New Delhi: Commerce and industry minister Piyush Goyal has urged Indian Missions abroad to help address trade barriers faced by Indian exporters in their respective countries. While addressing Heads of the Commercial Wings posted in 74 Indian Missions abroad across 61 countries on July 16, he called for trade intelligence gathering, including updates on market trends, sectoral developments, and regulatory frameworks to boost India’s exports. India’s goods exports were 0.05% down on-year in June at $35.14 billion due to global economic uncertainties. In his address, Goyal emphasized the need for “strategic interventions to address Market Access Barriers including Non-Tariff Barriers, Sanitary and Phytosanitary Measures, and Technical Barriers to Trade,” the commerce and industry ministry said in a statement. He also called for sharing of innovative strategy and best practices that yield good results in trade promotion and attracting investment into India besides regular dissemination of trade advisories to identify demand-supply gaps and opportunities for Indian exporters and greater synergy among Missions, export promotion councils and Indian industry stakeholders.
Source: The Economic Times
India and the UK are likely to formally sign a Free Trade Agreement (FTA) next week with the final legal review of the pact currently underway. Both nations had reached the agreement in May. India expects 99% of its exports to the UK to have duty-free access. It also expects the FTA to open up significant export opportunities for labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, and gems and jewellery, as well as engineering goods, auto parts and engines, and organic chemical.
Source: The Economic Times
India should stand firm on its decision to continue buying oil from Russia and reject pressure from the United States to cut those imports, economic think tank Global Trade Research Initiative (GTRI) said on Thursday. According to GTRI founder Ajay Srivastava, discounted Russian crude has played a key role in helping India keep inflation in check and maintain macroeconomic stability despite global turbulence. “India must reject this pressure and stay firm on its Russia strategy. Buying discounted Russian oil has helped India manage inflation and maintain economic stability in a volatile global environment,” Srivastava said. His remarks come amid reports that former US President Donald Trump has threatened to impose a 100 percent tariff on countries that continue to purchase Russian oil. Srivastava cautioned that changing course under external pressure won’t help. “Altering that policy will not stop US threats and it will only invite more,” he said, noting that Trump has a pattern of issuing tariff threats for various reasons. “Given this pattern, India sees no value in giving in to US pressure on Russian oil. It won't resolve the larger issue of future unpredictable US demands. Even a trade deal with Washington won't guarantee protection, as Trump could shift the goalposts later,” Srivastava added. GTRI’s comments underscore a growing sentiment in Indian policy circles: that strategic autonomy in energy policy is non-negotiable, even amid shifting geopolitical equations.
Source: The Economic Times
Ratings firm CRISIL said that India's goods exports are likely to face some headwinds in fiscal 2026, as reciprocal tariffs imposed by the US are seen to aggravate this. With the tariff hikes expected to come into effect from August, India and the US are negotiating on a bilateral trade agreement and a key monitorable, the report said. The World Trade Organisation forecasts a 0.2 per cent decline in the volume of merchandise trade in 2025 compared to 2.9 per cent in 2024. The report said global growth is expected to slow down to 2.9 per cent in 2025 from 3.3 per cent. Growth in the US, India's largest export destination, is projected to slow to 1.7 per cent from 2.8 per cent. Accordingly, India's merchandise trade is expected to come under pressure this fiscal. However, the current account deficit (CAD) is expected to stay in the safe zone at 1.3 per cent of the GDP in the current financial year. The surplus in services trade, a robust flow of remittances is expected to cushion the CAD, the report added.
Source: The Economic Times
Textiles exports declined 2.07% in June 2025 compared with the same month in the previous year, even as exporters are confident of better orders in the coming months. For April-June 2025, textile exports shrank 0.94% as against the same period last year. Apparel exports registered a 1.23% growth in June compared with June 2024 and 8.91 % growth for April-June 2025 compared with the same period last year. Total export of yarn and apparel in June was 0.61 % lesser than June 2024. Industry officials said the decline in textile exports was expected mainly because of the uncertainties in the international market. There is still no clarity on tariffs by the U.S. on Indian products and this has impacted exports. Further, cotton yarn shipments to China reduced in June as China is changing its sourcing strategy. While the international market for textiles is sluggish, Bangladesh’s ban on sourcing yarn from India through its land ports has also had an impact. However, export orders for home textiles is said to be good and hence, demand for yarn is expected to pick up soon, they said.
