Page 13 - Fta

Best of BS Opinion: Bilateral agreements, Dealing with Uncle Sam & more

Here is the best of Business Standard's opinion pieces for today

China threat an opportunity for India-US ties, strong FTA: Congressman Issa

The "threat" posed by China offers an opportunity for the US and India to make strong agreements, including a genuine Free Trade Agreement (FTA) to ensure that the two countries will look at each other as first partners, according to Darrell Issa, an influential American lawmaker. Issa, a Republican Congressman from California, said this during a conversation with Aparna Pande, Research Fellow, India, and South Asia with the think tank Hudson Institute here on Monday. Agreeing that the India-US relationship today does seem to be based in no small part on the China threat, he said, Having said that, I view this China threat as an opportunity to do with that we did not do. The items produced in China could be produced in India, at substantially similar costs (and) would more than allow for India to substantially replace its dirty fuel with clean fuel, Issa said. But that requires that the two countries really make strong agreements, including a genuine Free Trade Agreement (FTA), one

Commerce department mulls strategy to help industry leverage FTAs better

The government also plans to set up a digital architecture to help the industry overcome the challenges that are specific to FTAs

Switzerland and India reach deal on FTA after 16 years of negotiations

The agreement "will create jobs for the young population of India, and secure employment in Switzerland," Parmelin said in an interview with the Swiss newspaper Sonntagszeitung

India negotiating with UK to avoid double contribution to social security

India is working on a treaty with the UK under the proposed Free Trade Agreement (FTA) to avoid double contribution to social security funds by Indian professionals working for limited time period in Britain, an official said on Thursday. Indian professionals working for a limited period in Britain contribute to their social security funds but not able to get its benefit as they return once the projects are complete. "We are negotiating the double contribution treaty with the UK under the FTA. There should not be any double contribution towards social security schemes," the official said. It is a long-standing demand of Indian businesses operating in Britain to cut down on the additional cost burden associated with bringing in skilled Indian professionals on a short-term basis. The compulsory National Insurance (NI) contributions of skilled Indian professionals in the UK on temporary visas remains an additional cost burden of about GBP 500 per employee a year, over and above all .

Call of duty: Maruti Suzuki chairman advocates for low car tariffs in FTAs

The govt and Maruti believe the Indian car industry is no longer an infant and can face low-duty imports through FTAs, but not everyone is sure

No reason for high tariffs on cars from UK, EU: Maruti Suzuki's RC Bhargava

Maruti Suzuki chief says costs of many models 20-30% lower in India

Everyone wants to do an FTA with India due to rapidly growing market: GTRI

Countries ranging from large economies like Europe, and the UK to smaller ones, including Oman and Peru, want to have a free trade agreement with India due to the country's large and rapidly growing market, a report by economic think tank GTRI said. The Global Trade Research Initiative (GTRI) said that by implementing a trade deal (FTA) with India, countries can access the Indian market with less or no import duties on substantial trade. This gives their companies an advantage over others in selling to the Indian market. Additionally, since India currently does most of its importing (over 75 per cent) from countries it does not have FTAs with, these agreements are particularly appealing as they offer a significant new market opportunity in India. "Everyone wants to do an FTA with India. Countries ranging from large economies like the US, Europe, Japan, and the UK to smaller ones like Oman, Peru, and Mauritius either already have or actively seeking an FTA with India. The main reaso

British PM Rishi Sunak keen to clinch FTA with India by April: Report

British Prime Minister Rishi Sunak is keen to clinch a free trade agreement (FTA) with India in time for Easter, which falls at the end of March 2024, according to a UK media report. The India-UK FTA talks began in January last year, aimed at significantly enhancing the GBP 36-billion bilateral trading partnership. A new round of negotiations, expected to be the last, is set to start early in the new year after the thirteenth round concluded on December 15. Prime Minister Mr Sunak and India's premier Narendra Modi are said to be keen to get the deal wrapped up by April, reads a report in the Daily Express' newspaper updated on Saturday. It is hoped a deal can be signed and sealed before India's general elections begin on April 1, it claims. The newspaper quoted a source close to the trade talks on the UK side to say that a lot of progress has been made, but some of the hardest aspects remain pending. We have made a lot of progress, but the last stuff to do is the hardest. We have

Scotch whiskey, EV may figure in 14th round of India-UK FTA talks in Jan

Issues like duty concessions on scotch whisky and electric vehicle (EV) and matters concerning the services sector, including mobility of skilled workers, may figure in the next round of proposed FTA talks between India and the UK in January, an official has said. The official also said that both sides have resolved most of the issues in the rules of origin and intellectual property rights (IPRs) chapters. There are 26 chapters in the agreement, including goods, services, investments and intellectual property rights. Though the negotiations between the two countries have reached their last leg, both sides have yet to resolve differences on major issues like British demand for significant customs duty concessions on scotch whisky, and EVs and liberalisation of norms in services sectors like banking, insurance, legal, and Indian demand for easy movement of professionals, the official added. The two countries have concluded 13 rounds of talks, and the next round is scheduled in Januar

