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Free Trade Pact
Legally binding commitments on professional services such as chartered accountants, doctors and architects under various Free Trade Agreements (FTAs) signed by India will help open up overseas opportunities for these professionals, Commerce Secretary Rajesh Agrawal has said. He has stated that India's demographic dividend offers immense potential to meet the rising global demand for professional services. To tap into this potential, Agrawal said, it is critical to adopt global best practices and equip professionals with upgraded skills aligned with evolving global market needs and technological developments. He also encouraged professional bodies like the Institute of Chartered Accountants of India (ICAI) to organise and participate in international conferences to enable knowledge sharing and provide platforms for enhanced collaboration. The secretary said this while addressing a brainstorming session on 'Expanding Global Horizons: Opportunities for Indian Professionals' on Decembe
India is at an advanced stage of negotiations for a bilateral trade agreement with the US, Commerce and Industry Minister Piyush Goyal said on Monday. US Deputy Trade Representative Rick Switzer was recently here with his team to take stock of these talks. The two-day talks concluded on December 11. "We are already at an advanced stage in our discussions with the US," Goyal said here while talking to the media about the conclusion of negotiations for the India-New Zealand free trade agreement. He also said that India has so far finalised FTAs with three members of the Five Eyes (FVEY) alliance - Australia, UK and New Zealand. The five countries of the intelligence sharing network are Australia, Canada, New Zealand, the UK, and the US. India is also in the process of resuming talks for a trade agreement with Canada. "We are soon going to launch discussions for the ToR (terms of reference) with Canada also," Goyal said adding "this reflects the growing strategic importance of Indi
Canada and the US will launch formal discussions to the review their free trade agreement in mid-January, the office of Canadian Prime Minister Mark Carney said. The prime minister confirmed to provincial leaders that Dominic LeBlanc, the country's point person for US-Canada trade relations, will meet with US counterparts in mid-January to launch formal discussions," Carney's office said in a statement late Thursday. The United States-Mexico-Canada trade pact, or USMCA, is up for review in 2026. US President Donald Trump negotiated the deal in his first term and included a clause to possibly renegotiate the deal in 2026. Carney met with the leaders of Canada's provinces on Thursday to give them an update on trade talks with the US. Canada is one of the most trade-dependent countries in the world, and more than 75 per cent of Canada's exports go to the country's southern neighbour. But most exports to the US are currently exempted by USMCA. Trump cut off trade talks to reduce tarif
India and Oman will sign a free trade agreement on Thursday in Muscat with an aim to boost economic ties between the two countries, an official said. It will be signed in the presence of Prime Minister Narendra Modi, who is on a four-day, three-nation visit. He arrived in Ethiopia on Tuesday from Jordan and will depart for Oman from Addis Ababa. Commerce and Industry Minister Piyush Goyal has reached Muscat for the FTA signing. Commerce Secretary Rajesh Agrawal too will reach Oman, the official said. Talks for the free trade agreement, officially termed as CEPA (Comprehensive Economic Partnership Agreement), formally began in November 2023 and the negotiations concluded this year. In free trade agreements, the two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments. Oman is the third-largest export destination for India among the Gulf ...
India and Israel on Thursday inked terms of reference (ToR) to formally launch negotiations for a free trade agreement, Commerce and Industry Minister Piyush Goyal said. The ToR include market access for goods by eliminating tariff and non-tariff barriers, investment facilitation, simplification of customs procedures, increasing cooperation for innovation and technology transfer, and easing norms to promote trade in services. "We have signed the ToRs today. Now we will soon finalise the dates for starting the negotiations for that," Goyal told reporters here. Goyal is leading a 60-member business delegation to Israel. He will meet leaders and businesses to discuss ways to boost bilateral trade and investments. The TOR was signed by Goyal and Israeli Economy and Industry Minister Nir Barkat. Goyal said that the Israeli side has conveyed that they will not seek market access in sensitive areas such as dairy, rice, wheat and sugar. He also informed that Israel has come out with a ...
