Trade, Technology & Resilient Supply Chains

Over the weekend, Union Minister Piyush Goyal set in motion the first of his series of talks with European delegates, where experts discussed trade opportunities across critical sectors and corridors. The minister is also expected to attend the 'World Group III’ meeting this week, which aims to enhance trade and technology and build resilient supply chain networks between India and Europe. These discussions couldn't have been initiated at a better time because, as per recently released government data, The Netherlands has emerged India's third-largest trading partner.

INTERNATIONAL TRADE

Piyush Goyal, European Free Trade Association ministerial delegation exchange views on enhancing trade

Union Minister for Commerce and Industry Piyush Goyal on Sunday held a meeting with European Free Trade Association (EFTA) ministerial delegation led by Swiss Federal Councillor Guy Parmelin in Brussels. The two sides exchanged views on enhancing trade across critical sectors.

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MSMES

145 million SMBs worldwide to spend $1.45 trillion on technology this year, up 6.3% over 2022: Report

145 million small and medium businesses (SMBs) globally are likely to spend $1.45 trillion on information technology in 2023, driven by the post-pandemic trend towards digital transformation, said a report by global management consultancy Analysys Mason.

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BILATERAL TRADE

Netherlands emerges as India's 3rd largest export destination

The Netherlands has emerged as India's third largest export destination after the US and UAE during 2022-23, showed commerce ministry's data on Sunday.

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WORLD ECONOMY

Fed flags concerns over credit tightening, financial stress

A Federal Reserve report warned that banks' concerns about slower growth could lead them to make fewer loans, accelerating an economic downturn, and highlighted commercial real estate as an area of heightened risk that will draw more scrutiny from bank examiners.

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SHIPPING & LOGISTICS

Second half of 2023 holds challenges for freight forwarding industry

As they approach the second half of 2023, supply chain professionals are wary of three main business challenges, including the possibility of a U.S. recession, geopolitical risks, and rising operating costs, according to a survey from German online container logistics platform Container xChange.

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