This week’s headline features a story from Europe :
India's steel industry faces significant challenges, including cheap imports from China and the EU's Carbon Border Adjustment Mechanism (CBAM) set to take effect in January 2026. Additionally, EU safeguard measures since 2018, including tariff-rate quotas and a 25% out-of-quota duty, have resulted in a trade loss of $4.4 billion for India, while the EU collected $1.1 billion in duties on Indian steel exports. In response to the extended safeguards until June 2026, India plans to impose tariffs on EU imports to offset its losses, like previous actions taken against the U.S. in 2019.
Europe: : India, a key steel exporter to the EU, is concerned about the financial impact of safeguard measures that have resulted in trade loss. In response, India plans to suspend concessions and increase tariffs on specific EU products.The issue remains unresolved at the WTO, with both sides working to find a resolution.
North America: The Indian Air Force and US Air Force concluded their two-day Executive Steering Group Meeting, enhancing cooperation. Recent exercises, including Tarang Shakti and Red Flag 2024, showcased joint capabilities and interoperability, marking significant milestones in their partnership.
South America: India is in talks with countries in Africa and South America to help them build a digital payments system using its homegrown Unified Payments Interface (UPI) as a blueprint and expects two launches by early 2027, as per NPCI.
Asia: Finance Minister Nirmala Sitharaman met Uzbekistan's Trade Minister Laziz Kudratov in Samarkand to discuss renewable energy, fertilizers, and pharmaceuticals. They acknowledged the Bilateral Investment Treaty, which aims to boost investor confidence and enhance bilateral trade and connectivity.
Australia : The 19th India-Australia Joint Ministerial Commission meeting emphasized strengthening trade ties and unveiled a new Investment, Trade, Technology, and Tourism office in Sydney. Both nations aim to expedite negotiations for a Comprehensive Economic Cooperation Agreement, targeting $100 billion in bilateral trade by 2030.
Africa: South Africa’s G20 Presidency will be centred more on the interests of the Global South agenda, especially Africa as stated by International Relations and Cooperation Minister, Ronald Lamola. Preparations are underway for South Africa’s G20 Presidency and hosting the G20 Summit in 2025. South Africa is expected to take over Chair of the G20 from December 1 this year, from Brazil. South Africa’s theme will focus on solidarity, equality and sustainable development.
