Prime Minister Narendra Modi has arrived in Tashkent, Uzbekistan, marking the first leg of his four-day Central Asia tour. During his visit, PM Modi is expected to hold high-level talks with Uzbekistan’s leadership, with trade and investment, defence cooperation, digital connectivity, energy, education and people-to-people ties high on the agenda.

The visit comes as India and Uzbekistan look to deepen their strategic partnership and expand cooperation across key sectors. Discussions are also expected to focus on strengthening connectivity and setting a roadmap for the next phase of bilateral relations.

After Uzbekistan, PM Modi will travel to Bishkek, Kyrgyzstan, to attend the Shanghai Cooperation Organisation (SCO) Heads of State Summit. Regional security, counterterrorism, connectivity, economic cooperation and stronger engagement with Central Asia are expected to remain key priorities for India.

PM MODI ARRIVES IN TASHKENT | Modi Begins 4-Day Central Asia Tour With Uzbekistan Visit

India’s trade minister Piyush Goyal said that India should be able to resolve its differences with the united states and conclude a “fair, equitable and balanced” bilateral trade agreement

Piyush Goyal calls for fair, equitable trade agreement

Sri Lanka's State Minister of Foreign Affairs Tharaka Balasuriya has said that India and Sri Lanka are working to trade in national currencies, a development that comes even as both sides have been focusing on financial connectivity.

Speaking to our diplomatic correspondent Sidhant Sibal, he said, " it makes more sense to pay for those goods in the local currency. So I think it's a very good proposal, and it will also be very easy for the Indian tourists to come and they come to Sri Lanka and pay in Indian Rupees".

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The minister was in Delhi for the BIMSTEC grouping's foreign minister retreat. He termed the India-Sri Lanka ties being at "all-time high", and pointed to India's economic support during the financial crisis his country faced.

He explained, "India's role in helping Sri Lanka was fundamental in Sri Lanka making a quick recovery..". On BIMSTEC, he backed increased connectivity and focus on FTA within the 7 member grouping. He also spoke on the expansion of the sea bed issue, the Katchatheevu island issue etc. Full interview:

WION: How do you see India, and Sri Lanka ties?

Tharaka Balasuriya: It's always good to be back in Delhi. The last time I was here was for the Raisina dialogue. The relationship between Sri Lanka and India is at an all-time high. And we have our bilateral ties are very good. We are collaborating in different spheres. And I think what we need to do, is to make sure that some of the things which we have discussed will materialize in the future very soon. So, I will say that the relationship between Sri Lanka and India is at an all-time high.

WION: If you can talk about the current economic situation and the Indian support for your country.

Tharaka Balasuriya: "I wouldn't say we're out of the woods, we still have a long way to go. Our debt restructuring has pretty much finished bilateral and also we have made the agreements with the bondholders, but we need in terms of generating new revenue streams, we need to be looking at new avenues to generate new revenue streams, and India's role in helping Sri Lanka was fundamental in Sri Lanka making a quick recovery whereas the multinational institutions should have stepped in, in such a scenario, it took a little bit of time for the multilateral institutions to step in."

"So it was India who stepped in with the $4.5 billion loan. At that time, we had queues which were two or three miles long, we did not have cash, and we were short of medicine. It was very gloomy in Sri Lanka, but now I think you know, if you have visited Sri Lanka, you will see that most things are back to normal. And tourism is thriving. Tourists are back in numbers," he said.

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"The economy's doing quite well. In this year, &nbsp;the growth rate was 5.3% in the first quarter. So I think we are on the right track. And of course, in order to achieve that we also had to take very difficult measures, such as raising the taxes, such as not extending the public service and also such as making sure that reducing subsidies and making sure that the pricing was cost-based. So we had to go through a tough period but I am optimistic to say that most of it is now behind us,"&nbsp;Balasuriya said.

"And from my overseas travels, maybe one year back when you meet foreign dignitaries, the first thing they ask is how's the situation in Sri Lanka, is there food to eat? Most foreign dignitaries would ask those questions, but I think that you know now when you visit other countries, most of the foreign dignitaries are asking how are you able to make such a quick recovery. And also the interest in Sri Lanka from all over is growing due to its location. So I'm very optimistic for the medium term and the long term prospects of Sri Lanka,"&nbsp;Balasuriya added.

WION: India has also stepped up its support to Sri Lanka in terms of infrastructure development, whether it's the oil fields we have been talking about or whether it is providing training to your civil servants.

Tharaka Balasuriya: &nbsp;So yes, indeed. I think one of the new revenue streams which we are looking at is pertaining to energy. Both my President and Prime Minister Modi are interested in making Trincomalee an energy hub. We are also looking at grid connectivity with India. So we are looking at connectivity with India in different spheres, people-to-people connectivity is very important. They are looking at the sea connectivity, maybe restarting the ferry service, maybe on a roll on- roll off basis, ferries, then we are looking at the air connectivity. Now there are flights flying to Chennai, flying to Jaffna but we are also in discussions with India to increase the length of the tarmac, So, large planes can come to Jaffna. Then we are looking at grid connectivity. So, we are looking at connectivity with India in a large way.&nbsp;

WION: Are you also looking with India Sri Lanka and a third country for example, India, Japan and Sri Lanka when it comes to ports are India, Russia and Sri Lanka when it comes to the airports

Tharaka Balasuriya:&nbsp;Will you know depends on the industry I think, now if you look at the Mattala International Airport, it's India, Sri Lanka and Russia and from the perspective of Sri Lankans, the highest number of tourists come to Sri Lanka from India. The second place number is from Russia. So it makes all the sense to have a tri-party agreement and to make sure that more tourists visit Sri Lanka. So I think you know, we should not just be looking at India, but also through India, we should be looking at it as a gateway to the rest of South Asia and also to Southeast Asia.

