Page 6 - Trade Agreements

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

Canada says Pacific trade pact open to new nations after Taiwan's complaint

Taiwan has few international trade agreements due to its diplomatic isolation because of pressure from China, which views the democratically governed island as its own territory

Commerce secy visits Norway to discuss trade pact implementation with EFTA

Commerce Secretary Sunil Barthwal has visited Norway to discuss the possibility of an early implementation of a free trade agreement between India and the four-nation European bloc EFTA, an official statement said on Saturday. The agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA), was inked in March. The implementation date has not yet been finalised. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. "The visit was aimed at furthering the objectives of and unlocking the large market in EFTA countries for Indian exports of goods and services and push for early implementation of USD 100 billion investment," the commerce ministry said Barthwal met Tomas Norvoll, State Secretary of the Ministry of Trade, Industry and Fisheries of Norway for discussions on promoting trade and investments, mobility for Indian professionals, re-energising existing institutional mechanisms and the next steps for the TEPA ..

Govt keen to strengthen CECA services pact with Australia to boost exports

India is looking at further strengthening the pact on services with Australia in the proposed compressive economic cooperation trade agreement (CECA) to boost the sector's exports, an official said on Thursday. The two countries have already implemented an interim trade agreement in goods and services in December 2022 and are now under negotiations to expand its scope through CECA. The next round of talks is expected in December here. "One of the areas of interest for India is to strengthen our agreement on the services side because our services exports are doing good. So whatever we feel can be done more where India can actually improve our exports, we are looking at those areas and trying to see what else can be done," the official said. The estimated value of service exports during April-September 2024 is USD 180 billion as compared to USD 163.92 billion in April-September 2023. In 2023-24, it was over USD 340 billion. India is also interested in government procurement, but the

Febi expects to become the go-to agency for EU companies in India

A 2024 survey of German companies in India flagged bureaucratic hurdles, high corruption, and the tax system as the three biggest obstacles to doing business in India

Next round of India-Asean trade agreement review talks in November

The next round of talks for the ongoing review meeting of the India-Asean free trade agreement in goods will be held in November, an official statement said on Saturday. The third round of the negotiations was concluded on August 1 in Jakarta, Indonesia. Eight sub-committees have been constituted under the India-Asean Free Trade Agreement Joint Committee for undertaking negotiations on different areas related to the review of the pact. "The next meeting of the AITIGA (Asean-India Trade in Goods Agreement) Joint Committee will be held in India from 19-22 November 2024," the Commerce Ministry said. The AITIGA was signed in 2009. In September 2022, both sides tasked the AITIGA Joint Committee to undertake the review to make the agreement more trade-facilitative and mutually beneficial. During the third round of negotiations in Jakarta, Indonesia, all eight Sub- Sub-Committees dealing with national treatment and market access, rules of origin, standards, technical regulations, custom

Prioritise deep trade agreements

India's global competitiveness and investment appeal hinge on these agreements

Hungary, China sign strategic cooperation agreement during Xi's visit

Hungary and China signed a number of new agreements on Thursday to deepen their economic and cultural cooperation during a visit to the Central European country by Chinese President Xi Jinping, a trip meant to solidify China's economic footprint in the region. Xi and Hungarian Prime Minister Viktor Orbn held talks in the capital Budapest as part of the Chinese leader's final stop on a five-day European tour that also took in Serbia and France. During a press briefing following the talks, Orbn praised the continuous, uninterrupted friendship between the two countries since his tenure began in 2010, and promised that Hungary would continue to host further Chinese investments. I would like to assure the president that Hungary will continue to provide fair conditions for Chinese companies investing in our country, and that we will create the opportunity for the most modern Western and the most modern Eastern technologies to meet and build cooperation in Hungary, Orbn said. Beijing has .

Good market access offered on both sides, says UK on India FTA talks

There has been good market access offered on both sides but not enough to secure a free trade agreement (FTA), the UK government has said as Indian negotiators are in London this week to continue discussions with their British counterparts. During a debate in the House of Lords this week, UK Foreign Secretary David Cameron was addressing questions from British peers on the current state of freedom of religion or belief in India. The recent restructuring of the BBC to create a new Indian-owned entity in order to comply with the country's foreign direct investment (FDI) rules was flagged by Liberal Democrat peer Lord Jeremy Purvis, who questioned the level of market access being offered to India in the field of media, data and telecoms as part of the FTA negotiations. My understanding of where we are with the trade deal is that good market access has been offered on both sides, but not quite enough yet to secure a deal. It is important with such trade deals, as you only really get one

Trade policy calibrated with growth but open for expansion: Piyush Goyal

At Business Standard Manthan, Piyush Goyal added that in America and Europe, there are still high duties for several products

8 sub-committees reviewing free trade agreement between India, Asean

Eight sub-committees have been constituted under the India-Asean free trade agreement joint committee for undertaking negotiations on different areas related to the review of the pact, an official statement said on Monday. India hosted the third meeting of the committee for undertaking the review here from February 16-19. The AITIGA (Asean-India trade in goods agreement) was signed in 2009. In September 2022, both sides tasked the AITIGA Joint Committee to undertake the review to make the agreement more trade facilitative and mutually beneficial. "A total of eight sub-committees have been constituted under the AITIGA Joint Committee for undertaking negotiations on different policy areas related to the agreement," the commerce ministry said. The first two meetings of the joint committee were held in May and August last year. In the meeting, the ministry said, the sub-committees reported the progress and outcome of their discussions related to market access, rules of origin and ...