Venezuela has signaled interest in expanding cooperation with India in critical minerals and is seeking Indian investment in exploration and mining, Press Trust of India reports. The Venezuelan government said it wants to broaden economic engagement with India beyond oil and called for reviving the India-Venezuela Joint Committee mechanism, which last met nearly a decade ago, The Hindu reports. India proposed widening cooperation in pharma and automobiles with Venezuela, encouraging the country to adopt Indian pharmacopeia to streamline drug regulatory processes.

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PLUS: Trade and tax talks with Bahrain are inching forward: External Affairs Minister S. Jaishankar and Bahraini Foreign Minister Abdullatif bin Rashid Al Zayani had a call to discuss trade and investment, Press Trust of India reports. The call came after the two met in New Delhi earlier this month to launch talks on a comprehensive trade agreement and pact on double-taxation, according to Hindu Businessline.

Other movement on the trade file worth knowing about this morning:

  • Trade in Moscow’s orbit: Commerce Secretary Rajesh Agrawal met Eurasian Economic Union officials in Moscow to review progress on a proposed India-EAEU trade agreement. (press release)
  • And with Russia itself: India and Russia hope to finalize a set of new agreements during President Vladimir Putin’s visit to New Delhi in the first week of December. (Press Trust of India | Hindu Businessline)
  • Pharma with China: New Delhi has opened talks with Beijing on a reverse-trade arrangement that would see bulk drugs imported from China, processed into finished dosage forms in India, and exported back. The Indian Pharmaceutical Exports Promotion Council (Pharmexcil) says the model could unlock USD 6 bn in exports to China at the cost of just USD 4 bn worth of imports. (Business Standard)
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