Page 9 - Piyush Goyal

India-EFTA trade pact expected to come into effect from Sept 2024: Goyal

The free trade agreement (FTA) between India and the four-nation European bloc EFTA is likely to come into force from September, Commerce and Industry Minister Piyush Goyal said on Monday. 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. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "It will enter into force by September," Goyal told reporters. He said the agreement has received approval from the Parliaments of all four countries. In Switzerland, there is an objection period open until July 10. July and August are holiday months here. He is here for an official visit to meet leaders and businesses to promote trade and investments between India and ...

Goyal to meet Swiss, Swedish biz leaders, to discuss trade, investments

Commerce and Industry Minister Piyush Goyal will meet Swiss and Swedish business leaders this week and discuss ways to boost trade and investments, an official statement said on Sunday. Goyal is visiting Switzerland and Sweden from June 9 to 13. The visit is commencing from Bern in Switzerland, where the minister will engage with global CEOs and industry figures to explore avenues for enhanced bilateral trade and investment, the commerce and industry ministry said. He will hold discussions with companies from sectors, including pharma and life sciences, precision engineering, amid high-tech manufacturing. Goyal will also discuss potential opportunities arising from the India-EFTA Trade and Economic Partnership Agreement. In Sweden, he will co-chair the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation (JCEISC) with Benjamin Dousa, Minister for Foreign Trade of Sweden. Companies like Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval, and SAAB are amo

Had a fruitful meeting with UK Foreign Secretary David Lammy: Piyush Goyal

Prime Minister Narendra Modi also met UK Foreign Secretary David Lammy and said his substantive contribution to the remarkable progress in comprehensive strategic partnership is appreciative

India, Italy to increase cooperation in aerospace, energy, mobility, auto

India and Italy have agreed to increase cooperation in areas such as manufacturing, auto, aerospace, energy transition, migration and mobility, an official statement said on Friday. These issues were discussed during the meetings between Commerce and Industry Minister Piyush Goyal and Italy's Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Antonio Tajani, here. Brescia is Italy's manufacturing hub. "India and Italy agreed to prioritise cooperation in several emerging and strategic sectors. These include Industry 4.0, aerospace, energy transition, and sustainable mobility," the commerce ministry said. The two sides also stressed the importance of joint efforts in skill development, digital transformation, migration and mobility, as well as global connectivity initiatives such as the India-Middle East-Europe Economic Corridor (IMEC). The two leaders co-chaired the 22nd session of the India-Italy Joint Commission for Economic Cooperation (JCEC). T

Held 3 meetings in 35 days with EU official to push FTA talks, says Goyal

Commerce and Industry Minister Piyush Goyal has held three meetings within a short span of 35 days with the European Commissioner for Trade Maros Sefcovic with an aim to give an impetus to the reposed negotiations for a free trade agreement. Goyal said on Thursday that India has already signed similar agreements with four-European nation bloc EFTA and the UK. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Now, India is in the process of concluding the negotiations with the 27-nation bloc European Union. "We have held three meetings in 35 days. It shows our shared commitment for the FTA... we are trying to do it faster," Goyal told reporters here. The minister is here on a two-day visit. He is meeting leaders and businesses to boost trade and investments between the two countries. The first and the second meetings between Goyal and Sefcovic were held on May 1 and May 23 in Brussels, while the third meeting concluded on June

Piyush Goyal calls Italian business enclaves in India to boost investment

Commerce and Industry Minister Piyush Goyal on Thursday proposed to develop an industrial conclave for Italian businesses in India to promote investments. Speaking here at India-Italy Business Forum meeting, he said Italian companies can consider setting up manufacturing units and offices in those enclaves. "I have a proposition for you. We can set up Italian enclaves where Italian businesses can set up shops... we can set up hotels, restaurants, healthcare for Italian people who would come to work there. It will be home away from home for them," Goyal said. These industrial parks can be set up in the proposed industrail corridors in different parts of the country. The minister is here on a two-day visit. He is meeting leaders and businesses to boost trade and investments between the two countries. India would invite Italian companies to certain locations in India such as Dighi near Mumbai and Sambhaji Nagar (Aurangabad) in Maharashtra to showcase potential locations for these ...

