GST rate framework: allocation of IGST, CGST, UTGST, exemptions and reverse charge consequences for taxable supplies.
Sets out the GST framework for applicable tax rates and exemptions, distinguishing IGST, CGST and UTGST with their exemptions and reverse charge mechanisms, notes a separate Compensation Cess on certain supplies, and directs tariff classification disputes to the Customs Tariff Act, 1975 while referencing notifications for effective rates.

Cross-border trade facilitation to unlock bilateral commerce through connectivity, Border Haats, and expedited transport agreements.
India and Myanmar committed to enhance bilateral economic ties by accelerating multimodal infrastructure projects and negotiating a Motor Vehicle Agreement to enable seamless cargo movement, exploring direct shipping and air links, and expediting inland waterway and port works. Both sides prioritized operationalising cross-border trade by finalising the Mode of Operation for Border Haats and considering new border trade points. They also agreed to operationalise and pursue MoUs and capacity-building in banking, power, healthcare and textiles, and to support EXIM Bank projects under the Project Development Fund for CLMV.

Indian Customs EDI Bill of Entry messaging updated to add GST fields and define ICEGATE-Service Center-ICES integration.
The technical standard prescribes a 24 part Bill of Entry message (CACHI01) and supporting messages, enumerating each segment and field (mandatory/key/optional), together with ICEGATE header/footer, delimiters, date and currency formats, file naming, and tax/duty-related data capture (including GST in CTX, SVB, RSP and miscellaneous charges). It also defines ICEGATE Service Center ICES integration through mapped data and control tables, acknowledgement and processed BE flows, query and reply mechanisms, amendment handling and OTP confirmation.

Indian Customs EDI exports message formats and amendment procedures for shipping bills, acknowledgements, and goods registration.
This specification defines ICES 1.5 export message formats, ICEGATE header/footer and file conventions, the list of message types (CACHE01, CHCAE02/03, CACHE04, CACHE05, CHCAE06), and detailed segment definitions for CACHE01 (32 parts) and CACHE05. It prescribes amendment procedures via AMENDHISTORY (part 25), amendment types (A/S/D/R), required amendment identifiers, remarks codes, and rules for submitting only the affected parts. Goods registration and supporting document metadata, field delimiters and mandatory flags are also set out.

Vocational Training Initiative establishes Gem & Jewellery institute in Udupi to boost skills and industry competitiveness.
A Gem & Jewellery Training Institute in Udupi will provide jewellery manufacturing and CAD design courses developed by GJEPC with NID and the Indian Diamond Institute. It targets three skill levels-new skilling for novices, up skilling for existing workers, and design/technological orientation-to upgrade the local workforce, harness regional talent and create employment opportunities while improving industry competitiveness.

Food safety regulations prompt stricter checks and improved compliance, boosting demand for higher value spice exports.
Indian spice exports rose in 2016-17 across major spices with increased demand for processed and value added products. Regulatory measures-stringent food safety regulations and mandatory checks by the Spices Board-enhanced compliance, quality assurance and market access, while targeted promotion of regional production supported export competitiveness.

Trade deficit widens sharply as import growth outpaces export gains, expanding the overall external gap.
Merchandise exports grew in May 2017 and cumulatively for April-May 2017-18 led by Engineering Goods, Gems & Jewellery, Petroleum Products, Textiles, Chemicals, Rice, Marine and Electronic Goods, while imports rose sharply-notably Petroleum, Gold, Electronic Goods and Machinery-driving a much larger merchandise trade deficit; oil and non oil import increases and a net export position in services for April 2017 together produced a substantially wider overall trade deficit for April-May 2017-18.

Exchange rate notification sets prescribed import and export conversion rates for specified foreign currencies effective mid June.
Determination of exchange rates under the Customs Act prescribes separate import and export conversion rates for specified foreign currencies in Schedule I (per one unit) and Schedule II (per one hundred units), superseding the earlier notification and taking effect from 16 June 2017 while preserving prior actions and omissions.

Export promotion recognized: APEDA awards exporters for distinguished performance, highlighting export growth and market diversification.
APEDA presented 82 export awards for 2014-15 and 2015-16 across Diamond, Gold, Silver and Bronze categories to recognise distinguished exporters in agricultural and processed food sectors; Allanasons Ltd. received the Diamond Trophy for both years and multiple firms received Golden Trophies across diverse product lines. The ceremony emphasizes APEDA's export facilitation mandate and market-linkage role, with the Commerce Secretary urging pursuit of new markets as recognition of exporters' contributions to India's global agricultural export position.

Export credit facility: bilateral MoU enables Korean investment credit to finance Indian infrastructure and third country projects.
Cabinet approved a bilateral Memorandum of Understanding between EXIM Bank and KEXIM establishing a USD 9 billion export credit facility to finance infrastructure projects in India and supply of goods and services in third-country projects. The MoU contemplates KEXIM providing Investment Credit under OECD export credit practices, deployment through EXIM Bank lending for priority sectors, mutual consultations to structure assistance and jointly identify viable third-country projects, and the possibility for KEXIM to finance directly subject to satisfaction of purpose.

