FTA Strategy: adopt SOP driven negotiations integrating economic modelling, services, digital trade and supply chain resilience.
The document emphasises a coordinated FTA Strategy and institutionalised Standard Operating Procedures (SOP) for trade negotiations, calls for rigorous economic assessment and modelling to inform negotiation narratives, and recommends integrating trade and industrial policy. It highlights incorporation of Trade and Sustainable Development disciplines, services and digital trade issues including data sovereignty and listing approaches, and stresses capacity building, resource management, stakeholder consultations, and leveraging FTAs to enhance supply chain resilience and address critical minerals and emerging technologies.

Customs exchange rates updated for import and export valuation, effective mid May, setting specified currency conversion rates.
The Central Board of Indirect Taxes and Customs determines the rate of exchange for specified foreign currencies for customs purposes, effective 17th May, 2024, superseding the prior notification except as to past actions. Rates are provided in Schedule I as rupee equivalents per one unit for listed currencies with separate entries for imported and export goods, and in Schedule II as rupee equivalents per one hundred units for currencies quoted on that basis.

Export Growth signals stronger merchandise and services performance in April, widening the trade deficit as imports rose.
Combined merchandise and services exports for April 2024 are estimated at USD 64.56 billion (6.88% growth year-on-year) while combined imports are estimated at USD 71.07 billion (12.78% growth), producing a larger trade deficit. Merchandise exports were USD 34.99 billion and merchandise imports USD 54.09 billion. Services exports are estimated at USD 29.57 billion and services imports at USD 16.97 billion; the services figures for April 2024 are provisional and subject to revision based on the RBI's subsequent release. Sectoral drivers include Electronic Goods, Chemicals and Pharmaceuticals, while multiple import sectors registered declines.

Unified Payment Interface operationalisation to enable cross-border payments with Ghana, plus MoUs on digital transformation and local currency settlement.
Operationalisation of the Unified Payment Interface on Ghana's interbank settlement system is a near-term priority, with both sides committing to implement UPI connectivity to enable cross-border retail payments; they will also explore Memoranda of Understanding on Digital Transformation Solutions and a Local Currency Settlement System, coordinate on technical standards and nodal-officer level engagement, and pursue sectoral cooperation and business linkages under the AfCFTA framework.

Institutional mechanism for monthly preferential import data exchange to improve ECTA implementation and resolve market access issues.
The Joint Committee reviewed implementation of the India Australia Economic Co operation and Trade Agreement, addressing MRAs on organic products, market access for specified agricultural items, TRQ administration, pharmaceutical pricing for generics, and working group progress on whisky and wine; it adopted Rules of Procedure and created an institutional mechanism for monthly exchange of preferential import data to enable timely resolution of ECTA implementation issues.

Customs exchange rate update sets conversion rates for foreign currencies for import and export valuation.
Determination under section 14 of the Customs Act, 1962 prescribes revised rate of exchange entries for specified foreign currencies in two schedules-per unit rates for major currencies and per 100 unit rates where customary-for use in conversion between foreign currencies and Indian rupees for customs valuation of imported and exported goods, effective from the notified operative date and superseding the prior notification except as to prior actions.

Bilateral trade cooperation expanded to include working groups on agriculture, pharmaceuticals, services, and market access improvements.
A bilateral dialogue will be reinforced by establishing sectoral working groups for Agriculture, Food Processing, Forestry and Pharmaceuticals to drive structured cooperation, with regular reviews of their recommendations. Parties will address market access, non-tariff barriers and SPS measures affecting agricultural products, pursue mutual recognition for organic products and comparable vehicle standards, and use the Joint Trade Committee mechanism to resolve issues. Services expansion and pharmaceutical regulatory cooperation, including faster pathways and reliance on comparable regulators' inspections, are priority areas for operational collaboration.