India's brush with FTAs, in five charts
2 years, 9 months ago

India's brush with FTAs, in five charts

Live Mint  

Last month, India and the United Arab Emirates signed a comprehensive economic partnership agreement, which comprises a free trade agreement. The experience with four previous FTAs shows that following a relaxation in tariffs, India’s imports have generally risen at a faster pace than exports to the respective trading partners. This insight becomes pertinent as the UAE is India’s third-largest trade partner and the second among its top 10 trading partners to come under the FTA ambit. Therefore, India’s ‘terms of trade’ with Asean, calculated as the value of exports relative to imports, have worsened over the past decade, when the FTA has been in place. Amid exports that moved in a narrow band, India’s trade deficit with Asean has widened from $5 billion in 2010-11 to $23.8 billion in 2019-20.

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History of this topic

India’s imports rises to 27%, touches to record high of almost $70 billion
1 week, 1 day ago

India’s imports rises to 27%, touches to record high of almost $70 billion

The Hindu  

India’s merchandise exports fell 4.83% to $32.11 billion in November while the import bill jumped 27% to a record high of almost $70 billion, as per data released by the Commerce Ministry. This is the third time in four months that India’s import bill has hit a record high, but November’s tally surpasses the last two occasions by a wide …

India-China trade: An alarming $18 billion discrepancy
3 weeks, 6 days ago

India-China trade: An alarming $18 billion discrepancy

Live Mint  

India-China trade data for 2023 reveals a widening discrepancy, with India's reported imports from China falling significantly short of China's export figures, raising concerns over potential anomalies such as under-invoicing, misclassification, and inconsistent reporting practices. In 2023, India's merchandise imports from China stood at $99.59 billion, which was 18.2% lower than the $117.68 billion worth of exports reported by China, …

India, EU gear up for 10th round of FTA negotiations
4 weeks ago

India, EU gear up for 10th round of FTA negotiations

Hindustan Times  

Fresh momentum in India-European Union free trade negotiations has emerged against the backdrop of global uncertainties and shifting geopolitical equations after the US presidential elections, as top negotiators from both sides met in Brussels recently to prepare for the 10th round of talks. India, EU gear up for 10th round of FTA negotiations The 27-member European bloc sees India, with …

Piyush Goyal: India Chooses FTAs With Transparent, Aligned Economies
1 month ago

Piyush Goyal: India Chooses FTAs With Transparent, Aligned Economies

Deccan Chronicle  

New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday said that India looks for equity, balance and fair trade while negotiating a free trade agreement. “Fulfilling basic amenities of citizens has been the government’s priority for the last decade empowering Indians to aspire big, ensuring that India uses the 4-D advantage of democracy, demographic dividend, demand and decisive leadership …

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct
1 month ago

Pharma, electronics and engineering goods among India’s top exports during Apr-Oct

Live Mint  

New Delhi: India's merchandise exports continued their upward trajectory during April-October, with 21 of the top 30 sectors registering growth in value terms, buoyed by rising global demand for Indian goods. Growth in key sectors like pharmaceuticals, electronics, and engineering goods contributed to the overall gains, while a sharp decline was reported in traditionally strong sectors—petroleum and gems and jewellery—amid …

India imports more from China, exports less during Apr-Oct 2024: Govt data
Trending News
1 month, 1 week ago

India imports more from China, exports less during Apr-Oct 2024: Govt data

Firstpost  

During the period, the top 10 import sources of India were China, Russia, the UAE, the US, Iraq, Saudi Arabia, Indonesia, Korea, Switzerland and Singapore, the data showed China was India’s top import source with $65.89 billion, a 9.8 per cent year-on-year increase, worth of inbound shipments during the April-October period of this fiscal, according to the commerce ministry data. …

Is the spike in India’s trade deficit a worry?
3 months ago

Is the spike in India’s trade deficit a worry?

