Page 12 - Fta

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

Govt restricts import of gold jewellery and parts amid unusual surge

The jump in imports has been the sharpest in the case of gold jewellery parts that saw 30 times jump to $1.55 billion in FY24 from $51.51 million a year ago

Georgia reaches out to India to begin free-trade agreement talks

India and Georgia have discussed the possibility of a trade deal for over seven years now

MCA working on developing SOPs for FTA strategy, trade negotiation

The commerce ministry held deliberations with experts, former officers and senior officials from different departments on framing a standard operating procedure for free trade pacts and other related issues under these agreements, an official release said on Tuesday. The commerce ministry in the release stated that the 'Chintan Shivir' was organised on May 16-17 at Neemrana, Rajasthan. "The Shivir facilitated discussions on various issues related to negotiations of Free Trade Agreements (FTAs) by India, its position and strategy that should be adopted for such negotiations," the ministry said. The participants also deliberated on standard operating procedures (SoP) for FTA negotiations, capacity building and resource management for trade negotiations as well as certain contemporary issues under modern FTAs such as labour, environment, and gender. It said that Commerce Secretary Sunil Barthwal spearheaded the deliberations which sought to chart a strategic course for India's future

IGF to spotlight UK-India ties as bridge between polls in both countries

The annual India Global Forum (IGF) in London is set to spotlight UK-India strategic ties bridged between general elections in both countries next month, with a line up of senior ministers, entrepreneurs and analysts weighing up the future trajectory of bilateral ties under newly elected governments. IGF London, confirmed this week to be held between June 24 and 28, will cover the full spectrum of the partnership including the course of the free trade agreement (FTA) negotiations. The India-UK FTA talks began in January 2022 and are now stalled in the fourteenth round of talks as both countries stepped into their general election cycles this year. Regardless of which governments come to power, a series of opportunities, and certainly challenges, await them; that's why IGF London 2024 is set to be a crucial event in the diary, serving as a major economic and geopolitical stocktake, offering vital insights and informing the strategic direction for any new administration, said Manoj ...

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's tyre capacity sufficient, no need for liberalising imports: ATMA

India has sufficient tyre manufacturing capacity and imports should not be liberalised through FTAs by way of duty concessions, industry body Automotive Tyre Manufacturers' Association said on Monday. The automotive tyres rank at the forefront of those sectors where domestic manufacturing capabilities can render imports unnecessary, Automotive Tyre Manufacturers' Association (ATMA) has communicated to the Centre. This was in response to the government seeking feedback about sectors in which India has capabilities to be self-reliant so that upcoming FTAs could be drafted while safeguarding the interests of domestic industry, ATMA said in a statement. The industry body has pointed out that imports should not be liberalised through FTAs by way of duty concessions. India's domestic tyre industry, among the largest in the world, has an annual production exceeding 200 million units across various categories including two-wheelers, passenger vehicles, commercial vehicles, and off-road ...

Commerce ministry holds discussions on formulating SOPs to negotiate FTAs

The commerce ministry has held detailed discussions with senior officials of different departments and trade experts on formulating standard operating procedures (SOP) for negotiating free trade agreements (FTAs), an official said. To discuss the various aspects of these agreements, the commerce ministry has organised a two-day 'Chintan Shivir' on FTA strategy and SOPs for trade negotiations on May 16-17. Suggestions that came up during the discussions included comprehensive consultations with public and private sector players and sharing details of the proposed FTAs with the line ministries, the official said. "Consultations should be held at every stage of FTA negotiations. Representatives of certain ministries suggested the commerce ministry to share FTA details with them in a timely manner so that they can prepare their views on those agreements," the official added. The exercise assumes significance as India is engaging with several trade partners to negotiate free trade ...

