Trade Deals

India in talks with EU to resolve new trade regulations: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said India is in talks with the European Union to resolve issues related to the new EU trade regulations. Responding to queries on EU trade barriers in the Rajya Sabha, Goyal said the EU has introduced new regulations for their own industries. "There is certainly an issue where the EU has come up with new regulations which we are actively discussing with them to resolve," he said. The government is having discussions on issues like the deforestation Act, he said, adding, "we will have to engage with them and find mutual resolution to make the process simple and ensure it does not hurt our industry." Goyal said if unfair trade barriers are imposed, the government will take up the matter strongly with India's counterparts through bilateral discussions and multilateral trade organisations. Asked if India has initiated any discussion with the EU regarding mutually agreed pacts in view of stringent regulations, the minister said thi

Rajasthan trade body seeks Budget concessions to support commodity markets

Despite water scarcity, Rajasthan remains a significant contributor to the country's Rabi and Kharif crop production

India should join China-backed Asian trade bloc, says NITI Aayog CEO

In 2019, India decided to not join the bloc, on the grounds that the deal would hurt its farmers, businesses, workers and consumers

Japan imposes trade curbs on Chinese firms for backing Ukraine war

The new sanctions also target firms in India, Kazakhstan, and Uzbekistan

Disney, Florida Governor end feud with deal on 15-year expansion plan

Under the agreement with the Central Florida Tourism Oversight District, Disney said it would spend at least $8 billion at the resort over a decade with a total of $17 billion invested over 10-20 year

Decoded: How trade deals are ratified by India's partner countries

Trade experts said that Indian government officials generally reach out to their counterparts to discuss any major concern flagged by the trade partner's Parliament during FTA negotiations

Meity calls for plans on India-EU cooperation on high-performance computing

The objective of the joint call is to create solutions and use cases in the mutual areas of interest using high-performance computing, said the ministry

India, Asean review: PSRs, greater market access likely on the table

The bloc seeks liberal product-specific rules in electronics and chemicals

India bargaining hard with EFTA countries for creation of 1 million jobs

EFTA comprises four nations - Iceland, Switzerland, Norway, and Liechtenstein

India-Oman FTA may be reality soon; legal vetting of deal's text underway

India is keen to finalise the trade pact before the model code of conduct (MCC) kicks-in ahead of its general elections, making the timing of the finalisation of the proposed deal crucial

'Free trade agreement talks between India, EFTA bloc at advanced stage'

Negotiations for a free trade agreement between India and the four-nation EFTA bloc are at an advanced stage as both sides have reached a shared understanding on key issues, a senior official has said. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. India and the EFTA have been negotiating the pact, officially dubbed as Trade and Economic Partnership Agreement (TEPA), since January 2008 to boost economic ties. "Following extensive negotiations, a shared understanding has been achieved on key issues during the ministerial meeting. Ongoing efforts are now focused on shaping the convergence that has emerged," the official said. Commerce and Industry Minister Piyush Goyal held a meeting recently with Swiss Federal Councillor Guy Parmelin in Mumbai. Parmelin, in a social media post on X, has said that officials are working around the clock to settle last details so that it can be signed as soon as possible. "At the last-minute ..

British PM Rishi Sunak keen to clinch FTA with India by April: Report

British Prime Minister Rishi Sunak is keen to clinch a free trade agreement (FTA) with India in time for Easter, which falls at the end of March 2024, according to a UK media report. The India-UK FTA talks began in January last year, aimed at significantly enhancing the GBP 36-billion bilateral trading partnership. A new round of negotiations, expected to be the last, is set to start early in the new year after the thirteenth round concluded on December 15. Prime Minister Mr Sunak and India's premier Narendra Modi are said to be keen to get the deal wrapped up by April, reads a report in the Daily Express' newspaper updated on Saturday. It is hoped a deal can be signed and sealed before India's general elections begin on April 1, it claims. The newspaper quoted a source close to the trade talks on the UK side to say that a lot of progress has been made, but some of the hardest aspects remain pending. We have made a lot of progress, but the last stuff to do is the hardest. We have

