GAGA B2B - CONNECTING IMPORTERS AND EXPORTERS

[ad_1] Argentina is a key supplier in terms of food security for India and can become a key player in terms of energy security, Ambassador Mariano Caucino affirmed during the India-Mercosur Session, in the framework of the INDIA-LAC Conclave 2025 organised by CII.Speaking together with his colleagues from Brazil, Paraguay and Uruguay, Caucino stated that “at a bilateral level, India and Argentina have strong relations covering a wide range of sectors. Argentina and India share common values, a stable flux of trade and a partnership that was elevated to the status of Strategic Partnership in 2019”.Caucino stated that “India is among Argentina’s first six export partners”.The Argentine envoy reminded that “trade between Argentina and India has reached an impressive $4.6 billion, with Argentina becoming a key supplier of soybean and sunflower oil to India” and affirmed that “these commodities are vital for ensuring food security for Indian consumers”.Regarding Indian investments in...

[ad_1] New Delhi: Commerce and industry minister Piyush Goyal Wednesday proposed signing of free trade agreements individually with the members of the 4-member Mercosur bloc comprising Argentina, Brazil, Paraguay and Uruguay. His statement comes as the efforts to expand the Preferential Trade Agreement (PTA) with the Mercosur are stuck.“I propose to either expand the MERCOSUR trade agreement or look at trade deals bilaterally,” he said at a CII event.India went ahead with a bilateral trade deal with UAE when the talks to secure a trade pact with Gulf Cooperation Council nations weren’t making much headway.Goyal also said that India is also working with Chile to expand its PTA with Chile and turn it into a Comprehensive Economic Partnership Agreement.The PTA with Chile was signed in 2006 and expanded in 2017. Within the LAC region which includes 33 countries the FTA negotiations with Peru are in advanced stages.Live EventsThe minister also pushed for early conclusion of FTA talks...

[ad_1] New Delhi: India has sought consultations with the European Union at the World Trade Organization (WTO) on the bloc's proposed changes to its safeguard measures on imports of certain steel products, fearing an impact on its domestic industry. Last week, the EU notified adjustments to its safeguard measures on certain steel imports, with changes set to take effect in two phases.India, China, Turkiye, Korea, Egypt and Vietnam are the key exporting countries of steel products to the EU."Having a substantial interest, India requests consultations with the EU...with a view to reviewing the information provided and exchanging views on the proposed adaptation of the measures," India communicated to the WTO on Monday in a submission seen by ET.Live EventsIn FY24, India exported iron and steel and their products worth $6.64 billion to the EU, up from $6.1 billion in FY23.When a country pursues a safeguard action, other countries can seek consultation under the Agreem...

[ad_1] U.S. President Donald Trump told Breitbart News in an interview that he believes India will probably be lowering the tariffs it imposes on American goods. "I believe they're going to probably going to be lowering those tariffs substantially, but on April 2, we will be charging them the same tariffs they charge us," he was quoted as saying.Recently, India reduced import duties on bourbon and high-end motorcycles and committed to purchasing more energy and weapons from the US. According to Bloomberg News, Indian officials are also exploring tariff cuts on various other products, including automobiles, certain agricultural goods, and chemicals. In an interview with Breitbart News, Donald Trump acknowledged his “very good relationship” with India but highlighted his concerns over the country's tariff structure.Prime Minister Narendra Modi also lavished praise on Donald Trump as a man of courage, underscoring strong personal bonds now being tested by the US p...

[ad_1] Russia has surpassed the United Arab Emirates as India's top naphtha supplier in the year to March 2025, as refiners capitalise on discounted cargoes, preliminary ship-tracking data showed, a trend buyers expect to persist for another year.India, the world's third largest crude importer and oil consumer, has been relying on cheap oil from Russia to reduce import costs despite Western efforts to curtail Moscow's revenues during the Ukraine war.Russia has been India's top crude supplier for the past two years. India imported about 3 million tons (74,000 barrels per day) of naphtha from April 2024 to March 2025, with Russia supplying more than half, up from just 14%-16% of the total in the previous year, ship-tracking data from OilX and Kpler showed. Russian naphtha from Ust-Luga, Sheskharis and Novorossiysk ports arrived at the western Indian ports of Mundra, Hazira, and Sikka, ship-tracking data showed, for petrochemical plants of HPCL Mittal Energy Ltd (HM...

