Page 3 - Free Trade Agreements

India will not rush into signing free trade deals, says Piyush Goyal

The minister was responding to a question on India's trade negotiations with the UK and the European Union (EU) becoming more complicated

India-EU FTA must be fair, equitable and balanced: Goyal at CII event

The minister further elaborated on the plethora of opportunities in the various sectors across India

Govt should talk more on its steps to protect farmer interests

The WTO Agreement on Agriculture (AoA) was one of the many agreements that were negotiated during the Uruguay Round and the option available was to accept all the agreements or none

Next round of talks on India-Peru free trade agreement pact likely in April

The next round of negotiations between India and South American nation Peru for a free trade agreement is expected to start in April, an official statement said on Thursday. The officials of the two countries concluded the sixth round of talks in Lima on February 14. The proposed agreement is aimed at promoting bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. "The 6th round of India-Peru negotiations for a trade agreement was held from February 12 to 14, 2024, in Lima, Peru, to continue the work that started in 2017 when the negotiation process was formally announced," the commerce ministry said. In this round, nine working groups held in-person meetings on trade in goods, rules of origin, trade in services, movement of natural persons, customs procedures and trade facilitation,

Duty concession on gold will be concern for India in FTA with Peru: GTRI

Duty concessions on gold, which accounts for 80 per cent of India's imports from Peru, is the most challenging issue for New Delhi under the proposed free trade agreement with the South American nation, a report said on Sunday. Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. India and the South American nation Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. In such pacts, two trading partners either significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services. The next round of talks is expected to start this week in Lima, Peru. "Tariff concessions on gold, accounting for USD 1.8 billion or 80 per cent of India's imports from Peru

Govt seeks investment commitment from Switzerland under EFTA pact: Report

India has sought investment commitments from Switzerland under the proposed free trade agreement with the four-nation EFTA bloc, a top government official said on Tuesday. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. The official also said negotiations for the pact are at an advanced stage and both sides are trying to conclude it fast. The investment commitment would help India balance Switzerland's decision to remove customs duties on most of its goods. When asked if this move would have an implication on the agreement, the official said that it can be bargained against many other things. "We have told them that we will be requiring commitments on investments so that this zero duty on goods can balance more investments and more manufacturing in the country," the official told PTI. The Indian negotiators are also trying to see how the Swiss companies can come and manufacture in India so that it gives a boost to Make in In

Commerce department mulls strategy to help industry leverage FTAs better

The government also plans to set up a digital architecture to help the industry overcome the challenges that are specific to FTAs

'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 ..

Switzerland and India reach deal on FTA after 16 years of negotiations

The agreement "will create jobs for the young population of India, and secure employment in Switzerland," Parmelin said in an interview with the Swiss newspaper Sonntagszeitung

Leverage free trade agreements to our benefit, Piyush Goyal tells industry

There were also discussions on the priorities identified in the Foreign Trade Policy (FTP) 2023 and the strategies and measures to be adopted to take forward the export growth

India-UK FTA: 'Majority of issues closed or at advanced stage of talks'

Majority of the issues in the proposed free trade agreement (FTA) between India and the UK are either finalised or at an advanced stage of talks, a government official said on Monday. Additional Secretary in the Department of Commerce L Satya Srinivas said that the 14th round of negotiations between the officials of the two countries is underway here. "The majority of the chapters are either closed or at an advanced stage of negotiation. Discussions are being held at the higher level as well as at the team level to iron out differences," he told reporters here. The talks for the pact began in January 2022. The current round of talks is expected to be the final one. Talks are also progressing on the proposed Bilateral Investment Treaty (BIT). There are 26 chapters in the agreement, which include goods, services, investments and intellectual property rights. Issues from both goods and services are pending for conclusion. The bilateral trade between India and the UK increased to US

India-Oman to begin next round of free trade discussions from Jan 16

The next round of talks for the proposed free trade agreement (FTA) between India and Oman will start from January 16 and the negotiations for the pact are progressing well, a senior official said on Tuesday. The talks on the text of most of the chapters have been concluded by both sides for the pact, officially dubbed the Comprehensive Economic Partnership Agreement (CEPA). "The negotiations are progressing well. Two rounds of in-person negotiations and many inter-sessional meetings have already been held. Good progress has been made on all the chapters covered under the CEPA," the official said. On certain media reports that the talks may get delayed, the official said that any talk of hindrances or bottlenecks is "speculative and presumptuous" as the negotiating process is currently underway. Currently, both sides are working towards conclusion of the negotiations with an objective of delivering a mutually beneficial agreement contributing to the welfare and development of the .

