New Delhi is the largest supplier of seafood, particularly frozen shrimps, to the US and Indian shrimp exporters follow a robust regulatory and safety regime, the official said. There are around 1 lakh shrimp farms in India most of which are in Andhra Pradesh. Refuting reports of poor working conditions and safety standards, the official said that India’s 548 seafood units are regularly inspected and monitored by various government agencies.

The Indian government has permitted the export of Kala Namak rice, a premium non-basmati variety from Uttar Pradesh, up to a total quantity of 1,000 metric tonnes. This marks a significant change as exports of this rice were previously prohibited. The certification authority for Kala Namak rice and its quantity will be the Director of Agriculture Marketing & Foreign Trade in Lucknow.

India’s External Affairs Minister, S Jaishankar, has highlighted the government’s concern over the ban on Russian-origin unpolished diamonds by the EU and G7 nations, which could adversely affect the domestic diamond polishing industry, particularly in Surat, Gujarat. Jaishankar emphasized efforts to delay, soften, or prevent the ban altogether, considering it a priority issue.

India-Uzbekistan strategic partnership thrives on mutual respect and shared values. The countries collaborate across various sectors like trade, investment, tourism, energy, and culture, contributing to stability and development in Central and South Asia.

The United States has expressed ongoing concerns about India’s restrictions on the import of certain information and communications technology (ICT) products, including laptops, tablets, and servers. In its National Trade Estimate Report on Foreign Trade Barriers for 2024, the US Trade Representative highlighted issues such as politically motivated content takedown requests and complex customs procedures in India.

Pakistan’s potential trade resumption with India signals a significant policy shift, aiming to improve economic stability and reduce dependence on China, requiring careful diplomacy and consideration of India’s economic dominance.

Australia has requested details from India regarding its fisheries programs, including policy objectives, budget expenditures, and coverage, during a meeting at the World Trade Organization (WTO). Australia also inquired about performance requirements and whether the Pradhan Mantri Matsya Sampada Yojana (PMMSY) includes objectives related to harnessing tuna resources in India’s exclusive economic zone (EEZ) and the high seas. Additionally, Australia sought information on India’s program for converting trawlers into deep-sea fishing vessels, including funding details and whether it is ongoing under the PMMSY.

Soomilduth Bholah, Mauritius’ Minister of Financial Services and Good Governance, recently visited India to encourage Indian investors to utilize Mauritius as a gateway to access emerging African markets. During his ‘India Business Mission’ covering major cities, Bholah emphasized Mauritius’ expertise in African markets and urged Indian companies to set up offices there for operations in Africa.

In 2023, India’s trade reliance on China and the EU grew, while declining on Saudi Arabia. Global trade showed improvement in major economies like India and China. The outlook for 2024 suggests a potential impact from rising demand for electric vehicles.

The notification holds importance especially in view of the recent Supreme Court judgement in the case of Nestle wherein it was held that the Most favoured Nation clause is not auto-executory. “The notification ensures availability of the benefit of lower Tax Rate with respect to Royalty income & FTS under the India Spain Tax Treaty,” Pranav Sayta, Partner & Leader International Tax and Transaction Services, EY India said.