Page 4 - Free Trade Agreement

UK-India to build stronger ties during minister's visit to TN, Gujarat

TN and Gujarat are leading the way in the development of emerging technologies, the British minister said

EFTA: Trade deficit, Swiss blanket removal of import duties to hurt India

Large trade deficit with Switzerland and its decision to remove import duties on almost all industrial goods for all countries starting January 1 would limit gains for India under the proposed trade agreement with EFTA bloc, a report said on Monday. The report by economic think tank GTRI said the trade agreement in the current format will not help Indian exports and will result in higher imports and wider trade deficit. India and the European Free Trade Association (EFTA) are negotiating a free trade agreement, officially dubbed as Trade and Economic Partnership Agreement (TEPA) with a view to boosting economic ties. FTA (free trade agreement) negotiations were initiated in January 2008. EFTA members are Iceland, Liechtenstein, Norway, and Switzerland. "The Indian side faces challenges in achieving a balanced outcome in the agreement with EFTA. There are concerns due to the large trade deficit in favour of EFTA, Switzerland's new policy of allowing tariff-free entry for all indust

Lower duty for electric vehicles in UK FTA inevitable: Govt to automakers

The domestic manufacturers have opposed import duty cuts on EVs, considering that it is a sunrise industry. India has been pushing for duty reduction in a phased manner

India looks for greater mkt access for alcoholic beverages in FTA: Official

India looks for greater market access on a reciprocal basis for its alcoholic beverages while negotiating free trade agreements (FTAs), a senior government official said on Thursday. Additional Secretary in the Commerce Ministry, Rajesh Agrawal, said that demand for Indian spirits is growing in the world. "On the market access point of view, it is on a reciprocal basis. If we are opening up our market in any way...we also try to look for market access in other countries," he told reporters here. The remarks assume significance as India is negotiating a free trade agreement with the UK and the European Union (EU). Cutting customs duties in the sector is one of the key demands of these countries. "This is one of the areas (where) we are trying to negotiate upon and...we are trying to see that the duty concessions that are required in various destinations, we get (that)," he said. He added that the condition that for a product to qualify as a whisky, it must be matured for a period n

India-Oman free trade agreement to help boost apparel exports: AEPC

A free trade agreement with Oman will help boost apparel exports as huge business opportunities are there in the Gulf nation for Indian exporters, AEPC said on Thursday. Negotiations for the pact, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), are moving at a fast pace. The Apparel Export Promotion Council (AEPC) said that the swift movement towards CEPA is encouraging and will be a game changer for India- Oman bilateral trade. The bilateral trade between the two countries stood at USD 12.39 billion in 2022-23, up from USD 9.99 billion in the previous year. "The RMG (readymade garments) exports to Oman grew from USD 13 million in 2020 to USD 28 million in 2021. The customs duty in Oman is 5 per cent on RMG products. Though it is a small market but has immense potential to grow once tariff is eliminated post-FTA and will be another doorway to GCC countries," AEPC Secretary General Mithileshwar Thakur said. The Gulf Cooperation Council (GCC) is a union

India-UK to resolve visa, EV issues under proposed free trade agreement

India and the UK are trying to resolve issues concerning visas for domestic professionals and duty concessions on British electric vehicles (EVs) as part of the proposed free trade agreement, and talks on them are at the last leg, an official said. An Indian team is in the UK to iron out differences over these issues, besides some others in the services sector and customs duty cut on British whiskey. The two countries are looking at tariff rate quota (TRQ) type arrangements for EVs. Under TRQ, a fixed number of goods are allowed at concessional duty, and beyond that, normal duty applies. The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement. "India is seeking a liberal visa regime for its services companies as those firms need to send skilled professionals to the UK. So, visa regime should be facilitative for them," the official said. However, the UK is arguing that one of the main issues that led to Brexit was

India-UK FTA talks: Trying to balance mobility, migration concerns

After a high-level UK delegation visited India to iron out the differences, currently, an Indian delegation is in London to advance discussions

Indian officials in Muscat to negotiate free trade pact with Oman

It is learnt that the department of commerce has set an internal deadline of finalising the deal by month-end

EFTA deal with India could be signed before 2024 elections: Swiss envoy

Switzerland's Ambassador to India, Ralf Heckner, has expressed optimism that the crucial European Free Trade Association (EFTA) deal with the country would be wrapped up before the 2024 general elections. Heckner stressed on the importance of the proposed trade deal for unlocking innovation and investment opportunities. "Both sides have been negotiating very closely and seriously over the last more than 12 months. I remain positive that the deal would be wrapped up before the (2024) elections," he told PTI. The envoy was recently in the city to unveil the Kolkata chapter of the Swiss-India Chamber of Commerce. Parliamentary elections in India are due in early 2024. "If India wants innovation, it needs to work with about 12 to 15 countries, and one of those countries is Switzerland for a world of investments and innovation," We will have a more strategic innovation relationship with India, Heckner stated. India and the EFTA states Iceland, Liechtenstein, Norway, and Switzerland

Tariff tussle: UK delegation reaches out to Siam to quell FTA doubts

Holds meets with industry representatives; agreement at advanced stage

India shares natural synergy with Nordic-Baltic nations to expand ties: EAM

Jaishankar noted the important role played by the Nordic Baltic countries as leaders in innovation, start-ups, tech applications and digital progress

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

Next round of India, UK talks for free trade agreement expected soon

Chief negotiators of India and the UK are expected to soon hold next round of talks for the proposed free trade agreement to iron out differences on issues such as automobiles, medical devices, and movement of professionals, an official said. The official said that the UK team may come here for the 14th round of negotiations so that the talks can be concluded at the earliest. "Virtual sessions are progressing. But we are planning for a full fledged round of talks. In the full round, both sides discuss all the chapters. Some 60-70 sessions happen parallelly," the official, who did not wish to be named, said. Issues which need resolution include rules of origin; intellectual property rights (IPRs); social security agreement; duty concessions on electric vehicles, scotch whiskey, lamb meat, chocolates and certain confectionary items; liberalisation of norms in services sectors like banking and insurance. Talks are also progressing on the proposed bilateral investment treaty (BIT). Th

Jaishankar, Cameron discuss progressing India-UK Free Trade Agreement

The duo also discussed shared global challenges, including the situation in Israel and Gaza and the war between Russia and Ukraine

India-UK trade deal: Prospects & challenges

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

The Diwali deadline

India-UK FTA needs to be expedited

India, UK see free-trade deal possibly in December after poll results

There isn't any firm deadline but an announcement could be made after the vote concludes and results are out December 3

Eye on free-trade agreement, India seeks Eurasian bloc trade data

The pact, if materialised, will strengthen the bilateral commercial relationship between India and Russia

India negotiates for UK carbon tax concessions in proposed FTA deal

FTA talks in final stage, but some differences still remain

UK-India FTA: Electric vehicles market access sparks differences

The UK government has asked India to allow exporting a limited number of fully assembled EVs to India with no customs duty