Page 7 - Free Trade Agreements

Statsguru: Six charts show India is rapidly on FTA-signing spree

The Australian Parliament ratified the ECTA with India on November 22, as a stepping stone to a more ambitious CECA

RBI, UAE central bank discuss mechanism to trade in local currencies

Negotiations between India-GCC FTA expected in Jan-March quarter

ECTA: The dawn of a new era in Indo-Aus relations

Indian exports and manufacturing will be equally benefited with the duty-free import of raw materials from Australia for their competitiveness

Australian Parliament okays FTA with India; to help double bilateral trade

The agreement, once implemented, will provide duty-free access to the Australian market for over 6,000 broad sectors of India, including textiles, leather, furniture, jewellery and machinery

India-UK trade pact high priority; next round of talks slated in Dec: Goyal

The proposed free trade agreement (FTA) between India and the UK is a high priority for both the countries and the next round of negotiations for the pact is slated to happen next month, commerce and industry minister Piyush Goyal said on Tuesday. He said that things are progressing well and it will yield good results. "We are all very well aware that it was progressing very fast until we had a little bit of a blip because of political happenings in the other country. Fortunately, we have a stable government. I believe in office now (in the UK) and I am already in touch with my (UK) counterpart. We are working together to possibly have an in person meeting also very soon but our teams are already engaged. Next month, the next round of negotiations are slated to happen," Goyal said here at a steel industry event. He said that industry support is required for the agreement and it should be a fair, equitable and balanced FTA. He also said that there should not be any strict timelines

UK starting to have second thoughts about Brexit as economy faces recession

More than six years after voting to leave the European Union, the UK is facing a prolonged recession and a deep cost-of-living crisis

FTAs don't always boost domestic manufacturing or speed export growth: GTRI

Countries negotiating free trade agreements (FTAs) need to keep in mind eight "myths" which surround these pacts, like they lead to accelerated increase in exports and promote domestic manufacturing, according to a report by think-tank GTRI. The report by Global Trade Research Initiative (GTRI) claims to dispel these 'myths', including that FTAs weaken the WTO (World Trade Organisation), countries are rushing to do FTAs, and these pacts promote investment and lower prices. It is "erroneously" believed that most world trade happens through the FTA route, but in reality, it is less than 20 per cent, said the report titled 'FTAs: Fabulous, Futile, or Flawed?'. It is also not true that countries world over are rushing to do FTAs and in fact these pacts are "enthusiastically" embraced mainly by east Asian economies or countries that have lowered their customs duties close to zero. "Major industrial countries/regions do FTAs selectively. The USA has no FTA with significant economies like

Committed to working quickly on UK-India free trade agreement: Rishi Sunak

Prime Minister Rishi Sunak has said that the UK government remains committed to working as quickly as possible towards a successful conclusion to the ongoing free trade agreement (FTA) talks with India, as the majority of the substantive negotiation conversations were completed at the end of last month. At a House of Commons session on the G20 Summit in Indonesia on Thursday, the British Indian leader updated Parliament that he reviewed progress on the FTA during his first meeting with Prime Minister Narendra Modi since taking charge at 10 Downing Street. He was questioned by Opposition Labour Party Leader Keir Starmer and his own Conservative Party MPs on the timeline for the completion of the agreement with India. I discussed the free trade agreement with India, and both the Prime Minister of India and I committed our teams to working as quickly as possible to see if we can bring a successful conclusion to the negotiations, said Sunak. Without negotiating all these things in publ

War, slowdown prompt Tiruppur exporters to explore alternate markets

Move follows 21% YoY dip in exports in October; some exporters believe things will improve in the coming months as yarn prices have declined and dollar rates are favourable

India to start talks for new FTA with a region next week: Piyush Goyal

India will be launching negotiations for a free trade agreement (FTA) with a region next week, Commerce and Industry Minister Piyush Goyal said on Wednesday. He said that negotiations are going on with countries, including the UK, European Union, Canada and Israel. "Next week, we will be launching one more very important FTA," Goyal said here at a function of consumer electronics. Though the minister did not disclose the name of the region, there is a likelihood that the talks may start with the Gulf Cooperation Council (GCC) as the region was keen to increase economic engagement with India. GCC is a union of six countries in the Gulf region -- Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. India has already implemented a free trade pact with the UAE in May this year. In a free trade agreement, two countries or regions either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. Besides, they also ease norms to promote trade and .

Rishi Sunak won't sacrifice quality for speed on UK-India trade deal

Britain has completed most of the sections of a free trade agreement with India, Trade Minister Greg Hands said last month.

British officials may visit India next month for FTA talks: Govt sources

"It will take 3-4 months of steady negotiations to complete this agreement, with broad understanding over issues such as mobility and short-term work visas to the UK," the official said

What is a free trade agreement?

