Page 7 - Free Trade Agreements

A year of Australia-India FTA: Great start but lots to do

ECTA provides the framework for long-term growth in our trade. Ninety-six per cent of Indian goods now enter Australia completely tariff-free. That will rise to 100 per cent by 2026

India evaluating implications of FTA as Bangladesh mulls RCEP membership

India is worried because of Bangladesh's greater dependence on China for imports as compared to India and fears it can become an issue if Bangladesh joins RCEP

With elections in sight, PM Rishi Sunak pins hopes on India-UK FTA

The ambitious India-UK free trade agreement (FTA) may have proved elusive even in 2023, but it remains the focal point for British Prime Minister Rishi Sunak to try and bolster his electoral pitch for voters increasingly disillusioned by his government over the rising cost of living and illegal migration. As Sunak, Britain's first Indian-origin Prime Minister, marked the start of this year by setting out his government's top priorities for the year ahead, the deal was not far behind on the agenda. The two nations will begin a new round of discussions in the New Year after the 13th round was completed this month. The round included sessions both in-person, in London and Delhi, and virtual talks. As with round 12, these negotiations focused on complex issues including goods, services, and investment. The UK and India will continue to negotiate towards a comprehensive and ambitious Free Trade Agreement, the Department for Business and Trade (DBT) said. There is a strong sense that bot

Negotiating trade pact with EU, UK, Sri Lanka, Peru: Commerce ministry

India is negotiating free trade agreements with the European Union (EU), the UK, Sri Lanka, and Peru, according to a year-end review statement of the commerce ministry. India-European Union (EU) free trade agreement negotiations were formally re-launched on June 17 2022. "Negotiations cover 23 policy areas/chapters. Six rounds of negotiations have been held till October 2023," the ministry said. With the UK, 13 rounds of talks have been completed and the next round will take place in January 2024. "India-Sri Lanka Economic and Technology Cooperation Agreement (ECTA) negotiations are ongoing with the 12th round of negotiations conducted from 30th October to 1st November 2023 in Colombo," it said. It added that both sides also agreed to continue discussions on matters, including apparel quotas and pharmaceutical procurement. With Peru, it said discussions on various chapters, including rules of origin, trade in goods, trade facilitation, sanitary, and phytosanitary measures were ..

Optimistic about EFTA deal with India before 2024 polls, says Swiss envoy

Switzerland's Ambassador to India, Ralf Heckner, has expressed optimism that the crucial European Free Trade Association (EFTA) deal with the country would be wrapped up before the 2024 general elections. Heckner stressed on the importance of the proposed trade deal for unlocking innovation and investment opportunities. "Both sides have been negotiating very closely and seriously over the last more than 12 months. I remain positive that the deal would be wrapped up before the (2024) elections," he told PTI. The envoy was recently in the city to unveil the Kolkata chapter of the Swiss-India Chamber of Commerce. Parliamentary elections in India are due in early 2024. "If India wants innovation, it needs to work with about 12 to 15 countries, and one of those countries is Switzerland for a world of investments and innovation," We will have a more strategic innovation relationship with India, Heckner stated. Noting the sharp rise in visa application processing numbers, which hit a r

UK-India trade body bats for FTA before general elections in both nations

UK-India Business Council (UKIBC), a trade body with a mission to grow trade and investments between the two countries, on Monday said the negotiations on the Free Trade Agreement (FTA) should conclude before the general elections due in both nations next year. Thirteen rounds of negotiations have been already completed between India and the UK on the FTA. "Because of the general elections in India and the UK going to polls next year, it is important that the negotiations for the proposed FTA are concluded early. Otherwise, there will be a pause in the negotiations while the general elections are on," UKIBC Managing Director Kevin McCole said. He said though the election date in the UK has not yet been fixed, the polls may be held between May and November next year. There is a risk that negotiations may have to pause till the elections in India and the UK are over, he said. McCole also said that the bilateral investment treaty between the two countries will help investments from t

UK-India free trade deal poses risk for British millers Tilda and Veetee

British rice millers such as Tilda Ltd. and Veetee Rice have thrived for decades by importing low-tariff unmilled brown rice from the likes of India and Pakistan and "polishing" the grains

EU wants free trade deal with India for 'real' mkt access: Spain's Minister

"There is an enormous interest from the member states, but only if there will be an access to the real market, without which the deal would be emptied"

FTA pact with UK critical for India's ambition to become mfg powerhouse

As India and the UK inch closer to sealing a free trade agreement, a forthcoming book says the pact is critical for India's ambition to become a manufacturing powerhouse while the UK seeks to clinch new deals to highlight the benefits of Brexit. In his forthcoming book The Reverse Swing-Colonialism to Cooperation, veteran journalist Ashok Tandon noted that the Free Trade Agreement(FTA), if clinched, will come at a time when many western economies are pinning their hopes on India to become a bulwark against China's growing economic and military clout. The book by Tandon, a former PTI bureau chief in London, called the FTA a most ambitious, fair and balanced pact which would help the two countries to further enhance bilateral commerce and investments. The book is scheduled to be released here on October 18. Officials of India and the UK are holding hectic parleys to conclude the negotiations for the FTA. The talks were launched in January 2022. There are expectations that the pact cou

India, UK looking at possible visit of PM Sunak to New Delhi soon

India and the UK are looking at a possible visit to New Delhi by British Prime Minister Rishi Sunak soon but it may finally depend on whether the two sides could resolve the remaining differences to firm up the much-awaited free trade agreement (FTA), people familiar with the matter said on Monday. The two sides were exploring the possibility of having the visit around October 28 but nothing has been finalised yet, they said, suggesting that the visit is linked to the finalisation of the ambitious FTA. The two sides are learnt to have finalised around 24 of the 26 chapters in the FTA and are now looking at sealing it by bridging differences on certain contentious issues, including mobility of people and import duty concessions on certain items, they said. It is learnt that both sides were even looking at the possibility of Sunak watching the India-England World Cup one-day international cricket match in Lucknow on October 29. There is no finality on the visit, the people cited abov

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