German Engineering Federation (VDMA) India Office said, "For the first time in 2023, exports of Indian machinery and components to Germany had surpassed the 1 billion USD mark." The year 2024 witnessed the export of machinery and engineering goods crossing the USD 4.13 billion mark and expected this growth to double-digit in the upcoming years, he said. LogiMAT India is the satellite show of Europe's biggest intralogistics exhibition, LogiMAT Stuttgart which is organised by Messe Stuttgart India. LogiMAT India, a three-day-long event, will conclude on February 15 at the Bombay Exhibition Centre, Mumbai. Nath said, "Indo-Ge...

[ad_1] New Delhi: India's total merchandise exports for FY25 are expected to be $446.5 billion, 2.2% higher than 2023-24, the Export-Import Bank of India said Friday. Goods exports are expected to reach $124.8 billion in Q4 of FY25, marking a 3.64% on-year increase and the positive momentum is likely to extend into the first quarter of the next financial year, though trade policy uncertainty and geopolitical tensions pose risks. "Positive growth in India's exports could be as a result of strong agricultural harvest, revival in manufacturing activity and improving demand prospects in trading partners," the bank said in a statement. Non-oil exports are forecasted at $382 billion for 2024-25, while non-oil and non-gems and jewellery exports are forecast to touch $350 billion in the full fiscal. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-expo...

[ad_1] India aims to increase its purchase of US energy by two-thirds to $25 billion in the near future, foreign secretary Vikram Misri said following the meeting between Prime Minister Narendra Modi and US President Donald Trump in Washington. Earlier, at a joint address by the two leaders, Trump said the trade imbalance between the two countries could be addressed "very easily" by selling more US oil and gas to India. "Prime minister and I have also reached an important agreement on energy that will ensure the United States as the leading supplier of oil and gas to India, hopefully number one supplier," Trump said.The US is the fifth-largest crude exporter to India, behind Russia, Iraq, Saudi Arabia and the UAE, supplying about 5% of imports. It accounts for about 30% of India's long-term contracted LNG imports."I think last year we purchased about $15 billion in US energy output. There is a good chance that this figure will go up to as much as $25...

[ad_1] India and the US have revived talks for a limited scope trade deal as Washington seeks to cut its trade deficit. ET takes a look at the numbers: Concessions India gave to USLower tariffs on bourbon, motorcycles, ICT products, metalsHigher market access for US agri productsMore American medical devices sold in IndiaWTO ISSUES RESOLVEDCountervailing measures on certain hot-rolled carbon steel flat products from IndiaIndia’s export related measureIndia’s measures for solar cells, modulesUS’ measures related to renewable energyUS’ measures on steel, aluminium productsAdditional duties on certain products from the USReciprocal tariffsUS to levy matching tariffs on Indian goodsUSTR to decide reciprocity based on product, sectorIndia faces 15-35% duty on textiles, garments, footwearMinimal impact on India-Less than 5% tariff on 75% US exports to IndiaHigh tariffs on Indian labour intensive goodsOther partnerships 4-pillared Indo-Pacific Economic FrameworkInitiative on Critical ...

[ad_1] New Delhi: India and the United States are looking to negotiate the first tranche of a Bilateral Trade Agreement (BTA) by the fall this year. The deal will focus on increased market access and reduction of tariff and non-tariff barriers for goods and services to more than double bilateral trade to $500 billion a year by 2030 as part of 'Mission 500'.The proposed deal, which would also focus on deepening supply chain integration, is among the key commitments Prime Minister Narendra Modi and President Donald Trump highlighted in a joint statement after their summit in Washington.The two leaders also pledged to create opportunities for Indian and American companies to make greenfield investments in high-value industries in each other's countries. The joint statement came hours after Trump said the US will impose more reciprocal tariffs on nations including India in April, creating an uncertain environment. The US has already announced 25% additional tariffs on st...

[ad_1] NEW DELHI: There is a significant progress in the negotiations for the proposed free trade agreement (FTA) between India and European Union (EU), an official said on Thursday. Commerce and industry minister Piyush Goyal was in Brussels last week to meet European commissioner for trade Maros Sefcovic to take stock of the progress of the negotiations. "Good progress is there on India-EU FTA. There is a significant progress in talks," the official said, without divulging more details. During the meeting between Goyal and Sefcovic, the two sides agreed to build a commercially meaningful trade agenda and work towards a mutually beneficial trade pact. The two leaders have also outlined political directions for both the teams to develop a mutually beneficial agenda for trade and investment and a robust FTA in an expedited manner to meet global challenges. The meeting came ahead of the 10th round of talks between India and the EU, which is scheduled from March 10-14 ...

