Archive for the ‘India’ Category

India and UAE Opt to Settle Crude Oil Transactions in National Currencies

India, International Trade, News, United Arab Emirates

August 15, 2023

India and the United Arab Emirates (UAE) have decided to settle crude oil transactions using their national currencies: the Indian rupee and the UAE dirham. This move follows the Memorandum of Understanding (MoU) that was signed when Prime Minister Narendra Modi visited the UAE on July 15. This MoU led to the establishment of […]

India Calls for Renegotiation of FTAs with Japan and South Korea to Address Trade Imbalance

India, Japan, News, South Korea, Trade Policy

July 27, 2023

India’s Trade Minister, Piyush Goyal, announced on Thursday that the country has requested Japan and South Korea to reconsider their existing free-trade agreements (FTAs) with India to ensure a more “balanced and equitable” trade relationship. The move comes in response to the widening trade gap between India and the two Asian nations. During an event […]

Tehran and Jakarta Express Determination to Boost Bilateral Trade

India, Iran, News, Trade Agreements

May 23, 2023

The International Trade Council (ITC) notes the recent developments between Iran and Indonesia to bolster their bilateral trade relations. The past Iranian calendar year witnessed a trade volume nearing one billion dollars between the two nations. Iran’s export to Indonesia accounted for $847 million, while Indonesia exported $119 million worth of goods to Iran. The […]

India Affirms Commitment to Energy Priorities Amidst Russian Oil Purchase Decision

Energy Security, India, News

December 5, 2022

The International Trade Council (ITC) acknowledges India’s recent indication that it will continue to prioritize its own energy needs and maintain its purchase of oil from Russia. While recognizing India’s sovereign right to make its energy choices, the ITC emphasizes the importance of considering the ongoing conflict in Ukraine and the potential consequences of supporting […]

International Trade Council explores India-Russia Rupee-Rouble payment scheme

Bilateral Trade Relation, India, News, Russia

May 31, 2022

Mumbai, India – India is actively exploring the use of dedicated payment mechanisms for trade with Russia, including a potential Rupee-Rouble payment scheme, to enable existing trade obligations in the wake of sanctions imposed on the Kremlin. This move could also open up opportunities for Indian exporters to ramp up sales to Russia, according to […]

International Trade Council Commends UK’s First Trade Agreement with Indiana

Bilateral Trade Relation, India, News, United Kingdom

May 27, 2022

London, UK – The International Trade Council has lauded the UK’s first trade agreement with an individual US state, Indiana, as a significant move towards post-Brexit progress. The Memorandum of Understanding (MoU) seeks to enhance the £1.1bn ($1.4bn) worth of goods that Indiana already purchases from the UK. The agreement was signed by UK Trade […]

Australia and India Forge Closer Trade Ties with Economic Cooperation and Trade Agreement

Australia, Bilateral Trade Relation, India, News

April 2, 2022

The International Trade Council welcomes the recent signing of the Australia-India Economic Cooperation and Trade Agreement, which signals an intention by the two nations to forge closer trade ties. The virtual ceremony took place on April 2, with Australia’s Prime Minister, Scott Morrison, and his Indian counterpart, Narendra Modi, witnessing the event. According […]

India and the United Kingdom Launch Talks on Free Trade Deal

Bilateral Trade Relation, India, News, United Kingdom

January 14, 2022

The International Trade Council is pleased to announce the launch of negotiations between India and the United Kingdom on a free trade deal. This ambitious agreement is expected to significantly boost bilateral trade, marking one of the most notable negotiations for the UK following Brexit. British International Trade Secretary Anne-Marie Trevelyan met with India’s Minister […]

India Imposes Retaliatory Tariffs on US Products

India, News, Trade Policy, United States

June 15, 2019

The International Trade Council acknowledges India’s decision to impose tariffs on 28 US products, including almonds and apples, effective from Sunday. These new duties, with some reaching as high as 70%, are a response to Washington’s refusal to exempt Delhi from higher taxes on steel and aluminum imports. Earlier this month, US President Trump announced […]

US Terminates Preferential Trade Status for India Amid Tariff Dispute

India, News, Trade Policy, United States

June 1, 2019

The International Trade Council acknowledges President Donald Trump’s confirmation that the US will end preferential trade status for India next week. Until now, India has been the largest beneficiary of the Generalized System of Preferences (GSP) program, which allowed $5.6 billion worth of exports to enter the US duty-free. In March, President Trump announced the […]

UK and India Seal Trade Deals Worth €12.7 Billion During Prime Minister Modi’s Visit

India, News, Trade Agreements, United Kingdom

November 13, 2015

The International Trade Council is pleased to announce that the Comprehensive Economic and Trade Agreement (CETA) has received a significant boost from Germany’s Constitutional Court. The court has cleared the path for the German government to endorse the trade agreement between the EU and Canada, which bolsters the deal’s chances of obtaining approval in the […]

The International Trade Council is a global, peak-body, chamber of commerce that supports businesses and governments by providing resources, advocacy, and networking opportunities to promote international trade and foreign direct investment. It serves as a platform for organizations to collaborate, share knowledge, and navigate the complexities of global markets.