WebinarsNew
Deep DiveNew
Explore Business Standard
FTA
The India-UK free trade agreement opens market access but does not automatically translate into higher exports, and the country must strengthen standards, certification, logistics and buyer linkages to realise its full benefits, economic think tank GTRI said on Saturday. The India-UK Comprehensive Economic and Trade Agreement (CETA) will come into force from July 15. "Without parallel work on standards, certification, logistics, regulatory approvals and buyer networks, much of the opportunity will remain on paper. The agreement opens the door; India must now convert access into exports," the Global Trade Research Initiative (GTRI) said. Citing example, GTRI Founder Ajay Srivastava said while food exporters need better testing, traceability and compliance with UK sanitary and phytosanitary rules;machinery and electronics firms need certification, technology and stronger buyer links. Similarly automobile exporters must meet rules-of-origin and technical requirements; and the garment,
Transformational growth should be the prime focus of the India-UK Free Trade Agreement (FTA), Commerce and Industry Minister Piyush Goyal told business leaders at a plenary session in London on Friday. The minister is in the UK on a three-day visit to review the preparedness of both countries for the implementation of the Comprehensive Economic and Trade Agreement (CETA), which comes into force on July 15. During an interactive event organised by the High Commission of India in London, Goyal heard from members of a Federation of Indian Commerce and Industry-led delegation on the sector-wide opportunities on offer from CETA, such as advanced manufacturing, consumer goods, renewable energy, healthcare and tourism. "Collaborations, cooperations, partnerships will be, in my humble opinion, the right way to come in quickly for both British businesses and Indian businesses," Goyal told the gathering. "It will wedge your way faster; not compulsory, of course, your choice. If you are ...
India's utilisation of free trade agreement benefits remains low at just 20-30 per cent of eligible exports, compared with 60-70 per cent by the FTA partners, due to high compliance costs and already low tariffs in partner countries, think tank GTRI said on Tuesday. It also said that Free Trade Agreements (FTAs) have made the inverted duty structure issue harder to fix because many finished goods now enter India at low or zero duty from partners such as ASEAN, Japan, South Korea, the UAE and Australia. As a result, Indian manufacturers often pay high duties on imported inputs, especially those sourced from non-FTA countries, while competing against finished products imported duty-free under FTAs, the Global Trade Research Initiative (GTRI) said. Citing an example, it said steel and aluminium attract MFN (duty applicable for all countries) duties of 7.5-10 per cent, but machinery, industrial equipment and engineering products made from these materials can enter India duty-free under
The commerce ministry is preparing granular plans to boost the utilisation of free trade agreements (FTAs) by Indian industry, including sending 500 delegations abroad, training 1,000 people, and engaging with 1,600 industry chambers, Union Minister Piyush Goyal said on Tuesday. The commerce and industry minister asked the Indian industry to increase utilisation of these pacts as it will help boost exports and attract investments at a time when the global economy is facing challenges. "We are making very granular plans on how we can leverage all these FTAs and convert the global crisis into a golden opportunity," he said at the CII annual business summit here. Since 2021, India has finalised trade deals with Mauritius, the UAE, Australia, Oman, New Zealand, EFTA bloc, UK and the EU. Goyal said that countries such as Switzerland, the United States and nations in the European Union have much higher per capita incomes and cannot manufacture products at a cost lower than India. The ..