India-EU Bilateral Diplomacy and Global Rice Market Supply Pressures

Published

Diplomatic and commercial ties between India and major international partners continue to strengthen, as Union Minister Piyush Goyal reviewed trade and investment cooperation with France’s Foreign Trade Minister Nicolas Forissier and Saudi Arabia’s Commerce Minister Majid bin Abdullah Al-Kassabi to advance the India-EU FTA and India-GCC trade talks. Under the India-UK Comprehensive Economic and Trade Agreement, Scotch whisky saw a customs duty reduction from 150% to 75%, making popular brands more affordable across various Indian states and expanding the premium spirits market. However, severe logistical challenges are affecting agri-commodities globally, as African nations build massive rice reserves over El Nino concerns and ongoing geopolitical conflicts in Ukraine and West Asia. Ocean freight charges for containers from India to Middle Eastern ports skyrocketed from $100 to $5,000, creating vessel queues at ports like Kakinada and Khor Fakkan, which pushed Indian rice export prices up by 20 percent despite domestic stocks remaining at a five-year high.

Get in touch with us

Fill the following details and send your query to us and we will provide the support you need.

Support Center 24/7

+022 4322 4000 (25 lines) Time : 10 AM - 6 PM

Our Location

1st Floor, Old Oriental Building, 65 M.G. Road, Mumbai: 400023