TARIFF CONCESSION
Government notifies 160 tons of gold import from UAE at concessional rate this fiscal under trade pact
The Indian government has allowed the import of up to 160 tonnes of gold from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, known as CEPA. This follows a surge in gold imports from the UAE, prompting calls for a review of the agreement. India's gold imports dropped by 4.23 per cent to USD 12.64 billion in April-July 2024-25 due to global economic uncertainties.
GTRI suggests duty cuts withdrawal on silver, diamonds, gold jewellery under India-UAE FTA
The Indian government sought changes to the India-UAE free trade agreement, with GTRI recommending the removal of duty cuts on precious metals and jewellery. Concerns over the misuse of rules of origin and surging imports prompted calls for revisions. The review aims to protect India's domestic industry and address loopholes in the existing agreement.
India seeking review of certain provisions of free trade agreement with UAE
India is seeking a review of specific provisions in its free trade agreement (CEPA) with the UAE, which began on May 1, 2022. Commerce Secretary Sunil Barthwal indicated ongoing discussions about value addition norms and customs duty reductions. The UAE is India's third-largest trading partner, with $83.65 billion in bilateral trade for 2023-24. Concerns have been raised over increased imports of precious metals from the UAE, potentially leading to revenue losses and tariff evasion. India is also engaged in trade talks with Australia, the UK, and the EU, focusing on expanding and refining trade agreements.
India seeks duty concession on cars, commercial vehicles, machinery in FTA with Sri Lanka
India is seeking customs duty concessions on goods such as cars, commercial vehicles, and machinery from Sri Lanka under a comprehensive free trade agreement (FTA). The 14th round of talks between senior officials of India and Sri Lanka concluded in Colombo, focusing on rules of origin, goods, services, and technical barriers for trade. Sri Lanka has also requested removal of a quota on apparel exports to India, duty concessions on tea, and certain agricultural commodities.
FTAs two-way traffic, need to give sops too: Piyush Goyal
Commerce and Industry Minister Piyush Goyal criticized the domestic industry at a Confederation of Indian Industry (CII) event on Tuesday for demanding protectionist measures that could obstruct Free Trade Agreements (FTAs) with the United Kingdom and the European Union. Goyal emphasized that FTAs are a reciprocal arrangement and expressed concern that reluctance to offer tariff concessions could jeopardize proposed deals.
GTRI is concerned about precious metals imports under India-UAE trade pact
The Global Trade Research Initiative (GTRI) has raised concerns over UAE's precious metals imports to India under the CEPA, urging an investigation due to negative impacts on domestic industries and potential revenue loss. GTRI highlighted issues of tariff arbitrage, money laundering possibilities, and the need for a review of the agreement.
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Congress slams govt over mobile phone tariff hike by 3 leading firms
The Congress party criticized the Modi government for allowing three major private telecom companies—Reliance Jio, Bharti Airtel, and Vodafone Idea—to increase mobile service tariffs, accusing them of profiteering from 109 crore users. Congress leader Randeep Surjewala condemned the unilateral tariff hikes, highlighting that the companies collectively raised rates by an average of 15% effective July 3 and 4, 2024.
No new duty concessions for milk, milk products imports: DGFT
India has strictly limited milk and milk product imports under tariff rate quotas (TRQs) in accordance with WTO commitments. Santosh Sarangi, director general of foreign trade, confirmed that no TRQ imports are planned for the current year. TRQ imports have occurred only three times in recent years, managed exclusively by cooperatives and state-owned entities, following guidelines that balance producer and consumer interests.
Commerce min engaging with different departments on India, Korea FTA upgrade talks: Official
India and Korea are progressing with talks to upgrade their existing free trade agreement (FTA), known as the Comprehensive Economic Partnership Agreement (CEPA). The Department of Commerce is collaborating with various ministries such as heavy industries, steel, and chemicals to prepare the offer list for the negotiations.
India has option to propose retaliatory duties on EU's safeguard measures on some steel products
New Delhi, India can propose retaliatory customs duties under WTO norms on EU imports due to disagreement over EU safeguard measures on steel products. EU extended safeguard duties on steel imports till 2026, affecting India's steel exports to the EU.
Chhattisgarh hikes power tariff by 8.35 per cent
Talking to PTI, CSERC secretary Sp Shukla said an average hike of 8.35 per cent in power tariff was applicable across all consumer categories. Power services are managed by three state-run companies for generation, transmission and distribution in the state.
View: Tackling FTA attractions
India has resumed free trade negotiations with trading partners after withdrawing from the Regional Comprehensive Economic Partnership (RCEP) negotiations in 2019. The process has been restarted with the signing of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) in March 2021, followed by India-UAE Comprehensive Economic Partnership Agreement (CEPA), India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, and India-European Free Trade Association (EFTA) pact in February this year.
Industry asked to name items from areas where India can be self-reliant
The fact that India's exports between April and January of FY24 were $3.7 billion and its imports, primarily from Russia's crude oil imports, were $51.7 billion, is what worries New Delhi. Additionally, the bloc has free trade agreements with Iran, China, Vietnam, and Serbia; these agreements may have an effect on the competitiveness of Indian industry in any of the EAEU markets.
Have high import tariffs helped India improve manufacturing & counter China?
The government has successfully used tariff protection in some segments, but the policy needs a review if the country has to see improvements in efficiency and sustainability fronts.
New rules to avail export concessions under UK scheme
In a trade notice, the Directorate General of Foreign Trade said that the United Kingdom (UK) has replaced its existing origin declaration process under Generalized Scheme of Preferences (GSP) with the UK DCTS effective from June 19, 2023.
