India will continue to safeguard its sensitive sectors, including dairy, farmers, and MSMEs, in free trade agreement (FTA) negotiations with New Zealand, Commerce and Industry Minister Piyush Goyal said on Wednesday. He noted that talks for the proposed FTA have made significant progress.

New Zealand has been seeking greater access for its agricultural exports, such as dairy and wine, but India has made it clear that dairy products remain a “red line” due to domestic sensitivities. Both sides are now exploring cooperation beyond tariffs, particularly in areas like farming technology and dairy machinery, Goyal said in Auckland.

“India never compromises on the interests of dairy, farmers, or MSMEs. We always protect vulnerable sectors and respect mutual sensitivities,” he told reporters. Goyal and senior commerce officials are in New Zealand for the fourth round of FTA discussions, which resumed earlier this year after a 10-year break. The two countries had first begun talks 15 years ago but paused after 10 rounds in 2015. Goyal added that only a few more negotiation rounds may be needed, given the recent progress.

New Zealand Prime Minister Christopher Luxon emphasized that people-to-people ties and labour mobility will be key to the deal. “India is vital to New Zealand’s prosperity and security. We’re working hard on a free trade agreement that will open major opportunities for Kiwi businesses in the Indian market,” Luxon said on X.

In 2024, India exported goods and services worth $752 million to New Zealand and imported $791 million. Key Indian exports include pharmaceuticals, gems, textiles, and farm equipment, while imports consist mainly of metals, wood products, wool, and agricultural goods like apples, kiwi fruit, and lamb.
Disclaimer: This image is taken from PTI.

A tanker transporting Russian crude oil to India has unexpectedly reversed direction and is now stationary in the Baltic Sea, hinting at possible interruptions in oil trade between India and Russia following tighter U.S. sanctions on Moscow. According to ship-tracking data, the vessel — named Furia — was traveling west through the strait separating Denmark and Germany before making a U-turn on Tuesday. It then proceeded only a short distance before slowing almost to a stop. The Aframax-class tanker is reportedly hauling a shipment supplied by Rosneft PJSC, data provider Kpler noted.

This turnaround near the Fehmarn Belt comes shortly after the U.S. imposed sanctions on Rosneft and fellow Russian energy giant Lukoil PJSC. The U.S. Treasury has instructed that dealings with these companies must end by November 21. The restrictions put at risk a key, lower-cost source of crude oil for India’s refineries. Senior officials at major Indian processors told Bloomberg they anticipate a sharp drop in Russian oil imports as a consequence.

The Furia loaded nearly 730,000 barrels of Urals-grade crude at the Russian port of Primorsk on Oct. 20, according to data from Kpler and Vortexa. Initially, the ship listed Sikka — a port in Gujarat that supplies Reliance Industries Ltd. and Bharat Petroleum Corp. Ltd. — as its destination, with arrival planned for mid-November. The vessel later updated its itinerary, pointing instead to Port Said in Egypt for mid-next month. Tankers heading to India via the Suez Canal often label Port Said as a temporary waypoint before updating their final destination after clearing the canal.

Reliance, which has a long-term supply contract with Rosneft for Urals crude, recently emphasized that it will adhere to sanction requirements and has been observed shifting toward Middle Eastern supplies. Indian state-controlled refiners are also becoming more cautious about purchasing oil linked to companies targeted by U.S. sanctions. Indian refineries typically purchase crude on a delivered basis — meaning ownership transfers only upon offloading at the destination port. Requests for comments sent to Reliance and BPCL have not yet been answered.

Meanwhile, some European nations — including Denmark — have increased scrutiny of tankers to prevent shipments of Russian oil from moving through their territorial waters. Denmark recently announced it will focus inspections on older vessels, which frequently make up Russia’s so-called shadow fleet.
Disclaimer: This image is taken from Bloomberg.

China and the Association of Southeast Asian Nations (ASEAN) signed an upgraded version of their free trade agreement on Tuesday (Oct 28), adding new provisions covering digital trade, green industries and other emerging sectors, according to China’s Commerce Ministry. ASEAN, which includes 11 member states, remains China’s largest trading partner, with bilateral commerce worth US$771 billion (S$997 billion) last year. With the region’s combined GDP standing at around US$3.8 trillion, Beijing is looking to deepen economic ties to help counter the high U.S. tariffs introduced under President Donald Trump.

China’s Commerce Ministry said the newly enhanced pact demonstrates both sides’ strong commitment to multilateralism and free trade. China has been positioning itself as increasingly open to global markets, even as other major economies raise concerns about its growing export restrictions on rare earths and other strategic minerals.

