Page 9 - Free Trade Agreement

India-Chile free-trade agreement talks may begin after Lok Sabha polls

A trade deal with Chile will give India greater access to Latin American region

Europe is the saving grace for declining Indian exports in 2023

This was driven by demand for products such as pharmaceuticals, textiles, petroleum products, engineering products, machinery, as well as chemicals, government data showed

Trade policy calibrated with growth but open for expansion: Piyush Goyal

At Business Standard Manthan, Piyush Goyal added that in America and Europe, there are still high duties for several products

Possible outcomes of India-UK trade deal

India faces complex negotiations ahead that could restrict domestic policy space and economic interests

Key India peers see sharper growth in services trade, shows data

India's services exports increased by 14 per cent between the third quarter of 2022 and Q3 of 2023

FTA talks with SACU nations on the cards after new govt takes over

The customs union includes South Africa, Namibia, Botswana, Lesotho, and Eswatini

India, Peru set to thrash out issues on free-trade agreement document

The two nations are aiming to share the document and offer a list of services as well as goods before the seventh round, scheduled to begin in New Delhi on April 8

Round 14 of India-UK FTA talks put on hold ahead of election schedule

The 14th round of the free trade agreement (FTA) negotiations between India and the UK has now closed, with formal negotiations being put on hold as India heads into election campaign mode as the general election schedule is announced on Saturday. According to UK officials familiar with the discussions, a lot of progress has been made but the teams are not in a position to conclude an agreement which led to the Round 14 closing on Friday. The next round of formal trade talks can commence only after the Lok Sabha polls have concluded. The India-UK FTA negotiations, which opened in January 2022, are aimed at securing an ambitious outcome for bilateral trade currently worth around GBP 38.1 billion a year as per official statistics from last month. We anticipate that while some talks might happen between rounds, the next round of negotiations will take place after the Indian elections, official sources in the UK said. Neither side is walking away from talks. It's just that we don't h

PM Modi talks with UK counterpart Sunak to review progress of FTA

Prime Minister Narendra Modi spoke to his British counterpart Rishi Sunak on Tuesday as they welcomed the progress made in the ongoing discussion between the two countries for an early conclusion of a free trade agreement (FTA). During their telephonic conversation, they reaffirmed their commitment to strengthening the bilateral comprehensive strategic partnership, a statement said. In a post on X, Modi said, "Had a good conversation with PM @RishiSunak. We reaffirmed our commitment to further strengthen the bilateral Comprehensive Strategic Partnership and work for early conclusion of a mutually beneficial Free Trade Agreement." The statement said the two leaders expressed satisfaction over the progress made under the "Roadmap 2030" in diverse areas including trade, investment, defence, security, emerging technologies and others. "They assessed positively the progress made towards early conclusion of a mutually beneficial Free Trade Agreement," it said. The two leaders also excha

Will get duty-free access to India for selected agri products: Switzerland

Switzerland on Sunday said it will get duty-free access to the Indian market for selected agricultural products after a transition period of up to ten years under the trade agreement signed between India and EFTA. India on Sunday signed the Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received an investment commitment of USD 100 billion from these four European countries. EFTA members are Switzerland, Norway, Iceland and Liechtenstein. "India is now the most populous country in the world. The growing middle class in particular is contributing to major growth potential. However, India currently levies very high import tariffs on most products," Switzerland said in a statement. Under the FTA, India will lift or partially remove customs tariffs on 95.3 per cent of industrial imports from Switzerland (excluding gold) either immediately or with transition periods, it added. Swiss Federal Councillor Guy Parmelin an