India, Oman free trade agreement likely to be inked next month: Official

The negotiations for the proposed free trade agreement (FTA) between India and Oman are moving at a fast pace and the pact is likely to be signed next month, a senior government official said. Officials of the two countries concluded the second round of talks for the pact, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) earlier this month in Muscat. "With Oman, there is a very good progress and both sides are very eager to conclude this deal. It may be signed in January 2024," the official said. The negotiations on the text of most of the chapters have been concluded by both sides. Oman is India's third-largest export destination among the Gulf Cooperation Council (GCC) countries. The pact would help increase exports from India post the free trade agreement, as currently over 80 per cent of its goods enter Oman at an average 5 per cent import duties, and there are not many trade barriers. According to think tank GTRI's (Global Trade Research Initiative) ..

India-Asean FTA review: Talks for 'modern' pact scheduled for Feb

For a long time, India has been worried about the routing of goods from third countries through non-Asean countries by taking the duty advantages of the agreement

India to provide duty cuts in FTA only if UK increases localisation to 45%

The UK side has also opposed India's proposal to provide duty cuts for electric vehicles priced above $85,000

India-Oman free trade agreement to help boost apparel exports: AEPC

A free trade agreement with Oman will help boost apparel exports as huge business opportunities are there in the Gulf nation for Indian exporters, AEPC said on Thursday. Negotiations for the pact, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), are moving at a fast pace. The Apparel Export Promotion Council (AEPC) said that the swift movement towards CEPA is encouraging and will be a game changer for India- Oman bilateral trade. The bilateral trade between the two countries stood at USD 12.39 billion in 2022-23, up from USD 9.99 billion in the previous year. "The RMG (readymade garments) exports to Oman grew from USD 13 million in 2020 to USD 28 million in 2021. The customs duty in Oman is 5 per cent on RMG products. Though it is a small market but has immense potential to grow once tariff is eliminated post-FTA and will be another doorway to GCC countries," AEPC Secretary General Mithileshwar Thakur said. The Gulf Cooperation Council (GCC) is a union

India, UK to hold next round of talks for free trade agreement in Jan

India and the UK officials in January next year will hold the next round of talks for the proposed free trade agreement (FTA) to resolve remaining issues, the commerce ministry said on Monday. The 13th round of negotiations for the proposed pact was held between September 18 and December 15. "The UK and India will continue to negotiate towards a comprehensive and ambitious Free Trade Agreement. The fourteenth round of negotiations will take place in January 2024," the ministry said in a statement. These negotiations focussed on complex issues including goods, services, and investment. An Indian team was in London recently. Issues which need to be resolved include duty cuts on electric vehicles and whiskey and the movement of professionals. Talks are also progressing on the proposed bilateral investment treaty (BIT). India and the UK launched the talks for a free-trade agreement (FTA) in January 2022, to conclude talks by Diwali (October 24, 2022), but the deadline was missed due

India-UK FTA talks: Trying to balance mobility, migration concerns

After a high-level UK delegation visited India to iron out the differences, currently, an Indian delegation is in London to advance discussions

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Never been closer to reaching pact on free trade with India: EFTA

The European Free Trade Association is a trade organisation and free trade area consisting of four European states- Iceland, Liechtenstein, Norway and Switzerland

India should be cautious on labour provisions in FTA negotiations: Experts

India needs to follow a cautious approach while negotiating labour provisions in free trade agreements (FTAs) as those could have potential repercussions on domestic manufacturing and overall trade competitiveness, experts say. International trade experts claimed that in a significant shift from its longstanding stance, India has begun to engage on labour issues in its trade negotiations with the UK, European Union, and the US-led Indo Pacific Economic Framework for Prosperity (IPEF). Inclusion of these issues in trade pacts could have negative impacts, they said, adding that the recent US presidential memorandum of Joe Biden on worker rights indicates a deepening focus on labour standards in trade deals. Negotiations are on fast track with a comprehensive trade agreement with the UK, which seeks to promote trade in goods, services and two-way investments. Think tank Global Trade Research Initiative (GTRI) Ajay Srivastava said that such provisions could erode the competitive advant

New FTAs, lower cost of power, logistics to help boost exports: PHDCCI

Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to USD 2 trillion by 2030, an industry chamber report said on Thursday. The PHDCCI's report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments. "The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports," it said. The report - India's Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030. - added that India's service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa,