Page 2 - Fta

PM Modi, EU leadership pledge to conclude FTA negotiations by year-end

PM Modi held a joint phone call with EU leaders, pledging to conclude the FTA talks by year-end, discuss the 2026 India-EU Summit, and advance the India-Middle East-Europe Economic Corridor (IMEEC)

Aluminium extrusion industry body alleges 28 units shut, 5K jobs lost

ALEMAI claims closure of 28 aluminium extrusion units and the loss of 5,000 jobs in the last two years, blaming free trade agreements (FTAs) and rising import dependence for the industry's struggles

Qatar wants to negotiate trade pact with India, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said a proposed Free Trade Agreement (FTA) with Oman will be finalised soon, and Qatar also wants to negotiate a pact with India. He said that India has already signed such acts with a number of developed economies, including Australia, the UK, the UAE, Mauritius, and four-European nation bloc European Free Trade Association (EFTA). Besides, India is negotiating trade pacts with the European Union (EU), the US, New Zealand, Chile, and Peru. These agreements, he said, will open up new opportunities, markets, and investment possibilities. Negotiations with the EU are moving at a faster pace, Goyal said, adding Commerce Secretary Sunil Barthwal is visiting Brussels next week to take stock of the trade pact talks. The India-EU official team will meet for the 13th round of negotiations from September 8 here in the national capital. After that, European Commissioner for Trade Maros Sefcovic is likely to visit India next month to tak

India shifts focus to EU as US tariffs stall bilateral trade negotiations

With US tariffs squeezing exports and trade talks stalled, India banks on the UK FTA to push forward EU negotiations, covering autos, wines, procurement and digital trade

Stepping stone deal? UK pact could set template for India's future FTAs

Experts point out that the deal was possible only because both sides respected each other's sensitivities and regulatory autonomy

Tesco to set up distribution hub, create 15,000 jobs: K'taka Industries Min

UK-based retail giant Tesco plans to set up a new distribution centre in Karnataka, creating 15,000 additional jobs, Large and Medium Industries Minister M B Patil said on Wednesday. UK engineering major Rolls-Royce is also exploring fresh investments in the state, he said, adding that the government would expedite all necessary processes to facilitate the company's plans, his office said in a release. Patil made the announcement while addressing a reception hosted on Tuesday by the British Deputy High Commission to mark the signing of the IndiaUnited Kingdom Free Trade Agreement (FTA). The pact is projected to boost bilateral trade by about Euro 25 billion annually and help double trade volumes to nearly Euro 90 billion by 2030. The FTA would pave the way for duty-free access for 99 per cent of India's exports to the UK and 90 per cent of UK exports to India. This would mean more affordable products, greater market access for businesses, and a surge in commerce benefiting consumers

Mahindra plans to export EVs to UK with trade agreement in place

Mahindra & Mahindra plans to export its electric vehicles to the UK, leveraging improved trade opportunities following the finalisation of the India-UK free trade agreement, according to Group CEO and Managing Director Anish Shah. The Mumbai-based auto major is a leading player in the electric vehicle segment in the domestic market and expects EVs to comprise 30 per cent of its overall sales by 2030. In 2022, the company inaugurated Mahindra Advanced Design Europe (M.A.D.E) at Banbury, Oxfordshire, the UK. The facility serves as the conceptual hotbed for the company's portfolio of electric products. In an interaction with PTI Videos, Shah noted that India has the potential to emerge as the automobile manufacturing hub of the world. "We are looking forward to exporting our electric vehicles to the UK and to take a bigger share of the UK market and competing in the UK on the back of this FTA," Shah stated when asked to comment about the benefits for the Indian industry and the ...

