The Standing Committee on Commerce also recommended that a robust mechanism to support and equip MSMEs to counter the adverse effects of CBAM must be implemented on priority basis.
The Prime Minister s Office (PMO) is expected to conduct a review of the potential impact of the Red Sea crisis on trade, as exporters anticipate that trade in March and April may be affected. According to an official, there hasn t been any adverse impact on exports thus far due to the crisis. However, traders foresee that the impact might reflect in the trade numbers for March and April. Senior officials from various ministries including commerce and industry, petroleum, finance, and petroleum and natural gas convened with industry representatives on Wednesday.
India is actively engaged in ongoing FTA negotiations with multiple countries and blocs, including Oman, the UK, the EU, Canada, and various Indo-Pacific Economic Framework (IPEF) partner countries. The negotiations focus on market access, compliance with environmental and labour standards, and the reduction of high import duties. India currently has 13 functional FTAs and aims to tap into the large and rapidly growing market of 1.4 billion people. The apparel sector expects game-changing opportunities with FTAs with the UK and the EU, while the gem and jewellery sector anticipates a significant boost in exports through an FTA with the EU. FTAs have become the mainstay of India s trade policy, offering both economic gains and geostrategic dividends.
The first half of 2023 saw a $13.3 billion influx of foreign direct investment (FDI) into Kazakhstan. The Netherlands, the US, Switzerland, Russia, China, South Korea, Belgium, France, UAE, and Luxembourg emerged as the top contributors. Astana is keen for increased investments by India.