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Why in the news? India’s average import tariff (17%) is the highest among BRICS nations and five times that of the U.S. (3.3%), mainly due to high agricultural tariffs. The U.S. is pushing for tariff reductions, impacting trade negotiations. India’s Import Tariff Structure India’s average import tariff in 2023 was 17%, significantly higher than the …
Read MoreWhy in the news? The India-Middle East-Europe Economic Corridor (IMEC) was launched during the 2023 G20 Summit to improve trade ties, reduce costs, promote sustainable development, and integrate infrastructure across India, the Middle East, and Europe. India-Middle East-Europe Economic Corridor (IMEC): IMEC: Connectivity initiative strengthening economic ties between India, Arabian Peninsula, Mediterranean, and Europe. Announced …
Read MoreWhy in the news? The Gulf Cooperation Council (GCC), a key energy bloc, maintains strong economic ties with India, highlighted by substantial trade and expatriate remittances, emphasizing its role as India’s largest regional partner and a strategic ally in global dynamics. India-GCC Bilateral Relations India and the GCC share strong economic ties, with bilateral trade …
Read MoreWhy in the news? The Eastern Maritime Corridor, connecting Chennai and Vladivostok, has significantly reduced shipping time and costs, boosting trade between India and Russia. It facilitates quicker transport of key commodities, especially crude oil, strengthening bilateral economic and strategic ties. Significance of the Eastern Maritime Corridor: The Eastern Maritime Corridor connects Chennai to Vladivostok, …
Read MoreWhy in the news? India remains Nepal’s largest trading partner. Nepal’s trade deficit reached NPR 237.45 billion by mid-September 2024-25. Nepal maintains trade relations with 145 countries but has trade deficits with over Major Trade Deficits: Nepal’s largest trade deficits are with India (NPR 144.67 billion) and China (NPR 51.80 billion). India and China are …
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