India and the United States have finalised a roadmap to begin negotiations on a Bilateral Trade Agreement (BTA), following meetings between Prime Minister Narendra Modi and US Vice President JD Vance. The move comes as Washington enforces new tariffs under President Trump’s trade agenda, including a 26% rate on Indian imports. With key sectors exempt and talks prioritised, both sides aim to strike a balanced deal that enhances supply chain links, promotes trade, and protects their domestic industries.
Source: The Economic Times
India aims to finalize the first phase of its trade pact with the US by fall 2025, says FM Nirmala Sitharaman. The deal targets reduced tariffs and stronger ties, with hopes to boost bilateral trade from $200B to $500B by 2030. Key talks and meetings are underway in the US.
Sitharaman, who commenced her six-day US trip from San Francisco, is scheduled to meet US treasury secretary Scott Bessent, besides attending the World Bank-IMF and G20 meetings.
Source: The Financial Express
The upcoming India-US Bilateral Trade Agreement (BTA) is expected to become a model for India's future trade negotiations with other developed nations, according to a report by ACMIIL, a stock market company. The report highlighted that the deal marks a major shift in India's trade strategy, as it aims to use trade as a tool to acquire advanced technologies, speed up industrial growth, and strengthen its position in the global economy.
The report mentioned that the agreement is closely aligned with India's "Make in India" and "Atmanirbhar Bharat" (self-reliant India) initiatives. These programmes focus on boosting domestic production and reducing dependency on imports.
Source: The Economic Times
Several grievances have been received by the Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, regarding difficulties being faced by applicants during the GST registration process, mainly on account of queries raised by officers on the grounds of seeking additional documents.
To resolve these grievances and to smoothen GST registration process, CBIC has issued instructions on 17th April, 2025 (Instruction No. 03/2025-GST) to the officers for processing GST registration applications. Officers have been instructed to strictly adhere to the prescribed list of documents provided in registration application form. Requisite documents in specific cases to be uploaded with registration application form have also been delineated in the instructions. Officers have been directed not to issue notices based on presumptive grounds, minor discrepancies, or for additional documents that are not essential for processing applications.
Source: PIB
The textile industry is set to be among the hardest hit by the recent United States tariff hikes, with 40 percent of Indonesian textiles and apparel exports bound for the US market.
Industry players warn that the 32 percent so-called "reciprocal" tariff to be imposed on Indonesian goods once the 90-day suspension granted for bilateral negotiations ends could "accelerate layoffs" in a sector already struggling before the policy surfaced.
Efforts to diversify Indonesian exports beyond the US are deemed infeasible in the short term because of either limited market demand or intense competition from local players in target countries.
Redma Gita Wirawasta, chairman of the Indonesian Fiber and Filament Yarn Producers Association, or APSyFI, said around 40 percent of the wider industry's exports went to the US, mostly in the form of finished goods. Indonesia is currently the fifth-largest textile and apparel exporter to the US behind China, India, Vietnam and Bangladesh.
He warned that the new US tariffs could erode Indonesia's price competitiveness in the US market. At the same time, other countries might also start redirecting their supply to Indonesia.
Source: China Daily
The new Johor-Singapore Special Economic Zone (JS-SEZ) at the border of Singapore and Malaysia is expected to strengthen supply chains of businesses of both the countries amid uncertainties caused by US tariffs, according to the former’s Deputy Prime Minister Gan Kim Yong.
The US-China tariff war will have significant implications on businesses in Singapore and Malaysia, many of which are embedded within the production and supply chains of both the United States and China, Gan, who is also Minister for Trade and Industry, told a business and investment forum in Malaysia’s southern state of Johor recently.
The SEZ aims at streamlining cross-border trade and investment in sectors like advanced manufacturing, logistics, technology and digital economy, media outlets from the region reported. The zone, encompassing 3,571 sq km of land across southern Johor, will offer simplified customs clearance, harmonised regulations, improved connectivity for both people and goods, and tax incentives for companies that set up operations there.
Source: Vietnam Plus
