Page 11 - Free Trade Agreements

India, UK express commitment for early conclusion of free trade pact

India and the UK on Monday expressed their commitment to an early conclusion of the free trade agreement (FTA) between the two countries. Addressing a joint press conference with UK Chancellor of Exchequer Jeremy Hunt, Finance Minister Nirmala Sitharaman said both sides intend to expedite the free trade agreement. "There is definitely some discussion on the FTA...the key on both the sides is to conclude it as soon as possible," she said at the conclusion of the 12th India-UK Economic and Financial Dialogue. Hunt appreciated the efforts being made for the direct listing of Indian companies on the London Stock Exchange (LSE). "We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the LSE as an international destination for the direct listing of Indian companies. "Alongside that, there is a new Pensions and Insurance Partnership, the establishment of knowledge and expertise-sharing and the new UK Infrastructure Financing

First round of talks for India, Asean FTA review may start from Nov

India and the 10-nation bloc Asean are expected to formally launch the review exercise for the free trade agreement (FTA) in November, an official has said. They have agreed to fast-track negotiations for the review of the existing agreement in goods between the two regions and conclude the talks in 2025. It was agreed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting held at Semarang, Indonesia, in August. "We will do stakeholder consultations with the industry soon before starting the review formally. Most probably, we will have the first round in November," the official said. Participating in the 20th ASEAN-India Summit in Jakarta, Prime Minister Narendra Modi emphasised the need to complete the review of the ASEAN-India FTA (AITIGA) in a time-bound manner. The FTA was signed in 2009 and implemented in January 2010. The review of the AITIGA was a long-standing demand of Indian businesses, and the early commencement of the review would help in making

Sunak faces questions over wife Akshata's shares in FTA with India: Report

British Prime Minister Rishi Sunak could face some transparency questions related to wife Akshata Murty's Infosys shares, worth an estimated 500 million pounds, in a proposed free trade agreement (FTA) with India, according to a media report. The Observer' claims the Opposition Labour Party and trade experts are questioning the full financial impact as Infosys, the Bengaluru-headquartered software service major co-founded by Akshata's father Narayana Murthy, stands to benefit from any such trade deal. India and the UK have been negotiating an FTA, now in its 12th round of negotiations, as Sunak prepares for his first visit to India as British Prime Minister for the G20 Leaders' Summit next month. As the Prime Minister recently learned, it's important he declares any interests properly. I expect him to do so in respect of the India trade deal too, said Darren Jones, Labour MP and chair of the cross-party House of Commons Business and Trade Select Committee which has been scrutinisin

Awaiting India's response on setting up dispute settlement mechanism: EU

The European Union on Saturday said it is awaiting India's response to its proposal for setting up of a dedicated dispute settlement mechanism under the bilateral investment protection pact that is being negotiated along with an ambitious free trade agreement (FTA) by the two sides. The EU's Executive Vice-President and Commissioner for Trade Valdis Dombrovskis told a small group of journalists that both sides are engaged in "intensive" negotiations on the proposed FTA and that "progress" has been made on various issues. But at the same time the top EU official, currently on a visit to India, noted that there is "still a lot of work ahead of us". Asked when the FTA can be sealed, he said the main focus has been on "substance over deadlines". To a question, Dombrovskis said there is no direct impact of New Delhi's trade ties with Moscow on the India-EU trade negotiations, adding: "In a sense, we do not see new topics emerging which could be obstacles for the FTA in this ...

India, Asean to conclude review of existing free-trade agreement by 2025

The FTA between India and the 10-nation bloc came into effect 13 years ago. Indian businesses have long been pushing for its review

Requirements for a UK work visa might get easier for Indians. Here is why

Net migration to the UK reached an unprecedented 606,000 individuals last year

Peru looks at exporting avocados, fresh grapes, blueberries, gold to India

The two countries started negotiations for an FTA in 2017

High-level India-EU meetings this month to boost FTA talks, says official

High-level meetings between India and the European Union (EU) will be held this month to take stock of the progress of talks on the proposed free trade agreement, according to an official. "The EU officials are coming for the G20 trade ministers meeting this month in Jaipur. There is a high-level meeting at the minister level on August 26 in the national capital between India and the EU. "Commerce Secretary Sunil Barthwal is also likely to meet EU Director General for Trade Sabine Weyand in Jaipur," the official added. These meetings would give an impetus to the ongoing negotiations between the two sides on the free trade agreement (FTA). The G20 Trade and Investment Ministerial Meeting, under India's G20 Presidency, is scheduled at Jaipur on August 24-25. So far, five rounds of talks have been held on the agreement. India and the 27-nation bloc resumed negotiations on June 17 last year after a gap of over eight years on the proposed agreements on trade, investments and Geographi

