Page 8 - Free Trade Agreement

India not seeking duty concessions on liquor, cigarette in FTA with Oman

India is not seeking customs duty concessions on over 100 product categories such as liquor, and cigarette in the proposed free trade agreement (FTA), which is under negotiations between the two countries, sources said. They also said that though the FTA negotiations were concluded, Oman has sought revision of its market access offers on some products. The two sides have discussed three to four issues flagged by Oman, and any potential changes would be minimal, they said. India is expected to gain greater market access for about 98 per cent of its goods in Oman, along with significant access to the services sector. "There could be about 125-130 tariff lines (or product categories), where we have not asked for duty concessions and that included goods like liquor, and cigarettes," they added. On January 14, India and Oman held the fifth round of talks for the agreement, which is aimed at boosting bilateral economic ties. The negotiations for the agreement, officially dubbed as ...

India, UK looking to resume talks on FTA in Feb: Commerce ministry

India and the UK are exploring convenient dates to resume the talks for the proposed free trade agreement in early February, according to the commerce ministry. The talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. "Mutually convenient date is being explored for the next round of negotiations for early February," the ministry informed on Wednesday. The bilateral trade between India and the UK increased to USD 21.34 billion in 2023-24 from USD 20.36 billion in 2022-23. Regarding a similar agreement with the European Union (EU), the ministry said that the tenth round of talks is scheduled from March 10-14 in Brussels. The two sides are negotiating a free trade agreement, an investment protection agreement and an agreement on geographical indications (GIs). In the ninth round, both sides discussed trade issues covering goods, services, investment and government procurement along with neces

FTA talks with India have been relaunched: UK govt tells Parliament

The UK government on Tuesday told Parliament that the Free Trade Agreement (FTA) talks with India have been relaunched to deliver a joint ambition of taking the bilateral relationship to even greater heights. During a debate on UK economic growth in the House of Commons, British Indian Labour MP Jeevun Sandher asked Foreign Secretary David Lammy about the steps being taken to get a good UK-India trade deal over the line. Describing 2025 as an exciting year for the UK's trading relationship with India, the co-chair of the India All Party Parliamentary Group (APPG) flagged the exchange of green technologies to help prevent and reduce the warming of our planet among the areas of focus. We are two nations with an intertwined history and common democratic ideals and we face the risks of a dangerous world and a warming planet, said Sandher, a first-time member of Parliament from Loughborough, in the East Midlands region of England. In response, Lammy pointed to his India visit within wee

India, Oman hold fifth round of talks for proposed free trade agreement

India and Oman are holding the fifth round of talks for a proposed free trade agreement here to boost bilateral economic ties, an official said on Tuesday. The two-day talks started on January 13, the official said. The negotiations for the agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. Oman is the third largest export destination among the Gulf Cooperation Council (GCC) countries. According to the think tank GTRI (Global Trade Research Institute), Indian goods worth USD 3.7 billion like gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement. Currently, over 80 per cent of its goods enter Oman at an average of 5 per cent import duties, a GTRI report has said. Oman's import duty ranges from 0 to 100 per cent, along with the existence of specific duties. A duty of 100 per cent is applicable on specific meats, wines and

Free trade deal may get delayed as Australia approaches 2025 elections

Both nations had signed the interim trade deal, also known as India-Australia ECTA that came into force on December 29, 2022

India must consider CPTPP membership amid global trade uncertainties

In Trump 2.0's uncertain trade landscape, India must act now to secure its place in the open, rules-based, and potentially largest trade bloc in the world

