Page 5 - Free Trade Agreements

India actively considering CEPAs, FTAs to boost textile exports: Goyal

Union Minister Piyush Goyal on Monday said India is actively considering entering into free trade pacts and comprehensive economic partnership agreements to tap new markets, increase exports and create opportunities for the domestic textile industry. The Minister of Textiles highlighted that the Pradhan Mantri Mega Integrated Textile Region and Apparel (PM MITRA) Park is being established across 7 states to promote India's textile sector in a significant manner. Goyal said PM MITRA Parks will lead to a reduction of logistic costs due to a cluster-based approach to manufacturing and production of quality products with appropriate testing facilities. The minister emphasised that countrymen deserve the best quality of garments and this should be ensured by all the stakeholders. He encouraged the industry to focus on quality and test their products to comply with quality standards. Goyal said India is pioneering sustainable textiles, contributing to a lesser carbon footprint and promo

Top headlines: Monsoon on track, India to start FTA talks with SACU

Business Standard brings you the latest headlines at this hour

India should consider free trade agreement with Egypt, say exporters

India should consider negotiating a free trade agreement (FTA) with Egypt as the Mediterranean nation holds huge potential for the domestic industry in various sectors like agri products, steel items and light vehicles, according to exporters. Prime Minister Narendra Modi is in Cairo for a two-day state visit at the invitation of Egyptian President Abdel Fattah El-Sisi. Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said that India and Egypt have historic trade relations, which are robust and fairly balanced. India's exports increased to USD 4.1 billion in 2022-23 from USD 3.74 billion in 2021-22. However, imports from that country declined to about USD 2 billion against USD 3.5 billion in 2021-22. Fertiliser, crude oil, chemicals, raw cotton, and raw hides are major import items from Egypt. The main export items include wheat, rice, cotton yarn, petroleum, meat, flat-rolled products, ferroalloys (related to iron) and light vehicles. "The prime minist

India and UAE in talks to resolve customs concerns raised by exporters

Exporters have expressed their concerns regarding 'rules of origin' requirements outlined in the free trade agreement signed by both nations

Top headlines: India seeks import duty relaxation, US flags policy barriers

Business Standard brings you the top headlines at this hour

Top headlines: FM on Q4 growth momentum, Reliance Cap lenders meet & more

Business Standard brings you top headlines at this hour

UK Parliament panel criticises lack of information on FTA talks with India

A cross-party Parliament committee in charge of scrutinising the UK government's trade affairs on Friday strongly criticised the lack of information provided around Britain's ongoing negotiations with India for a free trade agreement (FTA). The House of Commons International Trade Committee, which is set to be dissolved next week to make way for a new Business and Trade Committee in keeping with the creation of the new merged department by Prime Minister Rishi Sunak, said in many cases it gleaned more detail on the talks from reports in the Indian media often citing unnamed Indian government officials. India and the UK are negotiating an FTA to enhance the bilateral trading relationship worth 34 billion pounds in 2022, with the eighth round of negotiations concluding in New Delhi at the end of last month and the next round expected in the coming weeks. Parliament must be kept more fully informed about the negotiations. It cannot be right that we have obtained more details from the

India-Israel FTA should be as wide as possible: Israeli Minister

The proposed free trade agreement (FTA) between Israel and India should be as wide as possible to enable more and more trade as it brings people together, Israel's Minister of Economy and Industry M K Nir Barkat said on Tuesday. The minister said he will hold discussions with the Indian side regarding an FTA between the two countries, negotiations for which have been going on for over a decade. "As a government to government I am going to be proposing to your ministers to naturally expand the free trade agreement, focus on business development in a smart way, share knowledge and experience as much as possible," Barkat said at a CII event during his visit here. He said both sides will have to focus on complementary areas for the proposed free trade deal where India and Israel hold a competitive advantage. "It (FTA) should be as wide as possible to enable more and more trade as free trade brings the people together," Barkat said. He added that Isreal has a lot to offer in sectors li

Will have great FTA with India, negotiations going well: Baroness Verma

United Kingdom House of Lords Member Baroness Verma said the UK and India will have a great Free Trade Agreement (FTA) deal and that the negotiations between the two countries are going well