The Hindu  

The story so far: After a positive start to goods exports in the first quarter of 2024-25, there has been a blip in momentum. On the exports front, 18 of India’s top 30 segments recorded growth in July and 19 in August, but the big-ticket sectors like petroleum, and gems and jewellery, have tanked significantly. While gems and jewellery exports …

India's exports in Q1 show resilience despite global slowdown: CRISIL
5 months ago

India's exports in Q1 show resilience despite global slowdown: CRISIL

New Indian Express  

India's exports have shown resilience amidst global challenges, with merchandise exports rising by 5.8% to $109.96 billion in the first quarter of fiscal 2025, according to CRISIL. "On a cumulative basis, merchandise exports rose 5.8% to $109.96 billion for the first quarter of fiscal 2025, from $103.9 billion in the year-ago period. This growth in exports in the first quarter …

Gold, silver import surges 210% in 2023-24 from UAE; need duty revision in FTA: GTRI
6 months, 1 week ago

Gold, silver import surges 210% in 2023-24 from UAE; need duty revision in FTA: GTRI

The Hindu  

“India’s gold and silver imports from its free trade agreement partner UAE have skyrocketed 210% to $10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge,” a report said on June 17. Economic think tank Global Trade Research Initiative said this sharp rise …

India, Oman conclude trade talks; to sign deal after elections
8 months, 2 weeks ago

India, Oman conclude trade talks; to sign deal after elections

Live Mint  

New Delhi: Negotiations for a free trade agreement between India and Oman have concluded, and it's likely to be signed after the formation of a new central government in the coming months, two people aware of the matter said. The pact, officially known as the Comprehensive Economic Partnership Agreement, will boost Indian exports to the West Asian country by eliminating …

Ties across the sea: The Hindu Editorial on the India-UAE close relationship
10 months ago

Ties across the sea: The Hindu Editorial on the India-UAE close relationship

The Hindu  

At first glance, Prime Minister Narendra Modi’s visit to the United Arab Emirates last week, might have seemed like any other bilateral visit he has undertaken. The timing may have been related to an invitation to address the ‘World Governments Summit’ in Dubai and to inaugurate Abu Dhabi’s first Hindu temple, but the 10 bilateral agreements signed need a closer …

India looks for new textiles markets abroad as demand wanes in U.S., EU, says Union Secretary
11 months, 2 weeks ago

India looks for new textiles markets abroad as demand wanes in U.S., EU, says Union Secretary

The Hindu  

With demand for textiles exports turning sluggish in Europe and the U.S., India is looking for new markets through free trade agreements with countries such as Australia and the United Arab Emirates, Union Textiles Secretary Rachna Shah said here on Tuesday. Addressing a press conference, she said the Centre is taking steps to address the issues of lack of demand …

Deceptive signals: The Hindu Editorial on India’s October 2023 goods exports numbers
1 year, 1 month ago

Deceptive signals: The Hindu Editorial on India’s October 2023 goods exports numbers

The Hindu  

Last month, India’s goods exports recorded only their second uptick this financial year, with a 6.2% rise. Merchandise imports grew a sharper 12.3% over last October and nearly 21% over September’s tally to hit an all-time high of $65.03 billion. The Finance Ministry’s monthly economic review asserted that merchandise exports “surprised on the upside” with the highest growth in 11 …

After FTA, India and Australia to boost economic ties
1 year, 1 month ago

After FTA, India and Australia to boost economic ties

Hindustan Times  

New Delhi HT Image After successful conclusion of a preliminary free trade agreement last year, India and Australia have started discussions to take bilateral ties forward in areas such as digital trade, micro, small and medium enterprises, traditional knowledge, labour, and sports, two people aware of the development said. New Delhi and Canberra concluded the seventh round of talks regarding …

Abu Dhabi considers investment worth $50 billion in India
1 year, 1 month ago

Abu Dhabi considers investment worth $50 billion in India

Firstpost  

Over the past decade, the two nations have been working to strengthen their relationship and have set a goal to increase non-oil bilateral trade to $100 billion. Notably, Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since assuming office as the Prime Minister in 2014. Earlier this year, India and the UAE set a …