India, Britain reaffirm FTA commitment at annual strategic dialogue

India and Britain on Friday reaffirmed their commitment to conclude a mutually beneficial free trade agreement (FTA) at the annual UK-India Strategic Dialogue in London. Foreign Secretary Vinay Kwatra, who is on a visit to the UK, held discussions with his counterpart, Sir Philip Barton, Permanent Under-Secretary at the Foreign, Commonwealth and Development Office (FCDO). After their meeting, the FCDO said the two leaders reviewed the progress made on the UK-India 2030 Roadmap since the last strategic dialogue in January last year and looked ahead to the next phase of bilateral cooperation. The two reflected on good progress on the 2030 Roadmap since the last review, noting key areas where the UK and India have worked together to tackle some of the world's biggest challenges, the FCDO said in a statement. This included collaborating on the world's first malaria vaccine, working closely on India's successful G20 Presidency and increasing opportunities for students and entrepreneurs

Need our own JP Morgans and Citibanks: NITI chief BVR Subrahmanyam

Subrahmanyam calls for reforms in tariff policy, ease of procedures

India seeking fair market access ahead of the India-Asean FTA review

India aims to modernise and update the deal to align with current times, considering that the trade agreement was signed over a decade ago

India's imports from FTA partners in FY24 grew 38% over FY19

"This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," GTRI said in a report

India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI

India's imports of goods from countries with which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal years to USD 187.92 billion, according to think tank GTRI. On the other hand, the country's exports to the FTA (free trade agreement) partners rose 14.48 per cent to USD 122.72 billion in 2023-24 from USD 107.20 billion in 2018-19. "From FY'2019 to FY'2024, India's imports increased by 37.97 per cent, from USD 136.20 billion to USD 187.92 billion. This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," the Global Trade Research Initiative data showed. According to the data, India's exports to the UAE increased by 18.25 per cent to USD 35.63 billion in 2023-24 as against USD 30.13 billion in 2018-19, while imports surged 61.21 per cent, from USD 29.79 billion in FY2019 to USD 48.02 billion in the last fiscal. The FTA between India and the UAE came into effect

Decoded: How trade deals are ratified by India's partner countries

Trade experts said that Indian government officials generally reach out to their counterparts to discuss any major concern flagged by the trade partner's Parliament during FTA negotiations

India-EU FTA: Will the marriage reconcile?

While realpolitik is not expected to result in a favourable trade agreement between India and EU, the partners would do best in settling for a more realistic agenda with some compromise from both side

In the economic transformation of Southeast Asia, a tale of two FTAs

Advantages of India's FTA with ASEAN appear unclear and appear to make the country dependent on Chinese imports

Working towards ambitious deal with India, says UK as FTA talks resume

The UK government on Tuesday said that it continues to work towards striking an ambitious trade deal with India as a negotiating team from Delhi resumed talks with their British counterparts in London this week. The Department for Business and Trade (DBT) reiterated its stance of only signing a free trade agreement (FTA) that was in the best interests of the British people and economy. Last month, DBT officials had indicated that formal trade negotiations were being paused for the course of India's phased general election, though some talks were expected to carry on until the poll results are declared on June 4. On Tuesday, UK officials said discussions resume in London this week to "continue talks under Round 14" of the negotiations, which opened in January. The UK and India continue to work towards an ambitious trade deal that work for both countries, a DBT spokesperson said. While we do not comment on the details of negotiations, we are clear that we will only sign a deal that i

India, EEU bloc officials hold talks to formally start negotiation for FTA

Senior officials of India and the five-nation Eurasian Economic Union (EEU) bloc held detailed discussions last month to formally start negotiations for a free trade agreement to boost economic ties, an official said. The five members of the EEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The official said two feasibility studies have already been conducted on the proposed agreement. In such agreements, two or more trading partners either eliminate or significantly reduce customs duties on the maximum number of goods traded between them. These agreements provide greater market access to Indian goods and services. "Senior officers of both sides have met on March 28 here and have discussed formally starting talks for the FTA," the official said. An industry expert said domestic exporters from sectors like engineering goods, electronics and agriculture can get an edge from the agreement. Russia is the top trading partner of India in the bloc, with bilateral trade worth

India, UK aim to sign free-trade agreement by July; legal vetting on

The timeline for finalising the FTA continues to remain crucial even after the conclusion of the Lok Sabha elections in early June, since the UK will get close to its general election thereafter

FTA talks to continue even during polls: Commerce secy Sunil Barthwal

ECI is set to announce the schedule for the 2024 Lok Sabha election on Saturday