Page 2 - Free Trade

UK-India business boosted by prospect of free trade agreement, says HSBC

In the nine months to October, HSBC's UK unit received 36 per cent more business client referrals from its arm in India

India-UK FTA talks: Both sides seek to bridge gaps to close deal swiftly

India and the UK would seek to bridge the differences for expeditious conclusion of the proposed free trade agreement as Britain has announced resuming the negotiations early next year, an official statement said on Wednesday. British Prime Minister Keir Starmer has announced that trade talks with India will relaunch in the new year, following his bilateral meeting with Prime Minister Narendra Modi at the G20 Summit in Brazil. Starmer and Modi met on the sidelines of the summit in Rio de Janeiro on Monday, after which Downing Street said the UK will seek a new strategic partnership with India, including a trade agreement. The India-UK 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. "We welcome the announcement by the UK to relaunch the India-UK free trade talks in the new year," the commerce ministry said. Noting the importance for securing a balanced, mutually beneficial and forward .

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

UK PM Starmer seeks India trade deal even Sunak couldn't pull off

The UK's trading relationship with India was worth £42 billion in the 12 months to June 2024

New trade strategy could help India shift from 'no' to 'yes' in deals

Indian officials still tend to think of trade as a zero-sum game, with tariffs as the only real levers

No trade pact if EU insists on opening up dairy biz, says Piyush Goyal

Goyal also said that extraneous issues such as labour and climate change should be discussed on international forums

German Chancellor Olaf Scholz looking to fast-track FTA between India, EU

Germany is one of India's top trading partners within the EU, with exports to Germany reaching $10 billion and imports from Germany at $16.7 billion in the FY24

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 recalibrates FTA strategy amid past challenges and rising imports

Standard operating procedure will take into account strategy towards modern FTA issues such as environment, labour, and digital trade

Next round of India-Australia comprehensive trade pact talks in November

Senior officials of India and Australia are expected to hold their next round of talks for a compressive free trade agreement in November here, the commerce ministry said on Sunday. The two countries implemented an interim trade agreement in December 2022 and are now under negotiations to expand its scope. It said that the tenth round of India-Australia CECA (comprehensive economic cooperation agreement) negotiations was held from 19-22 August in Sydney in the areas of goods, services, digital trade, government procurement, rules of origin and agri-tech. Intense discussions were held on each of these tracks bringing in clarity and understanding for convergence in the remaining provisions, it added. "The next round of CECA negotiations is likely to be held in November," it said in a statement. The Indian delegation was led by Rajesh Agrawal, the Chief Negotiator and Additional Secretary, Department of Commerce and the Australian delegation was led by Ravi Kewalram, the Chief Negoti

India needs capacity to deal with non-trade issues in FTA talks: Barthwal

India needs to develop capacity to deal with non-trade issues during free trade agreement (FTA) negotiations, Commerce Secretary Sunil Barthwal has said. He said that non-trade issues have increasingly been emerging in trade negotiations. Barthawal was speaking at a function of the Centre for Trade and Investment Law (CTIL) last week. "The secretary observed that non-trade issues have increasingly been emerging in trade negotiations, raising the need for cross-disciplinary capacity building in FTA negotiations for India and other developing countries," the commerce ministry said. It added that the Centre is aiming to create a dedicated pool of legal experts who could provide technical inputs for enhancing India's participation in international trade and investment negotiations and dispute settlement. It is also aiming to become a thought leader in the various domains of international economic law such as WTO (World Trade Organisation) law, international investment law and legal is

India-Oman to begin next round of free trade discussions from Jan 16

The next round of talks for the proposed free trade agreement (FTA) between India and Oman will start from January 16 and the negotiations for the pact are progressing well, a senior official said on Tuesday. The talks on the text of most of the chapters have been concluded by both sides for the pact, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA). "The negotiations are progressing well. Two rounds of in-person negotiations and many inter-sessional meetings have already been held. Good progress has been made on all the chapters covered under the CEPA," the official said. On certain media reports that the talks may get delayed, the official said that any talk of hindrances or bottlenecks is "speculative and presumptuous" as the negotiating process is currently underway. Currently, both sides are working towards conclusion of the negotiations with an objective of delivering a mutually beneficial agreement contributing to the welfare and development of the .

Global cooperation declining after resilience through 2012-2020: WEF study

The barometer release follows a year that was the hottest on record and saw escalating levels of conflict worldwide, but that also brought progress on climate action, trade agreements and innovation

EFTA deal with India could be signed before 2024 elections: 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. India and the EFTA states Iceland, Liechtenstein, Norway, and Switzerland

US, India withdraw 6 trade disputes: Will this bonhomie sustain over time?

India and the US, despite their robust diplomatic ties, have quibbled on trade issues over the years and across administrations

BIMSTEC FTA progress 'slow', members move to consider components: Official

As the free trade area framework under the BIMSTEC is progressing slowly, members of the seven-country bloc are now considering certain components of it, such as trade facilitation and mutual assistance on customs matters, to finalise and proceed for implementation, a top official of the regional organisation said here on Thursday. Member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) had in 2004 agreed to establish the free trade area framework agreement in order to stimulate trade and investment but some components of it are still under negotiations and incomplete, BIMSTEC Secretariat Secretary General Tenzin Lekphell said. The progress of BIMSTEC FTA, to be fair, is very slow. Realising the long delay, member states are now considering completing those components that are almost being finalised to proceed with implementation instead of waiting for the finalisation of the entire FTA, he said. Addressing the BIMSTEC Busines

Chip globalisation is over, and sanctions work: TSMC founder Morris Chang

In the chips sector, globalization is dead. Free trade is dead, Chang said at an event in Taipei Thursday

India-UK free trade talks covered 11 policy areas in seventh round

The seventh round of India-UK free trade agreement (FTA) talks concluded following technical discussions across 11 policy areas over 43 separate sessions between negotiators from both sides here last month, the British government has said. In an outcome statement released on Monday, the Department for Business and Trade did not give any further details on the policy areas covered, but confirmed that the eighth round of talks is due to take place in a few weeks' time. On 10 February 2023, the United Kingdom and the Republic of India concluded the seventh round of talks for an India-UK FTA, the outcome statement reads. Technical discussions were held across 11 policy areas over 43 separate sessions. They included detailed draft treaty text discussions in these policy areas. The eighth round of negotiations is due to take place later this Spring, it said. As with previous rounds, last month's session was also conducted in a hybrid fashion, with a number of Indian officials travelling

India-UK free trade deal stuck on free access to skilled workers

Any failure to conclude a trade accord with Britain will be a missed opportunity for India, a nation upon which many economies are pinning their hopes amid intensified geopolitical struggles

CBIC floats new norms to curb undervaluation of goods by importers

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties