Page 4 - Trade Agreements

India, US seek to expedite bilateral trade agreement talks to boost trade

Both India and the US want to expedite the negotiations for the proposed bilateral trade agreement (BTA) as the two countries are looking at promoting two-way commerce, an official statement said on Thursday. Both the countries have decided to hold sector-specific talks from this month to finalise the structure of the agreement. The keenness to expedite the talks came in the backdrop of the USA's decision to impose additional 27 per cent import duty on Indian goods from April 9 this year. "Discussions are ongoing between Indian and US trade teams for the expeditious conclusion of a mutually beneficial, multi-sectoral BTA...We remain in touch with the Trump administration on these issues and expect to take them forward in the coming days," the commerce ministry said. Through the agreement, the two countries are looking to increase market access for their goods, cut tariff and non-tariff barriers and deepen supply chain integration. A team of US officials, headed by Assistant US Tra

Government approves export of key commodities to Maldives for 2025-26

India on Tuesday notified exports of specified quantities of commodities like eggs, potatoes, onions, rice, wheat flour, sugar, and dal for the Maldives in the current fiscal year. The Directorate General of Foreign Trade (DGFT) in a notification said these exports have been permitted to the Maldives under the bilateral trade agreement between the countries in 2025-26. "Export of eggs, potatoes, onions, rice, wheat flour, sugar, dal, stone aggregate and river sand to Maldives has been permitted under the bilateral trade agreement between India and Maldives for 2025-26," the DGFT said in a notification. The export of these items to the Maldives will be exempted from any existing or future restriction/prohibition during this period. Items which are restricted or prohibited will be allowed only through the six designated customs ports including Mundra, Tuticorin, and Kandla. The specified quantity allowed includes potatoes (22,589 tonnes), onions (37,537 tonnes), rice (1,30,429 tonne

India-US BTA: Commerce ministry to begin talks with other departments

Interministerial talks to explore tariff cuts and market access; key sectors under focus include EVs, oil derivatives, plastics, and sensitive farm goods like dairy and almonds

Don't think govt is in a great hurry to sign BTA with US: Ashwani Mahajan

Since the US has announced the imposition of reciprocal tariffs, their markets are down, and there are fears that inflation will increase

Industrial goods tariffs be India's focus during trade talks with US: GTRI

Both sides hope to finalise the first tranche of the agreement by the fall of 2025

Key India-US trade negotiations next week to finalise BTA contours

Both sides are aiming to finalise the first tranche of a "mutually beneficial" deal by the fall of 2025

Very good ties with India, but it has one of the highest tariffs: Trump

US President Donald Trump said he has a very good relationship with India, but the only problem he has with the country is that it is one of the highest tariffing nations in the world. Trump reiterated his threat to impose reciprocal US tariffs on the country starting April 2. In an interview with Breitbart News, an American news, opinion, and commentary website, Trump discussed the US' relationship with India. Asked about his summit with Prime Minister Narendra Modi last month, Trump said: I have a very good relationship with India, but the only problem I have with India is they're one of the highest tariffing nations in the world. I believe they're going to probably be lowering those tariffs substantially, but on April 2, we will be charging them the same tariffs they charge us. On the India-Middle East-Europe-Economic Corridor (IMEC), Trump said it was a group of wonderful nations banding together countering other countries that look to hurt us on trade. We have a powerful grou

CBIC must re-examine, clarify on non-duty paid inputs for drawback

Section 75(1) of the Customs Act, 1962, allows drawback of the Customs and Central Excise paid on the inputs used in the manufacture or processing of the export products

BTA negotiations: India pushes for greater access to US organic market

Under mutual recognition agreements (MRAs) are bilateral pacts between countries, where they recognise each other's standards as well as the certification process

UK secures 17 new export, investment deals during trade secy's India visit

The UK on Wednesday said its Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson announced 17 new export and investment deals during their visits to India this week. It also said that New Delhi's recent Union budget drives more opportunity for British insurance companies to expand their presence in India. British insurance companies in particular have gained more potential to expand in India following the recent Indian budget, which increased the amount of foreign direct investment (FDI) permitted in the insurance sector from 74 per cent to 100 per cent, a readout by the UK said. The UK has the third largest technology economy in the world, and a number of UK technology companies have also announced expansion into India, accelerating their growth journey, it noted. "The UK's Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson have announced 17 new export and investment deals during visits to India this week," it said. However, details

Pace of India-Asean trade agreement review talks slow; next round in April

The next round of negotiations for reviewing the India-Asean free trade agreement in goods is expected in April, though the pace of talks is slow, an official said. A free trade agreement in goods between India and the 10-nation bloc ASEAN (Association of Southeast Asian Nations) was signed in 2009. The ASEAN trade deal came into force in January 2010. In August 2023, both sides announced a complete review of the existing agreement in goods by 2025. "The pace of talks is slow," the official said. ASEAN as a group is India's one of major trade partners with about 11 per cent share in the country's global trade. 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. India is asking for the review to eliminate barriers and misuse of the pact. ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malays

India should propose 'zero for zero' tariff strategy to US, says GTRI

Says negotiating a trade agreement could be trickier and force India to make 'difficult concessions'

India-US trade deal on the horizon: Piyush Goyal hints at talks soon

During Prime Minister Narendra Modi's recent visit to Washington, both countries announced an ambitious plan to more than double their trade by 2030

Proposed BTA talks: India hopeful US will resolve tariff concerns

New Delhi is also trying to decipher what will be the shape of the US's proposed reciprocal tariff law before drawing conclusions regarding its consistency with respect to global trade norms under WTO

Announcement on India-US trade pact has lifted business confidence: Goyal

Both countries will hold talks to increase market access, reduce tariff and non-tariff barriers, and deepen supply chain integration

Announcement of India-US trade agreement has boosted biz confidence: Goyal

The announcement to negotiate a bilateral trade agreement between India and the US has boosted business confidence in both countries, as it can help further strengthen economic ties by leveraging their competitive strengths, Commerce and Industry Minister Piyush Goyal said on Sunday. During the recent visit of Prime Minister Narendra Modi to Washington, India and the US announced to more than double the two-way commerce to USD 500 billion by 2030 and negotiate the first tranche of a mutually beneficial, multi-sector bilateral trade agreement (BTA) by fall of 2025. "The Prime Minister has brought back with him an agreement or an understanding to enter into a trade deal by fall of this year. I think, it gives a lot of confidence and a lot of relief to every business person in the US and in India who believe that together, we can truly transform world trade, together with our competitive strengths in different areas, we can truly work as two friends, as two partners for progress and ...

Will make 'wonderful' trade deal: Donald Trump as he meets PM Modi

India, US look to negotiate agreement in 7-8 months, eye $500 bn bilateral trade by 2030

India-US ties: First tranche of trade deal to be negotiated over 7-8 months

Experts upbeat as this comes after Trump's comments on India being the 'biggest tariff abuser'

How India-US trade policy forum fared under Joe Biden administration

The TPF is a premier bilateral forum for discussion and resolution of trade and investment issues, and bolster trade relations between the US and India

India, Oman looking at finalising comprehensive trade, investment deal soon

India and Oman are looking at sealing a broad trade and investment pact this year that will cut tariffs on each other's goods and boost the overall trade basket in line with renewed vigour in the relations, especially in the economic sphere. The negotiations for a comprehensive economic partnership agreement (CEPA) gained new momentum after Oman's Sultan Haitham bin Tarik travelled to India over a year back. Omani Commerce Minister Qais bin Mohammad Al-Yousef told PTI that Muscat is hopeful of concluding the ambitious trade pact with India this year, which is expected to significantly expand the two-way trade and investment ties between the two countries. There has been a major upswing in economic ties between the two countries in the last few years with India emerging as one of the top trading partners of Oman. India was the fourth largest market for Oman's crude oil exports for the year 2023 after South Korea. India was also the third largest market for Oman's non-oil exports in