India urges WTO to act on non-tariff barriers, ensure dispute resolution

India has called for action to curb non-tariff barriers, address trade distortions caused by non-market economies, and restore a strong dispute settlement mechanism at the WTO, Commerce and Industry Minister Piyush Goyal said on Wednesday. The minister also pitched for strengthening the current consensus-based approach at the World Trade Organisation (WTO), the special and differential treatment given to less developed countries and developing countries, and bringing back focus on issues that have already been finalised and mandated at previous ministerial meetings. "India made a strong pitch for addressing non-tariff barriers that certain countries use to deprive others of market access, take necessary action against non-market economies, ensure that we have a strong dispute settlement mechanism at the WTO so that finality can be brought and discipline can be maintained," Goyal told reporters here. The minister made these remarks in a meeting of about 25 ministers of WTO member ...

Goyal highlights 'India Opportunity' at India-France Business Conference

Union Minister for Commerce and Industry Piyush Goyal addressed the India-France Business Conference on Tuesday (local time), highlighting the 'India Opportunity', driven by a skilled and talented workforce and the government's commitment to ease of doing business, and how it offers promising avenue for French companies.In a post on X, Goyal stated, "It was a pleasure to address the India-France Business Conference, which brought together several Indian and French companies. Highlighted the 'India Opportunity', driven by a skilled & talented workforce and the government's commitment to ease of doing business, and how it offers promising avenues for French companies. Encouraged companies from both sides to collaborate by building on shared interests and leveraging each other's competencies. Deeper engagement between our businesses will play a significant role in further strengthening the India-France strategic partnership."He also addressed the India-France CEO Forum Small Group .

Goyal, Israeli economy minister discuss boosting trade, innovation ties

Our discussions focused on diversifying our trade basket, fostering innovation, and strengthening cooperation in high-tech and emerging sectors, Goyal said about the meeting

Piyush Goyal discusses opportunities in Indian shipping sector with S'pore

Commerce and Industry Minister Piyush Goyal on Tuesday held a meeting with Singapore's Deputy Prime Minister Gan Kim Yong and discussed ways to boost economic ties and huge opportunities in the Indian shipping sector. Goyal is here on an official visit to meet French leaders and businesses to host trade and investments between the two countries. In the last three-days, the minister has held a series of meetings with top CEOs and ministers, including International Energy Agency ED Fatih Birol, Nigeria's trade minister Jumoke Oduwole, French minister of economy and finance Eric Lombard, automotive supplier company Valeo Group CEO Christophe Perilat, and L'Oreal Groupe CEO Nicolas Hieronimus and highlighted huge investment opportunities in India. Goyal, in a post on X, said that he held a meeting with Gan Kim Yong, Singapore's Deputy Prime Minister and Minister for Trade and Industry. "Discussed enhancing our bilateral trade & investment ties. Also, highlighted the tremendous ...

India, US to give preferential market access to businesses, says Goyal

India and the US desire to give preferential market access to each other's businesses and teams of both the countries are working together on the proposed bilateral trade agreement, Commerce Minister Piyush Goyal has said. In February, US President Donald J Trump and Prime Minister of India Narendra Modi announced plans to negotiate the first tranche or phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) of 2025. It is aimed at more than doubling the bilateral trade to USD 500 billion by 2030 from the current level of USD 191 billion. "Both countries are committed to work together, both countries desire to give preferential access to each other's businesses and we are working towards the bilateral trade agreement," Goyal told reporters here. Goyal is here on an official visit to hold talks with French leaders and business representatives to boost trade and investments. When asked about an announcement of Trump to double tariffs o

India weighs 3 options as US doubles safeguard duties on steel, aluminium

Retaliation, WTO action, or talks - three options on the table

Good news very soon on India-Oman free trade agreement: Piyush Goyal

Commerce and Industry Minister Piyush Goyal has said that negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing, and some "good news" may come "very soon" on that. The negotiations received a much-needed impetus after the visit of Goyal to Muscat in January this year. The talks for the agreement, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. "I think you will see some good news very soon on the Oman FTA," the minister told reporters here when asked whether the FTA talks with Oman can be concluded this year. Goyal is here on an official visit to hold talks with French leaders and businesses to boost trade and investments. He will also attend a mini-ministerial meeting of the World Trade Organization (WTO) on June 3. In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease

Well on track in our bilateral trade agreement talks with US: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said negotiations with the US for a bilateral trade agreement are well on track. The negotiations for the trade agreement with the European Union (EU) are also progressing at a faster pace, he added. "We are well on track in our bilateral trade agreement with the US and making fast progress with EU," Goyal said at the CIIs annual general meeting event here. A US official team is visiting India next week for trade talks with India.