India’s goods trade deficit hits a 10-month high
1 year, 3 months ago

India’s goods trade deficit hits a 10-month high

The Hindu  

India’s foreign trade hit a fresh trough in August, with goods exports shrinking for the seventh successive month, services exports estimated to have dropped for the first time in well over a year, and the goods trade deficit hitting a 10-month high. The merchandise import bill for August dropped 5.23% year-on-year to $58.64 billion, but was 10.85% higher than July’s …

Trade is at the heart of the India-UAE relations
1 year, 3 months ago

Trade is at the heart of the India-UAE relations

Hindustan Times  

Later this week, New Delhi will host the most significant global forum in its history. UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi pose for a photograph during an official visit reception at Qasr Al Watan, Abu Dhabi, UAE, July 15, 2023. In 2017, the UAE-India relationship was formally elevated to a Comprehensive Strategic …

The India-UAE FTA: Strengthening economic ties
1 year, 4 months ago

The India-UAE FTA: Strengthening economic ties

Hindustan Times  

The India-United Arab Emirates Free Trade Agreement has the potential to benefit Maharashtra, which is the largest contributor to India's Gross Domestic Product. The FTA with the UAE has the potential to further boost Maharashtra's economic growth by providing greater access to the UAE market for Maharashtra's products and services. This will make it easier for Maharashtra's textile manufacturers and …

India-ASEAN trade deal ill conceived: Goyal
1 year, 4 months ago

India-ASEAN trade deal ill conceived: Goyal

Live Mint  

India-ASEAN trade deal signed under the UPA era is one of the most ill-conceived deals, commerce minister Piyush Goyal said on Thursday at an industry event. India mostly imports capital goods, raw materials and intermediates from Asean, the tariff concessions under the free trade agreements have also been advantageous to many sectors and adversely impacted domestic companies, especially chemicals and …

Modi in UAE: In New Era of Bilateral Trade, a Firm Foreign Policy Caps Ties
1 year, 5 months ago

Modi in UAE: In New Era of Bilateral Trade, a Firm Foreign Policy Caps Ties

The Quint  

Into a year of the CEPA, the value of bilateral non-oil trade reached USD 50.5 billion, an increase of 5.8 percent from the previous year. In an article for the Dubai-based Gulf News, Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, pointed out that this increase was recorded "as global trade declined in both Q3- and Q4-2022 …

We want to make it easier for Indians to be able to travel into UAE or elsewhere: UAE envoy
1 year, 5 months ago

We want to make it easier for Indians to be able to travel into UAE or elsewhere: UAE envoy

The Hindu  

In an interview to The Hindu, UAE Ambassador to India Abdulnasser Alshaali says trade is growing, but travel between the two countries is held up by Air Service Agreement impasse. And that would definitely, as a result, encourage traders to do more business because it’s just much easier to set up their trade in whatever currency that they prefer in …

Gold imports from UAE fall despite pact
1 year, 5 months ago

Gold imports from UAE fall despite pact

Live Mint  

Gold shipments from the United Arab Emirates have nearly halved from the previous year to a two-decade low in the year ended 31 March 2023 despite the concessional duty offered under the bilateral comprehensive trade pact that came into force in May last year. Under the India-UAE free-trade pact, a concessional tariff is applicable on the first 120 tonnes of …

India’s Jan.-April imports from China rise 4.6% to $37.86 billion
1 year, 6 months ago

India’s Jan.-April imports from China rise 4.6% to $37.86 billion

The Hindu  

India’s imports of Chinese goods have continued to rise in 2023, growing 4.6% in the first four months of the year to cross $37.86 billion. Two-way trade climbed 4.5% from the year-earlier period to reach $44.34 billion at the end of April, data from China’s General Administration of Customs showed. In the first four months of the year, China’s trade …

India-UAE trade pact boosts exports to $31.3 billion in 2022-23
1 year, 7 months ago

India-UAE trade pact boosts exports to $31.3 billion in 2022-23

The Hindu  

Exports from India to the UAE have grown at almost 12% in 2022-23 to hit $31.3 billion, more than double the 5.3% growth in India’s overall exports, thanks to the implementation of the bilateral trade pact last May, the Commerce Ministry said on Monday. “During the CEPA Implementation period, bilateral trade increased from $67.5 billion a year earlier to $76.9 …