Australia recently said that the free trade agreement with India has been tabled in its parliament, and is likely to be passed soon. But what is a free trade agreement? Watch this report to know more

India looking at greater market access for pharma products in UK under FTA

India is looking at greater market access for its pharmaceutical products in the UK as part of the proposed free trade agreement with Britain, an official said on Friday. The official also said that a leaked chapter of the agreement, which is floated on some portals, on intellectual property (IP) is edited, distorted, and is a manipulated version of an initial document of the UK. "The best part in the proposed agreement is that both sides have highlighted their red lines and sensitivities. Ever-greening and touching manufacturing of generic medicines is completely non-negotiable," the official added. India has already secured greater market access for the domestic pharma industry in a trade pact with the UAE. Under the pact, Indian pharmaceutical products and medical goods will get regulatory approval within 90 days that have been approved in developed jurisdictions such as the US, the UK, the EU, Canada, and Australia. Similarly, the India-Australia trade deal would provide ...

India, UK working sincerely for finalisation of free trade agreement: MEA

India on Thursday said it is working "sincerely" with the UK for finalisation of the proposed free trade agreement, days after Prime Minister Narendra Modi and his British counterpart Rishi Sunak agreed on the "early conclusion" of the deal. "Both sides are working sincerely on the free trade agreement," External Affairs Ministry Spokesperson Arindam Bagchi said. His comments came when asked about the FTA during a media briefing. "As we have said earlier, the matter of negotiations is best left to the trade ministers and their teams of officials. I cannot comment on the status. I certainly do not have any target date," Bagchi said. The issue of the FTA figured in the first telephonic conversation between the two prime ministers on October 27. In a tweet on his talks with Sunak, Modi said: "Congratulated him on assuming charge as UK PM. We will work together to further strengthen our Comprehensive Strategic Partnership. We also agreed on the importance of early conclusion of a ...

Expanding India's global stamp: FTAs are the way to go if gaps are plugged

The complexities of rule of origins may end up distorting trade instead of fostering it

Working towards best FTA with 'economic superpower' India: UK's Greg Hands

Describing India as an "economic superpower", Britain said on Wednesday that it was working towards the "best" Free Trade Agreement (FTA) that is beneficial to both the countries. India and Britain launched negotiations for the FTA in January with an aim to conclude talks by Diwali but the deadline was missed due to a lack of consensus on issues. "We have already closed the majority of Chapters and look forward to the next round of talks shortly," Secretary of State for International Trade Greg Hands said while replying to a question from Nick Thomas-Symonds, Shadow international trade secretary. A "strong FTA can strengthen the economic links between UK and India, boosting the UK economy by more than 3 billion pounds by 2035, helping families and communities," he said. He said that the FTA can cut red tapes, make it cheaper for UK companies to sell into India's dynamic market , helping drive growth and support jobs across every nation and region. Greater access could help UK ...

Hopes for India-UK FTA talks impetus with new Prime Minister Rishi Sunak

As Rishi Sunak takes over as Britain's first Indian-origin Prime Minister on Tuesday, there is renewed hope that the India-UK free trade agreement (FTA) will get a much-needed impetus after the Diwali deadline for draft completion was missed amid political turmoil in the UK. While the October timeline was set by former prime minister Boris Johnson during his India visit in April, Sunak is on the record expressing his commitment to an FTA with India while Chancellor of the Exchequer at No. 11 Downing Street. He has flagged financial services as a particularly exciting aspect of the bilateral trade relationship and pointed to enormous opportunity for both countries in fintech and the insurance sector. I'm very supportive of India playing an increasingly influential role in the region, and indeed, in the world as a massive economy and the world's largest democracy and an FTA would prove a greater champion of that cause, Sunak told reporters back in July. Financial service is an area ..

We will have to wait and watch political developments in UK: Piyush Goyal

India's talks with the UK on the proposed free trade agreement is well on track, but New Delhi will have to "wait and watch" the ongoing political developments in Britain, commerce and industry minister Piyush Goyal said on Thursday. Embattled British Prime Minister Liz Truss has resigned as the Conservative Party leader saying she can no longer deliver the mandate she was elected on last month, ending her humiliating tenure at 10 Downing Street on her 45th day in the job following an open revolt against her chaotic leadership. The 47-year-old outgoing prime minister will stay in charge until her successor is elected by the governing Tory party, with a speeded-up leadership election to be completed by next week. "We will have to wait and see...what happens, whether they have a quick change of the leadership, whether it goes to the whole process...So let us see who comes into the government and what their views are. It's only after that we will be able to formulate a strategy vis a v

UK FTA deadline depends on talks: Commerce secretary Sunil Barthwal

Deadline for agreement will depend on talks, he says as Diwali timeline goes by