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Commerce secretary Barthwal visiting UK for free-trade agreement talks

During the visit (July 17-18), the secretary will hold discussions with senior officials of the UK about the proposed trade agreement, which both the countries are negotiating

India-UK FTA: Ongoing talks to clear thorny issues like labour, environment

Till now, out of 26 policy areas or chapters, 14 chapters have been closed for negotiations, while significant progress has been made in other chapters

India, UK agree to add momentum to FTA talks during Piyush Goyal's visit

India and the UK have agreed to add momentum to the ongoing free trade agreement (FTA) negotiations, Union Minister of Commerce and Industry Piyush Goyal said on Tuesday. Goyal, who is on a short visit to the UK, took to Twitter after meeting his UK counterpart Business and Trade Secretary Kemi Badenoch to say they had agreed to keep up work towards a mutually beneficial deal. India and the UK started round 11 of their FTA talks last Wednesday, which is expected to conclude on Friday. Held a meeting with the UK Secretary of State for Business and Trade Kemi Badenoch in London. Discussed how both sides can add further momentum to the India-UK Free Trade Agreement negotiations for a mutually beneficial deal, Goyal tweeted. It came a day after a UK government source said the senior Indian ministerial visit to the UK in the midst of a negotiation round shows there is political will to make progress towards an ambitious trade deal. The potential is clear a strong trade deal will ...

Piyush Goyal to visit UK for FTA negotiations, review progress of TEPA

The India-UK bilateral trading relationship was worth Pound 34 billion in 2022, growing by Pound 10 billion ( Rs 102 crore) in one year

Very optimistic about FTA with India, says UK Investment Minister

An India-UK free trade agreement (FTA) is really important for both nations and it is for businesses on both sides to help drive that agenda, UK Minister for Investment Lord Dominic Johnson said in London on Tuesday. Addressing a UK-India Infrastructure Summit hosted by the City of London Corporation as part of the India Global Forum UK-India Week, Johnson said he is very optimistic about an FTA even as he declined to put a timeframe to it. India and the UK recently concluded their tenth round of FTA negotiations and an 11th round is set to begin in the next few weeks towards a comprehensive agreement expected to significantly enhance the bilateral trading relationship worth an estimated 34 billion pounds in 2022. I'm very optimistic about a free trade deal with India, said Johnson. It is hugely important for India if it wants to get the capital flows it needs to take itself to the next step, which is to become a global hyperpower economically. And it's very good for the UK if we'r

India actively considering CEPAs, FTAs to boost textile exports: Goyal

Union Minister Piyush Goyal on Monday said India is actively considering entering into free trade pacts and comprehensive economic partnership agreements to tap new markets, increase exports and create opportunities for the domestic textile industry. The Minister of Textiles highlighted that the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Park is being established across 7 states to promote India's textile sector in a significant manner. Goyal said PM MITRA Parks will lead to a reduction of logistic costs due to a cluster-based approach to manufacturing and production of quality products with appropriate testing facilities. The minister emphasised that countrymen deserve the best quality of garments and this should be ensured by all the stakeholders. He encouraged the industry to focus on quality and test their products to comply with quality standards. Goyal said India is pioneering sustainable textiles, contributing to a lesser carbon footprint and promo

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India should consider free trade agreement with Egypt, say exporters

India should consider negotiating a free trade agreement (FTA) with Egypt as the Mediterranean nation holds huge potential for the domestic industry in various sectors like agri products, steel items and light vehicles, according to exporters. Prime Minister Narendra Modi is in Cairo for a two-day state visit at the invitation of Egyptian President Abdel Fattah El-Sisi. Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India and Egypt have historic trade relations, which are robust and fairly balanced. India's exports increased to USD 4.1 billion in 2022-23 from USD 3.74 billion in 2021-22. However, imports from that country declined to about USD 2 billion against USD 3.5 billion in 2021-22. Fertiliser, crude oil, chemicals, raw cotton, and raw hides are major import items from Egypt. The main export items include wheat, rice, cotton yarn, petroleum, meat, flat-rolled products, ferroalloys (related to iron) and light vehicles. "The prime minist

India and UAE in talks to resolve customs concerns raised by exporters

Exporters have expressed their concerns regarding 'rules of origin' requirements outlined in the free trade agreement signed by both nations

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