Page 4 - Fta

India, Maldives in discussions to negotiate free trade pact: Foreign secy

Addressing a press briefing ahead of Prime Minister Narendra Modi's visit to the Maldives, Misri elaborated on the burgeoning economic relationship between the two countries

India, US seek to futureproof trade agreement amid tax and tariff concerns

Starting April 1, India abolished the 6 per cent equalisation levy on online advertising services provided by non-resident entities, also known as Google tax

India, EU resolve digital differences in free trade agreement talks

'Substantial differences' remain over sustainable development chapter

India, Asean expect 'some conclusion' in FTA review by October-end

Both sides are also discussing matters pertaining to technical cooperation, sanitary and phyto-sanitary measures and technical barriers to trade collaborations

Issuance of preferential certificate under FTAs increases in FY25

Issuance of preferential certificates of origin -- a document enabling exporters to claim tariff benefits under free trade pacts -- by India has risen significantly for various countries, including Korea, Malaysia, and Japan, in 2024-25, indicating increased advantage of such agreements for domestic exporters. The number of preferential certificates of origin issued under free trade agreements implemented so far has recorded a healthy increase, rising to 7,20,914 in 2024-25 from 6,84,724 in 2023-24. The number of preferential certificates of origin issued by India under free trade agreements (FTAs) with Korea and Japan rose to 54,644 and 47,809, respectively, in 2024-25 against 52,158 and 42,306, respectively, in 2023-24, according to the commerce ministry data. India has issued 4,664 such certificates in 2024-25 under the FTA with Malaysia, against 4,370 certificates in 2023-24. Similarly, India has issued 19,267 certificates under the trade pact with Sri Lanka in 2024-25 compared

PM Modi, Malaysia PM discuss Asean-India FTA review at Brics summit

The review of the ASEAN-India FTA figured during Prime Minister Narendra Modi's talks with his Malaysian counterpart Anwar bin Ibrahim on the sidelines of the BRICS summit. The two leaders reviewed progress in bilateral relations, including in areas of trade and investment, defence, education, healthcare, tourism and people-to-people contacts, the Ministry of External Affairs (MEA) said in a statement on Sunday after the meeting. Modi congratulated Malaysia for its successful chairmanship of the Association of Southeast Asian Nations (ASEAN), a regional grouping of 10 states in Southeast Asia. PM Modi welcomed Malaysia's continued support for a strengthened ASEAN-India Comprehensive Strategic Partnership, including the early and successful completion of the review of the ASEAN-India FTA, the MEA said. The FTA was signed in 2009 and implemented in January 2010. In August 2023, both sides announced a complete review of the existing agreement in goods by 2025. It is learnt that the

Ball in Washington's court on India-US interim trade pact before July 9

With India setting its red lines on key issues in sectors such as agriculture and dairy for the proposed interim trade agreement with the US, the ball is now in Washington's court to finalise the deal, sources said. They said if issues are settled, an interim trade pact could be announced before July 9, which marks the end of the 90-day suspension period of the Trump tariffs announced on April 2 on dozens of countries, including India. "India has drawn its red lines... now the ball is in the US court," they said. In February, the two countries announced starting negotiations for a bilateral trade agreement (BTA). They fixed a deadline to conclude the first tranche or phase of the BTA by fall (September-October) this year. Before that, the two sides are locking to finalise an interim trade pact. On April 2, the US imposed an additional 26 per cent reciprocal tariff on Indian goods but suspended it for 90 days. However, the 10 per cent baseline tariff imposed by America remains in ..

India-EFTA trade pact likely to be implemented in coming months: Goyal

The free trade agreement between India and the four-nation European bloc EFTA is likely to come into force in the next couple of months, Commerce and Industry Minister Piyush Goyal said on Friday. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. Under the pact, India 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. "I think it should come into effect, I believe in the next couple of months," Goyal said here at an event of SGS India. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Talking about the government's initiative to promote manufacturing of quality products in the country, Goyal said in the last 10 years, 156 quality control orders (QCOs) covering 672 products have been issued to cut import of sub-standard goods into th

India may soon have social security agreement with UK under free trade pact

India may soon have a social security pact with the UK as an in-built component of the free trade agreement (FTA) which has been finalised between the two countries, a source said on Wednesday. The source said that from now onwards, the social security agreement (SSA) will be an in-built component of all free trade agreements to be negotiated in future. "UK is believed to have agreed on the social security component under the FTA negotiations, which would be ratified in the near future," the source said. The SSA, a reciprocal arrangement between two or more countries, ensures that an employee while on a foreign assignment does not have to contribute to the social security coverage fund in that country but get the full benefit of employment period for pension calculation, while the employers are saved from making double social security contributions on behalf of their workers. The Indian employees posted abroad or on foreign assignment are required to obtain a certificate of coverag