WION: &nbsp;So, you mentioned connectivity. Now, one connectivity which has been discussed is the land connectivity between India and Sri Lanka. This was one of the key outcomes of the earlier visit of the Sri Lankan President. How's it going about and what's the view in Sri Lanka regarding it

Tharaka Balasuriya: It's proceeding well at the highest level. I think the terms of reference have been done and then also an RFP has been given to Sri Lanka. Now we need to select a consultant in that regard. The bridge itself will, I think, take about four years to build. So that will be a game changer. The BIMSTEC foreign ministers had a time with Prime Minister Modi ji, and one thing I again emphasized was the bridge. And one point that the Prime Minister made was that if you look at the EU, and if you look at South Asia or Southeast Asia, for that matter, what he pointed out was that the reason that the EU succeeded is simply because of connectivity. So you know, India and Sri Lanka or be it you know, the road network between India and Myanmar and Thailand, we need to improve connectivity in all its forms. So there'll be more business transactions taking place if there's better connectivity.

WION: So you mentioned bridges in four or five years any year you're looking at.

Tharaka Balasuriya: I hope construction on the bridge will start as soon as possible. I mean, just think in terms of tourist numbers. I believe that you know if you look at the internal tourists, local tourists, Tamil Nadu gets the most number of tourists, they get about 140 million tourists . Rameshwaram alone gets 10 million tourists. So whether Sri Lanka stands this. Sri Lanka at the moment, has about 1.1 million tourists this year. And we are looking to get 2.4 million tourists at the end of the year. I think you know if we have a bridge that 2.4 million or 5 million tourists coming from India can take place within months. We've been building walls for too long. So we need to build the bridges now.&nbsp;

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WION: Sri Lanka plans to expand its seabed. India also plans to expand its seabed, it has put up a proposal as well. What's the update? Like? Is this an issue that is a thorny one between India and Sri Lanka.

Tharaka Balasuriya: &nbsp;No, certainly, not. I think we know each country has a right to claim beyond 200 nautical miles. So if there are areas of contention, those areas can be discussed and resolved bilaterally and we plan on having discussions with India and resolving this matter amicably.

WION: Have you raised it with the Indian side so far?

Tharaka Balasuriya: No, this was the BIMSTEC meeting. So it wasn't a bilateral meeting. I did have a meeting with Dr. Ashok. But we didn't discuss this issue. There were other bilateral matters which we discussed in

WION: In the past, has this been discussed because it looks like an old proposal?

Tharaka Balasuriya: I don't think that it is a major issue, pertaining to this. We had a similar issue with the Maldivians and then we decided we would discuss it with the Maldivian government bilaterally and can be sorted out amicably. So I don't think these are areas of contention.&nbsp;

WION: Coming back to connectivity, I believe there's so much to talk about connectivity. Financial connectivity, we saw the UPI being agreed on between India and Sri Lanka that will help a lot of Indian tourists go into your country. What are the other proposals? We are looking at the usage of the Indian rupee. Is this also on the anvil?

Tharaka Balasuriya: Yes, I think, from the Sri Lanka side we become less dollar-dependent. If more Indian tourists come to Sri Lanka, you can pay for the Indian goods in Indian rupees, then you only save a lot of money in terms of commissions and converting all money to dollars and paying your receipts in dollars. So it makes more sense to pay for those goods locally in the local currency. So I think it's a very good proposal, and it will also be very easy for the Indian tourists to come and they come to Sri Lanka and pay in Indian Rupees.

WION: So is there work happening on trading in the national currencies between India and Sri Lanka?&nbsp;

Tharaka Balasuriya: Yes, the work is proceeding well and I think by next year we will have identified a certain number of locations where these machines/ATMs can be used in order to trade.

WION: There is another issue that maybe Sri Lanka and India might not see eye to eye. One is the visit of the Chinese research vessels. How have you assured New Delhi?

Tharaka Balasuriya: There's a moratorium which is in place and will be until the end of the year, and at the end of the year, we will renew our position. But we are also very interested in developing our own capacity. So I think once we develop our own capacity as a sovereign country, then we can do the research ourselves. So this in terms of Sri Lanka's issues is not a major priority. Of course time and again we have stated that we are very interested in India's security interest. We want to make sure that no country uses Sri Lanka in order to threaten India's security and we have given that assurance and we will work towards that. But we will also want to trade with other countries. &nbsp;Certainly, India does far more trade with China than you know Sri Lanka does with China. I think India's trade with China is about $140 billion, whereas Sri Lanka's trade with China is a fraction of that. So, perhaps, maybe even Sri Lanka can be an opportunity for these two countries to, to trade.

WION: Any conversation on Katchatheevu island?

Tharaka Balasuriya: That's an internal matter and it has not been raised by the Indian partners and it has been addressed in the 1970s. So I don't think that's a matter which we need to raise up. I think certain Indian politicians raised that matter from a historical perspective, to show that , from India's perspective, perhaps it was a mistake. But Indians have not raised the matter of Katchatheevu to Sri Lanka and on three or four occasions when the matter has been raised by the Indians, once when Sri Lanka was still a dominion of the United Kingdom, the Royal Air Force used for bombing purposes, India raised concerns. Then regarding the fishing rights, and then later on there were discussions on the islands being used by the smugglers. But I think historically, the sovereignty of the island has not been questioned. And I think it's a matter which is done and dusted.

WION: Last few questions this time on the multilateral aspect. You're here for the BIMSTEC foreign ministers meeting. Where do you see this grouping going forward?

Tharaka Balasuriya: I feel that you know, there's more political will. And I feel that you know, there's 2 billion people who have been represented in the BIMSTEC. And certainly, we need to have closer integration within the BIMSTEC. We have been talking about an FTA within the BIMSTEC. And certainly, certainly, I think An FTA should come into place hopefully, and there's more political will. Now just imagine BIMSTEC alone represents 2 billion people and in Thailand and Myanmar, are also represented in ASEAN. And then ASEAN represents a further 2 billion people. So you're talking about 4 billion people. So I would think that within the next few years, there will be a closer dialogue with the BIMSTEC members and it's only seven members so we can have close dialogue. One proposal which was agreed upon was at the United Nations, in September every year for the BIMSTEC foreign ministers also to meet and have discussions. So this was a foreign minister's retreat. These discussions were very open and frank. It was very informal and our ideas and suggestions were taken into consideration. So we will be looking at the verticals in terms of energy security, in terms of food security, and in terms of people's security. And in all these, the other subclasses can be put into the three areas.

WION: What are your hopes for the upcoming summit in Thailand?

