Free Trade

India notifies process to claim UK FTA tariff benefits on vehicle imports

India has notified the procedure for importers to seek government approval to avail quota-based duty concessions on imports of passenger cars and goods vehicles under the free trade agreement with the UK, which will come into force on July 15. Under the Comprehensive Economic and Trade Agreement (CETA), India will reduce import duties on automotive imports from about 110 per cent to 10 per cent, with quotas on both sides. India is allowing import of 3.78 lakh units of conventional-engine passenger cars, including those in the mass segment, from the UK at concessional customs duty during the first 15 years of the implementation of the trade pact between the two countries. "Procedure for allocation of Tariff Rate Quotas (TRQ) under India-UK (CETA) is notified," the Directorate General of Foreign Trade (DGFT) has said in a public notice dated July 9. It said that at the time of clearance of the import consignment, the importer in India has to produce a Certificate of Origin issued by

FTAs to help boost leather, footwear exports reach $14 billion by 2030: CLE

The Free Trade Agreements (FTAs) finalised by India will create significant opportunities for the leather goods and footwear sector, helping boost exports to USD 14 billion by 2030, CLE has said. Council for Leather Exports (CLE) Chairman Ramesh Kumar Juneja said that they are eagerly waiting for a trade pact with the US, as it is India's largest export destination. A successful conclusion of India-US agreement will secure preferential access for the sector over competing nations, he said. The FTAs with regions such as the European Union, UK, New Zealand will define the next chapter of growth for the industry, he said. "Our industry aims to make optimum use of these emerging opportunities and reach an export target of USD 14 billion by 2030, as part of an overall industry turnover target of USD 50 billion," Juneja said. He added that trade agreements with UAE, Oman, Mauritius, Australia, EFTA with Switzerland, Norway, Iceland and Lichtenstein have all aided the domestic exporters.

'Free trade pacts to boost furniture exports, domestic manufacturing'

Exports and domestic manufacturing of India's furniture sector will witness a major boost from the number of free trade agreements (FTAs) finalised by India in recent years, industry experts say. They said the duty concessions under these trade agreements would not only provide domestic players with preferential access to overseas markets but also encourage capacity expansion and fresh investments in India. India has implemented FTAs with Mauritius, the UAE, Australia, the EFTA bloc, and Oman. It has signed such pacts with New Zealand and the UK, and announced the conclusion of negotiations with the European Union. The country is also negotiating similar trade pacts with a number of other countries, including Israel, Canada, Peru, Chile, Gulf Cooperation Council (Bahrain, Kuwait, Qatar and Saudi Arabia), and Eurasian Economic Union (EAEU - Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia). "These agreements will help us provide huge export opportunities. We have already started

Exports to New Zealand won't be taxed: Goyal ahead of FTA signing

More than four months after announcing the conclusion of negotiations on December 22 last year, India and New Zealand are set to sign their free trade agreement on April 27, aimed at doubling bilateral trade between the two countries. The pact will give India companies duty-free access to the island nation's markets, and bring in USD 20 billion of investment over the next 15 years. The pact will be signed in the presence of Commerce and Industry Minister Piyush Goyal and Todd McClay, New Zealand's Minister for Trade and Investment, here at Bharat Mandapam, according to the commerce ministry. The deal will also give India more temporary employment visas, easier access for pharmaceuticals and medical devices. While the agreement will eliminate or reduce tariffs on 95 per cent of New Zealand's exports of items ranging from wool, coal, wood, wine, to avocados and blueberries to India, New Delhi made no concessions on allowing imports of dairy, onions, sugar, spices, edible oils and rub

India-EU FTA leaves carbon tax intact, talks to address concerns: Official

The European Union's Carbon Border Adjustment Mechanism (CBAM) will not see any exceptions despite the concluded India-EU Free Trade Agreement (FTA), but both sides have committed to technical discussions to find the best way forward, a senior German environment ministry official said here. Jochen Flasbarth, State Secretary in the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection, emphasised that the CBAM is not targeted against any specific country but serves as a necessary protective measure once carbon pricing is introduced domestically in the EU. "CBAM is not against anyone. Once you introduce carbon pricing, you need to have some kind of protection," Flasbarth told PTI Videos on Wednesday during his ongoing visit to India, where he held discussions with officials from the Ministries of New and Renewable Energy, Power, and Environment, Forest and Climate Change. "With the carbon pricing, we need to do something, and that is

