India and Peru recently concluded the seventh round of talks for a proposed free trade agreement that took place in New Delhi, India from April 8 to April 11, 2024, according to an official release on April 11.
India s exports to Australia surged 14% to USD 5.8 billion from April-November, benefiting engineering, pharma, and electronics sectors due to the free trade pact initiated last December. Negotiations for a broader trade deal are progressing, focusing on detailed rules of origin. Australian FDI in India rose from USD 30-40 million to USD 300 million this year. However, Indian imports from Australia fell by 19%, totaling USD 11.14 billion. Key growth sectors include engineering, pharma, and electronics, diversifying India s trade basket with Australia.
The Indian government has denied plans to impose a minimum export price (MEP) on all agricultural products, stating that it has no intention to review all agri products from an export perspective. An inter-ministerial committee has recently decided on basmati rice, but the committee s wider mandate does not mean it will recommend MEPs for each agri product.
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