Page 10 - Trade Talks

Commerce minister Piyush Goyal to meet USTR ahead of tariff rollout

During US visit, commerce minister also expected to meet his US counterpart

India, EU to push for long-pending free trade agreement by 2025-end

The trade deal will be accompanied with pacts on investment protection and geographical indicators

EU seeks stronger commitment from India on reducing 'high' import tariffs

The discussion on the FTA will signal the 'broader political commitment' from both leaders and set the stage for the 10 round of negotiation in Brussels during 10-14 March, after a six months hiatus

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, Myanmar discuss possibility of resuming border trade through roads

India and Myanmar have discussed the importance of resuming border trade through roads and agreed to take steps on this issue, an official statement said on Sunday. The issue was discussed during a meeting between Myanmar's Deputy Commerce Minister U Minn Minn and Minister of State of Commerce and Industry Jitin Prasada here on February 14. They discussed possibilities to increase cooperation in areas such as pharmaceuticals, pulses, petroleum products and greater use of the recently launched Rupee-Kyat trade settlement mechanism. "During the meeting, both the leaders deliberated on the potential areas of collaboration to promote bilateral trade and also acknowledged the importance of resuming border trade through roads and agreed to take steps on this issue," the commerce ministry said. India is the fifth-largest trading partner of Myanmar. The bilateral trade stood at USD 1.74 billion in 2023-24 against USD 1.76 billion in 2022-23.

Trump's reciprocal tariffs: A US gamble that could disrupt global trade

India could reduce its tariffs to zero on these products in exchange for the U.S. doing the same, which would be an immediate benefit for India

Reciprocal tariffs by Trump admin may not hurt India much, says GTRI

The US government's move to impose reciprocal tariffs to match higher duties levied by its trading partners is not likely to hurt India much as there are differences in the export profiles of the two countries, economic think tank GTRI said on Friday. Citing an example, the Global Trade Research Initiative (GTRI) said that if the US charges 50 per cent reciprocal tariffs on Indian pistachios because India charges the same, India is happy as it does not export pistachios. Additionally, for 75 per cent value of the US exports to India, the average tariff is less than 5 per cent, GTRI Founder Ajay Srivastava said. In contrast, India faces high US tariffs on many labour-intensive goods like textiles, garments, and footwear, ranging between 15-35 per cent on several products, he added. "Given the differences in the export profiles of the two countries, reciprocal tariffs may not have a significant impact...In the new Trump era, India may wait to see the US decision in April on reciproca

Centre vows to avoid protectionist signals on trade: Finmin official

India has been trying to placate the Trump administration after it accused the South Asian nation of maintaining very high tariffs that hurt prospects for American firms

Trump's tariff plans for Canada, Mexico carry higher stake than Colombia

Having already forced Colombia to accept deportees by threatening a 25 per cent tariff, President Donald Trump is readying the same move against Canada and Mexico as soon as Saturday. But this time, the stakes are higher and many economists surveying the possible damage doubt Trump would be comfortable with what they say would be self-inflicted wounds from the tariffs. The potential for such sizable economic impacts ought to act as enough of a deterrent that Trump will not end up implementing these higher tariffs, said Matthew Martin, senior US economist at the consultancy Oxford Economics. Trump has repeatedly insisted that tariffs are coming on Canada and Mexico, despite both countries seeking to address his stated concerns about illegal border crossings and the smuggling of fentanyl. But the Republican president is also motivated by the idea that tariffs would force other countries to respect the United States. We're going to immediately install massive tariffs," Trump said in a

Improving connectivity to boost India-New Zealand trade ties: GTRI

India and New Zealand should address market access issues for goods, promote collaborations in key sectors, and work on improving connectivity with an aim to boost bilateral trade, which is just USD 1.5 billion, think tank GTRI said on Sunday. Both countries should set a target to double two-way trade within five years by identifying products for early tariff relief and organizing business delegations and roadshows in India, it said. It also said that India's proposed free trade agreement with New Zealand would have limited benefit to domestic companies as they are already enjoying duty free access to a significant number of goods in that market. New Zealand's average import tariff is just 2.3 per cent, compared to India's 17.8 per cent. Besides, 58.3 per cent of New Zealand's tariff lines (or product categories) are duty-free, meaning Indian products already enjoy significant access without a trade pact in the New Zealand market, the Global Trade Research Initiative (GTRI) said.

Rising Rajasthan Summit: Trade body seeks migrant support for investments

Memorandum of understanding (MoUs) worth Rs 35 trillion, the highest in the state's history, were signed during the three-day summit held in Jaipur from December 9-11

EU deal and Donald Trump tariff threats bolster Mercosur trade talks

Topping the list of Mercosur's most likely new trade pacts next year are deals with the European Free Trade Association of four non-EU nations

India replaces Italy to bag 10th spot in US trade deficit rankings in 2024

The Trump administration has earmarked clearly three areas on the basis of which it will determine trade negotiations. One clearly is to look at ways to reducing its trade deficit with some countries

Avoid protectionism that hinders trade: Commerce Secretary Sunil Barthwal

He called for mutual recognition agreements (MRAs) to facilitate trade

First trade agreement under US-Taiwan initiative officially takes effect

The deal includes key commitments aimed at enhancing cooperation in areas such as domestic service industries and the promotion of small and medium-sized enterprises

WTO: India for 'per capita distribution of subsidies' criteria for fishers

India also flagged the difference in the amount of subsidy provided by developing nations such as India, as compared to developed nations

Russia's first deputy PM Manturov calls on Modi; discusses trade, energy

Russia's First Deputy Prime Minister Denis Manturov called on Prime Minister Narendra Modi on Monday and the two leaders exchanged views on enhancing cooperation in various areas, such as trade and economic ties, energy and connectivity. PM Modi welcomed the sustained and joint efforts being made by the teams on both sides for the implementation of decisions taken during his recent visits and meetings with Russian President Vladimir Putin to further strengthen the India-Russia Special and Privileged Strategic Partnership, a statement issued by the Prime Minister's Office (PMO) said. They exchanged views on enhancing cooperation in various areas, including trade and economic ties, energy and connectivity, it said. PM Modi extended his warm greetings to President Putin and said that he looked forward to continued exchanges with him, according to the statement. In a post on X after the meeting with Manturov, Modi said, "Glad to meet Russia's First Deputy PM Denis Manturov today. Happy

UK may revive China trade talks. What caused the years-long freeze?

The UK froze ministerial-level dialogues, including the Joint Economic and Trade Commission (JETCO) meetings, over human rights and security concerns

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

Chancellor Scholz turns to India as Germany looks to diversify beyond China

India and Germany's bilateral trade was valued at $26 billion for the financial year that ended on March 31, 2024