[ad_1] A "calibrated" tariff structure simplification remains a priority for the Modi government, as it views exports as a key driver of the next phase of economic growth, Union minister Ashwini Vaishnaw said on Thursday, exuding confidence that India will sustain a 6-8% real expansion rate for years.Highlighting a "change in the mindset" and growth strategy, the minister said: "Earlier, we were looking at import substitution-manufacturing for the domestic demand. Now, we are looking at 'Make in India, Make for the World'; we are looking at export-led growth as the next phase of growth."The simplification of customs laws and procedures is also in the works, he added.Vaishnaw was speaking on India's Economic Blueprint at the World Economic Forum in Davos.His statement comes at a time when American President Donald Trump has threatened to impose extra import duties on countries with which the US has a negative trade balance. While China, M...

[ad_1] New Delhi: A weaker rupee is not a one-size-fits-all solution to boost exports, the apex exporters’ body Federation of Indian Export Organisations (FIEO) said Friday. If the rupee depreciates by 2% and the currencies of key competitors decline by 3-5%, Indian exporters lose competitiveness in global markets, it said.“A weaker rupee is not a one-size-fits-all solution to boost exports. A strategic, multi-pronged approach is needed to address the root causes of depreciation while mitigating its adverse effects,” FIEO President Ashwani Kumar said, adding that the recent depreciation of the domestic currency against the US Dollar represents a complex economic scenario with mixed outcomes.“This relative disadvantage erodes any potential price advantage Indian goods might gain,” Kumar added.India’s goods exports contracted for the second month in a row by 0.99% on-year to $38.01 billion while imports rose around 5% to $59.95 billion.The domestic currency has depreciated over 4%...

[ad_1] Guwahati: North East Confederation of Small Tea Growers Association (NECSTGA) has expressed concern that import of teas from Nepal, Kenya and other African Countries vis-a-vis Tea Board’s directive on early closure of tea production in North India.In a letter to Union Minister of Commerce & Industry, Piyush Goyal NECSTGA added, “With deep concern and anguish, we write to bring to your kind attention the growing challenges faced by more than 1.5 lakh small tea growers and their families in North East India. These growers contribute over 50% of teas produced in North East India”.NECSTGA said, “Tea Board India had directed us to stop harvesting of tea leaves from 1st Dec 2024 with an intention to bring equilibrium in the demand supply mismatch. But now we have noticed that there has been huge jump in imports of tea from Nepal, Kenya and other African countries. As per the official figures of Tea Board of Kenya, the exports from Kenya to India in 2024 (Jan to Oct) is 13.7...

[ad_1] Davos: India has a significant opportunity to deepen its engagement within Asia as the region is set to see an uptick in trade activities, Gautam Kumra, chairman, McKinsey Asia on Thursday while highlighting that 18 of the fastest-growing corridors and 13 of the largest trade corridors connect with Asia. Asia is emerging as a key global player, driving nearly half of the world's GDP growth. "In 2024, Asia, for the first time in history, has more people in the consuming class than in the surviving class and 60% of the world's employment is going to be in Asia by 2040. Asia is becoming a majority of the world from a minority. And within that, a lot of new corridors are emerging," Kumra told ET. Kumra identified key trade corridors India should focus on, including India-US, India-Japan, and Southeast Asia while emphasising that China remains a significant trade corridor for India.According to Kumra, while trade as a percentage of GDP has remained relatively...

[ad_1] The country's exports rose by 5.57 per cent to USD 59.93 billion during April-December this fiscal on account of healthy demand in the American market for domestic goods, according to government data. During December, the shipments increased by 8.49 per cent to USD 7 billion, the data showed. On the other hand, imports during the first nine months of 2024-25 grew by 1.91 per cent to USD 33.4 billion, while in December it was up by 9.88 per cent to USD 3.77 billion. According to experts, going by the trend, the total trade between the two countries will continue to grow in the coming months also. The bilateral trade during April-December 2024-25 stood at USD 93.4 billion, as against USD 94.6 billion between India and China. The experts added that the possible trade war between the US and China will give huge export potential for Indian exporters. The US is the largest trading partner of India from 2021-22. The US accounts for about 18 per cent of India's total ...

