India-New Zealand FTA takes effect, with quotas on apples and kiwifruit
The India-New Zealand free trade agreement took effect on October 20. New Zealand removed tariffs on all Indian goods on day one, and India cut duties on about 70% of its tariff lines. Apples, kiwifruit, Manuka honey and albumins get their biggest duty cuts inside quotas, and kiwifruit also pays a lower rate outside them.
Read the full story with sourcesBrent above $100 and record tanker earnings: India's Q4 cost squeeze
Brent front-month futures hit a five-month high of $111.99 on 20 October before easing to $108.44. Attacks on shipping in and around Hormuz have pushed tanker earnings above $1 million a day and one-year charter rates to records. India imports more than 88% of its crude, so fuel, freight and war-risk costs rise together in rupees.
Read the full story with sourcesRubio says India-US trade deal is close, but the tariff base is unsettled
US Secretary of State Marco Rubio said the India-US trade deal is close, with a small number of items left. Piyush Goyal says the first tranche is in legal drafting. But the 18% offer has not been signed, and the Supreme Court has struck down the reciprocal tariff regime it was tied to. Duties now rest on other measures.
Read the full story with sources