Tharaka Balasuriya: &nbsp;We want the summit to be successful and we want the things to materialize in terms of BIMSTEC itself, it is 27 years old. So the charter was passed during our presidency. But we want something concrete to come out of the group. Now, if you say that you are a member of the EU, then you feel like you're a member of the EU, you know you can travel freely within each country. So I think you know in order for the BIMSTEC to be successful, people in these countries, ordinary people in these countries need to feel that there's an organization called BIMSTEC, and because of this organization, there are certain benefits that the people are gaining. We are also hopeful that you know, that FTA will come through in the BIMSTEC, and there are other areas such as medical visas, and e-Visas to India are allowed. So, there was an array of areas which we discussed.

Sri Lanka's State Minister of Foreign Affairs Tharaka Balasuriya has said that India and Sri Lanka are working to trade in national currencies, a development that comes even as both sides have been focusing on financial connectivity.

Sri Lanka's State Minister of Foreign Affairs Tharaka Balasuriya has said that India and Sri Lanka are working to trade in national currencies, a development that comes even as both sides have been focusing on financial connectivity. Speaking to our diplomatic correspondent Sidhant Sibal, he said, " it makes more sense to pay for those goods in the local currency. So I think it's a very good proposal, and it will also be very easy for the Indian tourists to come and they come to Sri Lanka and pay in Indian Rupees". Also read: Nepal PM Pushpa Kamal Dahal 'Prachanda' loses floor test The minister was in Delhi for the BIMSTEC grouping's foreign minister retreat. He termed the India-Sri Lanka ties being at "all-time high", and pointed to India's economic support during the financial crisis his country faced. He explained, "India's role in helping Sri Lanka was fundamental in Sri Lanka making a quick recovery..". On BIMSTEC, he backed increased connectivity and focus on FTA within the 7 member grouping. He also spoke on the expansion of the sea bed issue, the Katchatheevu island issue etc. Full interview: WION: How do you see India, and Sri Lanka ties? Tharaka Balasuriya: It's always good to be back in Delhi. The last time I was here was for the Raisina dialogue. The relationship between Sri Lanka and India is at an all-time high. And we have our bilateral ties are very good. We are collaborating in different spheres. And I think what we need to do, is to make sure that some of the things which we have discussed will materialize in the future very soon. So, I will say that the relationship between Sri Lanka and India is at an all-time high. WION: If you can talk about the current economic situation and the Indian support for your country. Tharaka Balasuriya: "I wouldn't say we're out of the woods, we still have a long way to go. Our debt restructuring has pretty much finished bilateral and also we have made the agreements with the bondholders, but we need in terms of generating new revenue streams, we need to be looking at new avenues to generate new revenue streams, and India's role in helping Sri Lanka was fundamental in Sri Lanka making a quick recovery whereas the multinational institutions should have stepped in, in such a scenario, it took a little bit of time for the multilateral institutions to step in." "So it was India who stepped in with the $4.5 billion loan. At that time, we had queues which were two or three miles long, we did not have cash, and we were short of medicine. It was very gloomy in Sri Lanka, but now I think you know, if you have visited Sri Lanka, you will see that most things are back to normal. And tourism is thriving. Tourists are back in numbers," he said. Also read: North Korea condemns NATO summit declaration "The economy's doing quite well. In this year, the growth rate was 5.3% in the first quarter. So I think we are on the right track. And of course, in order to achieve that we also had to take very difficult measures, such as raising the taxes, such as not extending the public service and also such as making sure that reducing subsidies and making sure that the pricing was cost-based. So we had to go through a tough period but I am optimistic to say that most of it is now behind us," Balasuriya said. "And from my overseas travels, maybe one year back when you meet foreign dignitaries, the first thing they ask is how's the situation in Sri Lanka, is there food to eat? Most foreign dignitaries would ask those questions, but I think that you know now when you visit other countries, most of the foreign dignitaries are asking how are you able to make such a quick recovery. And also the interest in Sri Lanka from all over is growing due to its location. So I'm very optimistic for the medium term and the long term prospects of Sri Lanka," Balasuriya added. WION: India has also stepped up its support to Sri Lanka in terms of infrastructure development, whether it's the oil fields we have been talking about or whether it is providing training to your civil servants. Tharaka Balasuriya: So yes, indeed. I think one of the new revenue streams which we are looking at is pertaining to energy. Both my President and Prime Minister Modi are interested in making Trincomalee an energy hub. We are also looking at grid connectivity with India. So we are looking at connectivity with India in different spheres, people-to-people connectivity is very important. They are looking at the sea connectivity, maybe restarting the ferry service, maybe on a roll on- roll off basis, ferries, then we are looking at the air connectivity. Now there are flights flying to Chennai, flying to Jaffna but we are also in discussions with India to increase the length of the tarmac, So, large planes can come to Jaffna. Then we are looking at grid connectivity. So, we are looking at connectivity with India in a large way. WION: Are you also looking with India Sri Lanka and a third country for example, India, Japan and Sri Lanka when it comes to ports are India, Russia and Sri Lanka when it comes to the airports Tharaka Balasuriya: Will you know depends on the industry I think, now if you look at the Mattala International Airport, it's India, Sri Lanka and Russia and from the perspective of Sri Lankans, the highest number of tourists come to Sri Lanka from India. The second place number is from Russia. So it makes all the sense to have a tri-party agreement and to make sure that more tourists visit Sri Lanka. So I think you know, we should not just be looking at India, but also through India, we should be looking at it as a gateway to the rest of South Asia and also to Southeast Asia. WION: So, you mentioned connectivity. Now, one connectivity which has been discussed is the land connectivity between India and Sri Lanka. This was one of the key outcomes of the earlier visit of the Sri Lankan President. How's it going about and what's the view in Sri Lanka regarding it Tharaka Balasuriya: It's proceeding well at the highest level. I think the terms of reference have been done and then also an RFP has been given to Sri Lanka. Now we need to select a consultant in that regard. The bridge itself will, I think, take about four years to build. So that will be a game changer. The BIMSTEC foreign ministers had a time with Prime Minister Modi ji, and one thing I again emphasized was the bridge. And one point that the Prime Minister made was that if you look at the EU, and if you look at South Asia or Southeast Asia, for that matter, what he pointed out was that the reason that the EU succeeded is simply because of connectivity. So you know, India and Sri Lanka or be it you know, the road network between India and Myanmar