Snacking brand Farmley raises Rs 56 crore from BC Jindal Group, others

Snacking brand Farmley has raised USD 6.7 million, about Rs 56 crore, in a funding round led by BC Jindal Group, a top company official said. Existing investors DSG Consumer Partners, Omnivore and Alkemi Partners also participated in the funding round. Farmley Co-Founder Akash Sharma told PTI that the company has raised USD 6.7 million which will be utilised in innovation, expanding distribution channel and brand building efforts. "These funds will play a pivotal role in fuelling our product innovation efforts, in diversifying distribution channels and in amplifying the brand building efforts. We would like to make people's snacking experiences more wholesome by operating on consumer first principles," Sharma said. He said the company registered a revenue of around Rs 150 crore in the financial year 2023 and has now touched an annual recurring revenue of Rs 300 crore. The brand recently onboarded Indian cricket team coach and former captain Rahul Dravid as its brand ...

India should be cautious on labour provisions in FTA negotiations: Experts

India needs to follow a cautious approach while negotiating labour provisions in free trade agreements (FTAs) as those could have potential repercussions on domestic manufacturing and overall trade competitiveness, experts say. International trade experts claimed that in a significant shift from its longstanding stance, India has begun to engage on labour issues in its trade negotiations with the UK, European Union, and the US-led Indo Pacific Economic Framework for Prosperity (IPEF). Inclusion of these issues in trade pacts could have negative impacts, they said, adding that the recent US presidential memorandum of Joe Biden on worker rights indicates a deepening focus on labour standards in trade deals. Negotiations are on fast track with a comprehensive trade agreement with the UK, which seeks to promote trade in goods, services and two-way investments. Think tank Global Trade Research Initiative (GTRI) Ajay Srivastava said that such provisions could erode the competitive advant

Here's why India and UK are acting like cowards on the free trade agreement

Indian negotiators are pushing for strict "rules of origin" checks for tradable goods, to make sure that any FTA benefits apply only to goods made predominantly in Britain

About 3,500 exhibitors to showcase products at int'l trade fair from Nov 14

As many as 3,500 exhibitors from India and other countries like UAE, Iran and Thailand will showcase their products during the 14-day international trade fair, beginning here at Pragati Maidan on Tuesday. With the theme 'Vasudhaiva Kutumbakam - United by Trade' the 42nd edition of the India International Trade Fair 2023 (IITF) will witness the participation of all states and Union territories, India Trade Promotion Organisation (ITPO) said in a statement. Pragati Maidan is under the administrative control of ITPO, an arm of the commerce ministry. "With nearly 3,500 exhibitors from both India and abroad, IITF 2023 occupies an expansive 110,000 square meters," it said. Partner States for this event are Bihar and Kerala, while Delhi, Jammu and Kashmir, Jharkhand, Maharashtra and Uttar Pradesh are the Focus States. Representatives from 13 countries, including Afghanistan, Bangladesh, Oman, Egypt, Nepal, Thailand, Turkiye, Vietnam, Tunisia, Kyrgyzstan, Lebanon, Iran and UAE are ...

India proposes slashing EV import taxes to clinch UK free trade deal

The UK's demand for import concessions on electric vehicles is one of the few outstanding issues in the free trade talks

India-UK trade deal: Prospects & challenges

Could a successful negotiation herald a new era in their modest trade relationship?

Gulf crudes make a comeback as Russian Urals grade turns expensive

The share of Russian oil imports in India's overall crude import basket slumped by 8 percentage points on the month in October

India, Peru to hold trade talks on furthering investments from Oct 10: Govt

The next round of negotiations for a trade agreement between India and South American nation Peru will start from October 10, an official statement said on Monday. The agreement is aimed at promoting bilateral trade and investments between the two countries. With the pact, the two trading partners will significantly reduce or eliminate customs duties on maximum number of goods traded between them. "A special round of negotiations for the India - Peru trade agreement is scheduled to be held virtually on 10-11 October," the commerce ministry said. During the negotiations, the two sides will discuss different issues, including rules of origin, trade in goods, customs procedures and trade facilitation, technical barriers to trade, sanitary and phytosanitary measures. "Discussions on services, movement of natural persons (professionals), trade remedies and investment chapter will be held later in the month based on mutual convenience of the negotiators," the statement said. Negotiation