FREE TRADE AGREEMENTS
India, UK review ties, focus on early conclusion of FTA
India and the UK reviewed their strategic partnership, focusing on finalizing a free trade agreement, enhancing defence cooperation, and counter-terror collaboration. Both nations aimed to identify new areas for collaboration, with discussions covering economic ties, technology, and security initiatives and fostering innovation in emerging technologies, clean energy, and cultural linkages.
Starmer government 'ready' to restart Free Trade Agreement talks, say Indian Envoy to UK
Indian High Commissioner Vikram Doraiswami confirmed the UK's readiness to resume Free Trade Agreement negotiations with India after completing an internal review. The ongoing process aims to enhance the growing bilateral trade and investment between the two nations. Madhya Pradesh's Chief Minister visited the UK to explore partnerships in education, technology, and IT, further strengthening the special relationship.
India red-flags non-tariff barriers, wants EU focus on market access
India is seeking assurances from the European Union that future non-tariff barriers won't harm its interests during ongoing free trade agreement negotiations. India raised concerns about measures like the Carbon Border Adjustment Mechanism, emphasizing market access for goods, services, investment, and government procurement as key priorities.
Delhi can share best practices towards a cleaner climate: British minister
UK's Indo-Pacific Minister Catherine West recently visited New Delhi and emphasized collaborative opportunities between the UK and India on climate change and clean energy. West's visit coincided with Delhi's poor air quality, highlighting the potential for shared solutions. Both nations are keen to relaunch FTA negotiations, viewing it as a starting point for broader collaboration.
Can India overcome its massive trade deficit with strategic manufacturing policies?
India's growing trade deficit, particularly with China, highlights the need for a revamped manufacturing strategy. The author argues against free trade agreements (FTAs) with manufacturing powerhouses, favoring selective tariffs, and promoting export incentives and production-linked incentives (PLIs) to bolster domestic industries.
Next round of India, Asean FTA review talks in February 2025
India and the Association of Southeast Asian Nations (ASEAN) concluded their fourth round of talks to review their free trade agreement. The next round is scheduled for February 2025 in Jakarta. Separately, India is discussing a potential fast-tracked free trade deal with the European Free Trade Association.
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Next round of India, ASEAN FTA review talks in Feb¡¯25
India and the Association of Southeast Asian Nations (ASEAN) have scheduled the next round of talks concerning their free trade agreement for February 2025 in Jakarta. The two economic groups concluded their fourth round of negotiations earlier this month. Separately, India is working with the European Free Trade Association (EFTA) to implement a free trade deal reached in March.
Next round of India-Asean trade agreement review talks in Feb
India and the Association of Southeast Asian Nations (ASEAN) have scheduled the next round of talks concerning their free trade agreement for February 2025 in Jakarta, Indonesia. The two trading partners aim to enhance trade and eliminate barriers by reviewing the existing agreement, AITIGA, which was signed in 2009.
Commerce Secy visits Norway to discuss early implementation of trade pact with EFTA bloc
Indian Commerce Secretary Sunil Barthwal visited Norway to expedite the implementation of a free trade agreement between India and the EFTA bloc. The agreement aims to boost Indian exports and attract significant investments from EFTA countries, including Norway. Barthwal's discussions focused on trade, investment, and professional mobility between the two regions.
FTA talks with India to relaunch early in 2025: UK PM tells Parliament
UK Prime Minister Keir Starmer announced the resumption of Free Trade Agreement negotiations with India in early 2024. The decision, following a meeting with Indian Prime Minister Narendra Modi, aims to bolster the countries' bilateral trade partnership, which is currently valued at approximately GBP 42 billion annually.
India-UK FTA talks: Both sides seek to bridge gaps to close deal expeditiously
India and the UK are set to resume negotiations for a free trade agreement early next year. The talks, stalled due to elections in both countries, aim to address remaining issues in goods and services trade. Both sides seek greater market access, with India focusing on skilled professionals and the UK targeting reduced tariffs on specific goods.
Diplomatic channels to decide India-UK FTA talks resumption date: Govt
India and the UK are set to resume negotiations for a free trade agreement in early 2025. The two countries aim to build on previous progress and finalize the deal quickly. The UK is a key partner in India's goal of reaching $1 trillion in exports by 2030.
UK & India to resume trade talks confirm Prime Ministers Modi, Starmer at G20 Summit
Indian Prime Minister Narendra Modi and UK Prime Minister Keir Starmer met at the G20 Summit and agreed to relaunch trade negotiations in 2025. They discussed visas for Indian professionals, new Indian consulates in the UK, and the extradition of economic offenders. Both leaders are committed to a trade deal that strengthens the India-UK partnership across various sectors.
UK-India trade talks to re-launch in the new year: Kier Starmer
Boosting trade abroad is essential to delivering a strong economy at home. The UK is committed to negotiating a trade deal with India - one of the fastest growing economies in the world, the statement said
India's free trade pacts not paused, all talks progressing as per schedule: Official
India is proceeding with its free trade agreement negotiations with various countries and blocs, including the UK and the EU, according to a government official. Despite rumors of pauses, talks are progressing as planned, with a meeting between Indian and EU trade representatives scheduled soon.