MFN status suspension not to delay EFTA trade pact with India: Switzerland

The Swiss decision to suspend the most favoured nation clause in the Double Taxation Avoidance Agreement will not delay the ratification and implementation of the already signed trade agreement between India and the EFTA bloc, Switzerland has said. The Swiss government has suspended the Most Favoured Nation (MFN) status, which could potentially impact Swiss investments in India and lead to higher taxes on Indian companies operating in the European nation. India and the four-nation European Free Trade Association (EFTA) signed the pact, officially dubbed as TEPA (Trade and Economic Partnership Agreement), in March. Its members are Iceland, Liechtenstein, Norway, and Switzerland. The agreement is yet to be implemented. "No, the decision will not delay the ratification and implementation of EFTA-India TEPA," the Embassy of Switzerland in India has said in a response to PTI queries on the matter. It also said that this decision does not negatively affect investments from Switzerland t

'BIT, free trade agreement 2 separate pacts; should continue to remain so'

Demands of certain developed countries from India to negotiate 'investment protection' elements under an FTA is inappropriate as negotiating the matter as part of a separate chapter under the trade pact could have larger and detrimental implications, source said. Legally speaking, they said, the investment protection element provides a wide range of obligations and commitments bestowed upon foreign investors, which are expansive in nature. "Recently, a lot has been heard about countries that are desiring India to negotiate 'investment protection' elements vis-a-vis investment chapter as part of the free trade agreement (FTA). However, this is incorrect," one of the sources said. For instance, the European Union (EU) has been negotiating a separate investment protection agreement or treaty with India, and not as part of the India-EU free trade agreement. "Having 'investment protection' as a chapter of a FTA could have larger and detrimental implications even on the trade agreements'

India raises barriers issue faced by domestic industry with European Union

India has flagged barriers being faced by domestic industry in the European Union (EU) markets and urged to address the issue, an official statement said on Friday. The issue besides the progress of proposed free trade agreement between the two was discussed during the meeting of Commerce and Industry Minister Piyush Goyal and European Commissioner for Trade and Economic Security Maros Sefcovic last night virtually. "Minister Goyal underlined that non-tariff barriers were impeding trade and emphasized the need to address long pending issues as a confidence building measure," the commerce ministry said. Both sides agreed to explore a balanced, equitable, ambitious and mutually beneficial FTA, it added. Following nine rounds of intensive negotiations, FTA (Free Trade Agreement) discussions require strategic political guidance to conclude a commercially significant and mutually beneficial agreement, with due consideration given to each side's sensitivities, the ministry said.

Govt considering proposal to impose safeguard duty on steel imports

The government is considering a proposal to impose safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy said on Thursday. "The process is going" on the ministry's proposal to impose a 25 per cent duty on steel imports, Kumaraswamy told PTI on the sidelines of an event here. On December 2, the steel ministry in a meeting with the commerce department had proposed for a 25 per cent safeguard duty on certain steel products imported into the country. The steel minister and Commerce and Industry Minister Piyush Goyal were present in the meeting. A final call on imposing the duty can be taken by the finance ministry on recommendations of the ministry of commerce. Domestic steel players have been consistently raising concerns over increasing cheap imports of steel from select nations, affecting their competitiveness. Steel Secretary Sandeep Poundrik last month said more than 60 per cent of steel imports come from FTA (free trade agreement) countries at nil duty and any du

Norway planning to ratify India-EFTA free trade agreement next year

Norway on Sunday said that it plans to ratify the India-EFTA free trade agreement next year, the commerce and industry ministry said. India and the four-nation EFTA (European Free Trade Association) bloc inked the agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA), on March 10 this year. However, it needs ratification from the four countries for its implementation. The agreement came up for discussions during the India-Norway Business Forum which was held in Mumbai. May-Elin Stener, Ambassador of Norway to India, termed TEPA a landmark in bilateral relations and highlighted its potential to further enhance trade and investment between the two nations. "She noted Norway's plans to ratify TEPA by 2025 and emphasized areas of focus, such as renewable energy, maritime industries, climate, and sustainability," the ministry said. The ambassador also announced that Norway will host the Indo-Nordic Summit in 2025. In the deliberations, many Norwegian companie

Centre cautious on FTAs to safeguard farmers and MSMEs: EAM Jaishankar

Speaking at an event, External Affairs Minister S Jaishankar spoke about India's resilience and post-Covid recovery along with its careful stance on free trade agreements