[ad_1] New Delhi: The talks on India-Oman Comprehensive Economic Partnership Agreement (CEPA) are likely to get “further impetus” during commerce and industry minister Piyush Goyal’s visit to Oman this week, the government said Sunday.Goyal will visit Oman from January 27 to 28 for the 11th Joint Commission Meeting with Qais bin Mohammed bin Moosa al-Yousef, minister of commerce, industry and investment promotion of Oman.“The talks on India-Oman CEPA, which are at an advanced stage, are likely to get further impetus during the visit. Both sides are negotiating and exploring a commercially significant, balanced, equitable, ambitious and mutually beneficial CEPA,” the commerce and industry ministry said in a statement.During the visit, the two leaders are expected to hold wide ranging discussions on trade and investment and the global economic situation, it said.“This visit underscores the importance that India attaches to its trade and investment ties with Oman, one of our import...

[ad_1] India has initiated a probe into the alleged dumping of PVC paste resin, used to make artificial leather and other technical textiles' products, from the European Union (EU) and Japan, according to a notification. The commerce ministry's investigation arm, Directorate General of Trade Remedies (DGTR), is probing the dumping as imports are allegedly hurting the margins of the domestic industry. Chemplast Sanmar Ltd has filed an application seeking the imposition of anti-dumping duty, stating that the cheap imports are causing material injury to the domestic industry. "On the basis of the duly substantiated written application submitted by the domestic industry and having reached satisfaction based on the prima facie evidence submitted by domestic industry about the dumping of subject goods...the Authority, hereby, initiates an anti-dumping investigation," the DGTR has said in a notification. If it is established that the dumping has caused material inju...

[ad_1] New Delhi: To simplify the certification process for exporters and enhance trade efficiency, the government Monday said it has upgraded its system of issuing electronically generated certificate of origin to help exporters. The document is important to claim duty concessions under free trade agreements as it proves where the goods originate.The upgraded platform offers features such as multi-user access, which enables exporters to authorise multiple users under a single Importer Exporter Code (IEC).“The Directorate General of Foreign Trade (DGFT) has launched the enhanced Certificate of Origin (eCoO) 2.0 system, a significant upgrade designed to simplify the certification process for exporters and enhance trade efficiency,” the commerce and industry ministry said in a statement.The electronic filing of non-preferential certificates of origin has become mandatory through this platform from January 2025.“This trade facilitation initiative has been streamlining the certifica...

[ad_1] Union Budget 2025: India had embraced an export led growth model since the 1990s. It served well during an era when the rich northern economies were increasingly benefiting from the comparative advantage associated with labour intensive goods from poorer south. Powered by the 1991 reforms, India became a major participant in this North-South trade flows, and consequently witnessing a surge in low-skill manufacturing exports such as apparel, textiles, leather, and footwear, to compliment a surge in IT services exports.Budget 2025: A Crucial Opportunity for India-US Trade TiesThe Union Budget FY26 will present a good opportunity for India to showcase its intent on expanding fair trade ties with US, with Trump’s inauguration scheduled few days before it. While India has been actively reducing tariffs on US imports, in many cases from 100% to 50%, in this budget some customary adjustments to tariffs particularly for imports of transport equipment, electrical machineries and e...

[ad_1] Madhya Pradesh Chief Minister Mohan Yadav said that the state has exported goods spanning multiple industries worth USD 92.8 million to Japan in 2023-24 on Tuesday, while inviting business leaders to explore investment opportunities in the state. Yadav was speaking during an interactive session on investment opportunities in Madhya Pradesh being held in the Indian Embassy here. He is on a four-day visit to Japan and will be visiting Tokyo, Osaka, and Kobe between January 28 and 31, 2025, as he aims to highlight Madhya Pradesh's potential to investors and extend an invitation for the upcoming Global Investor Summit in the state. He referred to the longstanding relations between Madhya Pradesh and Japan, citing the USD 92.8 million worth of exports from the state, and expressed hope to receive significant investments from the country. Madhya Pradesh is one of the largest states in the country, with a population of 8.5 crore, and the state's economy has grown 3-fol...