Source: The Economic Times
Madhya Pradesh Chief Minister Mohan Yadav on Thursday presented the state as a "green, cost-competitive and traceable" production hub during his tour of Spain. The focus of the second day of the CM's visit was investment dialogue with the giants of the global textile and fashion sector, an official statement said. "In the meeting held at Inditex headquarters in Galicia, the CM presented Madhya Pradesh as a green, cost-competitive and traceable production hub. During the meeting, there was a detailed discussion on the possibilities of business partnership and sustainable investment with senior officials of the Inditex Group," it said. The CM said the Madhya Pradesh government is fully committed to global partnerships in the textile sector and the presence of a reputed brand like Inditex will accelerate economic development, enhance employment generation and promote green production in the state. "We are ready to support this partnership at all levels. Madhya Pradesh government promotes ESG (Environment, Social, and Governance) values. Water recycling, waste management and decent work standards are applicable in MP and the state's vision completely matches with Inditex's responsible sourcing policy," the release quoted him as saying. "The ESG module being developed by the Madhya Pradesh government is getting positive response at the global level. Mr. Jose M Romay and Marta Francos Rey of Inditex took it seriously while appreciating it. They have emphasised it can become a role model for stable development, inclusiveness and good governance. They also appreciated efforts being made in policy making for ESG goals in the state and the ecosystem available for investment in the textile sector," the release said. Madhya Pradesh is one of the top raw cotton producing states in the country, where about 18 lakh bales (3 lakh metric tonnes) are produced annually, the CM said. "There are more than 15 textile clusters in the state. Centres like Indore, Mandsaur, Burhanpur, Ujjain, Neemuch are leading in textile production. A textile mega park being developed under PM Mitra scheme of the Government of India in Dhar district can become an ideal centre for sustainable and integrated manufacturing for global brands like Inditex," the CM said while proposing that the company set up its unit at the facility. "Madhya Pradesh is India's leading organic cotton producer. Cotton is produced in abundance in the state, especially in Nimar and Malwa regions. Global Organic Textile Standard (GOTS) certified farmer groups are active here, which can be ideal partners for Inditex's sustainability and traceability policies," he said. Yadav suggested working together with Inditex on the farmer-to-fabric value chain, adding that MP is also surging ahead in the area of cotton to carbon fibre. The chief minister also informed that the annual export of textiles and garments from the state is more than Rs 7,000 crore, with the European Union being the leading importer. "With the partnership of brands like Inditex, this figure can reach Rs 10,000 crore, which will also give strength to local employment and women empowerment," the CM said while sharing features of the state's new Industrial and Export Policy 2025, which includes 90 per cent subsidy on land, 40 per cent capital assistance on machinery, 50 per cent assistance on green technology and interest subsidy on loans etc. "The chief minister invited Inditex to become a partner as a supply chain anchor in PM Mitra Park. He also suggested starting an organic cotton tracing platform and a vendor development program with ESG certified MSMEs," the release said. Spain's Inditex (Industria de Diseño Textil S.A.) is one of the world's largest fashion retail companies, with brands like Zara, Massimo Dutti, Bershka, Bull & Bear. The company is headquartered in Arteixo, Galicia. In India, Inditex works with the Tata Group through the Zara and Massimo Dutti brands.
Source: Rediff
Huge opportunities are there to increase collaboration between Indian and Japanese firms in the textiles sector, and companies from Tokyo are keen to invest here, AEPC said on Wednesday. Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said that numbers of meetings were held between companies of the two countries in the apparel sector to explore business opportunities. A number of domestic firms are participating in the India Tex Trend Fair (ITTF) in Tokyo. "We have appealed to increase their (Japan) sourcing and invest more in India. We had successful meetings with major brands like Uniqlo, Adastria, Toray, Itokin company, Broque Japan, Daiso, along with YKK and Pegasus," he said. The Indian industry, he said, is committed to meet Japanese quality norms. "We invite all our Japanese partners to engage with Indian exhibitors, explore collaborative possibilities, and experience firsthand the strength and reliability of India as a preferred sourcing destination," Sekhri said.
Source: Rediff
Italy’s foreign trade has declined in May 2025, with seasonally adjusted exports falling by 2.3 per cent and imports by 4.1 per cent compared to April, according to the official statistical agency Istat. Export reductions were sharper for non-EU countries (-3.1 per cent) than for EU markets (-1.7 per cent), while imports dropped by 7.5 per cent from non-EU countries and 1.3 per cent from EU partners. Quarterly data show a continued slowdown, with exports down 1.2 per cent and imports by 0.7 per cent over the past three months. On a year-on-year (YoY) basis, exports slipped 1.9 per cent and imports 1.7 per cent. Exports to non-EU countries fell 4.6 per cent, offsetting a modest 0.7 per cent rise in EU-bound shipments. Imports also declined across both zones, down 3.4 per cent for non-EU and 0.4 per cent for EU countries. Despite the decline in trade flows, Italy posted a trade surplus of €6.16 billion (~$7.16 billion) in May—€776 million (~$902 million) with EU countries and €5.39 billion (~$6.26 billion) with non-EU nations. Excluding energy, the surplus widened to €9.62 billion (~$11.19 billion). Import prices also continued to decline, falling 1.4 per cent month on month and 3 per cent YoY, driven mainly by a sharper drop in non-euro area prices (-3.7 per cent) versus the euro zone (-2.1 per cent).
Source: Fibre2fashion
China and Australia have signed an MoU to enhance the implementation and review of their Free Trade Agreement (FTA), aiming to strengthen bilateral economic ties, as per the Chinese Ministry of Commerce (MOC). The agreement took place in the presence of Chinese Premier Li Qiang and Australian Prime Minister Anthony Albanese. First enacted in 2015, the FTA is approaching its 10th anniversary and has been instrumental in expanding trade and investment between the two nations. Over the past decade, the agreement has provided tangible economic benefits and fostered deeper bilateral cooperation. The newly signed MoU paved the way for a comprehensive joint review aimed at identifying potential improvements or areas for expansion, as reported by Chinese media. Both the countries have committed to continued collaboration to ensure the agreement remains effective and responsive to evolving global and regional economic dynamics. The review process will also seek to promote greater trade and investment liberalisation, offering stronger institutional support for the long-term development of China-Australia economic relations, added the media report.
Source: Fibre2fashion