and Thailand, we need to improve connectivity in all its forms. So there'll be more business transactions taking place if there's better connectivity. WION: So you mentioned bridges in four or five years any year you're looking at. Tharaka Balasuriya: I hope construction on the bridge will start as soon as possible. I mean, just think in terms of tourist numbers. I believe that you know if you look at the internal tourists, local tourists, Tamil Nadu gets the most number of tourists, they get about 140 million tourists . Rameshwaram alone gets 10 million tourists. So whether Sri Lanka stands this. Sri Lanka at the moment, has about 1.1 million tourists this year. And we are looking to get 2.4 million tourists at the end of the year. I think you know if we have a bridge that 2.4 million or 5 million tourists coming from India can take place within months. We've been building walls for too long. So we need to build the bridges now. Also read: India to mark Emergency. June 25 to be observed as 'Samvidhaan Hatya Diwas' WION: Sri Lanka plans to expand its seabed. India also plans to expand its seabed, it has put up a proposal as well. What's the update? Like? Is this an issue that is a thorny one between India and Sri Lanka. Tharaka Balasuriya: No, certainly, not. I think we know each country has a right to claim beyond 200 nautical miles. So if there are areas of contention, those areas can be discussed and resolved bilaterally and we plan on having discussions with India and resolving this matter amicably. WION: Have you raised it with the Indian side so far? Tharaka Balasuriya: No, this was the BIMSTEC meeting. So it wasn't a bilateral meeting. I did have a meeting with Dr. Ashok. But we didn't discuss this issue. There were other bilateral matters which we discussed in WION: In the past, has this been discussed because it looks like an old proposal? Tharaka Balasuriya: I don't think that it is a major issue, pertaining to this. We had a similar issue with the Maldivians and then we decided we would discuss it with the Maldivian government bilaterally and can be sorted out amicably. So I don't think these are areas of contention. WION: Coming back to connectivity, I believe there's so much to talk about connectivity. Financial connectivity, we saw the UPI being agreed on between India and Sri Lanka that will help a lot of Indian tourists go into your country. What are the other proposals? We are looking at the usage of the Indian rupee. Is this also on the anvil? Tharaka Balasuriya: Yes, I think, from the Sri Lanka side we become less dollar-dependent. If more Indian tourists come to Sri Lanka, you can pay for the Indian goods in Indian rupees, then you only save a lot of money in terms of commissions and converting all money to dollars and paying your receipts in dollars. So it makes more sense to pay for those goods locally in the local currency. So I think it's a very good proposal, and it will also be very easy for the Indian tourists to come and they come to Sri Lanka and pay in Indian Rupees. WION: So is there work happening on trading in the national currencies between India and Sri Lanka? Tharaka Balasuriya: Yes, the work is proceeding well and I think by next year we will have identified a certain number of locations where these machines/ATMs can be used in order to trade. WION: There is another issue that maybe Sri Lanka and India might not see eye to eye. One is the visit of the Chinese research vessels. How have you assured New Delhi? Tharaka Balasuriya: There's a moratorium which is in place and will be until the end of the year, and at the end of the year, we will renew our position. But we are also very interested in developing our own capacity. So I think once we develop our own capacity as a sovereign country, then we can do the research ourselves. So this in terms of Sri Lanka's issues is not a major priority. Of course time and again we have stated that we are very interested in India's security interest. We want to make sure that no country uses Sri Lanka in order to threaten India's security and we have given that assurance and we will work towards that. But we will also want to trade with other countries. Certainly, India does far more trade with China than you know Sri Lanka does with China. I think India's trade with China is about $140 billion, whereas Sri Lanka's trade with China is a fraction of that. So, perhaps, maybe even Sri Lanka can be an opportunity for these two countries to, to trade. WION: Any conversation on Katchatheevu island? Tharaka Balasuriya: That's an internal matter and it has not been raised by the Indian partners and it has been addressed in the 1970s. So I don't think that's a matter which we need to raise up. I think certain Indian politicians raised that matter from a historical perspective, to show that , from India's perspective, perhaps it was a mistake. But Indians have not raised the matter of Katchatheevu to Sri Lanka and on three or four occasions when the matter has been raised by the Indians, once when Sri Lanka was still a dominion of the United Kingdom, the Royal Air Force used for bombing purposes, India raised concerns. Then regarding the fishing rights, and then later on there were discussions on the islands being used by the smugglers. But I think historically, the sovereignty of the island has not been questioned. And I think it's a matter which is done and dusted. WION: Last few questions this time on the multilateral aspect. You're here for the BIMSTEC foreign ministers meeting. Where do you see this grouping going forward? Tharaka Balasuriya: I feel that you know, there's more political will. And I feel that you know, there's 2 billion people who have been represented in the BIMSTEC. And certainly, we need to have closer integration within the BIMSTEC. We have been talking about an FTA within the BIMSTEC. And certainly, certainly, I think An FTA should come into place hopefully, and there's more political will. Now just imagine BIMSTEC alone represents 2 billion people and in Thailand and Myanmar, are also represented in ASEAN. And then ASEAN represents a further 2 billion people. So you're talking about 4 billion people. So I would think that within the next few years, there will be a closer dialogue with the BIMSTEC members and it's only seven members so we can have close dialogue. One proposal which was agreed upon was at the United Nations, in September every year for the BIMSTEC foreign ministers also to meet and have discussions. So this was a foreign minister's retreat. These discussions were very open and frank. It was very informal and our ideas and suggestions were taken into consideration. So we will be looking at the verticals in terms of energy security, in terms of food security, and in terms of people's security. And in all these, the other subclasses can be put into the three areas. WION: What are your hopes for the upcoming summit in Thailand? Tharaka Balasuriya: We want the summit to be successful and we want the things to materialize in terms of BIMSTEC itself, it is 27 years old. So the charter was passed during our presidency. But we want something concrete to come out of the group. Now, if you say that you are a member of the EU, then you feel like you're a member of the EU, you know you can travel freely within each country. So I think you know in order for the BIMSTEC to be successful, people in these countries, ordinary people in these countries need to feel that there's an organization called BIMSTEC, and because of this organization, there are certain benefits that the people are gaining. We are also hopeful that you know, that FTA will come through in the BIMSTEC, and there are other areas such as medical visas, and e-Visas to India are allowed. So, there was an array of areas which we discussed.