Here's how India's $100 billion trade pact with EFTA will benefit Indians; Swiss watches, chocolates to get cheaper
India has signed a trade agreement with the European Free Trade Association (EFTA) countries, including Switzerland, aiming to boost trade and investments. The agreement will lead to the phasing out of custom duties on imported goods, allowing Indian consumers access to high-quality Swiss products at lower prices. Notably, gold imports are excluded from tariff concessions.
India inks pact with EFTA, gets $100 billion commitment
India signed a significant trade agreement with the European Free Trade Association (EFTA) comprising Switzerland, Norway, Liechtenstein, and Iceland, committing to a $100 billion investment over 15 years. The Trade and Economic Partnership Agreement (TEPA) aims to increase foreign direct investment (FDI) in India and generate one million direct jobs. The deal, India's first FTA with developed nations, focuses on innovation and collaboration, with investments expected to flow steadily, potentially exceeding estimates.
India mulls quota-based duty cuts on gold imports to Switzerland under EFTA
Switzerland had sought duty concessions on inbound shipments of gold, which accounts for about 80% of India’s total imports from Switzerland. Quota based concessions to Switzerland are crucial as India has already extended 1% duty concession to gold importers under tariff rate quota in its trade pact with the UAE.
India may give quota-based duty concession on gold imports from Switzerland under EFTA trade pact
India is considering quota-based duty concessions on gold imports from Switzerland as part of a proposed free trade agreement with the European Free Trade Association (EFTA), comprising Iceland, Liechtenstein, Norway, and Switzerland. India seeks a USD 50 billion investment commitment from EFTA members over the first ten years post-agreement and an additional USD 50 billion in the subsequent five years.
Duty concession on gold will be major concern for India under proposed FTA with Peru: GTRI
India and Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. The Global Trade Research Initiative (GTRI) has highlighted the challenge of duty concessions on gold, which accounts for 80% of India's imports from Peru. Gold, a high-value product with low volume, attracts a 10% basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. The next round of talks is expected to start in Lima, Peru.
CIABC seeks greater market access for alcoholic products in EU, removal of non-tariff barriers
Alcoholic beverages makers' body CIABC on Sunday sought greater market access for domestic products in the European markets and removal of non-tariff barriers to boost exports. Confederation of Indian Alcoholic Beverage Companies (CIABC) said that the EU should remove the non-tariff barriers which prevent the vast majority of Indian products from being sold in their market.
India, UK try to resolve visa, EV issues in proposed Free Trade Agreement
India and the UK are in advanced stages of discussions to address visa concerns for Indian professionals and customs duty concessions on British electric vehicles (EVs) as part of the proposed free trade agreement. An Indian delegation is currently in the UK to resolve these issues, along with concerns in the services sector and customs duty cuts on British whiskey.
Tariff imposition: India appeals against WTO panel report
India on Thursday appealed against a decision by the dispute settlement body of the World Trade Organization (WTO) that had ruled against New Delhi's imposition of tariffs on mobile phones and electronic components, among other ICT goods. The case was brought by the EU and a WTO panel in April said that India had violated global trading rules.
No proposal to form tariff committee to fix train fares: Ashwini Vaishnaw
Indian Railways Minister Ashwini Vaishnaw has stated that passengers will have to pay high fares during festivals due to the absence of a proposed tariff committee to decide train fares. Fare rationalisation is an ongoing process, with feedback from various channels. The railways provided a subsidy of Rs 59,837 crore on passenger tickets in 2019-20 to provide affordable services to all strata of society.
Tesla ready to drive in up to $2 billion, but with riders
According to sources aware of the matter, Tesla has approached the union government with a detailed proposal linking the quantum of investment to the number of cars it can import at lower duty. The company is willing to invest up to $500 million if the government extends concessional tariff for 12,000 vehicles and can increase this up to $2 billion if the reduced duty is approved for 30,000 vehicles.
Checking predatory pricing for port tariffs need of hour
The ports, shipping, and waterways ministry in India has proposed restrictions on port tariffs to prevent predatory pricing by public-private-partnership (PPP) ports. The proposal suggests that port tariffs should not be less than the operating cost per tonne of the asset. This could have implications for private sector port operators in the country. The ministry aims to implement regulatory caps within the next two years to address the issue of predatory pricing and restrict mergers and acquisitions that result in a dominant position in the maritime sector. The Competition Commission of India will oversee any deals that breach competition laws.
Tamil Nadu CM announces concessional power tariff of Rs 5.50 per unit for common services
Tamil Nadu Chief Minister M K Stalin has announced a reduction in electricity tariffs for common services in small apartment complexes. The new concessional tariff will decrease the rate from Rs 8 per unit to Rs 5.50 per unit. This decision was made following representations from resident welfare associations, who argued that the recent increase in tariffs had negatively impacted middle-class residents.
Changing faces of India’s FTAs: A long way since Bangkok Agreement
From the Bangkok agreement (or APTA) to IPEF, India’s FTA journey has evolved significantly, reflecting its commitment to foster international trade and economic integration within its region and with global partners. These phases demonstrate India’s adaptability and willingness to explore new avenues for economic growth and cooperation on the international stage.
UK trade pact: India weighs offering duty concessions for EVs
Discussions on the proposed trade pact are now in their final phase and the agreement is likely to be inked by Diwali, officials said. "This is being discussed internally among the departments of revenue, commerce and the respective line ministries," said an official, privy to the deliberations.
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