In a press release issued, SIMA Chairman Durai Palanisamy appreciated Prime Minister Narendra Modi and Union Commerce Minister Piyush Goyal for their leadership in bringing the agreement to fruition.
The European Union Generalised System of preferences (GSP) regulation impacts only 2.66% of India's exports to the European Union, underscoring the limited trade effect of EU's GSP Regulations 2025, effective from January 1 this year, according to an official from the Commerce Ministry.
Following US President Donald Trump's proposal for a 50% tariff on all imports from the European Union, effective June 1, he announced an extension of the deadline after a conversation with Ursula von der Leyen, President of the European Commission. Trump said that he had agreed to extend th
Also in 2022, driven by increasing prices, extra-EU imports (+41 per cent) and exports (+18 per cent) reached their highest year-on-year growth rates recorded over the last ten years.