India, Sri Lanka looking at trading in national currencies: Sri Lankan Minister Balasuriya

Amid the festive season, the country's trade deficit has hit an all-time high, reaching a staggering $31.46 billion in October.

India's trade imbalance widens in October | World Business Watch

India's ascent on the global stage has been marked by its economic prowess, strategic significance, and diplomatic assertiveness. As the world's largest rice exporter, India wields substantial influence over international food markets. However, the recent ban on non-basmati white rice exports has unleashed unforeseen repercussions, echoing far beyond its borders and affecting millions worldwide.

With its economy booming and international trade expanding, India's role in shaping global economic dynamics has become increasingly pronounced. As it accounts for over 40% of the global rice trade, the country's actions now hold tremendous sway over food security and prices across continents.

On July 20, India imposed an export ban on non-basmati white rice to curb surging domestic food prices and secure ample rice supply at reasonable costs for its citizens. This bold move, though aimed at stabilising its internal economy, has sent shockwaves rippling across Asian and African nations, particularly those heavily reliant on Indian rice imports.

Countries like Malaysia and Singapore have been identified as the most vulnerable to the ban's impact. Malaysia's substantial reliance on Indian rice imports puts it in a precarious position. Singapore, already dependent on food imports in general, now faces the prospect of navigating through these uncertain times.

The repercussions do not end with Asia. Africa and the Middle East also find themselves exposed to the consequences of India's export restrictions. Nations such as Djibouti, Liberia, Qatar, Gambia and Kuwait are among the most affected, with disruptions in rice supply threatening food security in these regions.

This ban serves as a stark reminder of India's growing significance in shaping the global economy. As prices soar to decade highs and the threat of El Nino -- this &nbsp;looms over major Asian rice producers, the world watches closely, awaiting the response of major rice exporters like Vietnam and Cambodia and significant importers like Indonesia and Malaysia.

Experts warn that the ban's far-reaching impact will be felt by millions, especially the poorer consumers in neighboring countries like Bangladesh and Nepal. The ban, expected to persist until India's general elections in April next year, underlines India's newfound weight in global affairs.

As India grapples with high inflation, soaring food prices, and potential crop output strains, its actions have far-reaching implications, extending beyond rice markets to impact other grains like wheat. The global community anxiously awaits how the situation unfolds and how it may influence the overall trajectory of the world economy.

India's ascent on the global stage has been marked by its economic prowess, strategic significance, and diplomatic assertiveness. As the world's largest rice exporter, India wields substantial influence over international food markets.

India's ascent on the global stage has been marked by its economic prowess, strategic significance, and diplomatic assertiveness. As the world's largest rice exporter, India wields substantial influence over international food markets. However, the recent ban on non-basmati white rice exports has unleashed unforeseen repercussions, echoing far beyond its borders and affecting millions worldwide. With its economy booming and international trade expanding, India's role in shaping global economic dynamics has become increasingly pronounced. As it accounts for over 40% of the global rice trade, the country's actions now hold tremendous sway over food security and prices across continents. On July 20, India imposed an export ban on non-basmati white rice to curb surging domestic food prices and secure ample rice supply at reasonable costs for its citizens. This bold move, though aimed at stabilising its internal economy, has sent shockwaves rippling across Asian and African nations, particularly those heavily reliant on Indian rice imports. Countries like Malaysia and Singapore have been identified as the most vulnerable to the ban's impact. Malaysia's substantial reliance on Indian rice imports puts it in a precarious position. Singapore, already dependent on food imports in general, now faces the prospect of navigating through these uncertain times. The repercussions do not end with Asia. Africa and the Middle East also find themselves exposed to the consequences of India's export restrictions. Nations such as Djibouti, Liberia, Qatar, Gambia and Kuwait are among the most affected, with disruptions in rice supply threatening food security in these regions. This ban serves as a stark reminder of India's growing significance in shaping the global economy. As prices soar to decade highs and the threat of El Nino -- this looms over major Asian rice producers, the world watches closely, awaiting the response of major rice exporters like Vietnam and Cambodia and significant importers like Indonesia and Malaysia. Experts warn that the ban's far-reaching impact will be felt by millions, especially the poorer consumers in neighboring countries like Bangladesh and Nepal. The ban, expected to persist until India's general elections in April next year, underlines India's newfound weight in global affairs. As India grapples with high inflation, soaring food prices, and potential crop output strains, its actions have far-reaching implications, extending beyond rice markets to impact other grains like wheat. The global community anxiously awaits how the situation unfolds and how it may influence the overall trajectory of the world economy.

Decoded: India's growing global influence and impact of the rice export ban

Prime Minister Imran Khan decided that Pakistan cannot go ahead with any trade with India under the current circumstances after holding consultations with key members of his Cabinet on importing cotton and sugar from the neighbouring country, a media report said on Saturday.

The prime minister after consultations on Friday instructed the Ministry of Commerce and his economic team to immediately take steps to facilitate the relevant sectors, value added, apparel and sugar, by finding alternative cheap sources of import of the needed commodities, the Dawn newspaper quoted sources as saying.

Various proposals have been presented to the Economic Coordination Committee (ECC) which considers these suggestions from an economic and commercial point of view. After consideration by the ECC, its decisions are presented to the Cabinet for ratification and final approval, the report said.

In the present case, a proposal was presented to the ECC to allow the import of cotton, cotton yarn and sugar from India keeping in view domestic requirements, it said.

With regards to the ECC decision to allow import of sugar, cotton and cotton yarn from India, Khan held consultations with key members of his Cabinet on Friday and decided that Pakistan could not go ahead with any trade with India under the current circumstances, it said.

The ECC had decided on commercial grounds to recommend these imports for the Cabinet's consideration.

While the decision was not on the formal agenda of the Cabinet meeting, the issue was brought up by Cabinet members and the prime minister instructed that the ECC's decision be deferred and immediately reviewed, the report said.

The Cabinet headed by Prime Minister Khan on Thursday rejected the proposal of the high-powered committee to import cotton from India, with Foreign Minister Shah Mahmood Qureshi asserting that there can be no normalisation of ties until New Delhi reverses its decision in 2019 to revoke the special status of Jammu and Kashmir.