[ad_1] President Donald Trump's tariffs and other policies have some financiers and officials in Asia predicting the remaking of the post-World War II economic order, leading to an urgent quest to diversify away from America. But it's not proving to be easy. The period after World War II saw a global order underpinned by multilateral institutions, such as the United Nations and the World Bank. The United States emerged as the dominant force, with the dollar as the world's reserve currency. The Trump administration appears to be breaking from that order, with foreign and economic policies that have challenged U.S. allies, undercut some multilateral institutions and used tactics such as tariffs. While it is unclear what will eventually emerge, interviews this month with more than a dozen senior bankers, investors and officials based in Asia showed that they are not waiting to find out. They are looking for an 'America plus 1' strategy, which reduces their relia...

[ad_1] Taiwan can help India reduce its import of electronic components from China and the best way to bolster the economic engagement including in the semiconductor sector would be to seal a free trade pact, Taiwanese deputy national security adviser Hsu Szu-Chien said on Thursday. In an exclusive interview to PTI, Hsu said a trade deal will pave the way for greater investment in India by Taiwanese companies in the high-technology sectors as it will help in bringing down the "high tariffs". The Taiwanese deputy national security adviser was in the national capital to participate in the Raisina Dialogue, India's flagship conference on geopolitics, and hold talks with senior Indian officials. Hsu said there can be a match-making between technology of Taiwan and India's demographic dividends to produce high-end technology components in India that will help New Delhi cut its imports from China. "I think there's great potential for the relations to expand,...

[ad_1] India's steel imports could reduce by 50 per cent in FY26 while domestic manufacturers' profitability is expected to improve, if the government levies a safeguard duty on inbound shipments, experts have said. The Directorate General of Trade Remedies (DGTR), the investigation arm of the commerce ministry, has recommended imposition of a 12 per cent provisional safeguard duty for 200 days on certain steel products with an aim to protect domestic players from surge in imports. The final decision to impose the duty will be taken by the finance ministry. The development is credit positive and expected to lead to a 50 per cent reduction in India's steel imports in FY26, said Girish Kadam, Senior Vice President and Group Head - Corporate Sector Ratings at ICRA Ltd. With imports slated to materially decline, and domestic demand poised to grow at a healthy rate of 7-8 per cent in FY26, ICRA expects the industry's capacity utilisation inch up to a more comfortabl...

[ad_1] India's services exports are registering healthy growth rates and the sector should aspire to reach USD 450 billion in exports, overtaking merchandise shipments, in the next financial year, Commerce and Industry Minister Piyush Goyal said on Thursday. The goods trade is facing headwinds in the current global situation, he added. The services sector should be targeting USD 450 billion in exports in 2025-26 and about USD 385-390 billion this fiscal, he said here while addressing the Inaugural Session of Nasscom Global Confluence 2025. "You should overtake merchandise exports next year," Goyal said, adding that "as I see the figures coming in, and the growth has been scorching in the services side". In 2023-24, the services exports stood at USD 341 billion, an increase of 4.85 per cent over the previous year. In April-February 2024-25, the services exports increased 14.1 per cent to USD 354.9 billion. Live EventsOn the other hand, goods exports contra...

[ad_1] New Delhi: India's limited exposure to the US reduces tariff risks but indirect effects such as trade redirection to the country could impact the steel and chemicals sectors, S&P Global Ratings said on Thursday.India's exposure to US tariffs of 25% on aluminium and steel is 4.5%, less than South Korea's exposure of 4.7%, which is the highest among Asia-Pacific economies, it said.Exports to the US represent 2.3% of India's gross domestic product (GDP), it added.Despite this, India's growing trade surplus with the US could make it vulnerable to tariffs, as the US aims to impose reciprocal tariffs on its trading partners, the report titled 'Tariff hit among Asia-Pacific firms' said.Although the indirect effect of these tariffs, such as a slowdown in global growth, are likely to have minimal impact on India, the report explained, as the export sector accounts for just over 10% of its GDP.Live EventsThe ratings agency also pointed out that most ...

