Trade Talks

Introduction On July 8, 2024, Indian Prime Minister Narendra Modi is set to embark on a three-day visit to Russia. This visit holds significance as it marks his first bilateral engagement since taking office for a rare third consecutive term as India's prime minister. Traditionally, Modi has chosen neighboring countries for his initial foreign visits, emphasizing India's neighborhood as a foreign policy priority. However, this time, the choice of Russia and Austria may seem unconventional. Let's delve into the reasons behind this decision and explore the trade implications of Modi's visit to Russia. Background: India-Russia Relations India and Russia share a longstanding relationship that dates back to the Indo-Soviet Treaty of Peace, Friendship, and Cooperation signed in 1971. Despite the collapse of the Soviet Union in 1991, their ties have endured, with annual India-Russia summits playing a crucial role in anchoring this partnership. Defense and energy cooperation ha...

Overview The India-ASEAN Trade Agreement is a significant trade pact between India and the Association of Southeast Asian Nations (ASEAN). It aims to promote economic cooperation and reduce trade barriers between the two regions. Recently, there have been some noteworthy developments regarding the review of this agreement. India and ASEAN are expected to formally launch the review exercise for the free trade agreement (FTA) in November. The review process will focus on eliminating barriers and addressing concerns about the misuse of the trade pact. The negotiations are expected to be concluded by 2025. This review is crucial as it aims to enhance and diversify trade while addressing the current irregularity in bilateral trade. India’s trade deficit with ASEAN has been a matter of concern, and this review aims to address this issue. The widening trade deficit between India and ASEAN has raised questions about the effectiveness of the existing trade agreement. The review will also ...