India FY23 exports defy global turmoil to hit record high
1 year, 8 months ago

India FY23 exports defy global turmoil to hit record high

Live Mint  

In a year of uncertainties worldwide, India exported a record $447 billion worth of goods in FY23, up about 6% from the previous year, commerce ministry data showed. At the same time, goods imports rose over 16% to touch $714 billion, widening the goods trade deficit to highest ever mark of $267 billion against the previous year’s $191 billion. “Although …

Goods exports grew 6% , imports 16.5% this fiscal
1 year, 8 months ago

Goods exports grew 6% , imports 16.5% this fiscal

The Hindu  

India’s goods exports declined for the second successive month in March, falling a sharp 13.9% to $38.38 billion while imports dipped 7.9% to $58.11 billion. “Despite the global headwinds, we have surpassed our 2022-23 target of $750 billion dollars to hit $770.18 billion, which is $94 billion higher than last year’s record exports,” Commerce Secretary Sunil Barthwal said, using services …

India's services exports to cross $300bn target for this fiscal: Piyush Goyal
1 year, 11 months ago

India's services exports to cross $300bn target for this fiscal: Piyush Goyal

The Hindu  

The country's services exports are doing “extremely well” and going by the current trend these outbound shipments would register about 20% growth in this fiscal and cross the $300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said. With all these stress, where every global leader is talking of “very” tough times, India's exports rose …

Amid slowing demand, exports dip by 12.2%; imports contracts 3.5%
1 year, 11 months ago

Amid slowing demand, exports dip by 12.2%; imports contracts 3.5%

The Hindu  

India exported goods worth $34.48 billion in December 2022, constituting a 7.75% rise from November’s $32 billion figure but a steep 12.2% dip from a year ago, amid slowing global demand. Consequently, the country’s merchandise trade deficit inched up from just under $24 billion in November to $24.24 billion in December, remaining under the $25 billion mark for the second …

Turning tide: On India’s goods exports
1 year, 11 months ago

Turning tide: On India’s goods exports

The Hindu  

India’s goods exports rebounded from a nearly 17% dip in October to a mild 0.6% uptick in November. Their share in exports growth has been shrinking since June, with the contraction accelerating for many sectors from September to November — engineering goods that drove much of India’s record $422 billion goods exports in 2021-22, contracted 11.3% while textiles fell a …

India-Australia FTA to help increase apparel exports: AEPC
1 year, 11 months ago

India-Australia FTA to help increase apparel exports: AEPC

The Hindu  

Customs duty advantage under the India-Australia free trade agreement will help Indian apparel exporters get greater market access in that country as compared to their competitors, AEPC said on Tuesday. Apparel Export Promotion Council Vice Chairman Sudhir Sekhri said Australia is the largest importer of garments in the southern hemisphere. "With the India-Australia ECTA getting operationalised, India will have a …

India, UAE central banks discuss rupee, dirham trade
2 years ago

India, UAE central banks discuss rupee, dirham trade

The Hindu  

The Central banks of India and UAE are discussing a concept paper on promoting bilateral trade in rupee and dirham with a view to reduce transaction cost, a top official said on Friday. India and the UAE had already signed a free trade agreement in February to give a fillip to bilateral trade and economic ties. The free trade agreement …

India, Gulf Council agree to resume negotiations on free trade agreement: Piyush Goyal
2 years, 1 month ago

India, Gulf Council agree to resume negotiations on free trade agreement: Piyush Goyal

Hindustan Times  

India and the Gulf Cooperation Council have agreed to pursue a free trade agreement between the two regions and resume the negotiations, Commerce and Industry Minister Piyush Goyal said on Thursday. India's exports to the GCC member countries grew by 58.26 per cent to about USD 44 billion in 2021-22 against USD 27.8 billion in 2020-21, according to data from …