Monetary policy: repo rate held at 6.25% with a neutral stance to target 4% CPI while supporting growth.
The MPC kept the policy repo rate at 6.25 per cent with a neutral stance to achieve the CPI inflation target of 4 per cent ( 2) while supporting growth; projections place headline inflation at 2.0-3.5 per cent in H1 and 3.5-4.5 per cent in H2 of 2017 18, contingent on monsoon, food management and fiscal pressures, and highlighted liquidity absorption operations and the need for bank recapitalisation and structural reforms to restore investment and policy effectiveness.

Seafood export growth drives record export value, led by frozen shrimp with major markets in USA and Southeast Asia.
India's seafood exports reached an all time high in 2016-17, led by frozen shrimp (notably Vannamei) and frozen fish, with the United States, Southeast Asia (Vietnam prominent), the EU and Japan as principal markets. Key growth factors included increased Vannamei production, species diversification, quality measures and expanded value added infrastructure. Major ports such as Vizag, Kochi, Kolkata, Pipavav and Jawaharlal Nehru Port handled the bulk of marine cargo and showed improved export performance compared to the prior year.

Phytosanitary compliance emphasized to assure pest free mango exports and improve market access for Indian exporters.
APEDA convened a Mango Buyer Seller Meet to connect Indian exporters and state horticulture departments with foreign importers, showcasing commercial and indigenous mango varieties and value added products, while highlighting pre export phytosanitary and quality assurance infrastructure - gamma irradiation, hot water treatment, vapor heat treatment and integrated pack houses - to assure pest free, export ready consignments and support compliance with international sanitary requirements.

Agricultural export promotion: Mango buyer-seller meet showcases varieties and post harvest treatment capacity to boost market access.
APEDA organized a mango Buyer-Seller Meet bringing leading importers and over one hundred exporters together for wet sampling of commercial and indigenous mango varieties and display of value added products. Ten state horticulture departments exhibited regional varieties at stalls. APEDA arranged visits to common infrastructure facilities-gamma irradiation, hot water treatment, vapor heat treatment and integrated pack houses-to demonstrate capacity for quality assurance, pest free produce and compliance with post harvest treatment requirements to enhance market access.

Agricultural export promotion fosters buyer-seller engagement to boost mango exports and showcase export-quality phytosanitary infrastructure.
APEDA is organising a Buyer-Seller Meet to connect international mango buyers with about sixty Indian exporters and state stalls, providing wet sampling and publicity to promote exports. The event includes a technical showcase of Hot Water Treatment, Vapour Heat Treatment and Irradiation facilities to demonstrate phytosanitary and post-harvest quality assurance measures and bolster buyer confidence.

Annual Performance Appraisal Report moved online, requiring digital authentication and fixed timelines to improve transparency and record access.
An online system requires Indian Trade Service officers to submit and authenticate their Annual Performance Appraisal Report (APAR) via Digital Signature or E-sign, with reporting and reviewing also conducted online. Timelines are prescribed for each stage and all entries must be completed by the year-end cutoff, after which no further remarks are permitted. The platform centralises appraisal records to prevent loss or ante-dating, improve transparency, and ensure accessible dossiers for personnel actions dependent on APAR evaluations.

Balanced regional trade agreement sought with equivalent ambition across goods, services and investment, including movement of professionals safeguards.
The ministers sought a comprehensive, balanced RCEP outcome with equivalent ambition across goods, services and investment, reconciling forward looking rules with diverse development levels through mechanisms like staging periods and line exceptions. Delegations urged services liberalization across all modes and stressed the importance of temporary movement of professionals for trade and investment. Investment reservation lists will be analysed for commercial meaningfulness, and India emphasised that appropriate arrangements on Investor State Dispute Settlement are critical to finalising investment negotiations under the principle of Single Undertaking.

Bilateral trade cooperation to deepen through joint committees and talks on a preferential trade agreement and sectoral engagement.
High-level delegations concluded institutionalised mechanisms to strengthen commercial relations: co-chairing of joint trade committees, commitment to deepen cooperation between investment promotion agencies for exchange of business opportunities, and initiation of sectoral cooperation. Ecuador signalled interest to commence negotiations for a Preferential Trade Agreement. India and Colombia identified priority sectors for joint engagement-spanning telecommunications, infrastructure, metals, hydrocarbons, IT and industrial technology, pharmaceuticals, chemicals, textiles, automobiles, mining, machinery and non-conventional energy-and urged businesses to exploit trade complementarities.

Customs cooperation enhances information sharing and mutual assistance to prevent and investigate customs offences and facilitate trade.
An Agreement establishes a legal framework for mutual assistance and information sharing between India and Tajikistan in customs matters to support application of customs laws, prevention and investigation of customs offences, and to enable exchange of information on customs value, origin of goods, and tariff classification to facilitate trade and efficient clearance of goods.

Trade balance: stronger exports and rising imports widened merchandise deficit, while services surplus narrowed annual overall deficit.
Merchandise exports grew strongly in April 2017 while imports rose more sharply-led by crude oil and non-oil categories-widening the monthly merchandise trade deficit; services showed a monthly surplus in March 2017 and an annual services surplus for April-March 2016-17 that partially offset the larger merchandise deficit, resulting in a narrower overall April-March 2016-17 trade deficit. Provisional tables and rupee valuations are provided, and higher Brent prices are identified as a driver of increased oil import values.