Page 10 - Trade

India, EU to hold next round of FTA talks from Monday for early conclusion

India and the European Union (EU) chief negotiators will begin the next round of talks on the proposed free trade agreement (FTA) here from Monday, with an aim to conclude the first phase of the pact as early as possible, according to an official. The two sides have agreed to conclude the agreement in two phases on account of the uncertain global trade environment, particularly due to the US tariff actions under President Donald Trump. "The EU team will be here for the 11th round of negotiations. It will continue till May 16," the official said. Issues where there is convergence would be included in the first part of the agreement. They are aiming to conclude the second part by the end of this year. Talks for the previous (tenth) round focused on areas like market access offers in goods, services, investment and government procurement. India has followed the practice of negotiating trade pacts in two phases with Australia. It is following a similar approach to the US. Commerce ..

No duty cuts on UK wines in India FTA; limited relief for British beer

India is not giving any duty concessions on British wines and is providing only limited import duty benefits on UK beer under the free trade agreement (FTA) between the two countries, announced on May 6, an official said. The other sensitive agri products where India will not offer any reduction in the import duty include dairy products, apple, cheese, oats, animals and vegetable oils under the agreement with the United Kingdom. "Wine is on the exclusion list, along with several other agricultural products in the trade pact. We are also offering only a limited duty concession on British beer," the official said. India and the UK on May 6 announced the conclusion of the free trade agreement which will make British Scotch whiskey and cars cheaper in India, while reducing duties on Indian imports such as garments and leather products here. As per the agreement, India will reduce duty on UK whiskey and gin from 150 per cent to 75 per cent and further to 40 per cent in the tenth year of

Free trade agreement fix: Liquor industry red flags UK maturation norms

According to the UK and European Union (EU) regulations, a spirit must be matured for a minimum of three years in wooden casks to be legally defined and sold as "whisky."

Boost to Jaguar Land Rover: US trade deal cuts duty to 10% for 100K UK cars

JLR to gain as new US-UK trade deal allows 100,000 UK-made cars to be exported annually at a reduced import duty of 10 per cent, down from the previous 25 per cent

FTA with UK to help double garment exports to Britain in 3 years: AEPC

The free trade agreement (FTA) with the UK will help double India's ready-made garment exports to Britain in the next three years, AEPC said on Wednesday. Apparel Export Promotion Council (AEPC) Chairman Sudhir Sekhri said that against the backdrop of demand contraction in major economies, Russia-Ukraine conflict, Israel-Hamas war, American reciprocal tariff and Chinese belligerence, there was uncertainty and disruption impacting the global trade adversely. "This deal has come as a boon, removing immediately tariff disadvantage of 9.6 per cent and making us competitive in the UK market. Now the Made in India ready-made garment will be cheaper on UK shelves and we will be at par with some of our major competitors who enjoyed duty-free access in the UK market," he said. India is the fourth largest supplier of garments with a 6.1 per cent share of the total RMG import of the UK. The exports to the UK from India grew 7.8 per cent to USD 1.4 billion in 2024-25. "With this deal in place

R R Kabel sees volume surge by 2026 as US tariffs present 'opportunity'

R R Kabel expects volumes to grow between 16% and 18%, finance chief Rajesh Jain told Reuters, partly bolstered by U.S. tariff policy that affects Indian exporters less severely than Chinese rivals

India, Belgium discuss ways to boost bilateral trade, investments

India and Belgium have discussed ways to increase boost bilateral trade, foster industrial collaboration, and deepening investments in strategic sectors such as semiconductors, clean energy, defence production, and pharma, an official statement said on Sunday. The two sides also reviewed progress in EU-India Free Trade Agreement (FTA) negotiations, with both parties recognising the need to address tariff and non-tariff barriers to enhance market access. These deliberations were held during the visit of Commerce and Industry Minister Piyush Goyal with Belgian Minister of Defence and Foreign Trade Theo Francken and Minister-President of the Flanders region Matthias Diependaele in Brussels on May 2. "The discussions highlighted growing economic synergies and focused on scaling bilateral trade, fostering industrial collaboration, and deepening investments in strategic sectors such as semiconductors, clean energy, defence production, and pharmaceuticals," the commerce ministry ...

Container cargo surge propels Kolkata Port's April 2025 growth at 45%

A sharp rise in cargo volumes and a significant jump in container traffic have propelled Syama Prasad Mookerjee Port (SMP), Kolkata, to the top of the growth chart among India's major ports in April 2025, with 45.32 per cent year-on-year increase in throughput. The SMP, formerly known as Kolkata Port Trust, handled 5.967 million metric tonnes (MMT) of cargo in April 2025 compared to 4.106 MMT in the same month last year, the highest growth recorded among all major ports in the country. A key driver of this growth was a 31.18 per cent surge in container traffic, with the port handling 75,716 twenty-foot equivalent units (TEUs), up from 57,717 TEUs in April 2024, the port said. It comprises 62,021 TEUs at the Kolkata Dock System (KDS) and 13,695 TEUs at the Haldia Dock Complex (HDC). At the dock level, HDC handled 4.363 MMT, registering a 45 per cent increase from 2.993 MMT in April 2024, while KDS handled 1.604 MMT, a rise of 44 per cent from 1.113 MMT last year. The growth was ..