Call of duty: Maruti Suzuki chairman advocates for low car tariffs in FTAs

The govt and Maruti believe the Indian car industry is no longer an infant and can face low-duty imports through FTAs, but not everyone is sure

World wants to engage with India on FTAs: Union minister Piyush Goyal

Union Minister Piyush Goyal on Sunday said the world today wants to engage with India for free trade agreements (FTA), and to expand trade and diplomatic relations with India. Speaking at the inaugural of the maiden Global Investors Meet of the DMK government, the Commerce and Textiles Minister said India's young population has given demographic dividend which has become the envy of the world. Batting for women joining the formal workforce in the country, he said, when women go to work, it will not only add to the GDP but will also add twice to the country's GDP as the work they are now doing will be replaced by technology. Elaborating, he said, ... as more and more women come into formal workforce, the work what they are now doing, which is unfortunately not reflecting in our GDP will be replaced by technology as India will become the largest market for washing machines, dishwashers.. India will become the largest market for goods and services, he said. Underscoring that women led

Proposed India-UK FTA: Social security impasse prolongs negotiations

India is pushing for a social security pact in the proposed deal, considering that the UK is its second-largest service export destination after the US

No reason for high tariffs on cars from UK, EU: Maruti Suzuki's RC Bhargava

Maruti Suzuki chief says costs of many models 20-30% lower in India

A year of Australia-India FTA: Great start but lots to do

ECTA provides the framework for long-term growth in our trade. Ninety-six per cent of Indian goods now enter Australia completely tariff-free. That will rise to 100 per cent by 2026

India evaluating implications of FTA as Bangladesh mulls RCEP membership

India is worried because of Bangladesh's greater dependence on China for imports as compared to India and fears it can become an issue if Bangladesh joins RCEP

With elections in sight, PM Rishi Sunak pins hopes on India-UK FTA

The ambitious India-UK free trade agreement (FTA) may have proved elusive even in 2023, but it remains the focal point for British Prime Minister Rishi Sunak to try and bolster his electoral pitch for voters increasingly disillusioned by his government over the rising cost of living and illegal migration. As Sunak, Britain's first Indian-origin Prime Minister, marked the start of this year by setting out his government's top priorities for the year ahead, the deal was not far behind on the agenda. The two nations will begin a new round of discussions in the New Year after the 13th round was completed this month. The round included sessions both in-person, in London and Delhi, and virtual talks. As with round 12, these negotiations focused on complex issues including goods, services, and investment. The UK and India will continue to negotiate towards a comprehensive and ambitious Free Trade Agreement, the Department for Business and Trade (DBT) said. There is a strong sense that bot

Negotiating trade pact with EU, UK, Sri Lanka, Peru: Commerce ministry

India is negotiating free trade agreements with the European Union (EU), the UK, Sri Lanka, and Peru, according to a year-end review statement of the commerce ministry. India-European Union (EU) free trade agreement negotiations were formally re-launched on June 17 2022. "Negotiations cover 23 policy areas/chapters. Six rounds of negotiations have been held till October 2023," the ministry said. With the UK, 13 rounds of talks have been completed and the next round will take place in January 2024. "India-Sri Lanka Economic and Technology Cooperation Agreement (ECTA) negotiations are ongoing with the 12th round of negotiations conducted from 30th October to 1st November 2023 in Colombo," it said. It added that both sides also agreed to continue discussions on matters, including apparel quotas and pharmaceutical procurement. With Peru, it said discussions on various chapters, including rules of origin, trade in goods, trade facilitation, sanitary, and phytosanitary measures were ..