India-UK FTA will grow Scotland whisky market by $1 bn: Glenmorangie chief

Caspar MacRae, CEO of The Glenmorangie Company, says the India-UK Free Trade Agreement will make whisky more affordable in India, helping the market grow by $1 billion

'Historic' FTA with Britain shows world's trust in India: PM Modi

Prime Minister Narendra Modi on Saturday described the recently concluded FTA between India and UK as 'historic,' and said the trade pact showed the world's trust in the country. As regards Operation Sindoor, he said weapons manufactured under the 'Make in India' initiative played a great role during the cross-border military offensive in destroying enemy targets and made enemies lose sleep. The PM inaugurated, laid foundation stones and dedicated projects worth Rs 4,900 crore here and underscored the NDA government's commitment towards Tamil Nadu's growth. In his address after inaugurating the projects, Modi said he was blessed to directly land in Tamil Nadu after completing his foreign tour during which the India-UK Free Trade Agreement was signed before his visit to the Maldives. The trade pact with Britain was 'historic.' "India and Britain signed a FTA. This shows the growing trust of the world and our self-confidence. We will make Viksit (developed) Bharat and Viksit Tamil N

India reserves right to retaliate if carbon tax hurts our exports: Goyal

Commerce and Industry Minister Piyush Goyal on Saturday said India will "react and retaliate" if the UK imposes a carbon tax in the future that harms domestic exports. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM), starting in 2027. "As of now, no CBAM, we are a sovereign and a very powerful nation today...So, if anybody hurts our exports interest, we will react and hurt and retaliate or rebalance to make sure that our interest is not hurt," he told reporters when asked about the UK's proposed CBAM. "I can assure that no unilateral measure which hurts India can go away without a proportionate response from India," he added. Sources have said India flagged the issue during negotiations of the trade agreement. The comprehensive economic and trade agreement (CETA) was signed on July 24, with an aim to double bilateral trade by 2030. The issue is not in the pact, as Britain has not yet notified of the tax. Goyal added that the E

FTA with UK 'gold standard' for balanced agreements: Piyush Goyal

India has protected all sensitive sectors, including dairy, rice and sugar, in the free trade agreement with the UK, Commerce and Industry Minister Piyush Goyal said on Saturday. The pact will help boost exports of labour-intensive products like footwear, textiles and gems and jewellery, he added. "We have protected all the sensitive sectors of India...we have not opened for UK (those areas)....Zero compromise and extensive benefits makes it a phenomenal free trade agreement (FTA)," Goyal told reporters here. The agreement was signed on July 24 in London. He added that the agreement will open doors for India to the developed world.

India, UK firms upbeat on FTA to double trade to $112 bn by 2030: Goyal

Commerce and Industry Minister Piyush Goyal has said that businesses in Britain as well as India are optimistic about the free trade agreement which aims to double the bilateral trade to USD 112 billion by 2030. The India-UK free trade agreement, also called Comprehensive Economic and Trade Agreement (CETA), was signed by Goyal and his counterpart Jonathan Reynolds in presence of Prime Minister Narendra Modi and British Prime Minister Keir Starmer on Thursday. In a post-signing interaction with business leaders from across sectors, Goyal said," Investors are looking to double down on their investments. People in industry and manufacturing are looking to expand markets. The services sector is excited about the growth potential. Everybody, whether from government or from the private sector, has a shared commitment to double the trade between the two countries by 2030." Anuj Chande, Partner at Grant Thornton UK and Head of its South Asia Business Group said," It (the deal) certainly .

India, UK to work on recognition of professional degrees to ease movement

India and the UK have agreed to negotiate mutual recognition agreements (MRAs) after implementing the trade deal, as these pacts are important for facilitating the movement of professionals such as nurses, accountants and architects to Britain, an official said. The India-UK trade agreement was signed on Thursday and it may take about a year for its implementation as it requires approval of the British parliament. "It has been agreed that both countries will engage on mutual recognition of qualifications because in certain professional services, recognition of qualifications is an essential requirement like nurses, architects, accountants, and dentists. Within a period of 36 months, we will try to enter intoAs with the UK," a commerce ministry official said. MRAs in professional services are voluntary pacts between competent authorities of respective nations. These confer recognition of certain licensing or qualification requirements obtained in the jurisdiction of other ...

