Fta In India

India-UK trade deal boosts access for Indian medical devices in Britain

The India-UK trade pact has incorporated a mutual recognition agreement framework to facilitate smoother entry of medical devices certified by domestic regulatory agencies into the British market, an official said on Tuesday. The framework will help Indian manufacturers expand market share in the UK vis-a-vis its global competitors like China, Brazil, and Vietnam who face non-preferential duty. "The free trade agreement includes a mutual recognition agreement framework allowing medical devices certified by the Central Drugs Standard Control Organisation (CDSCO) or the Indian Certification of Medical Devices (ICMED) to access the UK market more freely," the official said. Medical devices and instruments will be exported to the UK at zero tariffs, down from the current duty range of 2 per cent to 6 per cent, benefiting Indian manufacturers of surgical and diagnostic equipment. The UK medical devices market was valued at USD 32 billion in 2024 and is projected to reach USD 69 billion

India-UK FTA: How key sectors will benefit from tariff, policy shifts

The Comprehensive Economic and Trade Agreement (CETA) between India and the UK aims to double trade volume to over $100 billion by 2030

FTA with India brings genuine' competitive advantage, UK Parliament told

The Free Trade Agreement (FTA) negotiations concluded with India places the UK at a genuine competitive advantage in the manufacturing sector, the House of Commons was told this week. During a debate on the bilateral FTA agreed last month, UK Business and Trade Secretary Jonathan Reynolds fielded a series of questions on the advantages of the deal which has been pegged to increase bilateral trade by GBP 25.5 billion annually in the long term. Reynolds reiterated that the pact marked a huge economic win for the UK as the best deal that India has ever offered. On advanced manufacturing a set of advantageous positions has been agreed, putting this country at a genuine competitive advantage, particularly in relation to sectors such as automotive and machinery, said Reynolds, in response to a question by British Sikh Labour MP for Smethwick, West Midlands, Gurinder Singh Josan. India is traditionally a very protectionist economy, and it is the world's fastest growing big economy. Whethe

India, UK resume talks in bid to clinch FTA amid US tariff concerns

Goyal returned to London for the talks, a British government spokesperson said, after a two-day visit earlier in the week ended without a final agreement

India, New Zealand resume FTA talks after a nearly decade-long pause

India and New Zealand on Sunday announced resumption of negotiations for a proposed free trade agreement, after it was stalled in 2015. India and New Zealand began negotiating the Comprehensive Economic Cooperation Agreement (CECA) in April 2010 to boost trade in goods, services, and investment. However, after nine rounds of discussions, the talks stalled in 2015. "The two nations are pleased to announce the launch of negotiations for a comprehensive and mutually beneficial India-New Zealand Free Trade Agreement (FTA) negotiations," the commerce ministry said. The announcement assumes significance as the Prime Minister of New Zealand Christopher Luxon is here on a four-day visit from March 16. The ministry made the announcement after the meeting of Commerce and Industry Minister Piyush Goyal and Todd McClay, New Zealand's Minister for Trade and Investment. "The India-New Zealand FTA negotiations aim to achieve balanced outcomes that enhance supply chain integration and improve mar

We are doing FTAs only after extensive stakeholder consultations: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said India is finalising free trade agreements (FTAs) only after extensive consultations with all the concerned stakeholders. He said that unlike in the past, these pacts are now fair, equitable and balanced. "We are not doing FTAs like in the past. Every agreement is after extensive stakeholder consultation," he said at the Thuglak Annual Meet in Chennai. Citing the agreement with the four-European nation bloc EFTA, he said that for the first time in the history of FTAs, India has received a commitment of USD 100 billion FDI (foreign direct investment) in this pact. The Modi government has implemented these pacts with countries like Australia and the UAE. He also said that India's decision to opt out of RCEP (Regional Comprehensive Partnership Agreement) demonstrates its commitment to safeguarding national interests. "It was not in the interest of MSMEs, and it would have opened a floodgate for Chinese goods into the country

India-UK FTA talks likely to resume in Jan aiming to resolve pending issues

India and the UK are expected to hold the next round of talks for a proposed free trade agreement (FTA) in January to resolve the pending issues and close the negotiations, a senior official said on Thursday. The 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. In November, an official statement said that the dates for the FTA talks in early 2025 would be finalised through diplomatic channels. The negotiations would resume the discussions from the progress achieved previously and seek to bridge the gaps for expeditiously closing the trade deal. The next round of talks is likely to start at January-end, the official said. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other hand, the UK is seeking a significant cut in import duties on g