Best of BS Opinion: PLIs can't succeed without deeper structural reforms

Today's pieces span multiple issues, from overseas acquisitions by PSUs, PLI schemes' success, the proposed India-US BTA, and the debilitating effect of quality issues across sectors

Goyal discusses FTAs with industry, exporters ahead of key trade talks

Piyush Goyal meets export councils and industry groups to review trade pacts, gather views on new FTAs and SEZ reforms as India negotiates key global agreements

India, UK trade deal likely to be signed by July end, says official

The process of legal scrubbing of the India-UK free trade agreement (FTA) text is progressing at a faster pace, and the pact is expected to be signed by the end of July, an official said on Tuesday. To give an impetus to the process, Commerce Secretary Sunil Barthwal is in London with his official team. Barthwal will meet UK Secretary of State for Business and Trade Jonathan Reynolds and other British senior officials during his two-day visit. The two countries announced the conclusion of the negotiations on May 6. It will remove taxes on the export of labour-intensive products such as leather, footwear and clothing, while making imports of whisky and cars from Britain cheaper, in a bid to double trade between the two economies to USD 120 billion by 2030. The world's fifth and sixth-largest economies concluded the deal after three years of on-off negotiations. Once the FTA is signed, it will require approval from the British Parliament and India's Cabinet before it can take effect

Asean stonewalling progress of FTA review talks with India: Official

Asean nations are stonewalling the progress of the ongoing negotiations on the review of the existing free trade agreement in goods signed in 2009, and the talks are moving "very" slowly, an official said on Monday. The review of the agreement is a long-standing demand of Indian industry and India is looking forward to an upgraded pact, which will address the current asymmetries in bilateral trade and will make trade more balanced and sustainable. "So far, nine rounds of talks have been completed. They are going very slow. Very less progress is there. Asean is stonewalling the talks," the official, who did not wish to be named, said. After the implementation of the agreement, India's exports stood at only about USD 38-39 billion annually, while imports from the 10-nation Asean bloc have jumped to USD 86 billion, the official added. Asean countries have opened less number of tariff lines or product categories for India. India has offered duty concessions on over 71 per cent of the .

India pursuing FTAs with mature, rule-bound markets: S Jaishankar

External Affairs Minister S Jaishankar says India's trade policy has shifted in the past 11 years to target transparent and stable economies over Southeast Asian competition

Piyush Goyal to visit UK to push India-UK FTA towards implementation

Commerce minister's UK visit will focus on reviewing FTA negotiations, establishing a roadmap for finalisation, and expanding trade, investment, and creative partnerships

Piyush Goyal in London to discuss FTA, ways to promote trade, investment

Commerce and Industry Minister Piyush Goyal is in London on a two-day official visit to discuss issues related to the implementation of the Free Trade Agreement (FTA) and explore ways to boost trade and investment between the two countries, an official statement said on Wednesday. During the visit, Goyal will hold a bilateral meeting with the UK Secretary of State for Business and Trade Jonathan Reynolds. "Both leaders will review the progress made in the ongoing FTA negotiations and chart out a clear, time-bound roadmap for its finalisation and implementation," the commerce ministry said. India and the UK had announced the conclusion of the FTA on May 6. The pact aims to eliminate duties on labour-intensive Indian exports such as leather, footwear and clothing, while easing imports of UK products like whisky and cars. It targets to double trade between the two economies to USD 120 billion by 2030. The agreement is yet to be formally signed and implemented. The minister will also

India, EU aim to finalise FTA by end of this year, says Jaishankar

Jaishankar, who is in France as part of his three-nation visit, said India also seeks to conclude a defence and security partnership with the European Union

Imports under FTAs can be cleared under the provisional assessment

Rajagopalan answers readers' SME queries related to GST, export and import matters

Icra projects 6-8% growth for hospitality, downgrades outlook to 'stable'

Growth of India's hospitality sector is expected to "normalise" at 6-8 per cent in the current financial year, rating agency Icra said on Monday while downgrading the sectoral outlook to "stable" from positive. The rating agency also stated that foreign tourist arrivals (FTAs) to India are expected to remain muted in the next few months in the aftermath of the terror attack at Pahalgam in Jammu and Kashmir, but are estimated to witness a gradual recovery thereafter. However, domestic tourism has been the prime demand driver so far and is likely to remain the same in the near term. Factors, including improvement in infrastructure and air connectivity, favourable demographics, and anticipated growth in large-scale MICE events, with the opening of multiple new convention centres in the last few years, will support the growth over the medium term, Icra said. According to the rating agency, the domestic hospitality sector's earnings and credit metrics are expected to remain stable in ..

Pursue trade deals, but focus equally on enhancing industry competitiveness

India retaliated against some ill-considered statements and actions by the Bangladesh government by closing its land borders for import of some goods from that country