India fails to secure exemption from UK carbon tax in trade deal: GTRI

India was unable to secure an exemption from the UK's carbon tax in the free trade agreement, signed on Thursday, a move that will impact India's carbon-intensive exports to Britain, think tank GTRI said on Friday. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM) starting 2027. By not securing a carve-out or exemption clause on CBAM (carbon border adjustment mechanism), India lost a vital opportunity to protect its carbon-intensive exports, the Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. "From January 2027, the UK can impose carbon taxes on Indian steel and aluminum, even as we grant UK goods duty-free access. That's a serious asymmetry. Expect the same treatment in India's trade agreement with the EU," he said. The GTRI in May stated that India's exports worth USD 775 million to the UK may be impacted due to Britain's decision to introduce a carbon tax on products such as iron and steel, aluminium, ...

India-Australia FTA likely in 'very near future', says Australian Trade Min

Australia expects to expand its trade pact with India soon; initial FTA was signed in April 2022, removing tariffs on most goods but excluding key farm products like wheat and dairy

India-UK FTA may restrict India's use of compulsory licensing: GTRI

India has accepted language in the intellectual property chapter of the free trade agreement with the UK that subtly curtails its ability to issue compulsory licences, a critical tool for accessing life-saving technologies during emergencies, think tank GTRI said on Thursday. It also said that India has agreed to "adequate remuneration" norms for compulsory licensing for the pharma sector in the agreement with the UK, thus risking delays in future access to affordable medicines and green tech. The Global Trade Research Initiative (GTRI) said that in "a significant concession, India has accepted language in the Intellectual Property (IP) chapter of the agreement that subtly curtails its ability to issue compulsory licenses (CL), a critical tool for accessing life-saving technologies during emergencies". "For the first time" in any trade agreement, India has explicitly agreed to wording that stresses the need for 'adequate remuneration' to patent holders, GTRI founder Ajay Srivastava

Indo-UK FTA to boost 'Make in India', double trade by 2030: TVS Motor

The signing of the India-UK Free Trade Agreement is poised to open new global frontiers for Indian manufacturing under the Government of India's flagship 'Make in India' initiative, a top official of two and three wheeler maker TVS Motor Company said on Thursday. The FTA is also a significant step forward in realising the Prime Minister Narendra Modi's vision of 'Viksit Bharat'. TVS Motor believes the India-UK FTA would create immense opportunities for Indian companies to expand their global footprint while showcasing the country's innovation and engineering excellence on a larger platform. The landmark agreement is expected to double bilateral trade from the USD 60 billion to USD 120 billion by 2030, TVS Motor said. The Chennai-based company's Managing Director Sudarshan Venu in a release here, said, "We are deeply inspired by Prime Minister Narendra Modi's vision of Viksit Bharat and his unwavering commitment to making India a global manufacturing and design powerhouse." "The ..

India-UK FTA to cut spirit duties, but price drop may be limited: Experts

The India-UK free trade agreement will reduce duties on imported spirits, making premium international options more accessible to Indian consumers, according to industry players, but experts cautioned that the benefits may be limited as the maximum price reduction could be only up to Rs 300 per bottle. As per the FTA signed in London between the two governments, India is reducing duty on UK whisky and gin from 150 per cent to 75 per cent and further to 40 per cent in the tenth year of the deal. "Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150 per cent to 75 per cent and then dropped even further to 40 per cent over the next ten years - giving the UK an advantage over international competitors in reaching the Indian market," as per an official statement of the UK government. Reacting to the development, the International Spirits and Wines Association of India (ISWAI), which represents premium alcoholic beverage companies in India (mostly MNCs)

India, UK sign FTA: What it means and how it will help both countries

India and the UK have signed a landmark Free Trade Agreement aiming to boost bilateral trade by nearly $34 billion annually, slash tariffs, and create thousands of jobs in both countries

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