Trade

In a symbolic gesture blending cultural diplomacy with strategic statecraft, Prime Minister Narendra Modi presented two artisanal gifts to Cyprus’ First Couple during his recent official visit. The exchange took place amid high-level discussions and bilateral agreements aimed at deepening trade, investment, and technological ties between India and Cyprus. Modi gifted a Kashmiri silk carpet featuring a two-tone illusion to President Nikos Christodoulides, while First Lady Philippa Karsera received a silver clutch crafted using the ancient repoussé technique.

India and the United States appear to be on the cusp of a significant trade agreement, rekindling hopes of enhanced bilateral economic ties. U.S. President Donald Trump has once again asserted that New Delhi is prepared to eliminate tariffs on American goods—claims met with cautious diplomacy in India. While both nations acknowledge ongoing negotiations, India has emphasized that any deal must be mutually beneficial.

India is signaling a robust shift in its international trade and investment diplomacy by proposing dedicated industrial enclaves for Italian businesses. Commerce and Industry Minister Piyush Goyal, during a high-level business forum in Italy, extended a strategic invitation to Italian firms to establish manufacturing hubs within India’s expanding industrial corridors. This initiative, backed by a Rs.

A U.S. federal trade court has halted former President Donald Trump's attempt to impose sweeping new tariffs, rejecting the administration’s justification that the measures supported a ceasefire between India and Pakistan. The administration claimed the duties were instrumental in de-escalating military tensions between the two nuclear-armed neighbors. However, the court ruled Trump had overstepped his authority under the International Emergency Economic Powers Act (IEEPA).

Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu has urged the Union Government to raise import duties on apples in response to rising imports from Turkey that are undercutting domestic producers. In a meeting with Finance Minister Nirmala Sitharaman, Sukhu emphasized the adverse impact on Himachal's apple economy and also sought fiscal support for the hill state. Key demands included an increase in the borrowing limit for special category states and greater financial flexibility.

In a strategic move to deepen economic ties and enhance regional commerce, Bangladesh has relaxed its visa policies for Pakistani business leaders. The initiative, highlighted by Bangladesh’s High Commissioner to Pakistan, Iqbal Hussain Khan, aims to facilitate smoother trade delegations and strengthen cooperation between the two nations. With bilateral trade anticipated to surpass USD 1 billion this fiscal year, both countries are positioning themselves as pivotal players within the South Asian economic landscape.

In a significant policy shift aimed at safeguarding domestic textile manufacturers, India has restricted the import of ready-made garments (RMG) from Bangladesh to just two sea ports—Kolkata and Nhava Sheva. This move is expected to increase import costs and reduce the influx of low-priced garments via land routes through the Northeast. The measure is being hailed by industry leaders as a strategic counter to Bangladesh’s earlier restrictions on Indian cotton yarn exports and a broader effort to promote self-reliance in India’s apparel sector.

India has emerged as a formidable player in the global electronics trade, with smartphone exports reaching an all-time high of $24.14 billion (approximately Rs. 2 lakh crore) in FY 2024–25. This represents a 55% surge over the previous year and positions smartphones as the country's top export, surpassing long-standing leaders such as petroleum products and diamonds.

India and the United States are intensifying efforts to conclude the first phase of a long-awaited bilateral trade agreement. During a recent ministerial visit to Washington, India’s Commerce and Industry Minister Piyush Goyal met with U.S. Commerce Secretary Howard Lutnick to expedite discussions. The talks aim to secure an interim arrangement by early fall, focusing on early wins in trade facilitation. Key negotiation areas include market access, tariff structures, rules of origin, and non-tariff barriers. With a temporary suspension of U.S.

In a significant policy shift, India has imposed new port restrictions on specific imports from Bangladesh, including categories such as ready-made garments and processed food products. The move, enacted through a notification by the Directorate General of Foreign Trade (DGFT), appears to be aimed at regulating the flow of certain goods while maintaining strategic transit commitments to neighboring nations. Notably, these restrictions will not apply to Bangladeshi consignments moving through India en route to Nepal or Bhutan.