Imports from UAE up 70 pc in October to USD 7.2 bn: Comm min data
India's imports from the UAE surged by 70.37% to USD 7.2 billion in October, resulting in a trade deficit of USD 3.5 billion. This surge in imports, primarily in silver, platinum, and dry dates, has prompted India to raise concerns with the UAE, urging them to ensure adherence to the Free Trade Agreement.
UK businesses drive growth and sustainability in India, generating over Rs 5,000 bn in revenue: Report
UK businesses are making a big impact in India, generating over Rs 5 trillion in revenue and employing over half a million people. The India-UK Free Trade Agreement is expected to further boost this growth, particularly in sectors like renewable energy and technology. British investments are supporting India's economic development and sustainability goals.
Need to put lot of effort collectively to achieve $2 trln exports: Piyush Goyal
India's Commerce Minister Piyush Goyal set an ambitious goal of reaching $2 trillion in exports by 2030, emphasizing the need for collective efforts to overcome non-tariff barriers. Goyal urged the Indian Institute of Foreign Trade to contribute by studying these barriers and leveraging free trade agreements to benefit businesses and create jobs.
India's decision to opt out of RCEP agreement strategically sound: GTRI
India's decision to stay out of the RCEP trade bloc was a smart move, according to think tank GTRI. They argue that joining could have worsened India's already large trade deficit with China. GTRI points out that other RCEP members have seen their trade deficits with China grow, suggesting that the agreement benefits China more than other members.
India can say no on trade. Here¡¯s how to get to yes
India aims to reform its free trade strategy, targeting deals with the UK and the EU while addressing past issues. Current trade negotiations are criticized for being outdated and overly defensive. A new approach could enhance India's access to strategic supply chains and modern trade practices, possibly empowering negotiators to achieve more effective agreements.
Looking forward to advancing EU-India FTA talks: Spanish President Sanchez
Spanish President Pedro Sanchez emphasizes the significant potential for a stronger EU-India partnership, focusing on advancing the EU-India FTA negotiations. He highlights Spain's investments, renewable energy expertise, and transportation systems as key contributions to India's infrastructure and green energy goals, promoting mutual economic growth.
Piyush Goyal asks for respect in three areas for faster India-EU free trade agreement
Piyush Goyal, speaking at the 18th Asia Pacific Conference of German Business in New Delhi, advocated for a deeper strategic partnership and a Free Trade Agreement between India and the EU, emphasizing mutual respect in negotiations and highlighting the synergies between India's scaling capabilities and Germany's precision engineering.
Standard operating procedure document for negotiating FTAs to be ready this year
The commerce ministry aims to finalize an SOP document for FTA negotiations by year-end, involving input from 17 ministries. This document will standardize negotiation processes and include best practices, assisting future negotiators. A recent 'Chintan Shivir' addressed various FTA-related topics, reinforcing India's ongoing trade discussions globally.
Ministry may soon tap Cabinet for green flag on FTA SOPs as new guidelines nearly ready
The commerce and industry ministry is set to seek Cabinet approval for a new standard operating procedure for negotiating FTAs, addressing issues like labour and the environment. The SOPs aim to prevent misuse of origin rules and focus on reciprocity and sustainability.
India seeks critical mineral agreement with US, hopes for a trade pact, Piyush Goyal says
India's trade minister, Piyush Goyal, announced that the country is seeking a critical mineral partnership agreement with the United States, hoping it could lead to a broader Free Trade Agreement (FTA). This follows an initial pact signed earlier this month to enhance cooperation on lithium, cobalt, and other critical minerals essential for electric vehicles and clean energy.
UK's ex-minister reveals why she blocked India-UK FTA deal
Kemi Badenoch, former UK business secretary and contender for Conservative Party leader, claims she blocked India-UK FTA due to visa demands. However, ex-ministers and sources dispute her narrative, asserting she sought a deal despite immigration concerns. Talks may resume under Labour government.
India's trade deficit for September narrows to $20.78 bn
India's merchandise exports grew marginally in September after two months of decline, driven by engineering, chemical, and electronic goods. Despite global uncertainties, exports increased, with a slight rise in goods imports and a marginally widened trade deficit. Discussions for FTAs with the UK and EU continue.
India looks to expedite FTA talks with Australia in next 2 months to close negotiations
India is expediting FTA talks with Australia, aiming for a comprehensive economic cooperation agreement before Australia's 2024 elections. Current bilateral trade is around USD 24 billion. India is also pushing for a balanced review of its FTA with ASEAN, addressing tariff asymmetries by 2025.
India-Canada diplomatic row: No immediate impact on trade ties
India doesn't anticipate an immediate impact on trade relations with Canada despite ongoing diplomatic tensions. Bilateral trade remains stable, with no new trade restrictions implemented. Efforts may focus on diversifying imports of pulses and fertilizers from other countries.
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