The updated agreement — referred to as Version 3.0 — was signed during a leaders’ summit in Malaysia attended by Trump at the start of his Asia tour. Talks for the upgrade started in November 2022 and concluded in May this year, shortly after the United States intensified its tariff measures. The original free trade deal took effect in 2010.

Beijing has previously noted that the latest upgrade will boost market opportunities in fields including agriculture, digital services, and pharmaceuticals. Both China and ASEAN are also members of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade alliance, encompassing nearly a third of the global population and about 30 per cent of global GDP. Kuala Lumpur hosted an RCEP summit on Monday — the first in five years. Analysts suggest the trade bloc could help cushion the impact of U.S. tariffs, though some say its rules are less stringent than those of other regional agreements due to differing priorities among members.

China and the U.S. have been locked in a growing trade confrontation since Trump took office in January, imposing steep tariffs on Chinese imports. Beijing has criticized these measures as protectionist, while itself tightening control over key mineral exports. As more than 90 per cent of the world’s rare earths are processed in China, these moves have drawn international scrutiny.

Negotiators from both nations recently extended a temporary trade truce during discussions in Kuala Lumpur, with Trump and Chinese President Xi Jinping expected to finalize next steps when they meet in Seoul later this week. After Trump left Malaysia, China renewed calls for deeper regional economic cooperation, emphasizing the need to keep trade channels open. Speaking at the East Asia Summit, Chinese Premier Li Qiang warned against a return to “the law of the jungle,” urging stronger support for free trade, higher-standard economic partnerships, and continued momentum toward regional integration.
Disclaimer: This image is taken from Reuters.

India and the United States are on the verge of finalizing a trade deal, with both sides now beginning work on drafting the legal text. According to a senior government official, the latest round of discussions in Washington showed convergence on most issues, suggesting that the long-pending agreement could be concluded soon, although it will still require final political approval.

The official noted that the two sides are very close to a deal, with few differences remaining, and that discussions have progressed well, with common ground found on most outstanding matters. However, some issues, particularly those related to non-tariff barriers, remain unresolved. The US has expressed concerns about India’s Quality Control Orders, which it views as obstacles for American exporters.

At present, teams from both countries are engaged in virtual discussions, while the schedule for the next round of in-person talks has yet to be decided. Last week, a team of Indian commerce officials, including Commerce Secretary Rajesh Agrawal, visited Washington to push for an early conclusion of the proposed agreement. The talks concluded late last week, and the delegation returned over the weekend.

Despite the progress, a final deal was not reached. Speculation had arisen that Prime Minister Narendra Modi and US President Donald Trump might hold a bilateral meeting at the 47th ASEAN Summit to announce the agreement, but Modi later confirmed he would attend the summit virtually, ruling out any in-person meeting with Trump. As previously announced by Modi and Trump in February, the deadline for the first phase of the Bilateral Trade Agreement continues to remain set for the fall of 2025.
Disclaimer: This image is taken from Times of india.

China has lifted its ban on approving exports of “dual-use items” — including gallium, germanium, antimony, and super-hard materials — to the United States. Originally imposed in December 2024, the suspension will remain in effect until 27 November 2026. Daniel Martin discusses the matter with Malminderjit Singh, Founder and Managing Director of Terra Corporate Affairs.

Disclaimer: This Podcast is taken from CNA.

Singapore plans to update its “30 by 30” food sustainability goal with new, more specific targets as part of a refreshed food resilience strategy. Under the new plan, local farms are expected to produce 20 percent of the nation’s fibre and 30 percent of its protein needs by 2035. Hairianto Diman and Rani Samtani discuss the practicality of meeting these goals with Luke Tay, Founder of Cornucopia FutureScapes.
Disclaimer: This Podcast is taken from CNA.

On Open For Business’ daily market review, Andrea Heng discusses the latest insights with Heng Koon How, Head of Markets Strategy for Global Economics and Markets Research at UOB.

Disclaimer: This podcast is taken from CNA.

The U.S. government’s recent adjustments to H-1B visas — including stricter eligibility criteria and increased wage thresholds — are impacting sectors such as technology, healthcare, and finance. Andrea Heng and Syahida Othman discuss with Alex Capri, Senior Lecturer at NUS Business School and author of Technonationalism: How It’s Reshaping Trade, Geopolitics, and Society, how these changes influence skilled foreign workers, corporate hiring strategies, and the wider economy.
Disclaimer: This Podcast is taken from CNA