Daily News - Friday, 15 May 2026
India-Africa Trade Hits USD $93.69 Billion in FY25-26 (Economic Times)
Commerce and Industry Minister Piyush Goyal on May 14, 2026 urged for harmonized standards and customs procedures between India and Africa to boost bilateral trade, speaking at the curtain‑raiser for the India-Africa Business Dialogue (IABD). He highlighted the African Continental Free Trade Area (AfCFTA) valued at USD $3.4 trillion (INR ₹283 trillion) and India’s USD $4 trillion (INR ₹333 trillion) economy as complementary platforms for resilient partnerships. Bilateral trade between India and Africa reached USD $93.69 billion (INR ₹7.8 trillion) in FY25-26, a 14.39% increase over the previous year, with exports at USD $45.42 billion (INR ₹3.78 trillion) and imports at USD $48.27 billion (INR ₹4.02 trillion). The Commerce Ministry noted that aligning standards and business practices would help move beyond raw material trade towards higher‑value manufacturing and integrated value chains. Key sectors identified for cooperation include renewable energy, green hydrogen, green ammonia, electric mobility, digitalisation, and telecommunications. Goyal emphasized that such alignment would facilitate faster and smarter growth for businesses on both sides, strengthening India-Africa economic resilience.
India Commits USD $20 Billion to Offshore Energy Mapping (Business Standard)
India will invest over USD $20 billion (INR ₹1.66 trillion) in offshore seismic data acquisition under the government’s Samudra Manthan programme, Union Petroleum Minister Hardeep Singh Puri announced on May 14, 2026. The initiative, led by the Directorate General of Hydrocarbons (DGH), aims to unlock new discoveries in India’s sedimentary basins, as domestic production continues to decline. State run upstream companies have already spent USD $500 million (INR ₹41.5 billion) on seismic data in the past eight years, drilling 6,500 wells, but output has fallen for the 11th consecutive year in crude oil and the second straight year in natural gas. India’s import dependence now stands at 89% for crude oil and 51% for natural gas, underscoring the urgency of fresh exploration. Regulatory reforms include amendments to the Oilfields (Regulation and Development) Act, release of 1 million sq km of “no-go” areas, and updated revenue‑sharing contracts to attract global investors. Puri emphasized that new offshore mapping is critical to achieving energy self-sufficiency and reducing vulnerability to external shocks like the West Asia crisis.
India-Russia Reaffirm USD $100 Billion Trade Goal by 2030 (Fortune India)
External Affairs Minister S. Jaishankar and Russian Foreign Minister Sergey Lavrov met in New Delhi on May 14, 2026, reaffirming the target of USD $100 billion (INR ₹8.3 trillion) bilateral trade by 2030, up from the current USD $70 billion (INR ₹5.8 trillion). Bilateral trade has surged to USD $65 billion (INR ₹5.4 trillion) in FY25, compared with less than USD $15 billion (INR ₹1.25 trillion) before the Ukraine conflict, driven largely by India’s discounted crude oil imports. The talks, held ahead of the BRICS foreign ministers’ conclave hosted by India, focused on energy cooperation, connectivity, and diversification of trade into pharmaceuticals, agriculture, critical minerals, fertilisers, and coking coal. Lavrov reiterated Moscow’s intent to expand engagement across energy, investment, and infrastructure, while India emphasized balancing the trade skew caused by heavy crude imports. Both sides also discussed regional security and West Asia tensions, highlighting BRICS’ role as a counterweight to Western‑led institutions. Russia remains a critical supplier of defence equipment, crude oil, and fertilisers, while India continues to call for dialogue and diplomacy on the Ukraine war.
India Hosts BRICS Foreign Ministers Meeting with Egypt and Thailand (The Print)
External Affairs Minister S. Jaishankar held bilateral talks in New Delhi with Egypt’s Foreign Minister Badr Abdelatty and Thailand’s Deputy Prime Minister & Foreign Minister Sihasak Phuangketkeow on the sidelines of the BRICS Foreign Ministers’ Meeting. Discussions focused on strengthening bilateral ties and reviewing the West Asia crisis, which has disrupted global energy flows and raised regional security concerns. Jaishankar emphasized India’s interest in expanding cooperation with Egypt, a key partner in Africa and the Suez trade corridor, and with Thailand, central to India’s Act East Policy and Indo‑Pacific strategy. The meetings also touched on economic cooperation, connectivity, and multilateral coordination, aligning with India’s broader BRICS agenda of building resilient partnerships. Jaishankar shared updates and photos of these engagements on X, underscoring India’s diplomatic outreach during the summit. These bilateral talks highlight India’s effort to balance West Asia tensions while deepening ties with Africa and Southeast Asia under the BRICS framework.
