Indian exporters view Russia as a highly promising market due to significant global trade restructuring, evolving geopolitical dynamics, and Russia's efforts to diversify sourcing, fostering a new phase of expansion in India-Russia trade relations.
The US Section 301 tariff, imposing a 10% duty on Indian goods, presents both cost challenges and unique opportunities for Indian exporters. While increasing landed costs, it offers a competitive edge as rival nations face higher 12.5% tariffs, reflecting US recognition of India's anti-forced labor efforts. FIEO advises product-specific evaluation and proactive measures.
India has challenged the US's proposed tariffs linked to forced labor, arguing the US approach is inconsistent and that such issues should be resolved via bilateral trade negotiations. India's representative questioned exemptions and the basis for tariffs, stating they would increase costs for all parties involved.
Indian exporters in chemicals, textiles, and handicrafts report increased US buyer inquiries before the July 24 tariff deadline. However, uncertainty over US trade policies and potential Section 301 tariffs are preventing firm orders.
India and the EU are set to sign a Free Trade Agreement by December, with nearly 93% of Indian exports gaining duty-free access to the European market by 2027. The deal, considered significant due to the combined economic power of both entities, follows recent G7 discussions.
US reduces tariffs on select metal-containing equipment from 25% to 15% until Dec 2027. However, high duties on steel, aluminum, and copper imports remain, limiting overall benefits for Indian exporters, according to GTRI.
India and New Zealand have finalized a free-trade agreement after 15 years of negotiations, with the deal accelerated by supply chain disruptions from the Strait of Hormuz closure and US tariffs. Commerce Minister Piyush Goyal and New Zealand Trade Minister Todd McClay signed the pact on Monday, as India awaits a delayed preliminary trade deal with Washington.
India and New Zealand have signed a 'once-in-a-generation' trade pact, granting Indian exporters duty-free access to New Zealand. The agreement aims to double bilateral trade to $5 billion in five years and includes a $20 billion investment commitment from New Zealand. Both nations are optimistic about the pact's potential to boost economic growth and cooperation across various sectors.
India-New Zealand FTA: It aims to double bilateral trade, provide Indian exporters duty-free access to the New Zealand market, and attract investments worth $20 billion over the next 15 years.
A US Supreme Court ruling has invalidated tariffs, triggering a $166 billion refund process. Because only US importers can file claims, Indian exporters must negotiate with their American partners to recover costs associated with the now-voided duties.
A $166 billion US tariff refund process has begun following a Supreme Court ruling. While Indian exporters are linked to $10–12 billion of these duties, they cannot claim refunds directly and must negotiate with US importers to recover costs.
