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Free Trade Pact
The India-EU free trade agreement is expected to benefit a wide range of domestic sectors and deepen India's trade engagement with one of the world's largest economic blocs, experts said. Negotiations for the agreement have been concluded and expected to come into force later this year. The experts said that the agreement announced on January 27 is set to significantly transform India's automotive sector by attracting foreign direct investment into its auto component industry and fostering deeper integration into global value chains. "The IndiaEU trade pact marks a significant step forward in strengthening market access and trade competitiveness," Sanjay Budhia, Chairman of CII's National Committee on Exports and Managing Director of Patton International Ltd, said. He added that the deal is expected to provide preferential access across a host of traded goods, creating meaningful opportunities for domestic businesses. "The agreement is likely to benefit multiple sectors and deepen
Nobel laureate economist Abhijit Banerjee said the India-EU free trade agreement was "a strategic alignment", sending a signal to Washington, amid the high tariffs imposed by the Donald Trump administration, that "we don't need the US as much as America thinks we do". He, however, cautioned that the much-touted pact, described as the "mother of all deals", would not automatically translate into broad-based gains unless India dramatically improves efficiency and logistics. In an interview with PTI, Banerjee said India was yet to fully understand the nature of American resistance under President Donald Trump's leadership, noting that the US had shown "limited interest" in bargaining with India despite repeated US claims of imminent agreements during the period of heightened trade tensions. "It is certainly a strategic alignment. It sends a signal to the US- from Europe and from India - that we don't need the US as much as the US thinks we do. That can be useful if the idea is to bring
India and the European Union (EU) on Friday held talks in Brussels on the proposed Free Trade Agreement (FTA) and reaffirmed their commitment to a rules-based trading framework and a modern economic partnership that safeguards the interests of farmers and MSMEs. Commerce and Industry Minister Piyush Goyal is on a two-day official visit to the EU headquarters for the talks. He has held high-level talks with EU Trade and Economic Security Commissioner Maros Sefcovic for securing a mutually beneficial FTA. "During this dialogue, we deliberated across key areas of the proposed agreement. We reaffirmed our commitment to a rules-based trading framework and a modern economic partnership that safeguards the interests of farmers and MSMEs while integrating Indian industries into global supply chains," Goyal said in a social media post. The ministerial engagements follow a week of intensive deliberations in Brussels, building upon the groundwork laid during high-level discussions held earlie
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