India in touch with Iran to secure release of 17 Indian crew members onboard cargo ship 'MSC Aries’
New Delhi (PTI): India is in touch with Iran to secure the release of 17 Indians on board an Israeli-linked cargo ship that was seized by the Iranian military near the Strait of Hormuz on Saturday amid fears that Tehran may retaliate for a suspected Israeli strike on its consulate in Damascus on April 1.
Official sources said India has called on Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure the welfare and early release of the 17 Indian crew members of the cargo ship 'MSC Aries'. "We are aware that a cargo ship 'MSC Aries' has been taken control by Iran. We have learnt that there are 17 Indian nationals onboard," an Indian government source said. "We are in touch with the Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure security, welfare and early release of Indian nationals," it said. The Mediterranean Shipping Company (MSC) said it is working closely with relevant authorities for the well-being of the 25 crew members and the return of the vessel.
The Iranian action came amid heightened fears that Tehran may launch an attack on Israel in retaliation to a strike on the Iranian consulate in Syria 12 days ago. Iran blamed Israel for the strike. Iranian news agency IRNA reported that the Portuguese-flagged vessel is operated by the Zodiac Maritime Shipping Company, which is partly owned by Israeli businessman Eyal Ofer. It said Special Naval Forces of Islamic Revolution Guards Corps (IRGC) seized MCS Aries near the Strait of Hormuz on Saturday, adding the forces carried out a heliborne operation on the ship's deck, directing it towards Iran's territorial waters.
Amid the escalating tensions between Iran and Israel, Israeli military spokesman Daniel Hagari said "Iran will bear the consequences for choosing to escalate the situation any further." On Friday, US President Joe Biden cautioned Iran against an attack on Israel. "We are devoted to the defense of Israel. We will support Israel. We will defend -- help defend Israel. And Iran will not succeed," he told reporters.
In a brief update, the UK's Maritime Trade Operations agency mentioned the seizing of the ship by "regional authorities" off the coast of Fujairah in the UAE. It did not mention the involvement of Iranian forces. There have been mounting tensions in West Asia following the attack on the Iranian consulate in Damascus on April 1. Iranian media reported that seven Revolutionary Guards personnel, including two generals, were killed in the attack.
Following the seizure of the cargo ship by the Iranian military, Israel's Foreign Minister Israel Katz called on the international community to immediately declare the Iranian Revolutionary Guards as a terrorist organisation. "The Iranian Revolutionary Guard Corps have seized a Portuguese civilian cargo ship, belonging to an EU member, claiming Israeli ownership," he said on 'X'. "I call on the European Union and the free world to immediately declare the Iranian Revolutionary Guards corps as a terrorist organization and to sanction Iran now," he added.
According to some reports, the ship was coming to India's Jawaharlal Nehru Port Trust (JNPT) through the United Arab Emirates. However, there is no official confirmation of it. India had on Friday asked its citizens not to travel to Iran and Israel.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
