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India is at present negotiating free trade agreements with a number of trading partners, including the US and European Union, Commerce and Industry Minister Piyush Goyal said on Friday. India is working with its 'trusted' trading partners through these agreements to boost economic ties, he said. "We have all seen trade being weaponised. We have all seen the importance of having trusted partners around the world," he said, adding that at this moment, India is in talks with individual countries and groups of nations totalling about 50. The remarks come at a time when a steep hike in tariffs by the US has disrupted global trade. The Donald Trump administration has imposed a 50 per cent import duty on Indian goods entering American markets since August 27. The minister informed that GCC (Gulf Cooperation Council) too is interested in trade pact talks. GCC is a union of six countries in the Gulf region Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. New Delhi has already implemen
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 ...
Import of bulk Scotch will increase in India after signing of Free Trade Agreement with the UK, which will be used by IMFL makers and bottling in India, according to Scotch Whisky Association Chief Executive Mark Kent CMG. The FTA between India and the UK, which is awaiting ratification, will also see a variety of quality Scotch whisky coming into the country, especially from some of the smaller producers from Scotland, Mark Kent told PTI in an interview. "You will see more bulk whiskey coming into India as a result of the free trade agreement, both for bottling in India, and for incorporating into IMFL (India-Made Foreign Liquor)," he said. This is normal, because as the Indian market is growing year-on-year, the increasing demand will see greater quantities being imported, Mark Kent said. He is quite encouraged by the trend of premiumisation happening in India, the world's largest whisky market and is "optimistic" for the prospects of Scotch whisky here. India is the world's num