The bilateral trade between India and Indonesia reached USD 29.4 billion in FY2023-24, with Indonesia ranking as India’s eighth largest trading partner. India is Indonesia’s second-largest buyer of coal and crude palm oil, highlighting the strategic importance of this partnership, according to a report by Rubix Data Sciences.
Demands of certain developed countries from India to negotiate 'investment protection' elements under an FTA is inappropriate as negotiating the matter as part of a separate chapter under the trade pact could have larger and detrimental implications, source said. Legally speaking, they said, the investment protection element provides a wide range of obligations and commitments bestowed upon foreign investors, which are expansive in nature.
India has flagged barriers being faced by domestic industry in the European Union (EU) markets and urged to address the issue, an official statement said on Friday. The issue besides the progress of proposed free trade agreement between the two was discussed during the meeting of Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic last night virtually.
US Ambassador to India Eric Garcetti highlighted the potential of the US-India partnership, emphasising the need to lower tariffs and to increase trade and make it more fair and equal.
Commerce and Industry Minister, Shri Piyush Goyal held a video conference with Mr Maroš Šefcovic, European Commissioner for Trade and Economic Security; Interinstitutional Relations and Transparency last night. This conference—the first introductory meeting between the two leaders after the assumption of the charge of the new European Commission of the European Union(EU) —was convened to discuss India-EU Free Trade Agreement (FTA) negotiations, High Level Dialogue, India-EU Trade and Technology Council, other high level engagements & trade and investment issues. The meeting was attended by senior officials from both the sides.
Prime Minister Narendra Modi said on Saturday that his meetings with the top leadership of Kuwait during his two-day visit will help chart a roadmap for a futuristic partnership that benefits both countries and the region.
