Fta

India negotiating FTAs with US, EU and 50 partners to boost trade: Goyal

India is at present negotiating free trade agreements with a number of trading partners, including the US and European Union, Commerce and Industry Minister Piyush Goyal said on Friday. India is working with its 'trusted' trading partners through these agreements to boost economic ties, he said. "We have all seen trade being weaponised. We have all seen the importance of having trusted partners around the world," he said, adding that at this moment, India is in talks with individual countries and groups of nations totalling about 50. The remarks come at a time when a steep hike in tariffs by the US has disrupted global trade. The Donald Trump administration has imposed a 50 per cent import duty on Indian goods entering American markets since August 27. The minister informed that GCC (Gulf Cooperation Council) too is interested in trade pact talks. GCC is a union of six countries in the Gulf region Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. New Delhi has already implemen

India, Israel ink terms of reference to formally launch FTA talks

India and Israel on Thursday inked terms of reference (ToR) to formally launch negotiations for a free trade agreement, Commerce and Industry Minister Piyush Goyal said. The ToR include market access for goods by eliminating tariff and non-tariff barriers, investment facilitation, simplification of customs procedures, increasing cooperation for innovation and technology transfer, and easing norms to promote trade in services. "We have signed the ToRs today. Now we will soon finalise the dates for starting the negotiations for that," Goyal told reporters here. Goyal is leading a 60-member business delegation to Israel. He will meet leaders and businesses to discuss ways to boost bilateral trade and investments. The TOR was signed by Goyal and Israeli Economy and Industry Minister Nir Barkat. Goyal said that the Israeli side has conveyed that they will not seek market access in sensitive areas such as dairy, rice, wheat and sugar. He also informed that Israel has come out with a ...

Goyal launches trade intelligence portal to track FTAs, global mkt trends

Piyush Goyal has launched a unified trade intelligence portal offering real-time analytics on FTA utilisation, global demand, supply chains and export opportunities

Best of BS Opinion: Government must continue with trimming its QCO list

Today's Best of BS Opinion looks at Bihar's fiscal test after NDA win, pushback against QCOs, Trump's tariff stance and India's options, India Inc earnings vs GDP, and a biography of Francis Crick

FTA to boost bulk Scotch imports, benefit India's IMFL makers: SWA chief

Import of bulk Scotch will increase in India after signing of Free Trade Agreement with the UK, which will be used by IMFL makers and bottling in India, according to Scotch Whisky Association Chief Executive Mark Kent CMG. The FTA between India and the UK, which is awaiting ratification, will also see a variety of quality Scotch whisky coming into the country, especially from some of the smaller producers from Scotland, Mark Kent told PTI in an interview. "You will see more bulk whiskey coming into India as a result of the free trade agreement, both for bottling in India, and for incorporating into IMFL (India-Made Foreign Liquor)," he said. This is normal, because as the Indian market is growing year-on-year, the increasing demand will see greater quantities being imported, Mark Kent said. He is quite encouraged by the trend of premiumisation happening in India, the world's largest whisky market and is "optimistic" for the prospects of Scotch whisky here. India is the world's num

Early conclusion of India-EU FTA can make big difference: Jaishankar

An early conclusion of the proposed free trade agreement between India and the European Union can make a "big difference" in terms of stabilising the global economy and strengthening democratic forces, External Affairs Minister S Jaishankar said on Wednesday. He said this after meeting a high-powered trade delegation from the 27-nation bloc. The seven-member delegation is in India to push for finalisation of the long-awaited bilateral free trade agreement (FTA) between the two sides. "Discussed how India & the European Union can maximize convergences and deepen cooperation. This can stabilize the global economy and strengthen democratic forces," Jaishankar said on X. "The early conclusion of the India-EU FTA can make a big difference to these objectives," he said. Jaishankar remarks came as the two sides looked to wrap up negotiations for the mega trade pact. In September, Prime Minister Narendra Modi and European Commission President Ursula von der Leyen reaffirmed their ...

India-UK FTA: Rajasthan exporters see boost in gems, jewellery exports

Exporters in Rajasthan are expecting a sharp rise in gems, jewellery, handicrafts and textiles shipments to the United Kingdom once the Free Trade Agreement (FTA) with India comes into effect. As part of the FTA, which was signed in July this year and is likely to come into effect next year, duties on 99 per cent exports to the UK will be reduced to zero. Jaipur-based jeweller K B Goyal of Dwarka Jewellers said the removal of the 3-3.5 per cent duty on jewellery items in the UK will give Indian jewellers a strong edge in global markets. "The duty removal will help jewellers in sales and marketing of jewellery samples abroad... We will give tough competition to China, Thailand, and Hong Kong," Goyal told PTI on Wednesday. He said India's estimated export of gold, silver, and platinum jewellery to the UK stands around USD 400 million, with Rajasthan contributing nearly 40 per cent. "We expect this export to increase 1.5 times in the next 2-3 years," he added. Trade policy expert Ri

Leather exporters eye new markets, domestic demand to offset US tariffs

Exporters expect a 5-8% drop in shipments in FY26 due to higher US tariffs but say strong domestic demand and FTAs will help cushion the impact

