Piyush Goyal calls ASEAN FTA ‘silly’, conduit for Chinese goods (Financial Express)
Commerce Minister Piyush Goyal sharply criticized past FTAs with ASEAN and other developing economies, calling them “silly” for allowing Chinese goods indirect access to Indian markets, as India’s trade deficit with ASEAN ballooned from $4.98 billion in 2010–11 to $44.2 billion in FY25. Goyal emphasized the lack of reciprocity, rising non-tariff barriers, and weak enforcement of Rules of Origin, prompting an ongoing review of the ASEAN deal alongside pacts with Japan and South Korea. India is now pivoting toward strategic FTAs with developed and complementary economies like the UK, EFTA, UAE, and potentially the US, aiming for trade that boosts quality, scale, and global competitiveness.
India to curb Chinese paper imports (mint)
India is moving to impose a Quality Control Order (QCO) on a broad range of imported paper products, mainly from China, Indonesia, and South Korea, amid rising imports, which doubled from FY21 to FY25 and hit $1.81 billion in value. The new BIS certification mandate aims to curb substandard and cheap imports that have severely impacted over 300 domestic paper mills, pushing many to closure and threatening rural and SME livelihoods. With China’s rare earth export halt in the backdrop, the move signals a blend of trade protectionism and quality enforcement, as India aligns its industrial policy with global competitiveness and WTO norms.
Indian firms proliferate in UK as trade ties deepen (mint)
Indian-owned companies in the UK surged to a record 1,197 in 2025, marking a 23% jump from last year and reflecting investor optimism ahead of the India–UK FTA, with combined revenues hitting £72.14 billion and over 8,000 new jobs added. Commerce Minister Piyush Goyal’s UK visit underscores the momentum in bilateral trade ties, as high-growth Indian firms, averaging 42% revenue growth, contributed £67.3 million in corporation tax and strengthened board diversity to 24% women. This sharp uptick signals a bullish shift in cross-border investment and trade alignment, as India leverages soft power through its global corporate footprint.
