Following the implementation of the India-UK Comprehensive Economic and Trade Agreement (CETA) on July 15, 2026, the Directorate General of Foreign Trade (DGFT) opened the first application window for a 9,316-unit automotive Tariff Rate Quota (TRQ), allowing original equipment manufacturers to import passenger cars and goods vehicles from the UK at reduced basic customs duties ranging from 30% to 50% compared to standard rates of up to 110%. Internationally, India formally deposited its instrument of acceptance to become the 123rd member of the WTO Agreement on Fisheries Subsidies, legally binding the nation to eliminate government aid linked to illegal, unreported, and unregulated (IUU) fishing while preserving crucial livelihood support for small-scale traditional fishers and keeping aquaculture-based shrimp exports exempt. On the macroeconomic front, geopolitical supply disruptions in West Asia and transit restrictions around the Strait of Hormuz drove India’s crude oil import bill up by 48% year-on-year to $14.7 billion in June 2026, with three-month spending surging 61% to $49.8 billion—forcing domestic refiners to source nearly 50% of their crude requirements from Russia alongside non-traditional suppliers like Venezuela, Brazil, and Angola.