Daily News - Tuesday, 17 March 2026
India begins trade pact talks with Philippines and Maldives (Business Standard)
Commerce Ministry announced that India has signed terms of reference (ToR) with the Philippines and the Maldives to begin negotiations for trade agreements. With the Philippines, talks will focus on a Preferential Trade Agreement (PTA), while with the Maldives, the goal is a full Free Trade Agreement (FTA). India’s exports to the Philippines rose 3.11% to USD $2.16 Billion (INR ~180B) in FY 2024-25, while imports fell 17.8% to USD $1.17 Billion (INR ~97B); in contrast, exports to the Maldives dipped 37.11% to USD $56.88 Million (INR ~4.7B), while imports rose 37.14% to USD $118.82 Million (INR ~9.8B). The ministry highlighted that the ASEAN-India Trade in Goods Agreement (AITIGA), signed in 2009, is under review, with the Joint Committee meeting 11 times so far and the next round scheduled for 30-31 March 2026. India is also reviewing the India-Korea CEPA, which began in 2016 and has seen 11 negotiation rounds, the last in Seoul (July 2024). Parallel negotiations are ongoing with the GCC, Canada, Australia, Sri Lanka, Peru, Chile, EAEU, and Israel, while FTAs with the UK and Oman were signed last year and are expected to be implemented in 2026.
Reliance strengthens clean fuel under green ammonia pact with Samsung C&T valued at USD $3 Billion (Times of India)
Reliance Industries Limited (RIL) signed a binding long‑term supply and purchase agreement (SPA) with Samsung C&T Corporation for green ammonia, valued at USD $3B (INR ~250B). The pact covers a 15‑year period, with deliveries scheduled to begin in the second half of FY 2028‑29. Green ammonia, produced using renewable energy, is seen as a critical fuel for decarbonization in shipping, power generation, and fertilizers, aligning with India’s National Green Hydrogen Mission. For RIL, this deal strengthens its position as a global supplier of clean fuels, complementing its Jamnagar refinery complex and ongoing investments in solar and hydrogen projects. For Samsung C&T, the agreement secures long‑term access to low‑carbon ammonia, supporting South Korea’s energy transition goals and reducing reliance on fossil imports. The Commerce Ministry and Petroleum Ministry view this as a strategic step in India’s push to become a hub for green hydrogen and ammonia exports, with potential to reshape trade balances in Asia.
India backs International Energy Agency (IEA) emergency oil release amid Middle East conflict (Indian News Network)
India backed the International Energy Agency (IEA) decision to release emergency oil reserves to stabilize global supply amid the Middle East conflict. The move allows member countries to draw from strategic petroleum reserves (SPR) to offset disruptions, particularly those linked to the Strait of Hormuz, which carries nearly 20% of global oil flows. India’s government stated the release could help moderate price volatility and ensure continued availability of crude, critical for a country that imports 85% of its oil needs. Analysts, however, remain cautious, noting that reserve releases provide only short‑term relief and do not address deeper supply risks from geopolitical instability and production uncertainties. Crude prices remain volatile, with traders unconvinced that the release alone will rebalance supply and demand. Indian officials emphasized that fuel supplies remain secure, thanks to diversified imports and coordination with international partners, while monitoring potential price shocks in the coming months.
India’s exports dip 0.81% imports surge 24%. Trade deficit narrows to USD $27.1 Billion in February (Fortune India)
India’s merchandise exports dipped marginally by 0.81% year‑on‑year in February 2026, falling to USD $36.61 Billion (INR ~3.05T) compared to USD $36.91 Billion last year. Imports surged 24.11% to USD $63.71 Billion (INR ~5.31T), up from USD $51.33 Billion, driven by strong domestic demand and higher shipments of commodities and precious metals. As a result, the trade deficit stood at USD $27.1 Billion (INR ~2.26T), though it narrowed from USD $34.68 Billion in January. Economists noted that while strong imports signal robust economic activity, subdued export growth reflects global demand weakness and geopolitical disruptions around the Strait of Hormuz, critical for India’s energy imports. Between April-January FY26, India’s total exports (goods + services) reached USD $720.76 Billion (INR ~60.1T), up 6.15%, while imports rose 6.54% to USD $823.41 Billion (INR ~68.7T). Services exports, estimated at USD $43.9 Billion (INR ~3.66T) in January, continue to provide resilience against volatility in merchandise trade.