The House of Lords International Agreements Committee has opened an inquiry this week into the impacts and implications of the UK-India Free Trade Agreement (FTA), concluded during Prime Minister Narendra Modi's visit to Britain in July. The cross-party panel, which includes British Indian Conservative peer Baroness Sandy Verma, is seeking evidence from experts and stakeholders as part of the parliamentary process before the Comprehensive Economic and Trade Agreement (CETA) can come into effect. With a target to double bilateral trade to USD 120 billion by 2030, the CETA has been pitched by the Prime Minister Keir Starmer-led government as a landmark agreement" that will increase trade by 25.5 billion pounds and UK GDP by 4.8 billion pounds annually in the long run. As we undertake a new programme of evidence gathering, covering the terms of the FTA, its potential benefits and disadvantages, and provisions for key UK sectors, among other issues, we encourage anyone with experience
India and the European Union (EU) on Monday started the next round of negotiations for the proposed free trade agreement (FTA), an official said. After the 13th round of talks, European Commissioner for Trade Maros Sefcovic will visit India on September 12 to take stock of the progress of negotiations with Commerce and Industry Minister Piyush Goyal, the official said. As there is a deadline to conclude the talks by the end of this year, this round of talks is important. The 12th round of talks concluded in Brussels. In June 2022, India and the 27-nation EU bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on geographical indications after a gap of over eight years. It stalled in 2013 due to differences on the level of opening up of the markets. On February 28, PM Narendra Modi and the European Commission president agreed to seal a much-awaited free trade deal by the end of this year. Besides demanding significant duty cuts in automo
India is expected to forego customs revenue of Rs 4,060 crore in the first year of the free trade agreement with the UK, as tariffs are reduced or eliminated on a wide range of goods, think tank Global Trade Research Initiative (GTRI) said on Monday. The calculation is based on the current import figures from the UK. By the tenth year, it said, as tariff elimination phases-in more broadly, the annual loss is projected to rise to Rs 6,345 crore or around British Pound 574 million, based on FY2025 trade volumes. The India-UK free trade agreement, which was signed on July 24, will lead to a loss of customs revenue for both the countries, as tariffs are reduced or eliminated on a wide range of goods, GTRI added. India imported USD 8.6 billion worth of goods from the UK in 2024-25. Industrial products make up the bulk of these imports and face a weighted average tariff of 9.2 per cent. Most agricultural products, subject to much higher average tariffs of 64.3 per cent, were excluded f
India has granted tariff concessions to a wide range of British goods under the recently signed free trade agreement (FTA), including pastries, pet food, cosmetics and microwave ovens, while keeping sensitive sectors out to safeguard domestic interests. The comprehensive economic and trade agreement (CETA), which was signed on July 24, also offers duty-free access to UK products such as cakes, protein concentrates, dog and cat food, soaps, shaving cream, detergents, and home appliances like air conditioners and washing machines. However, the concessions are phased across sectors to give Indian industry sufficient time to prepare for enhanced competition from UK firms. The agreement will come into force in about a year as it requires approval from the British Parliament. According to the analysis of think tank GTRI, India has committed to reducing or eliminating import tariffs on nearly 90 per cent of goods originating from the United Kingdom. "The agreement includes phased concess
The free trade agreement between India and the UK will help boost the country's chemical exports and domestic manufacturing as a number of product categories from the segment will enjoy duty-free access in Britain, CHEMEXCIL said on Sunday. Chemicals exporters body CHEMEXCIL (Basic Chemicals, Cosmetics and Dyes Export Promotion Council) said that under the trade agreement, more than 1,000 tariff lines (or product categories) from the chemicals sectors are granted zero-duty access to the UK market. This includes key product categories such as organic chemicals, agrochemicals, cosmetics toiletries, essential oil, speciality chemicals, and petrochemicals, CHEMEXCIL Chairman Satish Wagh said. With a 12.4 per cent contribution to the total trade agreement tariff lines, the chemical sector is among the largest beneficiaries of this agreement, strengthening its position in trade policy and classification, he said. India's current chemical exports to the UK stand at USD 570.32 million, ...
Commerce and Industry Minister Piyush Goyal on Thursday said discussions are underway with ASEAN to review the existing trade pact, and he is looking forward to fast-track the negotiations. The issue figured during the meeting between Goyal and his Malaysian counterpart T Zafrul Aziz. "Had a productive meeting with @Tzafrul_Aziz, Malaysian Minister of Investment, Trade & Industry. Malaysia is India's permanent coordinator from ASEAN on economic matters," Goyal said in a post on X. The ministers discussed the ongoing review of ASEAN India Trade of Goods Agreement (AITIGA) and addressing its challenges therein. "Looking forward to fast-tracking discussions with ASEAN Member States to ensure fair trade and balanced growth," he said adding, "We also discussed furthering discussions on the Comprehensive Economic Cooperation Agreement (CECA) between both the countries". The remarks assume significance as the review talks are progressing slow. The review of the agreement is a ...