FTA an ongoing process, UK govt ready to restart negotiations: Indian envoy

Following a bilateral meeting with Prime Minister Narendra Modi on the sidelines of G20 Summit in Brazil, British Prime Minister Keir Starmer announced the relaunch of FTA talks in 2025

Next round of talks for India-Asean FTA in goods review to be held in Feb

The next round of talks for the review meeting of the India-Asean free trade agreement in goods will be held in February next year, an official statement said on Saturday. The fourth round of the negotiations was concluded here this month. The review of AITIGA (Asean India Trade in Goods Agreement) will be a step forward in enhancing trade with the ASEAN region in a sustainable manner, the commerce ministry said. "The next meeting of the AITIGA Joint Committee is scheduled in February 2025 in Jakarta, Indonesia," it said. There are 8 Sub-Committees under the AITIGA Joint Committee to negotiate aspects related to market access, rules of origin, standards and technical regulations, customs procedures, economic and technical cooperation, trade remedies, and legal and institutional provisions. Asean as a group is one of the major trade partners of India with about 11 per cent share in India's global trade. The bilateral trade in 2023-24 was USD 121 billion and reached USD 73 billion

Commerce secy visits Norway to discuss trade pact implementation with EFTA

Commerce Secretary Sunil Barthwal has visited Norway to discuss the possibility of an early implementation of a free trade agreement between India and the four-nation European bloc EFTA, an official statement said on Saturday. The agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA), was inked in March. The implementation date has not yet been finalised. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "The visit was aimed at furthering the objectives of and unlocking the large market in EFTA countries for Indian exports of goods and services and push for early implementation of USD 100 billion investment," the commerce ministry said Barthwal met Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway for discussions on promoting trade and investments, mobility for Indian professionals, re-energising existing institutional mechanisms and the next steps for the TEPA ..

India, UK to relaunch FTA talks in 2025, 'address remaining issues'

Announcement follows first meeting between Prime Minister Modi and his British counterpart during G-20 summit in Brazil

Re-examine trade pacts: India must consider entering CPTPP, RCEP

The two stumbling blocks for entry into the RCEP and CPTPP are, respectively, China and domestic reform

Looking forward to advancing EU-India FTA talks: Spanish President Snchez

Spanish President Pedro Snchez on Tuesday said he looks forward to advancing EU-India FTA negotiations, highlighting the "enormous" potential for a stronger relationship between India and the 27-nation European Union bloc, including Spain. The European Union (EU)-India proposed a free trade agreement (FTA) aimed at further boosting bilateral trade and investments between the two regions. The two sides are negotiating FTA, investment protection treaty and agreement on geographical indications (GIs). "The potential for a stronger relationship between India and the European Union (including Spain) is enormous. Spain is one of the largest economies in the world and has invested USD 4.2 billion in India... We look forward to advancing negotiations on a European Union-India free trade agreement. This will help our markets grow in size and diversity," Snchez observed while addressing the CII Spain India Business Summit in Mumbai, a statement issued by the industry body said. This is Spanis

No FTA if EU insists on opening up of India's dairy business: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday emphasised on understanding and respecting mutual sensitivities to fast-track India-EU free trade agreement talks, and said there would be no pact if the European Union insists on opening the dairy sector. Speaking at the Asia-Pacific Conference of German Business, the minister also said that "extraneous" issues like labour and climate change should be discussed at international forums. He added that the two sides have to understand, listen and appreciate the sensitivities of each other. "You (EU) are 27 countries, who have different priorities; India has 27 states. I may be growing apples in one state which does not permit me to open apples," he said, adding that the per capita income of EU member countries is much higher than that of the Indian states. He also said that there is a need to focus the energies on trade and on promoting investments and deeper strategic partnerships to push the talks. It will have to be a politica

India-UK negotiations on free trade deal likely to restart in November

India expects the UK to come forward for the next round of negotiations, after the Budget presentation later this month