[ad_1] The Directorate General of Trade Remedies (DGTR) has recommended a 12% provisional safeguard duty on certain steel products for 200 days. Safeguard duty is one of the trade remedies a country can impose to protect its domestic industry from cheap and substandard imports. Kirtika Suneja explains:What are trade remedies?Domestic industry seeks relief measures such as anti-dumping, countervailing and safeguards for protection against dumping, subsidisation and sudden surge in imports respectively.The DGTR is responsible for investigating and recommending measures compliant with WTO rules. It initiates the probes for trade remedies action on the basis of an application received from the domestic industryWhat is the difference between the measures?Live EventsAnti-dumping duty is to rectify a situation arising from the dumping of goods and its trade distortive impact.Countervailing measures seek to counteract artificially low prices that are a result of subsidies granted by the...

[ad_1] New Delhi: India has initiated an anti-dumping investigation on flexible slabstock polyol (FSP) imported from China and Thailand, according to a notification issued by the Directorate General of Trade Remedies (DGTR).FSP is used for manufacturing upholstery, mattresses, pillows, bolsters, transport seating and packaging.The probe was initiated after Manali Petrochemicals Limited, the sole producer of FSP in India, filed an application alleging that cheap imports are hurting domestic industry.Manali Petrochemicals also urged that China be treated as a non-market economy.The DGTR said Manali Petrochemicals has provided prima facie evidence establishing that FSP imports have harmed the domestic industry.Live Events"The volume of imports has increased significantly over the injury period, both in absolute terms and in relation to production and consumption in India," the DGTR notice said, adding that the price of imports from China and Thailand have declined signifi...

[ad_1] India is taking a leaf from China's playbook to counter its growing global influence. India is taking a major step to acquire a global maritime footprint which will help it meet its strategic as well as trade goals by strengthening supply chains. Ports, shipping and waterways minister Sarbananda Sonowal has said that India will establish a consortium of state-owned companies to develop and operate ports overseas. China has acquired ports in several countries which advance its military as well as economic interests.The proposed Bharat Global Port Consortium will include India Ports Global Ltd (IPGL) to lead port operations, Sagarmala Development Co Ltd (SDCL) to finance the projects, and India Port Rail & Ropeway Corporation Ltd (IPRCL) to handle construction. The equity structure of the consortium will be finalised in the coming days.Also Read: Consortium of state-run companies to develop, run ports overseasIndia has been trying to unroll its global port play for ...

[ad_1] India and Japan have renewed the USD 75 billion bilateral currencies swap agreement, the Reserve Bank said in a statement on Friday. The Bilateral Swap Arrangement (BSA) is a two-way arrangement where both authorities can swap their local currencies in exchange for the US dollar. The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the Second Amendment and Restatement Agreement of the BSA, the central bank said. The renewed BSA is effective Friday (February 28, 2025). The size of the BSA remains unchanged -- up to 75 billion US dollars, the RBI said. It further said that Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability. [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com...

[ad_1] Ind-Ra on Friday said India's exports to the US may decline by USD 2 billion to USD 7 billion in FY26 if the reciprocal tariffs being contemplated by the US is put into place. India's exports to the US rose by 5.57 per cent to USD 59.93 billion during April-December this fiscal. On the other hand, imports during the first nine months of 2024-25 grew by 1.91 per cent to USD 33.4 billion The US is the largest trading partner of India from 2021-22 and accounts for about 18 per cent of India's total goods exports, over 6 per cent in imports and about 11 per cent in bilateral trade. India Ratings and Research (Ind-Ra) estimates suggest that should reciprocal tariffs be imposed by the US, India's exports to the US may decline anywhere between USD 2 billion and USD 7 billion in FY26. "However, the weighted average tariff differential is around 7 percentage point (pp), and a more plausible scenario as per Ind-Ra is a decline in exports to the US by USD 2 b...