What India gains from FTA with Australia
2 years, 1 month ago

What India gains from FTA with Australia

Live Mint  

After 10 years of negotiations, India and Australia have finally agreed an interim free trade deal. Export council Pharmexcil’s Director General Ravi Uday Bhaskar said India has the highest number of USFDA-approved sites and other stringent regulatory agencies approvals too — which will yield results once ECTA comes into effect. FIEO also expects India’s share in Australia’s US$ 13 billion …

India’s imports from China surge to record high in first nine months of year
2 years, 1 month ago

India’s imports from China surge to record high in first nine months of year

The Hindu  

India’s imports from China have risen 31% for the nine months ended September, propelling two-way trade past $100 billion and the trade deficit to a record high. India’s exports to China in the first nine months of this year were, however, down by as much as 36.4% at $13.97 billion, data from China’s General Administration of Customs showed. India’s imports …

‘FTAs with U.K., Canada to be sealed in 2022’
2 years, 3 months ago

‘FTAs with U.K., Canada to be sealed in 2022’

The Hindu  

India’s free trade pact negotiations with the United Kingdom are ‘within touching distance’ of a deal and a similar deal along with a Bilateral Investment Treaty with Canada is expected to be concluded by December, its top trade official said on Saturday. Subrahmanyam said that the government is readying a new Foreign Trade Policy which will be unveiled on September …

Trade worries: The Hindu Editorial on the expanding trade and current account deficits
2 years, 4 months ago

Trade worries: The Hindu Editorial on the expanding trade and current account deficits

The Hindu  

July’s provisional trade data should trigger early warning signals among policymakers, as the first year-on-year contraction in exports in 17 months, albeit marginal, and a 44% jump in imports, sharply widened the trade deficit to a third successive monthly record. While the Commerce Ministry has sought to explain away the 0.8% slide in last month’s exports as largely being a …

Exports grow 16.8%; merchandise trade deficit hit fresh high in June
2 years, 5 months ago

Exports grow 16.8%; merchandise trade deficit hit fresh high in June

The Hindu  

India’s merchandise trade deficit hit a fresh high of $25.63 billion in June as imports surged 51% to $63.6 billion, significantly outpacing the 16.8% rise in exports, preliminary trade data show. The value of non-petroleum imports was $42.84 billion in June, reflecting a growth of 36.4%, while non-oil and non-gold, silver and precious metals imports rose 31.7% to $36.7 billion. …

Explained | Why are India’s economic stakes high in West Asia?
2 years, 6 months ago

Explained | Why are India’s economic stakes high in West Asia?

The Hindu  

The story so far: The diplomatic fallout from the provocative and communally charged comments made by two erstwhile spokespersons of the ruling Bharatiya Janata Party, forced the government into firefighting mode earlier this month after several West Asian nations including Qatar, Kuwait, Iran, Bahrain, Oman, Iraq, Saudi Arabia and the UAE as well as the 57-nation Organisation of Islamic Cooperation …

Data | Hate remarks against the Prophet: Why does the Gulf matter?
2 years, 6 months ago

Data | Hate remarks against the Prophet: Why does the Gulf matter?

The Hindu  

Following diplomatic backlash from all the countries that are part of the Gulf Cooperation Council — Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman — and Iran, the ruling BJP suspended its spokesperson, Nupur Sharma, and the Delhi unit of the party expelled its media cell head, Naveen Kumar, over their remarks on Prophet Mohammad and Islam. One, the …

UAE-India: Towards greater strategic partnership
2 years, 7 months ago

UAE-India: Towards greater strategic partnership

Hindustan Times  

The baton of leadership has officially been passed on in the United Arab Emirates with the demise of the UAE president and ruler of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahyan, on May 13,2022. India and UAE share a very close relationship, built on a strong foundation of brotherhood, trade, energy security, security and people to people ties. The …

India's Trade Deficit Rises 88% to $192 Billion in FY22, Says Govt; Details here
2 years, 8 months ago

India's Trade Deficit Rises 88% to $192 Billion in FY22, Says Govt; Details here

News 18  

India’s trade deficit rose 87.5 per cent to USD 192.41 billion in 2021-22 as against USD 102.63 billion in the previous year, the government data showed on Monday. The ministry said the country’s merchandise import last month stood at USD 59.07 billion, an increase of 20.79 per cent over USD 48.90 billion in the year-ago period. During March 2022, the …

