Free Trade Agreement

President Droupadi Murmu on Wednesday hailed the signing of a free trade agreement with the European Union, saying it will give impetus to the manufacturing and service sectors and create new employment opportunities for the youth of the country. Murmu also said that over the past 11 years, the economic foundation of the country has grown significantly stronger and despite various global crises, India has remained the fastest growing major economy in the world. "I congratulate all citizens on the conclusion of negotiations for a free trade agreement with the European Union. It will give impetus to the manufacturing and service sectors in India and also create new employment opportunities for the youth of India," she said while addressing the joint sitting of Parliament, marking the beginning of the Budget session. The President said India has further improved its record in keeping inflation under control and it is directly benefiting the poor and middle class. "As a result of the

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India and EU seal historic free trade deal, opening vast markets and cooperation avenues while urging India to boost competitiveness and reforms

Deal provides phased tariff liberalisation on over 97% of goods, safeguards sensitive sectors and boosts labour-intensive exports

India will get an "unprecedented" market access at concessional duties for over 99 per cent of its exports by value in the European Union (EU) market, providing a boost to domestic labour-intensive sectors, Commerce and Industry Minister Piyush Goyal said on Tuesday. The two sides announced on January 27 the conclusion of negotiations for the free trade agreement (FTA). "India and the EU, under the leadership of PM @NarendraModi ji, European Commission President @VonderLeyen and European Council President @AntonioCostapm have inked the 'Mother of all Trade Deals'," he said in a social media post. Goyal said that the pact is a strategic breakthrough in the country's global trade engagement, unlocking vast opportunities in the USD 20 trillion EU market for 1.4 billion people. "It is a deal that gives unprecedented market access for over 99 per cent of our exports by value, providing a massive impetus to our labour-intensive sectors and bolstering Make In India," the minister said. T

India and Europe have concluded the "mother of all" trade deals, European Commission President Ursula von der Leyen said on Tuesday as Prime Minister Narendra Modi and the top EU leadership held summit talks to elevate the two-way ties to jointly navigate geopolitical turbulence and trade disruptions. Prime Minister Modi hosted von der Leyen and European Council President Antonio Costa at the summit. "Europe and India are making history today. We have concluded the mother of all deals. We have created a free trade zone of two billion people, with both sides set to benefit," Von der Leyen said. "This is only the beginning. We will grow our strategic relationship to be even stronger," she said. The two EU leaders graced the 77th Republic Day celebrations at the Kartavya Path as chief guests on Monday. The long-awaited free trade agreement is expected to significantly expand the overall trajectory of two-way engagement as it will open up new opportunities for cooperation in diverse .

Deal aims to boost trade diversification, labour-intensive exports and services while safeguarding sensitivities on both sides

At the World Economic Forum in Davos on Tuesday, von der Leyen signalled progress, stating the European Union is close to concluding the agreement but acknowledged that additional work remains

Goyal said there would be no compromise on the country's interests and that all sensitive issues, such as the Carbon Border Adjustment Mechanism and dairy, would be addressed to India's satisfaction

The visit is significant in the wake of ongoing discussions to finalize the India-European Union FTA

FTAs can open doors, but real gains will depend on domestic factors

The two sides need to move little beyond their defined negotiating stance on investment treaty, subjects like agriculture, digital trade, IPR and ensure conclusion of the much awaited trade agreement

Amid political turmoil in the US and EU, India's hopes of quick trade deals face growing uncertainty, calling for realism and preparation for worst-case scenarios

PDP president Mehbooba Mufti on Saturday opposed any free trade agreement (FTA) with the European Union and the US, saying a similar deal with New Zealand had hurt the apple growers of Kashmir by exposing them to "unfair imports". Expressing concern that apple import duties may be diluted, she said flooding markets with imported apples risks destroying Jammu and Kashmir's horticulture backbone. She called upon Chief Minister Omar Abdullah to take up the issue with the Centre to protect the fruit growers of the Valley. "Deeply concerned that apple import duties may be diluted in FTAs with Europe, the US and Chile, repeating the damage done by the India-New Zealand FTA. A 25 per cent duty cut has already hurt Kashmir's apple growers, exposing them to unfair imports," Mehbooba said in a post on X. The PDP president said that flooding the markets with imports "risks destroying Jammu and Kashmir's horticulture backbone that sustains 15 lakh families". "This is not just about fruit but

Under the India-New Zealand FTA's Financial Services Annex, India has offered higher FDI limits in banking and insurance and a simpler licensing regime for foreign bank branches

The free trade agreement (FTA) between India and New Zealand will help diversify exports, and attract investments in areas like agriculture, experts said. The conclusion of negotiations for the pact was announced on December 22. It is likely to be signed and implemented next year. India and New Zealand on Monday said they have concluded talks on a free trade deal that will give India tariff-free access to the island nation's markets, bring in USD 20 billion of investment over the next 15 years and help double bilateral trade in goods and services the next five years to USD 5 billion. Federation of Indian Export Organisations (FIEO) President S C Ralhan said upon entry into force, the free trade agreement (FTA) will provide zero-duty access on 100 per cent of India's exports, with tariff elimination across all tariff lines or product categories. "It will enhance the competitiveness of Indian products in the New Zealand market and provide a major boost to employment-generating sector

Today's Best of BS Opinion looks at India's evolving trade strategy, rising tensions with Bangladesh, lessons from China's manufacturing boom, food loss challenges, and the impact of digital platforms

Wellington commits to $20 bn FDI in 15 years; dairy items excluded

An FTA has also been agreed upon with the United Kingdom (UK), which means that India now has formal trade pacts with three of the five Anglosphere economies