Pakistan's U-turn on Thursday came a day after the ECC, under newly-appointed Finance Minister Hammad Azhar, recommended importing cotton and sugar from India, lifting a nearly two-year-long ban on its import from the neighbouring country amidst tensions over the Kashmir issue.

India has said that it desires normal neighbourly relations with Pakistan in an environment free of terror, hostility, and violence. India has said the onus is on Pakistan to create an environment free of terror and hostility.

India has also told Pakistan that "talks and terror" cannot go together and has asked Islamabad to take demonstrable steps against terror groups responsible for launching various attacks on India.

The ECC's decision had raised hopes of a partial revival of Pakistan-India bilateral trade relations, which were suspended after the August 5, 2019 decision of New Delhi to revoke the special status of Jammu and Kashmir.

In May 2020, Pakistan lifted the ban on the import of medicines and raw material of essential drugs from India amidst the COVID-19 pandemic.

India's move to revoke the special status of Jammu and Kashmir in 2019 angered Pakistan, which downgraded diplomatic ties and expelled the Indian High Commissioner in Islamabad. Pakistan also snapped all air and land links with India and suspended trade and railway services.

Prime Minister Imran Khan decided that Pakistan cannot go ahead with any trade with India under the current circumstances after holding consultations with key members of his Cabinet on importing cotton and sugar from the neighbouring country, a media report said on Saturday.

Prime Minister Imran Khan decided that Pakistan cannot go ahead with any trade with India under the current circumstances after holding consultations with key members of his Cabinet on importing cotton and sugar from the neighbouring country, a media report said on Saturday. The prime minister after consultations on Friday instructed the Ministry of Commerce and his economic team to immediately take steps to facilitate the relevant sectors, value added, apparel and sugar, by finding alternative cheap sources of import of the needed commodities, the Dawn newspaper quoted sources as saying. Various proposals have been presented to the Economic Coordination Committee (ECC) which considers these suggestions from an economic and commercial point of view. After consideration by the ECC, its decisions are presented to the Cabinet for ratification and final approval, the report said. In the present case, a proposal was presented to the ECC to allow the import of cotton, cotton yarn and sugar from India keeping in view domestic requirements, it said. With regards to the ECC decision to allow import of sugar, cotton and cotton yarn from India, Khan held consultations with key members of his Cabinet on Friday and decided that Pakistan could not go ahead with any trade with India under the current circumstances, it said. The ECC had decided on commercial grounds to recommend these imports for the Cabinet's consideration. While the decision was not on the formal agenda of the Cabinet meeting, the issue was brought up by Cabinet members and the prime minister instructed that the ECC's decision be deferred and immediately reviewed, the report said. The Cabinet headed by Prime Minister Khan on Thursday rejected the proposal of the high-powered committee to import cotton from India, with Foreign Minister Shah Mahmood Qureshi asserting that there can be no normalisation of ties until New Delhi reverses its decision in 2019 to revoke the special status of Jammu and Kashmir. Pakistan's U-turn on Thursday came a day after the ECC, under newly-appointed Finance Minister Hammad Azhar, recommended importing cotton and sugar from India, lifting a nearly two-year-long ban on its import from the neighbouring country amidst tensions over the Kashmir issue. India has said that it desires normal neighbourly relations with Pakistan in an environment free of terror, hostility, and violence. India has said the onus is on Pakistan to create an environment free of terror and hostility. India has also told Pakistan that "talks and terror" cannot go together and has asked Islamabad to take demonstrable steps against terror groups responsible for launching various attacks on India. The ECC's decision had raised hopes of a partial revival of Pakistan-India bilateral trade relations, which were suspended after the August 5, 2019 decision of New Delhi to revoke the special status of Jammu and Kashmir. In May 2020, Pakistan lifted the ban on the import of medicines and raw material of essential drugs from India amidst the COVID-19 pandemic. India's move to revoke the special status of Jammu and Kashmir in 2019 angered Pakistan, which downgraded diplomatic ties and expelled the Indian High Commissioner in Islamabad. Pakistan also snapped all air and land links with India and suspended trade and railway services.

No trade with India under current circumstances: Pak PM Khan

India`s steel exports more than doubled between April and July to hit their highest level in at least six years, boosted by a surge of Chinese buying in defiance of tensions between Beijing and New Delhi.

Traders said reduced prices had driven the purchases as Indian sellers sought to get rid of a surplus generated by the impact of COVID-19 on domestic demand and generate much-needed income.

It was unclear whether the sales broke any trade rules, but the China Iron and Steel Association said in a statement it was monitoring them.

Leading Indian steel companies Tata Steel Ltd&nbsp;and JSW Steel Ltd&nbsp;were among Indian companies that sold a total of 4.64 million tonnes of finished and semi-finished steel products on the world market between April and July.

That compared with 1.93 million tonnes shipped in the same period a year earlier, government data analysed by Reuters showed.

Of the 4.64 million tonnes, Vietnam and China bought 1.37 and 1.3 million tonnes of steel respectively. The Chinese purchases are by far the largest since data was first collated in the current form beginning with the fiscal year April 2015-March 2016.

Neither Tata, JSW nor India`s ministries of steel and commerce responded to emails seeking comment.

Vietnam has been a regular buyer of Indian steel, but China`s emergence as a leading buyer, replacing New Delhi`s traditional markets, such as Italy and Belgium, is more surprising.

An already uneasy relationship between New Delhi and Beijing, became severely strained after violent border clashes in June, when 20 Indian soldiers were killed at the disputed Himalayan border.

New Delhi afterwards tightened rules to restrict Chinese investment in India and initiated measures to curb its trade with Beijing.

RHETORIC VERSUS MARKET REALITY

The politics is at odds with market realities.

Although China, the world`s leading steelmaker produces vast quantities, it needs imports as it ramps up infrastructure spending.

Two industry sources, asking not to be named because they are not authorised to talk to the media, said major Indian steelmakers offered a discount of at least $50 a tonne, selling hot-rolled coils and billets to China at $430-$450 per tonne against the $500 offered by most Chinese producers.

Hot-rolled coils, a flat steel product, are mostly used to make pipes, automobile parts, engineering and military equipment.