India’s trade pact with Australia will click: It ticks the right boxes
2 years, 8 months ago

India’s trade pact with Australia will click: It ticks the right boxes

Live Mint  

The India-Australia Economic Cooperation and Trade Agreement, signed on 2 April, is in many aspects a path-breaking trade agreement for both countries. One of the major factors behind this new FTA confidence and support shown by Indian Industry is that the government has identified the right set of countries for such trade and aggressively ensured meaningful market access for Indian …

Turning to trade winds: The Hindu Editorial on India-UAE Comprehensive Economic Partnership Agreement
2 years, 10 months ago

Turning to trade winds: The Hindu Editorial on India-UAE Comprehensive Economic Partnership Agreement

The Hindu  

A little over two years after it turned its back at the last minute on a major multilateral trade agreement it had spent years negotiating, India last week announced the signing of a Comprehensive Economic Partnership Agreement with the United Arab Emirates. The free trade pact is a tacit acknowledgment that India needs to strengthen its trade ties with existing …

Fastest FTA, India's First Comprehensive Deal in a Decade. All You Need to Know About Pact with UAE
2 years, 10 months ago

Fastest FTA, India's First Comprehensive Deal in a Decade. All You Need to Know About Pact with UAE

News 18  

India and United Arab Emirates signed a historic pact called the Comprehensive Economic Partnership Agreement, which is being considered the fastest free trade agreement between any two countries in a record time of three months. India’s particularly labour-intensive industries will have substantial net gains through this trade pact: gems and jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agricultural and …

India working on FTAs with UAE, five others: Goyal
3 years ago

India working on FTAs with UAE, five others: Goyal

Hindustan Times  

India is working on at least six free trade agreements, including one with the United Arab Emirates that can create a gateway for Indian trade to the Middle East and Africa and New Delhi may set up a huge India Mart in Dubai to tap that market, commerce minister Piyush Goyal said on Friday. Speaking at the annual convention of …

Piyush Goyal pushes for ASEAN FTA renegotiation
3 years, 2 months ago

Piyush Goyal pushes for ASEAN FTA renegotiation

The Hindu  

Commerce and Industry Minister Piyush Goyal called for a renegotiation of the India-ASEAN free trade agreement, to prevent its misuse by ‘third parties’ and remove trade restrictions as well as non-tariff barriers that he said have hurt Indian exports disproportionately since the pact was operationalised in 2010. “India is currently witnessing exponential growth in imports from the ASEAN region, while …

India, UAE Plan to Lift Bilateral Trade to $100 Billion in 5 Years Via New Pact
3 years, 3 months ago

India, UAE Plan to Lift Bilateral Trade to $100 Billion in 5 Years Via New Pact

News 18  

India and United Arab Emirates plan to conclude a Comprehensive Economic Partnership Agreement by the end of the year with the aim to lift trade between the two countries by 70% in five years, trade ministers of both countries said. India’s Trade Minister Piyush Goyal said on Wednesday both countries would also aim to sign an ”early harvest” trade deal …

UAE, India look to double trade to at least $100B over five years
3 years, 3 months ago

UAE, India look to double trade to at least $100B over five years

Al Jazeera  

The United Arab Emirates is trying to burnish its credentials as a global hub for business and finance in the face of growing regional competition from Saudi Arabia. The two governments are set to start talks on an economic pact aimed at boosting business, investment and jobs, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on a …

Decoded | Why India's exports are at a record high
3 years, 4 months ago

Decoded | Why India's exports are at a record high

India Today  

India’s economy has been recovering steadily after the deadly second wave of Covid-19 dented the GDP growth outlook. Merchandise exports from India hit a record high of $35.2 billion in July 2021 — the highest-ever monthly figure ever in the country’s history. Read | India’s exports continue upward climb in May, trade deficit hits 8-month low DEFINITION OF EXPORTS AND …

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