BRICS summit in Rio: Bloc may push trade in local currencies, countries differ on common currency; India says discussions still at 'early stage'.
Ahead of the BRICS summit in Rio de Janeiro, member nations are set to intensify trade settlements in their own currencies, although a unified BRICS currency isn't imminent. Diplomats emphasized that BRICS aims for mutual respect and non-interference, not as an anti-West coalition. Discussions on a common currency are preliminary, with focus on national currency trade.
Source: timesofindia.indiatimes.com
India builds 4-lane FTA roadmap: US and EU in sight, minerals and neighbours next.
India has prepared a four-part strategy for its free trade agreements (FTAs), targeting developed countries, nations rich in minerals, developing economies, and its neighbours. The first phase of this approach is expected to materialise by the end of the year, with potential deals involving the United States and the European Union.
Source: economictimes.indiatimes.com
More Indian exporters availing benefits of free trade pacts with Australia, UAE.
Issuance of preferential certificates of origin -- a document enabling exporters to claim tariff benefits under free trade pacts -- has risen significantly for Australia and the UAE in 2024-25, indicating increased advantage of such agreements for domestic exporters. The number of preferential certificates of origin issued by India under free trade agreements (FTAs) with Australia and the UAE rose by 19 per cent and 24.7 per cent respectively, in 2024-25, according to the commerce ministry data.
Source: economictimes.indiatimes.com
Kashmiri cherries make inroads into Middle East markets.
Premium cherries from the orchards of Kashmir are now available in Lulu supermarkets across Saudi Arabia and the UAE, following their first-ever commercial export to the Gulf. The move has been hailed by the Commerce Ministry as a significant step under the ‘Vocal for Local’ initiative aimed at promoting domestic produce globally.
Source: thehindubusinessline.com
Sealed Over Ice Cream: India-UK Free Trade Agreement Finalised During Hyde Park Stroll.
The India–UK Free Trade Agreement (FTA), finalised on 6 May 2025, was sealed not across negotiating tables, but over an impromptu walk and a chocolate ice cream in London’s Hyde Park. The casual meeting between Indian Commerce and Industry Minister Piyush Goyal and UK Business and Trade Secretary Jonathan Reynolds settled the remaining differences in what has been described as a 'balanced' and 'practical' trade pact.
Source: timesnownews.com
India's robust trade with G7 nations, except Canada, signals strong economic ties: Report.
India has experienced a healthy and growing trade relations with G7 nations, outlining deepening economic engagement and cooperation, according to a report by data science company, Rubix. G7 nations or the Group of Seven (G7) is an intergovernmental political and economic forum consisting of US, UK, Germany, France, Italy, Canada, and Japan.
Source: economictimes.indiatimes.com
India's trade with GCC in focus amid Iran-Israel ongoing conflict.
Amid the ongoing Iran-Israel conflict, traders are worried that conflict will result in disruption and escalate freight costs. Trade with West Asian nations is crucial for India, considering that nearly two-thirds of its import of crude oil and half its inbound shipment of liquefied natural gas pass through the Strait of Hormuz, which Iran has now threatened to close. India’s trade with West Asia is crucial, considering that apart from Russia, it imports crude oil from Iraq, United Arab Emirates (UAE) and Saudi Arabia. Among the West Asian nations, the majority of India’s trade is with the Gulf Cooperation Council.
Source: business-standard.com
Union Minister of Commerce & Industry, Shri Piyush Goyal Showcases India’s Strategic Economic Vision at India Global Forum 2025 in London.
Union Minister of Commerce & Industry, Shri Piyush Goyal showcased India’s strategic global outlook and economic leadership at the India Global Forum (IGF) 2025 in London today. His visit marks a significant moment following the historic signing of the India–UK Free Trade Agreement (FTA) in May 2025.
Source: pib.gov.in
A New Addition to Export Basket of Karnataka: The State Starts Blackberry Export, Ships First Consignments to the UK.
As India is gearing up to enhance its trade, Karnataka has added one more agri product to the export basket. Karnataka will now export jamun (Indian blackberry) to the United Kingdom for the first time, with two trial consignments recently dispatched. The initiative is a part of the government’s broader push to diversify exports of niche and indigenous products.
Source: outlookbusiness.com
India to focus on robust pacts with developed nations: Piyush Goyal.
'India's focus is on entering into robust trade agreements with the developed world, commerce and industry minister Piyush Goyal said on Thursday. 'Our focus is on entering into robust trade agreements with the developed world,' Goyal said at an event in London.
Source: economictimes.indiatimes.com