trade

The Modi government has understood that the dependence on cheap Chinese imports cannot be substituted in a short span of time and thus looking for alternative markets such as South Korea, Japan, Taiwan for imports of certain products.

In the virtual conference, the trade officials broadly agreed to identify new ways to "sustain and expand" the intra-regional trade to offset the huge economic cost of the coronavirus pandemic. The terrorist country Pakistan chickened out from the meeting after it was revealed that India was spearheading the meeting.

US President Donald Trump hints at India-America trade deals ahead of his visit.

Pakistan may make a one-time exemption in its trade ban with India to import insecticides that can help fight the locust infestation

As per the report, there has been an increase in inquiry from the buyers from the US and European countries because of the coronavirus outbreak in China.

Next to India, China received $67.41 billion, which is 9.8% of the global remittance figure. Mexico stands in third place with $35.7 billion, an increase in nearly 36 per cent in the last four years. 

On Monday, India announced that it will not be part of the Regional Comprehensive Economic Partnership or RCEP, which will be the world's largest free trade pact of 16 nations.

PM Modi said that the current form of RCEP agreement does not fully reflect spirit and agreed guiding principles

The RCEP will provide the Indian industry with a large market with low trade barriers

The government says RCEP agreement is far better than previous deals signed by the Congress governments