Customs revenue growth target modest, achievable in FY27: CBIC chief

The government has projected a modest 5 per cent growth in customs revenue for FY2026-27 after taking into account the impact of free trade pacts, duty exemptions on capital goods imports and tapering of edible oil imports, a top official said on Monday. Goods and Services Tax (GST) revenues in FY27 are projected to grow at 6.3 per cent, with a buoyancy of 0.94 even after a reduction in tax rates on about 375 items with effect from September 22, 2025, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Chaturvedi said in a post-Budget interview to PTI. The FY'27 tax revenue targets are realistic and achievable, the CBIC chief added. The Budget has projected a 5 per cent growth in Customs revenue at Rs 2.71 lakh crore in FY'27. In GST, the collection is estimated at Rs 10.19 lakh crore, which would be a 6.3 per cent growth YoY after excluding the compensation cess which ended in January. Chaturvedi said modest growth projections in Customs are based on the assumption t

India-EU FTA to benefit multiple sectors, deepen trade engagement: Experts

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

India-EU FTA credit positive for India; to boost manufacturing: Moody's

The India-EU free trade pact will be credit positive for India as lower tariffs and better market access will help attract foreign investment, boost manufacturing and boost export competitiveness of the labour intensive sector, Moody's Ratings has said. India and the European Union on Wednesday had announced the conclusion of negotiations for the Free Trade Agreement (FTA), described as 'mother of all deals', under which 93 per cent of Indian shipments will enjoy duty-free access to the 27-nation bloc, while import of luxury cars and wines from the EU will become less expensive. The deal, concluded after negotiations spanning about two decades, will create a market of about 2 billion people across the world's fourth-largest economy, India, and the second-largest economic bloc, the EU. In a commentary, Moody's Ratings said India's conclusion of its trade negotiations with the EU reflects its continued efforts to selectively diversify trade relationships. "When in effect, the FTA wil

India-EU FTA to create employment opportunities for youth: Prez Murmu

President Droupadi Murmu on Wednesday hailed the signing of a free trade agreement with the European Union, saying it will give impetus to the manufacturing and service sectors and create new employment opportunities for the youth of the country. Murmu also said that over the past 11 years, the economic foundation of the country has grown significantly stronger and despite various global crises, India has remained the fastest growing major economy in the world. "I congratulate all citizens on the conclusion of negotiations for a free trade agreement with the European Union. It will give impetus to the manufacturing and service sectors in India and also create new employment opportunities for the youth of India," she said while addressing the joint sitting of Parliament, marking the beginning of the Budget session. The President said India has further improved its record in keeping inflation under control and it is directly benefiting the poor and middle class. "As a result of the

India-EU FTA negotiations near end: How the deal could boost exports

India and the European Union (EU) are negotiating a free trade agreement (FTA). Negotiations have reached the final stage. If finalised, this will be the 19th trade deal for India. The FTA is expected to help boost the country's exports to the 27-nation bloc. Since 2014, India has finalised seven trade pacts -- Mauritius (April 2021 implemented), Australia (December 2022 implemented), UAE (May 2022 implemented), Oman (signed in December 2025), UK (signed in July 2025), EFTA (implemented in October 2025 - Switzerland, Iceland, Liechtenstein, Norway), and New Zealand (talks concluded in December 2025). Importance of this FTA: The imposition of high tariffs by the US has disrupted the global flow of goods. India is facing steep 50 per cent tariffs. The FTA is expected to help Indian exporters diversify their shipments. It will also help reduce dependence on China. Benefits for India and the EU: Tariffs or import duties are either reduced or eliminated under an FTA. Therefore, an FTA