Possibility of interim trade deal between India, US by June 25: Report

With a team of US officials expecting to visit India next month for trade talks, there is a possibility that the two countries may agree on an interim trade pact by June 25, sources said. "Talks are moving. Things are on track," they said. India's chief negotiator, Special Secretary in the Department of Commerce Rajesh Agrawal, concluded his four-day visit to Washington last week. He held talks with his US counterpart on the proposed agreement. Commerce and Industry Minister Piyush Goyal was also in Washington last week to give an impetus to trade talks. He met with US Commerce Secretary Howard Lutnick twice during his visit. Both sides are looking at an interim trade deal before the first tranche of the proposed bilateral trade agreement (BTA) as the USA's 26 per cent reciprocal tariff on India is suspended till July 9 this year. It was imposed by the US on April 2. However, Indian goods still attract the 10 per cent baseline tariff imposed by America. In the interim trade deal,

India, EU push for early harvest trade pact amid ongoing FTA talks

Commerce and Industry Minister Piyush Goyal has met European Commissioner for Trade Maros Sefcovic in Brussels, their second meeting within a month, to discuss the proposed free trade agreement (FTA), currently under negotiation between the two regions. Goyal travelled to Brussels on May 23 from Washington, while India's chief negotiator L Satya Srinivas and his team are already at the EU headquarters for the FTA negotiations. The Indian minister held meetings with his EU counterpart earlier this month. "Delighted to welcome my friend and counterpart @PiyushGoyal. We continue to make progress. Let's maintain the momentum - with hard work, clear focus - and I look forward to our next meeting soon," Sefcovic said in a post on X. In response, Goyal, in a post on the social media platform, said, "We remain committed to the shared prosperity of India and the EU. Let us keep this pace going!". These deliberations assume significance as India and the 27-nation European Union are looking

Piyush Goyal meets US commerce secretary to discuss proposed trade pact

Commerce and Industry Minister Piyush Goyal on Friday held his second meeting with US Commerce Secretary Howard Lutnick in Washington to discuss the proposed bilateral trade agreement currently under negotiation between the two countries. On May 20 also, Goyal held a meeting with Lutnick to expedite the talks on the first phase of the trade pact. "Held a constructive meeting with Secretary @HowardLutnick for a mutually beneficial trade agreement. Committed to enhancing opportunities for our businesses and people," Goyal said in a post on X. The meeting assumes significance as both the countries are looking at finalising an interim trade pact by July 8. The four-day discussions between the chief negotiators have also concluded in Washington on May 22. In the interim trade deal, New Delhi is pushing for full exemption from the 26 per cent reciprocal tariff on Indian goods. The US on April 2 imposed an additional 26 per cent reciprocal tariff on Indian goods but suspended it for 90

'Omanisation' last key issue in concluding India-Oman FTA talks: Official

The negotiations for the proposed India-Oman free trade agreement are nearing conclusion with both sides discussing the last issue of the Gulf country's labour-related 'Omanisation' policy, as New Delhi wants the current regime to remain unchanged for its workers, an official said. Omanisation is a policy implemented by Oman to boost the employment of its citizens in the private sector. The policy mandates companies to meet specific quotas for hiring Omani nationals. These quotas vary by sector and are periodically revised. "There is a requirement in Oman for companies to employ a specified percentage of Omani nationals, which varies by sector - 15 per cent or 20 per cent or 30 per cent...What we want is that this current regime of Omanisation should remain permanent for us, so that it does not become more restrictive in the future after the FTA is finalised," the official said. The negotiations received a much-needed impetus after the visit of Commerce and Industry Minister Piyush

Govt extends quality order deadline for electrical items to March 2026

The government on Tuesday said it has extended the implementation timeline for the mandatory quality control order (QCO) on certain electrical appliances by one year, till March 2026 following stakeholder consultations. The QCO will be applicable to all electrical appliances intended for household, commercial or similar applications with rated voltage not exceeding 250 Volt for single-phase appliances and 480 Volt for other appliances including direct current (DC) supplied appliances and battery-operated appliances. The Department for Promotion of Industry and Internal Trade (DPIIT) said that the order would not apply to electrical appliances which fall under the scope of any other QCO. The horizontal QCO on safety of household and commercial electrical appliances was discussed on May 15 with stakeholder consultation meeting, where Commerce and Industry Minister Piyush Goyal had acknowledged concerns raised by the industry and had agreed to consider the request to extend the ...

Trade talks: India to push US to lift non-tariff curbs for goods exporters

The official said industry has raised regulatory hurdles and high cost of certification among other issues in the US as primary obstacles to increasing exports to the US