High-level EU trade delegation to visit India next week to push FTA talks

A seven-member high-powered trade delegation of the European Union (EU) will visit India next week to push for finalising the long-awaited bilateral free trade agreement (FTA) between the two sides. The delegation of the EU Committee on International Trade will be in India from October 27 to 29 to discuss trade, economic and investment relations. It will be led by Cristina Maestre, the committee's standing rapporteur for India, and Brando Benifei. "The main objective of this visit is to contribute to increasing our mutual understanding amid intensive trade negotiations between the EU and India," Maestre and Benifei said in a statement. "The mission is timely taking place just a few months ahead of the deadline to conclude negotiations for a Free Trade Agreement (FTA) by the end of 2025," they said. "We look forward to discussing the issues at stake as both sides have a mutual interest in reaching a meaningful bilateral agreement and in protecting the rules-based multilateral trad

India-EU free trade talks enter final stage, says commerce secretary

The negotiations between India and the European Union on the proposed free trade agreement are progressing "very well" and have reached the last leg, a senior government official said on Wednesday. The two sides concluded their 14th round of negotiations in Brussels last week, but some Indian officials have stayed back to conclude talks on Rules of Origin (ROO), Commerce Secretary Rajesh Agrawal told reporters here. "We are in the last leg of negotiations. The last leg is the most arduous leg of negotiations because these are the toughest things that are decided at the end. Progress in the last round has been very positive," he said. The 'Rules of Origin' (ROO) provision prescribes minimal processing that should happen in the FTA (free trade agreement) country so that the final manufactured product may be called originating goods in that country. "That (ROO) is one area where a lot of work needs to be done. So we have left the team there. It was planned to have the negotiations for

India-EU trade talks: Commerce Secretary to visit Brussels this week

Commerce Secretary Rajesh Agrawal will visit Brussels this week to meet European Commission Director General for Trade Sabine Weyand to give impetus to the ongoing negotiations on the proposed free trade agreement, Union Minister Piyush Goyal said on Tuesday here. The Commerce and Industry Minister said "very" good discussions are going on between the EU and India in Brussels. India is hoping to work together in a spirit of understanding each other's sensitivities so that the two sides can conclude an equitable, fair and balanced free trade agreement, he added. The minister is here on a two-day official visit. He is leading a business delegation to discuss ways to boost trade and investment ties between India and Qatar. "Once this round gets over, Commerce Secretary, Rajesh Agrawal Ji, will be going to Brussels to meet his counterpart, DG Sabine Weyand by the end of this week. After that, we will be working out what are the next steps," Goyal said. When asked about the December ..

EU eyes bigger role in 'Make in India' as FTA talks set to begin on Oct 6

India and the EU will start the 14th round of FTA talks on October 6, aiming to boost trade, investment, jobs, and strengthen EU firms' role in 'Make in India'

India-EFTA agreement kicks in, Goyal says deal offers predictability

This is also India's first trade agreement with any European nation or bloc coming into effect

Govt must do more on FTAs to help exporters benefit from trade deals

Tariffs on many imports from the Efta nations will be eliminated, and the duties on Indian exports to those countries were not very high anyway

India-EFTA trade pact to take effect on Oct 1 with $100 bn investment plan

The free trade agreement between India and the four-nation European bloc EFTA will come into force from Wednesday under which New Delhi has received an investment commitment of USD 100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. It was signed on March 10, 2024. Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under the trade pact on these goods over 10 years. The bloc committed an investment of USD 100 billion -- USD 50 billion within 10 years after the implementation of the agreement and another USD 50 billion in the next five years - which would facilitate the creation of one million direct jobs in India. This is a first-of-its-kind pledge agree

PM Starmer gets 'Living Bridge' honour for role in concluding India-UK FTA

British Prime Minister Keir Starmer has been awarded a 'Living Bridge' honour for his role in championing closer bilateral relations and clinching the India-UK Free Trade Agreement (FTA). Seema Malhotra, Britain's Indian-origin Minister for the Indo-Pacific in the Foreign, Commonwealth and Development Office (FCDO), accepted the honour on behalf of Starmer at a ceremony in the House of Lords complex in London on Monday evening. The annual Living Bridge Awards, organised by the UK-based strategic consultancy India Business Group (IBG), also recognised New Delhi-based GMR Group multinational conglomerate, British Indian businessman G P Hinduja, KPMG UK chair Bina Mehta, and the University of Southampton for their role in bringing India and the UK closer across sectors. This deal (FTA) will assist businesses to trade with India with confidence and security taking advantage of the huge opportunities offered by the complementary nature of the two economies and India's rapid growth, said

Denmark PM Frederiksen speaks to PM Modi; discusses trade, investment

Prime Minister Modi conveyed his best wishes for the success of Denmark's ongoing Presidency of the Council of the European Union and non-permanent membership of the United Nations Security Council

EU unlikely to impose 100% tariffs on India on Trump's request; here's why

The European Union treats tariffs and sanctions differently and considers imposing such tariffs as a risky move, and supports targeting specific entities with sanctions

Why is India in a rush to seal an FTA with the Russia-led Eurasian bloc?

The trade deal, when finalised, will help narrow high trade deficit with Russia by opening up new export markets in Armenia, Belarus, Kazakhstan, Kyrgyzstan, and will also push connectivity plans

Piyush Goyal may visit Qatar in October as FTA framework nears close

India and Qatar are likely to finalise the framework for a free trade agreement in early October, with commerce minister Piyush Goyal expected to travel to Doha soon