Tunisia
(Source : Embassy of India Tunis)

India-Tunisia Trade Analysis

India has maintained cordial and friendly relations with Tunisia since establishment of diplomatic relations in 1958.  Our ties with the post-Revolution elected governments of Tunisia   have become closer   particularly in economic filed.  It resulted in significant economic gains by Indian companies through supply of automobiles, traditional items like coffee, tea, spices etc., chemicals, machinery and electrical appliances etc. Bilateral relations have been further consolidated with the exchange of high level visits, and organisation of economic/commercial and cultural activities during the year. However, bilateral trade remain below potentials. Various reasons may be cited in this regard. Foremost among them are: i) language barrier. Since Tunisia is a Francophone country, Arabic and French are the two languages spoken here, ii) there is no much exposure of Indian products and companies in Tunisia. Indian trade bodies need to organise participation of Indian companies in various trade fairs/exhibitions held in major cities of Tunisia from time to time. iii) more exchange of trade delegations for better introduction of each other’s products and requirements. Since Tunisia is close to Europe and Africa, Indian companies may consider to utilise Tunisia’s incentives to invest and set up their manufacturing base in Tunisia to cater to the European and African markets.

India-Tunisia Trade Data - Annual (US$ million)

Tunisia has been a reliable source for phosphates. India accounts for around 50% of Tunisia’s global phosphoric acid exports.  India, on the other hand, exports a wide range of products. Significant among them are Knocked-Down Kits, Automobiles, Electrical Items, Cotton, Mechanical Engines, Organic Chemical Products, Rice, Coffee/Spices etc.

Trade Data - Annual (US$ million)

Indian Investment and India-Tunisia Joint Venture: 

Despite the small size of Tunisia with population of just about 11 million, Indian investment has been quite significant in the phosphate industry. Tunisia-India Fertilizer SA Joint Venture (TIFERT) worth US$450 million was launched in 2006 in Tunisia for manufacturing Phosphoric Acid. Its production started in 2013. Two Indian companies Coromandel Fertilizers Ltd and the Gujarat State Fertilizers Ltd have 30% shares in the project. 

Export potential

Pharmaceuticals, commercial/farm vehicles and spare parts, machinery, renewable energy, agro products, heavy construction equipment, two wheelers, software exports and the services sector (tourism and hospitality) are the main areas where we can enhance our exports.

Venezuela
(Source : Embassy of India, Caracas)

India ratifies cooperation ties with Venezuela before US sanctions: On 29 May, the Minister of External Affairs of India, Smt Sushma Swaraj, ratified that it will give continuity to the bonds of brotherhood and cooperation that she holds with Venezuela and Iran despite threats from the US Government and its economic sanctions with these countries. Smt Swaraj noted that India does not submit to the mandates of other nations. "We do not make our foreign policy under pressure from other countries," said the Minister quoted in a press release from the Venezuelan Foreign Ministry. She indicated that the Indian government only believes in the measures that the United Nations organization can take and therefore they will maintain commercial relations with Venezuela and Iran.

Venezuela Bans Imports of Cryptocurrency Miners: According to local reports, the Venezuelan customs authorities would now confiscate mining equipment, including miners, graphics cards, and computers, that arrive in the country by sea, air, and land routes. The rule was levied with immediate effect. To prevent any surprise setbacks for customers, the country’s major shipping companies have updated their websites with the new rule, prohibiting the entry of miners in Venezuela.