India, the six-nation GCC bloc have signed the terms of reference for a proposed free trade agreement, formally setting the stage for negotiations aimed at boosting trade, investment, strategic ties
Goyal says first tranche of 'formal' pact by mid-March
India and the United States are set to sign the first tranche of a formal trade agreement by mid-March, Commerce and Industry Minister Piyush Goyal said, following a joint statement expected shortly
Commerce and industry minister Piyush Goyal told Parliament that India protected key food and agriculture interests in the trade deal with the US, while both sides addressed sensitive areas
Goyal said both sides were working on a "joint statement" outlining the details of the first phase of the agreement
India's engineering exports to the US are set to regain momentum after reciprocal tariffs were cut to 18%, with auto component makers expected to benefit the most
The announcement came after a phone call between Prime Minister Narendra Modi and Trump
UK parliamentary panel backs the India-UK FTA as historic but warns British firms may face delayed gains, sectoral risks and tougher competition from Indian exports
Export incentive allocations have been pared back in Budget 2026-27, with sharp cuts to RoDTEP and RoSCTL even as exporters face geopolitical risks and higher US tariffs
However, the secretary did not put a timeline on the finalisation of the deal, nor did he put a number on the level of convergence achieved by both sides
The Union Budget proposes a one-time measure allowing eligible SEZ manufacturing units to sell a portion of their output in the domestic market at concessional duty to offset US tariff shocks
This is a Budget that shows a future-ready Bharat, and carries forward the reforms that the Prime Minister initiated on August 15 last year, says Goyal
India's exports to the EU could double to $150 billion within five years of the FTA, says Piyush Goyal, stressing balanced market access while protecting sensitive sectors
The Economic Survey calls a Swadeshi push inevitable amid export controls and tech denials, but warns against high tariffs and indiscriminate import substitution that hurt competitiveness
For India, this could mean tougher competition for investment, slower growth in global trade volumes, and greater sensitivity of external flows to policy and geopolitical developments
India and the EU will set up rapid response and escalation mechanisms under the FTA to address regulatory measures like CBAM that could disrupt bilateral trade
Move to block non-Europe firms from using lower duty to dump cars in India
CBAM relaxations offered by EU to other partners will apply to India: commerce secretary
Historic agreement phases out tariffs on over 90% of bilateral trade while shielding India's sensitive agricultural and burgeoning EV sectors
Deal likely to be announced on Tuesday; legal scrubbing, pact signing may take 5-6 months