[ad_1] A free trade agreement between India and the European Union (EU) would be the largest deal of its kind in the world and both sides are looking at firming it up this year, European Commission president Ursula von der Leyen said on Friday.In an address at Delhi-based think tank Council for Strategic and Defense Research, she said that the EU is also exploring a future security and defence pact with India in line with its partnerships with Japan and South Korea. The pact would help the two sides step up "our work to counter common threats whether on cross-border terrorism, maritime security threats, cyberattacks or the new phenomenon we see - attacks on our critical infrastructure", she said."For instance, the recent collaboration on maritime security. And I am delighted at India's interest in joining defence industrial projects under the EU's Permanent Structured Cooperation," said von der Leyen. "This world is fraught with danger. But I bel...

[ad_1] The delegations from India and the European Union held delegations on a range of topics in the presence of Prime Minister Narendra Modi and EU President Ursula von der Leyen, and the leaders have directed their teams to conclude the Free Trade Agreement (FTA) negotiations by this year, the Ministry of External Affairs said on Friday.Ministry of External Affairs Secretary (West) Tanmay Lal, highlighted that 20 union cabinet ministers and Ministers of State engaged in discussions and issues ranging from trade, digital green technology, energy, environment and connectivity were discussed. The European Commission President is on a two-day bilateral visit to India, accompanied by members of the European College of Commissioners. This is Ursula von der Leyen's third visit to India. She previously visited India for a bilateral official visit in April 2022 and to attend the G20 Leaders' Summit in September 2023.The MEA Secy termed it an "unprecedented and landmark vi...

[ad_1] Commerce and industry minister Piyush Goyal is likely to visit Washington next week to meet Jamieson Greer, who was appointed United States Trade Representative (USTR) on Wednesday. Goyal’s visit could kickstart the talks for a Bilateral Trade Agreement (BTA), the first tranche of which the two sides aim to negotiate by autumn of 2025. The visit could begin Monday.“Discussions are going on with the external affairs ministry and a visit is likely,” said an official.India and the US announced their commitment to more than double the two-way trade to $500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025. The decisions were taken during Prime Minister Narendra Modi’s visit to Washington recently. The two sides aim to increase market access, reduce tariff and non-tariff barriers, and deepen supply chain integration.Greer has been appointed USTR ahead of the proposed 25% tariffs on Mexico and ...

[ad_1] The Chairman of the 16th Finance Commission, Arvind Panagariya, on Saturday said that the looming threat of reciprocal tariffs from the US could be turned into a positive if India can leverage it to secure mutual tariff reductions. He, however, cautioned that if it results in a tariff war, where the US imposes tariffs on India and New Delhi retaliates with its own tariffs, it would have an "unfortunate" outcome. "We have a very good opportunity to do a win-win bargain. So we can really turn it into a win-win situation. Now that the reciprocal tariff threat is coming, it is doubly beneficial that we also, in the process, hold the United States to reciprocal tariff reductions as well, and get access for our goods that we export to them," Panagariya said. Panagariya was replying to a query on how he foresees the impact of US tariff volatility on India over the next 3-4 years. US President Donald Tariff on multiple times said that America will impose re...

[ad_1] With India and the EU setting the year-end deadline to conclude a free trade agreement, teams from both sides held discussions on Saturday to accelerate efforts towards a balanced and mutually beneficial pact. The meeting was held between Commerce and Industry Minister Piyush Goyal and EU Commissioner for Trade and Economic Security Maros Sefcovic in Mumbai along with officials from both sides. "Our discussions focused on accelerating efforts towards a balanced and mutually beneficial free trade agreement. Looking forward to deepening economic ties and fostering a prosperous India-EU partnership," Goyal said in a post on X. On February 28, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen agreed to seal a much-awaited free trade deal by this year amid rising concerns over US President Donald Trump's policy on tariffs. The two sides are scheduled to hold the tenth round of negotiations for the FTA from March 10-14 in Bruss...

[ad_1] India, EU discuss efforts to accelerate FTA discussions [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/india-eu-discuss-efforts-to-accelerate-fta-discussions/?feed_id=1841&_unique_id=67cf9b7c82441

[ad_1] India's import duties are in compliance with the global trade rules and the government should convey this to the US administration, economic think tank GTRI said on Sunday. It also said that negotiating a comprehensive free trade agreement with the US presents several challenges. The US may push India to open government procurement to American firms, reduce agricultural subsidies, weaken patent protections by allowing evergreening, and remove restrictions on data flows, it said, adding India has resisted these demands for decades and is still not prepared to accept. US President Donald Trump on multiple occasions have alleged that India has high tariffs and termed it "tariff king" and "tariff abuser". Tariffs are import duties imposed and collected by the government and paid by companies to bring foreign goods into the country. "India's tariffs are consistent with WTO (World Trade Organisation) rules. "They are the result of a sin...

