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US-based Boeing is a large buyer of aircraft parts from India and is looking at the country as its largest foreign original equipment manufacturer (OEM) base for components going forward, Commerce and Industry Minister Piyush Goyal said on Saturday. Under an interim trade agreement with India, the US has agreed to remove tariffs on certain aircraft and aircraft parts of India. "Already Boeing and Airbus are large buyers of aircraft parts from India...I am told both these companies are looking at India as the largest foreign OEM for parts going forward and I have had conversations with the top board and CEO of both companies. There is a lot of excitement about the India-US partnership," he told reporters here. Boeing has over 265 commercial and military aircraft operating in India, which is a key market for the plane maker. The company has more than 325 suppliers and the annual sourcing from the country is worth over USD 1.25 billion. The amount includes components and services. Ai
India and the six-nation bloc of Middle Eastern nations, the Gulf Cooperation Council (GCC), will ink terms of reference on Thursday for starting talks for a free trade agreement (FTA), an official said. The terms of reference (ToR) outline the scope and modalities of a proposed trade pact. Commerce and Industry Minister Piyush Goyal will preside over the signing ceremony of the ToRs with GCC. GCC is a union of six countries in the Gulf region -- Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. India has already implemented a free trade pact with the UAE in May 2022. India and Oman also signed a Comprehensive Economic Partnership Agreement (CEPA) in Muscat on December 18, 2025. Launch of FTA talks with the GCC would be a kind of resumption of the negotiations, as the earlier two rounds of negotiations were held in 2006 and 2008 between the two regions. The third round did not happen as GCC deferred its negotiations with all countries and economic groups. India imports ...
Lower tariffs under the India-EU free trade agreement will significantly strengthen the position of Indian formulations, APIs, and value-added medicines in the European Union, Pharmexcil Chairman Namit Joshi said on Tuesday. For the domestic pharmaceutical sector, the agreement delivers structural competitiveness, he stated. "Near-zero tariff access significantly strengthens the position of Indian formulations, APIs, and value-added medicines in the EU, a development that is particularly consequential for India's pharma MSMEs, many of whom possess strong quality capabilities, but face cost and access barriers in highly regulated markets," Joshi said in a statement. Reduced tariffs and smoother market entry will directly enhance their ability to scale exports, invest in compliance, and integrate into European supply chains, he added. "Crucially, this agreement enables stable, long-term, and predictable pharmaceutical trade, benefiting European healthcare systems and consumers throug
The "game-changer" free trade agreement (FTA) between India and the European Union (EU) is set to unlock significant trade and investment opportunities for the country in the high-potential market of the 27-nation bloc, which remained untapped and boost India's export competitiveness, industry bodies said on Tuesday. The European Union and India on Tuesday announced the conclusion of negotiations for the free trade agreement (FTA) here. CII Director General Chandrajit Banerjee said the landmark agreement represents a strategic breakthrough in India's global trade engagement and significantly deepens the partnership between two major democracies and economies that together account for nearly 25 per cent of global GDP. "The unprecedented preferential access secured for over 99 per cent of Indian exports is a game-changer for Indian industry. It decisively improves competitiveness in the EU's high-value market, anchors Indian manufacturers and service providers deeper into global value
Zero-duty access under the India-EU Free Trade Agreement could help double the bilateral gems and jewellery trade to USD 10 billion (around Rs 91,000 crore)over the next three years, the Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday. This removes 2-4 per cent duties on precious jewellery, unleashing huge export potential with the 27-member EU countries, home to the world's elite buyers. "The India-EU FTA will supercharge market diversification for the gem and jewellery industry. This transformative pact aims to double bilateral trade to Rs 91,000 crore within three years. "Zero-duty access to the world's largest consumer market empowers export hubs in Gujarat, Rajasthan, Maharashtra, and West Bengal to ramp up shipments of precious jewellery (plain and studded), silver, and imitation jewellery, capitalising on India's renowned design prowess," GJEPC chairman Kirit Bhansali said. The European Union and India on Tuesday announced the conclusion of negotiations fo