Sunak, Modi to expedite progress on India-UK FTA: Downing Street

British Prime Minister Rishi Sunak spoke to Prime Minister Narendra Modi on Thursday and agreed to expedite progress to resolve outstanding issues in the India-UK free trade agreement (FTA) negotiations. In a readout of the call between the two leaders, Downing Street said that Sunak reiterated his condemnation of the unacceptable violence outside the Indian High Commission in London last month and updated Modi on the steps being taken to ensure the security of Indian diplomatic staff. The leaders agreed to follow up their discussions at the G7 meeting in Japan next month and the G20 Summit being hosted by India later in the year. The leaders reflected on the close friendship between the two countries, and agreed great progress was being made on the 2030 UK-India Roadmap," a Downing Street spokesperson said. "Discussing ongoing negotiations on a UK-India Free Trade Agreement, the leaders reflected on the huge opportunities a deal would offer to Indian and British businesses and ...

Not seeking permanent immigration visas from any country in FTA: Goyal

India is not seeking permanent immigration visas from any country under a free trade agreement (FTA) and is only looking to engage with trading partners on mobility like temporary visas for students, Commerce and Industry Minister Piyush Goyal said on Thursday. He said that some people mix up mobility and immigration but they are two separate subjects. Mobility is about expanding trade, business, providing temporary visas for people who visit a country either for work or for studies, he said. "India is not seeking permanent immigration visas from any country... We are only looking to engage with countries on mobility. We are concerned only about our ability to give services for business and investments through temporary visas, for students who take training in the post study period... (and) for which we have found a lot of acceptance in all the countries with which we are talking," he told reporters here. He added that post-Covid, the world is realising that remote working is a gr

Cryptocurrency to FTA: Nirmala Sitharaman discusses range of issues in US

Sitharaman said that the World Trade Organisation (WTO) needs to be more progressive and must give space to countries that have something different to say

Who will India trade with?

Regional consolidation of trade may leave India out in the cold

India, European Union speed up work on free trade agreement negotiations

The fifth round of negotiations will be held in New Delhi from June 19-23, 2023

India's exports growth momentum will have to come from its states

They can utilise opportunities for greater market access generated by free trade agreements

LIVE: Country, citizens are priority for BJP, says PM Modi

Catch all the latest updates from across the globe here

India-UK FTA can deliver practical biz benefits in both countries: Cleverly

UK Foreign Secretary James Cleverly said that UK and India, must work closely together to contribute to the world's economic security and prosperity

Handing over of Haifa Port to Adani, a reflection of trust: Israeli Envoy

Israel's handing over of the strategic port of Haifa to Indian company, the Adani Group, is a reflection of the trust that the country has on India, Israeli Ambassador Naor Gilon said on Wednesday. At a media briefing, the envoy also said that both India and Israel are keen on finalising the proposed free trade pact as it could further boost overall bilateral trade ties. Gilon indicated that there could be a forward movement on the Free Trade Agreement (FTA) during the upcoming "high-level" visit. Describing defence ties between the two countries as very strong, he said Israel has an advantage to support India in its efforts to become self reliant in defence manufacturing because of the "long-standing" trust in the area between the two countries. On the Adani Group acquiring the Haifa port last month, Gilon said it was sign of Israel's trust on India and it could boost bilateral trade. It was a very important move from our side as Haifa is a strategic port, he said. The Adani Grou

Budget 2023: Many PLI schemes are in the pipeline, says Piyush Goyal

As and when other PLI schemes get approved, the cabinet is empowered to approve it

High-quality FTA with India a priority this year, says UK trade minister

Britain's trade minister in charge of negotiating a free trade agreement (FTA) with India says clinching a high-quality deal is among her top priorities for the year, while admitting the talks had hit a "bit of an impasse which she broke by flying to New Delhi last month. In a speech addressing business leaders at Lancaster House in London on Tuesday, UK Trade Secretary Kemi Badenoch insisted the FTA talks are now back on track. It comes after the Diwali 2022 deadline for the FTA set by former prime minister Boris Johnson was missed last October amid political turmoil in Britain. "Some of you will know I was a software engineer and a systems analyst before I became a politician. That means I'm a problem solver at heart, said Badenoch. "So when our Indian trade talks hit a bit of an impasse, I didn't pick up the phone, I got on a plane. That deal's not done yet, but it's back on track, she said. Badenoch was in New Delhi in early December to hold talks with her counterpart, Commerce