The China Iron and Steel Association official told Reuters it was paying particular attention to the imports of hot-rolled coils.

During the first four months of the 2020-21 fiscal year, China and Vietnam together bought close to 80% of India`s total hot-rolled coils exports, the data showed, while the product constituted more than 70% of India`s steel exports.

Ji Renjie, a general manager at China`s Ningbo Henghou Group said the company in May bought 30,000 tonnes of hot-rolled coils from India for July shipment and expected to take delivery of another cargo of a similar size in October. "I mainly do iron ore trades and just bought several cargoes of hot-rolled coils this year due to rosy profit margins," Ji told Reuters.

 
AM/NS India, the joint venture between ArcelorMittal&nbsp;and Nippon Steel &lt;5401.T&gt;, in an email also said China had been a big buyer, accounting for 35% of the approximately 0.5 million tonnes of hot-rolled coils it shipped between April and July.

India`s steel exports more than doubled between April and July to hit their highest level in at least six years, boosted by a surge of Chinese buying in defiance of tensions between Beijing and New Delhi.

India`s steel exports more than doubled between April and July to hit their highest level in at least six years, boosted by a surge of Chinese buying in defiance of tensions between Beijing and New Delhi. Traders said reduced prices had driven the purchases as Indian sellers sought to get rid of a surplus generated by the impact of COVID-19 on domestic demand and generate much-needed income. It was unclear whether the sales broke any trade rules, but the China Iron and Steel Association said in a statement it was monitoring them. Leading Indian steel companies Tata Steel Ltd and JSW Steel Ltd were among Indian companies that sold a total of 4.64 million tonnes of finished and semi-finished steel products on the world market between April and July. That compared with 1.93 million tonnes shipped in the same period a year earlier, government data analysed by Reuters showed. Of the 4.64 million tonnes, Vietnam and China bought 1.37 and 1.3 million tonnes of steel respectively. The Chinese purchases are by far the largest since data was first collated in the current form beginning with the fiscal year April 2015-March 2016. Neither Tata, JSW nor India`s ministries of steel and commerce responded to emails seeking comment. Vietnam has been a regular buyer of Indian steel, but China`s emergence as a leading buyer, replacing New Delhi`s traditional markets, such as Italy and Belgium, is more surprising. An already uneasy relationship between New Delhi and Beijing, became severely strained after violent border clashes in June, when 20 Indian soldiers were killed at the disputed Himalayan border. New Delhi afterwards tightened rules to restrict Chinese investment in India and initiated measures to curb its trade with Beijing. RHETORIC VERSUS MARKET REALITY The politics is at odds with market realities. Although China, the world`s leading steelmaker produces vast quantities, it needs imports as it ramps up infrastructure spending. Two industry sources, asking not to be named because they are not authorised to talk to the media, said major Indian steelmakers offered a discount of at least $50 a tonne, selling hot-rolled coils and billets to China at $430-$450 per tonne against the $500 offered by most Chinese producers. Hot-rolled coils, a flat steel product, are mostly used to make pipes, automobile parts, engineering and military equipment. The China Iron and Steel Association official told Reuters it was paying particular attention to the imports of hot-rolled coils. During the first four months of the 2020-21 fiscal year, China and Vietnam together bought close to 80% of India`s total hot-rolled coils exports, the data showed, while the product constituted more than 70% of India`s steel exports. Ji Renjie, a general manager at China`s Ningbo Henghou Group said the company in May bought 30,000 tonnes of hot-rolled coils from India for July shipment and expected to take delivery of another cargo of a similar size in October. "I mainly do iron ore trades and just bought several cargoes of hot-rolled coils this year due to rosy profit margins," Ji told Reuters. AM/NS India, the joint venture between ArcelorMittal and Nippon Steel <5401.T>, in an email also said China had been a big buyer, accounting for 35% of the approximately 0.5 million tonnes of hot-rolled coils it shipped between April and July.

Defying trade tensions, Chinese buyers snap up Indian steel

One of the areas that have seen extensive reform in the last few years is trade facilitation. The steps have recorded India is recording massive improvement in the trading across border ranking. Watch report.

Documentary compliance costs high in India: Improving trading across borders

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said.

Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand.

Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed.

India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data.

Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news."

"However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters.

Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union.

Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy. Indian exports and imports have been falling since March and worsening India-China relations, shrinking global demand and disruptions in supply chains are likely to pressure the trade outlook over the next few quarters, analysts said. Asia's third largest economy is projected to contract by up to 5% this financial year, beginning April, from an earlier government estimate of nearly 6% growth as an over two-month-long COVID-19 lockdown has hit economic activities and consumer demand. Merchandise imports contracted 47.59% in June to $21.11 billion from a year ago, while exports fell 12.41% to $21.91 billion, leading to a marginal trade surplus, data released by the Ministry of Commerce and Industry on Wednesday showed. India last posted a trade surplus - a slim $10 million - in January 2002, according to Refinitiv data. Ajay Sahai, director general of the Federation of Indian Export Organisations, said a marginal trade surplus was "good news." "However, we will have to analyse to what extent lockdown, import restrictions and slowdown in the domestic economy have contributed to the fall in imports," he said, referring to a fall in raw material imports by exporters. Prime Minister Narendra Modi has been pushing for import substitutions and has so far resisted industry pressure to sign a free trade agreement with the European Union. Imports of crude oil, electronic items, gold jewellery and other products fell sharply during the three months to end June.

India posts trade surplus first time in 18 years as coronavirus hits imports

China's S.T.E.C has emerged as the lowest bidder for a tunnel project near New Delhi.

Gravitas: Should India Ban Chinese Companies?

India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US President Donald Trump's first official visit. Trump's trip to India has raised hopes that he would restore some of the country's US trade preferences, in exchange for tariff reductions and other concessions.

India goes extra mile for Trade deal

Trump Visit: India pushes for a trade deal

India, the world's third-biggest oil consumer, imports about 84% of its <a href="https://www.wionews.com/business-economy/as-wider-trade-dispute-looms-malaysia-talks-to-india-over-palm-curbs-274679">oil needs</a> and traditionally relies on the Middle East for the majority of its supply.

However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources.

India shipped in 2.68 million barrels per day (BPD) oil from the Middle East in 2019, down about 10% from 2018, and around 1.8 million BPD from elsewhere.

