Recent Current Affairs related to Trade

PayGlocal, a cross-border payments company, has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to establish a Payment Service Provider (PSP) in the Gujarat International Finance Tec-City (GIFT) City in Gandhinagar, Gujarat.

The 10th India-Republic of Korea Joint Committee Meeting (JCM) on Defence Industries and Logistics Cooperation was held in New Delhi.

During the meeting, both nations reviewed ongoing bilateral cooperation in defence industries and logistics and discussed avenues to expand defence ties.

Union Minister Bhupender Yadav has distributed the first PRAMAAN certificates under the Indian Forest and Wood Certification Scheme (IFWCS) in New Delhi.

The certificates were awarded to the Andhra Pradesh Forest Development Corporation (APFDC) for its plantations covering 33,000 hectares, and to Govind Mohapatra, a farmer associated with the Odisha Bamboo Development Agency (OBDA).

Union Minister Piyush Goyal has announced that the India-New Zealand Free Trade Agreement (FTA) will come into force on October 20, 2026, following the completion of ratification and domestic processes in both countries.

From the date of implementation, 100% of exports from India to New Zealand will receive duty-free access, benefiting key sectors such as textiles and apparel, leather and footwear, gems and jewellery, engineering goods, and processed foods.

Union Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, the MD of Abu Dhabi Investment Authority (ADIA), have co-chaired the 14th meeting of the India-UAE High Level Joint Task Force on Investments (HLJTFI) in Mumbai. It is to be noted that the HLJTFI was established in 2013.

Additionally, the second India-Fiji Bilateral Joint Working Group (JWG) meeting was held in New Delhi, with both nations discussing various areas of mutual interest.

The central government has approved a one-time, interest-free loan of ₹50,000 per barn for the Flue-Cured Virginia (FCV) tobacco growers in Andhra Pradesh. The assistance is provided under the “Interest-Free Working Capital Assistance Scheme” with a total financial outlay of ₹220 crore.

According to the “Electrification Special Report 2026” released by the International Energy Agency (IEA), the electrification rate of India is projected to rise from 19% to 32% by 2035.

Accelerated electrification could reduce global energy import bills by over $400 billion by 2035. The electrification rate of Southeast Asia is projected to increase from 25% to 37% by 2035.

The Ministry of Electronics and Information Technology has mandated Bureau of Indian Standards (BIS) certification for smartphone screen protectors under the Electronics and Information Technology Goods (Requirement of Compulsory Registration) Order, 2021, effective from April 1, 2027.

With this, smartphone screen protectors become the 66th product category under the compulsory registration framework and must conform to the Indian Standard (IS) 19348:2025 before being manufactured, imported, or sold in India. A transition period is granted until March 31, 2027, for manufacturers and importers to meet the prescribed standard.

According to the report “Economic Outlook Asia-Pacific Q4 2026: Exports, Domestic Demand Will Shore Up Growth” released by S&P Global Ratings, the GDP growth of India for FY27 is revised upwards to 7% from 6.6%.

The growth for FY28, FY29, and FY30 is projected at 7.2%, 7%, and 6.8% respectively.

RNFI Money Pvt Ltd, a wholly owned subsidiary of RNFI Services Ltd, has received regulatory approval from the RBI to facilitate cross-border trade remittances.

The Indo-Russia Innopraktika Tech Hub (IRITH) has signed 4 strategic agreements during the “INNOPROM India 2026” International Industrial Trade Fair held at Bharat Mandapam, New Delhi.

Under the agreements, a CoE for AI and cybersecurity will be established at Gorky Tech. To facilitate cross-border investment, an agreement was signed with Russian Direct Investment Fund (RDIF). Additionally, the Russian company NexTouch will set up a joint venture in India, and SberMedAI will collaborate on the implementation of AI and IT applications in the healthcare sector.

Union Minister Sarbananda Sonowal has laid the foundation stone for the first port-based e-methanol production facility in India at the Deendayal Port Authority (DPA) in Kandla, Gujarat.

The project is being developed as a Joint Venture between the DPA and the Assam-based Assam Petro-Chemicals Ltd (APCL) with a total investment of ₹2,300 crore. The facility is designed to produce 150 tonnes of e-methanol per day to support maritime decarbonisation and establish India as a global green energy exporter.

India is ranked top in business climate among 41 global markets in the “Global Business Climate Survey 2026”, demonstrating strong confidence among Swedish companies operating in India. Ireland is ranked second, followed by Vietnam.

The Agricultural and Processed Food Products Export Development Authority (APEDA) has signed an MoU with InD Events Dubai, the organizer of Gulfood, to enhance global market opportunities for Indian agricultural and processed food exporters.

The agreement facilitates the participation of India as the Official Partner Country at Gulfood 2027 for the second consecutive year.

According to the “Survey on Computer Software and Information Technology Enabled Services (ITES) Exports: 2025-26” released by the RBI, the software services exports of India grew by 8.2% year-on-year to reach $221.4 billion.

The USA remains the top destination for these exports, accounting for 54.1% of the total export volume.

According to the 9th edition of the “Trade Watch Quarterly (TWQ) Thematic Analysis: Metals and Ores Trade” released by the NITI Aayog for the first quarter (Q1) of FY 2027 (April to June 2026), global goods trade reached $13.7 trillion in the first half of Calendar Year (CY) 2026, reflecting a 12.5% Year-on-Year (Y-o-Y) growth.

The total merchandise and services trade of India expanded to $506.9 billion in Q1 FY27, registering a 15.5% Y-o-Y growth. During the same period, merchandise exports increased by 16% to $129.5 billion, while merchandise imports grew by 19.8% to reach $216.1 billion.

EM Sudarsana Natchiappan, a senior leader of the Indian National Congress (INC) and former Union Minister, passed away at the age of 78.

International Day for South-South Cooperation

Day - September 11

Theme 2026 - “Solidarity Rising: Global Alliance for Inclusive and Innovative Development”

Observed by - UN

Observed since - 2004

Commemorating - The adoption of the Buenos Aires Plan of Action (BAPA) in 1978

According to the data released by the Ministry of Commerce and Industry, the total combined exports (merchandise and services) of India in the first five months of FY27 (April-August 2026) reached $399.27 billion, representing a growth of 15.5%.

Merchandise exports for the period stood at $215.91 billion, compared to $183.21 billion in the same period of the previous year. Total imports for the April-August 2026 period are estimated at $459.65 billion, showing a growth of 18.01%.

MoC&I further stated that in August 2026, the total combined exports of India were estimated at $82.68 billion, registering a growth of 25.41%. Total combined imports for the month are estimated at $92.09 billion, marking a growth of 18.75%.

India and the MERCOSUR bloc have signed the First Additional Protocol to their Preferential Trade Agreement (PTA) to formally accept electronic Certificates of Origin (CoOs), promoting paperless trade. The protocol modifies Article 16 of Annex III (Rules of Origin) within the existing PTA.

It is to be noted that the foundational India-MERCOSUR PTA was signed in 2004 and entered into force in 2009. Under this agreement, India extends tariff concessions on 450 tariff lines, while the MERCOSUR countries (comprising Argentina, Brazil, Paraguay, Uruguay, and Bolivia) offer concessions on 452 lines.