[ad_1] New Delhi: India’s exports to the US often have low local value addition and this must be considered when assessing trade balances between the two countries, think tank GTRI said Sunday.iPhones, solar panels, diamonds and petrochemicals are sectors where local value addition in exported goods and contribute far less to India's economy than their headline figures suggest, it said and urged the government to convey to the US administration that India’s import duties are in compliance with the global trade rules.India has the option to retaliate to the US’ proposed reciprocal tariffs by raising duties on certain American goods, taxing their digital firms or issuing compulsory licenses for patented drugs, GTRI said but cautioned that such countermeasures would provoke further action by Washington, escalating into a trade war that could significantly hurt India.On the issue of exports, it said that each iPhone with a US retail price of $1,000 has an export value of $500 fr...

[ad_1] New Delhi: With India and the US gearing up to start negotiations for a proposed bilateral trade agreement, Commerce and Industry Minister Piyush Goyal's Washington visit will begin on Monday, according to an official. Goyal is likely to hold talks with US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick, the official said. During the recent visit of Prime Minister Narendra Modi to Washington, India and the US announced their commitment to more than double the two-way commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall of 2025. Last month, the minister stated that India and the US are committed to increasing bilateral trade to USD 500 billion and negotiating a "strong" trade agreement within the next 6-8 months. The visit is crucial as US President Donald Trump has announced plans to impose higher tariffs against India. Tariffs ar...

[ad_1] The president of the European Commission and all her fellow commissioners turned up in India last week, in a hastily put-together visit meant to re-energize relations. The bonhomie on display in New Delhi sent out the message that Europe still had some friends — and contrasted starkly with what was unfolding simultaneously in Washington.Ursula von der Leyen and Indian Prime Minister Narendra Modi together announced a set of promises meant to drive India and the EU closer together. They would conclude a free trade agreement by the end of the year, they said. Von der Leyen also told the media that Europe intended to create a “defense and security partnership” similar to recent agreements it has signed with Japan and South Korea.All this positive energy didn’t just feel different from the state of the transatlantic relationship. It also represented a major shift from three years ago, when India failed, in European eyes, to offer a strident enough condemnation of the Russian ...

[ad_1] India's trade minister Piyush Goyal started on a trip to the United States on Monday to pursue trade talks, two government officials said, with weeks to go for President Donald Trump's planned reciprocal tariffs. Goyal's visit was sudden, as he departed after cancelling previously scheduled meetings until March 8, the officials said. He is also the minister for industry. India's trade ministry did not immediately respond to an e-mailed request for comment. During Prime Minister Narendra Modi's visit to the U.S. last month, both nations agreed to work on the first segment of a trade deal by the fall of 2025, aiming for bilateral trade worth $500 billion by 2030.Trump's proposal to impose reciprocal tariffs from early April on trading partners including India is worrying Indian exporters in sectors ranging autos to agriculture, with Citi Research analysts estimating potential losses at about $7 billion a year. During the visit, Goyal will seek clarit...

[ad_1] The wheat processing industry of India has demanded that the government should reduce the import duty on wheat, as climate uncertainties have increased the price volatility and speculation. The industry expects to import 2 to 3 million tonnes of wheat to increase availability and in turn curb the speculation. However, the government has maintained that it has sufficient stock of wheat in the country and the industry should try to curb inflationary pressures by passing on the benefits of government schemes like OMSS to the consumers. Navneet Chitalangia, president, Roller Flour Millers’ Federation of India (RFMFI) said, “There is uncertainty about climate and prices, which is leading to increase in speculative activity. To control the market volatility, we want to increase the availability as much as possible.”“After the procurement process is over, ensuing farmers get the right prices, the government should reduce the import duty to nil or keep it less than 10% from the e...