APEDA mulls strategies to boost agricultural, processed food exports

The commerce ministry's arm APEDA is mulling formulation of strategies to boost export of agricultural and processed food products from India, an official statement said on Sunday. The Agricultural and Processed Food Products Authority (APEDA) held an inter-ministerial dialogue to deliberate on the strategy last week here. Representatives from state governments, policy experts, industry leaders from agri trade and processed foods sector also participated in the discussions Speaking at the forum, Commerce Secretary Sunil Barthwal said that the government is committed to reducing logistical barriers and enhancing market access for Indian agri and processed food products. He added that academia and research institutions must be part of multi-sectoral consultations so that research and development can be a major focus for innovation and sustainability in agri exports. Agricultural production and productivity both are the need of the hour, the secretary has said, adding the ministry wi

Total exports jump to $825 bn in FY25 as services shipments rise over 13%

India's exports of goods and services hit an all-time high of USD 825 billion in 2024-25, driven by a record surge in the shipments of services that reached USD 386.5 billion in the last fiscal despite global trade headwinds, according to the commerce ministry data. Following the release of March services exports data by the RBI, the country's overall exports for 2024-25 have been revised to USD 824.9 billion from the earlier estimate of USD 820.93 billion, announced on April 15. Total exports were worth USD 778.13 billion in 2023-24. The data showed that services exports jumped to a record high of USD 387.5 billion in 2024-25, registering a robust 13.6 per cent growth over USD 341.1 billion in 2023-24. In March, services shipments rose by 18.6 per cent to USD 35.6 billion compared to USD 30 billion in March 2024. The main sectors which contributed to the growth in exports included telecommunication, computer and information services; transport; travel; and financial ...

UP to display industries, products at 5-day trade fair in September

The government will promote 12 industries at UP International Trade Show (UPITS) 2025: small businesses, agriculture and allied industries, energy, environment among others

Global trade tumbles: Amid turmoil, India needs reform, not protectionism

The US' major trading partners - Canada, Mexico, and the European Union (EU) - have said they will fight back against the US tariffs

Uncertainty could hit pvt sector capital formation: FinMin economic review

While highlighting that uncertainties stemming from global developments are a risk for the growth outlook for FY26, the finance ministry said

How the US dollar became the world's most powerful reserve currency

What is a reserve currency? How did the dollar come to dominate global trade and finance? And why might some countries prefer to steer clear of the role altogether? Read on to find out

Textile sector: India needs to grab the opportunity amid tariff turmoil

India needs to reclaim the grounds which it has been losing over the last 15-20 years as one of the market leaders in textiles

One of first trade deals may be with India, says US treasury secy Bessent

Speaking to reporters after two early morning television interviews, Besssent said the first such trade agreement might come this week or next

Protecting India's trade interests with the US amid global uncertainty

In the uncertain global environment, India committing to a comprehensive FTA would be risky

Piyush Goyal meets UK business minister Reynolds to discuss trade deal

"The business and trade secretary will meet with the Indian Minister of Commerce in London today and tomorrow to progress negotiations on a UK/India free trade agreement," UK PM's spokesperson said

UP aims to triple exports to Rs 5 trn in five years with help of new policy

Uttar Pradesh is working on a policy to promote exports and triple the outbound shipment from the state to over Rs 5 lakh crore in the next five years by tapping new markets and products. To achieve the target, the state government is working on a new export policy for 2025-30 which is expected to be approved soon. The thrust of the new policy would be to increase exports three times by 2030 from Rs 1.7 lakh crore in 2023-24 through host of measures including capital subsidy and sops for exporters, UP Minister for Industrial Development and Export Promotion Nand Gopal Gupta Nandi said. "We have extensively studied export policies of various governments across the country and have incorporated best practices in the draft policy. Our aim is to increase UP's contribution in the country's overall exports substantially and the proposed policy will be a step in that direction," he said. The new policy also seeks to provide sops like capital subsidy to investors for developing export ...

PM Modi’s warning to Pahalgam attackers, Pak shuts airspace to Indian airlines, trade & more

Speaking at a rally in Bihar’s Madhubani today, PM Modi issued a strong response to the deadly militant attack in South Kashmir’s Pahalgam, vowing to track down and punish the terrorists.