Chile
(Source : Embassy of India, Santiago)
SEMINAR BY DIRECON
A Seminar on the Expansion of the Indo-Chilean Preferential Trade Agreement was organized by the Directorate of International Economic Relations (DIRECON), Ministry of External Affairs on 16 May, 2017. During the event, presentations were made by Mr. Gaston Lewin, Vice President of the Industrial Development Society (SOFOFA); former President of Chile and currently Minister in Special Mission for Asia, Mr. Eduardo Frei Ruiz-Tagle; the Acting Director General of DIRECON Mr. Pablo Urria; Ambassador of India Ms. Anita Nayar; and Ms. Carolina Vasquez, Director of ProChile in New Delhi.
Mexico
(Source : Embassy of India , Mexico City)
In the Financial Year 2016-17 the total trade between India and Mexico was about 6.92 bln USD compared to 5.50 bln USD during the same period (April - March) in FY 2015-16. In 2015-16, India was the 13th biggest trading partner of Mexico while in one year it climbed 2 places to become the 11th biggest partner. The total trade registered a significant increase of 25 percent by value. In 2016-17 India exported USD 1.6 bln worth of Vehicles and auto-parts to Mexico. Mexico exported Crude oil worth USD 1.9 bln to India in the same period. India and Mexico held 7th Joint Commission Meeting on 23 June in which a lot of issues were discussed from both sides. The sub-committee on Economic and Trade Affairs was led by Mr. Santosh Sarangi, JS (NAFTA/AM), Ministry of Commerce and the sub-committee on Energy was led by Ms. Sushma Taishete, JS, Ministry of Petroleum and Natural Gas from Indian side.
In Mexico, the annual inflation rate soared to 6.16% last month, double the target rate set by Mexico’s central bank. Mexican private spending rose 0.7 percent during the first quarter compared to the previous three-month period. Private spending was 3.1 percent higher than during the same period a year earlier. The Bank of México raised its benchmark interest rate from 6.75% to 7%.
Mexico and India held Joint Commission Meeting in Mexico City
The Secretary, Ministry of Foreign Affairs of Mexico, Carlos de Icaza, and Preeti Saran, Secretary (East) of India`s Ministry of External Affairs, co-chaired the 7th Mexico-India Joint Commission Meeting and the fourth meeting for political consultations in the Foreign Ministry. The Binational Commission and the political consultations give continuity to the bilateral dialogue and seek to increase trade and cooperation. . The sub committee on Economic and Trade Affairs was led by Mr. Santosh Sarangi, JS (NAFTA/AM), Ministry of Commerce and the sub-committee on Energy was led by Ms. Sushma Taishete, JS, Ministry of Petroleum and Natural Gas from Indian side. During the 7th Binational Commission, its subcommittee on economic cooperation and the working groups on energy and space cooperation met, and regularly-scheduled multilateral consultations on issues of common interest were established. Mexico is India`s biggest trading partner, the most important destination for Indian investments in Latin America and the biggest Latin American investor in India. More than a hundred companies with Indian capital are in Mexico, mostly in metals, information and communication technologies, and pharmaceuticals. India is Mexico`s sixth largest trading partner in the Asia-Pacific region and ranks 11th worldwide, with trade of more than USD 6.92 billion. India has held observer status in the Pacific Alliance since 2014.
India now 11th biggest trading partner of Mexico; jumped 2 places
In the Financial Year 2016-17 the total trade between India and Mexico was about 6.92 bln USD compared to 5.50 bln USD during the same period (April - March) in FY 2015-16. In 2015-16, India was the 13th biggest trading partner of Mexico while in one year it climbed 2 places to become the 11th biggest partner. The total trade registered a significant increase of 25 percent by value. Total exports from India was 4.37bln USD registering an increase of 7 percent while total imports by India was 2.54 bln USD registering an increase of 76 percent. In 2016-17 India exported USD 1.6 bln. worth of Vehicles and auto-parts to Mexico. Mexico exported Crude oil worth USD 1.9 bln to India in the same period. The increasing trade partnership is a symbol of increasing economic cooperation between the two nations. Recently, the Mexican company Bimbo also made a huge investment in India.
Breakfast meeting on Doing Business with India
The Embassy of India and PricewaterhouseCoopers (PWC) organized a breakfast meeting on 27th June in which more than 12 major companies operating in sectors like food processing, Infrastructure etc. participated along with representatives of ProMexico and Bancomext. Representatives from Kidzania and Cinepolis which have established a good business presence in India were also present. They were briefed about the investment climate in general and `Make in India` in particular.
Peru
(Source : Embassy of India, Lima)
Peru Imports data till May 2017
Peru imported a value of US$ 18,935 million for the period Jan-May this year, an increase of 29.1% from the same period last year. Capital goods, with an amount of US$7,853 Million imports this year, showed the biggest growth with a 49.8% growth compared to the same period last year,. This group includes goods for industry, transportation, vehicles, mobile phones, etc.
Thailand
(Source : Embassy of India, Bangkok)
India moves to GST system
Prachachart Turakij | July 17, 2017
Since Prime Minister of India Narendra Modi assumed his position in 2014, India has implemented several major reforms. India has announced the `Make in India’ policy attracting Foreign Direct Investment to establish their production base in the country in order to enhance its production sector and increase the ratio of the industrial sector to 25% of total GDP by 2022. India has also launched its new Goods and Services Tax system, which has been in effect since 1st July 2017 in order to simplify its tax system. The International Monetary Fund forecasts that the new tax system will help to push Indian growth to 8% by 2021. India’s tax reforms will have positive effects on Thai goods exported to India such as plastic beads, machinery parts, and electronic parts. We may also see an improvement in consumer products exported to India such as cereal, milk and seasoning. India’s tax reforms also helped to increase confidence of Thai investors to invest in India while the ‘Make in India’ policy will also help support India to become one of the largest global manufacturing hubs.
India favors Thai products
Thai Post Date 19 Jul 2017
Miss Suvimold Tilokruangchai, commercial consul at Thai Trade Center, Mumbai, India, said that DITP invited 49 Thai companies to join Thailand Week 2017 in Mumbai from June 30 to July 2. It turned out that many Indian people have been interested in Thai products.
Venezuela
(Source : Embassy of India, Caracas)
Venezuela replaces Iran as India’s key oil supplier: Venezuela sold 137,000 bpd to Essar in June – up 107 percent from May (66,000 bpd), it was reported. Oil Minister Shri Pradhan, said state oil refiners import oil as per commercial and operational consideration. India`s state refiners have cut oil import plans from Iran by a quarter in the year to March 2018, it was reported earlier.