India, Australia assess progress in FTA talks, eye early agreement

Senior officials of India and Australia have reviewed the progress of talks on the proposed free trade agreement between the two countries, the commerce ministry said on Monday. The two countries had implemented an interim trade pact in December 2022 and now they are negotiating to widen the scope of the pact for a Comprehensive Economic Cooperation Agreement (CECA). "The three-day stocktake visit for the India-Australia CECA concluded in New Delhi on December 6," the ministry said. The stocktake discussions covered several critical areas of the agreement, including trade in goods, services, mobility, agri-tech cooperation, and more. "The discussions also centered on market access modalities that align with India's food security objectives," it said. Both parties evaluated the progress made so far and outlined a path forward for the early conclusion of the CECA. The Indian delegation was headed by Additional Secretary and Chief Negotiator, Department of Commerce, Rajesh Agrawal,

Govt may seek flexibility in tariff concessions under FTA review with Asean

India may seek flexibility in the existing tariff concessions in sectors which are impacted by significant increase in imports, under the free trade agreement (FTA) review with the 10-nation Association of Southeast Asian Nations (ASEAN), an official said. The ASEAN official team is visiting India for the next round of review negotiations, which will start from November 19-22 here. The ASEAN-India Trade in Goods Agreement (AITIGA) was signed in 2009. "We may seek some flexibility in the tariff (or customs duty) concessions that have been given in the agreement. Some of the concessions can be taken back and can be given somewhere else because in some sectors we feel our domestic industry is badly getting hurt. We have domestic injuries in some sectors. We would like to do that in a minimum possible way," the official said. The domestic steel industry has time and again flagged concerns over a significant increase in imports from countries like China and misuse of FTA with ASEAN. In

Local currency trade, exports, FTA will boost India-Russia commerce: GTRI

Steps such as increasing exports, making local currency trading workable and a free trade agreement with the Eurasian Economic Union will help boost trade between India and Russia, think tank GTRI said on Thursday. India should not worry over the trade deficit, as it is getting crude petroleum oil at cheaper than market rates from Russia and it is also cutting India's overall oil import bill, the Global Trade Research Initiative (GTRI) said. Since the Ukraine war began in February 2022 and the US imposed sanctions on Russia, the trade relationship between India and Russia has shifted significantly. There has been a sharp increase in imports from Russia, resulting in a notable trade imbalance. Exports during the financial year 2020-21 and 2023-24 grew by 59 per cent, while imports surged by about 8,300 per cent, the report said, adding the trade deficit rose from USD 2.8 billion before the war in 2020-21 to USD 57.2 billion at present. It said that the import surge is solely due to

More instructions on FTA-COO for claiming exemptions

For availing exemptions under FTAs, the importers have to obtain certificates of origin (COO) from the sellers

India may sign FTA with Oman in first 100 days of PM Modi's third term

This free trade agreement with Oman will mark the first significant bilateral deal of Modi's third term as Prime Minister of India

Commerce Ministry's focus likely on signing FTAs, reviving exports

The new government is likely to complete the unfinished agenda, particularly related to signing of the free trade agreement (FTA) with Oman

FTA benefits elude India

The high import and low export trend is likely to continue with free-trade agreements under negotiation

UK's July general election: It's impact on India FTA, Indo-Pacific tilt

As the campaign for the UK general election gathers momentum after British Prime Minister Rishi Sunak surprised many this week with a snap summer poll on July 4, exactly a month after India's election results on June 4, the prospect of an India-UK free trade agreement (FTA) has been kicked into the long grass. While political analysts and strategic experts have expressed confidence that very little should change on the bilateral relationship front whatever the outcome in either election, the very small window that was open for a deal being clinched by the Sunak-led Tory government has now been swept away in the election wave of both countries. The Opposition Labour Party, in the lead in most pre-election surveys, has committed itself to finish the job but the timelines will remain uncertain for some time. Rishi Sunak's shock poll date announcement of July 4 has skewered any prospect of the finalisation of the long-awaited and much-anticipated FTA with India by a Conservative ...

India-EFTA investment chapter: A new beginning

EFTA governments have committed to promoting investments, and facilitating job creation (as a result of such investment), as well as cooperating on technology collaboration between EFTA and India

India will not rush into signing free trade deals, says Piyush Goyal

The minister was responding to a question on India's trade negotiations with the UK and the European Union (EU) becoming more complicated

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

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

LIVE: PM Modi gives 'Wed in India' call to retain wealth within country

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High tariffs impair India's global edge in smartphone sector: ICEA

India's simple average Most Favoured Nation (MFN) tariff for inputs is 8.5 per cent, higher than China's 3.7 per cent, says the report