India, EFTA trade deal to help boost trade, investments: Industry bodies

The free trade agreement between India and the four European nation bloc EFTA will help boost trade and investments in the country in sectors such as engineering, pharma, food processing, and apparel, says the industry. India on Sunday signed a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) under which New Delhi received a USD 100 billion investment commitment from these four European countries. The investment commitment by the companies of the grouping - Switzerland, Norway, Iceland and Liechtenstein - would be executed over a period of 15 years and facilitate creation of one million direct jobs in India. Industrialist and Tirupur Exporters Association President A Sakthivel said that the pact would help promote two-way commerce and help Indian apparel exporters increase their shipments. "The investment commitment will boost domestic manufacturing," Sakthivel said. Industry body CII President R Dinesh said that the "unique" pledge b

India-EFTA deal symbolises shared commitment to equitable trade: PM Modi

Prime Minister Narendra Modi on Sunday said the India-EFTA trade agreement symbolises our shared commitment to open, fair and equitable trade. He also said that the global leadership of EFTA countries in innovation and R&D across diverse spheres like digital trade, banking and financial services, and pharma will open up new doors of collaboration. "Heartiest Congratulations and best wishes to the negotiators and signatories involved in the signing of India-EFTA Trade and Economic Partnership Agreement (TEPA)," Modi said in a written message. The Prime Minister's statement was read by Commerce and Industry Minister Piyush Goyal here in the presence of ministers and officials of EFTA countries. "In the last 10 years, India's economy has taken a quantum leap, moving from being the world's eleventh largest economy to the fifth largest. Our next goal is to make India's economy in the world," the Prime Minister said. They are here for the signing of the FTA. The European Free Trade ...

Here are key details of India's pact with four-nation European trade bloc

India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to clinch the broad-based Trade and Investment Agreement

Govt rejects EFTA's data exclusivity demand to protect generic drug cos

Commerce secretary Sunil Barthwal on Thursday said that there is no free trade agreement (FTA) in which India will go against the generic drug industry

Next round of talks on India-Peru free trade agreement pact likely in April

The next round of negotiations between India and South American nation Peru for a free trade agreement is expected to start in April, an official statement said on Thursday. The officials of the two countries concluded the sixth round of talks in Lima on February 14. The proposed agreement is aimed at promoting bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. "The 6th round of India-Peru negotiations for a trade agreement was held from February 12 to 14, 2024, in Lima, Peru, to continue the work that started in 2017 when the negotiation process was formally announced," the commerce ministry said. In this round, nine working groups held in-person meetings on trade in goods, rules of origin, trade in services, movement of natural persons, customs procedures and trade facilitation,

Duty concession on gold will be concern for India in FTA with Peru: GTRI

Duty concessions on gold, which accounts for 80 per cent of India's imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. India and the South American nation Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. The next round of talks is expected to start this week in Lima, Peru. "Tariff concessions on gold, accounting for USD 1.8 billion or 80 per cent of India's imports from Peru

Free trade agreement with India by year-end: Sri Lankan foreign minister

Sri Lanka on Tuesday said it has plans to establish a free trade agreement with India by the end of 2024, Foreign Minister Ali Sabry said here as the cash-strapped island nation tries to spur economic growth. Similar Free Trade Agreements (FTAs) would be worked out for Indonesia, Malaysia, Vietnam, and China too by the year's end, Sabry told reporters here. These agreements will open up new markets for the cash-strapped Sri Lankan businesses, contributing directly to the nation's economic growth. The government continues to struggle to restructure its external debt on the one hand and has raised utility rates and taxes on the other. Sri Lanka and India resumed talks on the Economic and Technology Cooperation Agreement in Colombo at the 12th round in October last year. The original talks were stalled after several rounds of talks between 2016 and 2018 due to political and trade union opposition. Last week, Sri Lanka inked an FTA with Thailand. This has already provided Sri Lanka acc

The importance of Asean for India

The evolving regional trade context should be the primary guiding factor for the AITIGA review

Lok Sabha polls nearing, PMO reviews UK free trade agreement progress

Officials say 'political call' now needed to fructify proposed deal

Ongoing India-UK FTA could be brought to successful conclusion: PM Sunak

Rajnath Singh and Rishi Sunak agreed on the need for the two nations to work together in trade, defence and technology sectors, Ministry of Defence said in a press release