FTA: India, EU should find convergence on sustainability chapter, NTBs

The two sides need to move little beyond their defined negotiating stance on investment treaty, subjects like agriculture, digital trade, IPR and ensure conclusion of the much awaited trade agreement

Landmark free trade milestone in 2025 injects momentum behind India-UK ties

The highly anticipated free trade deal between India and the UK, in the works for over four years, came to fruition in 2025, alongside a Vision 2035' pact to revitalise bilateral ties beyond the realm of trade and investment. The Free Trade Agreement (FTA) negotiations dominated the headlines for the major part of the year as both sides looked determined to get the deal over the line and formally signed off during Prime Minister Narendra Modi's visit to the UK in July. Keir Starmer, celebrating his own one-year mark as British Prime Minister, laid out an especially warm reception for Modi over cups of chai at his countryside residence Chequers, near London. We have agreed a landmark deal with India one of the fastest growing economies in the world, declared Starmer, formally accepting Modi's reciprocal invitation to lead the biggest British trade delegation to India ever within weeks in October. According to the UK Department for Business and Trade (DBT) analysis, the Comprehensiv

FTAs to open overseas opportunities for Indian professionals: Commerce secy

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

China launches $113 billion free-trade experiment on Hainan island

Foreign direct investment into China fell 10.4 per cent year-on-year in the first three quarters of 2025, official data shows

India-Oman free trade pact to give new energy to bilateral ties: PM Modi

Prime Minister Narendra Modi on Thursday said the Comprehensive Economic Partnership Agreement (CEPA) between India and Oman will give new confidence and energy to the bilateral relations. Speaking at the India-Oman Business Summit here, the visiting Prime Minister said the summit will give a new direction to the India-Oman partnership. "Today, we are taking such a historic decision, the echo of which will be heard for many decades to come. Comprehensive Economic Partnership Agreement that is, CEPA, will give our partnership new confidence and new energy in the 21st century," the prime minister said. He said India's nature has always been progressive and self-driven. Whenever India grows, it helps its friends grow as well, Modi said and added India is progressing towards becoming the world's third-largest economy. "This is beneficial for the entire world. However, it is even more beneficial for Oman because, in addition to being close friends, we are also maritime neighbours. Our

Diversifying exports to mitigate tariff impact; policy push to sustain mfg

Ahead of PM Narendra Modi's Jordan-Ethiopia-Oman tour, the government highlighted efforts to diversify exports and sustain manufacturing momentum, citing export and IIP growth trends

India, New Zealand begin fourth round of talks on free trade agreement

Officials of India and New Zealand on Monday started the fourth round of negotiations in Auckland for the proposed free trade agreement, the commerce ministry said. Commerce and Industry Minister Piyush Goyal will reach Auckland this week to meet his New Zealand counterpart Todd McClay to review the progress of the negotiations. "The Fourth Round (November 3-7, 2025) of negotiations for the India-New Zealand Free Trade Agreement (FTA) commenced today (Monday) in Auckland, New Zealand," the ministry said in a statement. Negotiations in this round are focusing on key areas, including trade in goods and services, and Rules of Origin. "Both sides are working constructively to build on the progress achieved in earlier rounds, to reach convergence on outstanding issues and move towards the early conclusion of the FTA," it said. The FTA negotiations was formally launched on March 16, 2025. The third round of negotiations for the agreement concluded on September 19 in Queenstown, New ...

UK PM Starmer begins India visit to boost ties after clinching trade deal

The deal between the world's fifth- and sixth-largest economies aims to increase bilateral trade by a further 25.5 billion pounds ($34 billion) by 2040

13th round of FTA talks from Monday: India, EU hope to fast-track deal

The outcome of this round of negotiation will be crucial in determining the next steps, as both sides weigh the possibility of a political call to break the deadlock on the unresolved issues

The failure of anti-austerity populism amid inflation and rate shifts

Historically, most debt and inflation crises have occurred when governments that could have met their obligations in full instead chose inflation or default