Deeper than expected oil output cuts by OPEC and allies, shouldered by Saudi Arabia, and less supply from Iran due to US&nbsp;sanctions also dented India's intake of Middle Eastern oil, said Ehsan Ul Haq, analyst with Refinitiv.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-november-oil-import-growth-fastest-in-seven-months-sources-270035">India's November oil import growth fastest in seven months</a>

Last year, sanctions and output cuts by OPEC and allies, known as OPEC+, reduced the group's supplies by 1.9 million BPD from 2018, while non-OPEC supply rose by 2 million BPD, the International Energy Agency said in its latest report.

<img alt="India Oil Imports" data-entity-type="file" data-entity-uuid="40d5237f-e21c-4fa3-892f-ff132917e3af" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T123546.747.jpg" /> 
[&nbsp;boy walks past an oil tanker train stationed at a railway station in Ghaziabad, Courtesy: Reuters) ]

The IEA forecast that producers outside the OPEC+ pact would grow supplies by 2.1 million BPD in 2020.

India is working on a strategy to diversify its oil supply sources to cut dependence on the Middle East, Oil Minister Dharmendra Pradhan said last week, adding that some refiners are in advance negotiations to boost Russian oil imports.

<img alt="Oil imports low" data-entity-type="file" data-entity-uuid="a431b9c8-7ba0-45fd-902e-0f558d54f055" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T123522.599.jpg" /> 
[&nbsp;India's oil imports from Middle East fall to four-year-low in 2019 (Courtesy: Reuters) ]

The drive to expand crude sources also reflects a push by Prime Minister Narendra Modi to bolster ties with countries like Russia and the United States.

India's overall <a href="https://www.wionews.com/business-economy/as-palm-row-simmers-india-says-no-meeting-with-malaysia-in-davos-275314">oil imports</a> in 2019 fell by about 2.1% to 4.48 million BPD, the data showed because most refiners temporarily shut processing units for upgrades ahead of new fuel standards in 2020. India is migrating to Euro VI-compliant fuel from April 1.

Imports from CIS nations rose in 2019 by about 65% to 171,000 BPD, the data showed. Intake of African grades rose by 7.3% to about 713,000 BPD, while US&nbsp;supplies surged by about 63% to 181,000 BPD.

US&nbsp;oil accounted for about 4% of India's overall imports in 2019, up from just 2.5% a year earlier.

"The opening of an arbitrage window for US&nbsp;oil during the year changed oil flows. The differential was enough to take care of shipping," said Haq.

Demand for heavy Middle Eastern grades was also affected by a shift in bunker fuel specifications from January, following new industry rules promoting lower sulphur fuels.

"Most Middle Eastern grades yield high sulphur fuel oil (HSFO) and because of new marine fuel norms, refiners are buying more from other producers to cut production of HSFO and increase the output of very low sulphur fuel oil," Haq added.

India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supply. However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources.

India, the world's third-biggest oil consumer, imports about 84% of its oil needs and traditionally relies on the Middle East for the majority of its supply. However, the region's share of India's crude shrank to 60% last year - down from 65% a year ago and the lowest since 2015 - as record output from the United States and countries like Russia offered opportunities for importers to tap other sources. India shipped in 2.68 million barrels per day (BPD) oil from the Middle East in 2019, down about 10% from 2018, and around 1.8 million BPD from elsewhere. Deeper than expected oil output cuts by OPEC and allies, shouldered by Saudi Arabia, and less supply from Iran due to US sanctions also dented India's intake of Middle Eastern oil, said Ehsan Ul Haq, analyst with Refinitiv. Also Read: India's November oil import growth fastest in seven months Last year, sanctions and output cuts by OPEC and allies, known as OPEC+, reduced the group's supplies by 1.9 million BPD from 2018, while non-OPEC supply rose by 2 million BPD, the International Energy Agency said in its latest report. [ boy walks past an oil tanker train stationed at a railway station in Ghaziabad, Courtesy: Reuters) ] The IEA forecast that producers outside the OPEC+ pact would grow supplies by 2.1 million BPD in 2020. India is working on a strategy to diversify its oil supply sources to cut dependence on the Middle East, Oil Minister Dharmendra Pradhan said last week, adding that some refiners are in advance negotiations to boost Russian oil imports. [ India's oil imports from Middle East fall to four-year-low in 2019 (Courtesy: Reuters) ] The drive to expand crude sources also reflects a push by Prime Minister Narendra Modi to bolster ties with countries like Russia and the United States. India's overall oil imports in 2019 fell by about 2.1% to 4.48 million BPD, the data showed because most refiners temporarily shut processing units for upgrades ahead of new fuel standards in 2020. India is migrating to Euro VI-compliant fuel from April 1. Imports from CIS nations rose in 2019 by about 65% to 171,000 BPD, the data showed. Intake of African grades rose by 7.3% to about 713,000 BPD, while US supplies surged by about 63% to 181,000 BPD. US oil accounted for about 4% of India's overall imports in 2019, up from just 2.5% a year earlier. "The opening of an arbitrage window for US oil during the year changed oil flows. The differential was enough to take care of shipping," said Haq. Demand for heavy Middle Eastern grades was also affected by a shift in bunker fuel specifications from January, following new industry rules promoting lower sulphur fuels. "Most Middle Eastern grades yield high sulphur fuel oil (HSFO) and because of new marine fuel norms, refiners are buying more from other producers to cut production of HSFO and increase the output of very low sulphur fuel oil," Haq added.

Slippery Slope: India's Imports from Middle East at four year low

Are Trump's Tariff Moves Backfiring? U.S. President Trump continues to wage tariff wars against India, says that India has been having a field day imposing retaliatory tariffs on U.S. products. In fact, India's retaliatory tariffs are taking a toll of America's almond farmers. Is American economy suffering due to Trump's protectionist stance? Here's a report

Gravitas: India's retaliatory tariffs on the US hurt almonds farmers in America

U.S. President Trump continues to wage tariff wars against India, says that India has been having a field day imposing retaliatory tariffs on U.S. products. In fact, India's retaliatory tariffs are taking a toll of America's almond farmers. Watch this video to know more on the story.

Donald Trump targets India, hurts own farmers

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