Page 5 - Fta

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

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Never been closer to reaching pact on free trade with India: EFTA

The European Free Trade Association is a trade organisation and free trade area consisting of four European states- Iceland, Liechtenstein, Norway and Switzerland

India should be cautious on labour provisions in FTA negotiations: Experts

India needs to follow a cautious approach while negotiating labour provisions in free trade agreements (FTAs) as those could have potential repercussions on domestic manufacturing and overall trade competitiveness, experts say. International trade experts claimed that in a significant shift from its longstanding stance, India has begun to engage on labour issues in its trade negotiations with the UK, European Union, and the US-led Indo Pacific Economic Framework for Prosperity (IPEF). Inclusion of these issues in trade pacts could have negative impacts, they said, adding that the recent US presidential memorandum of Joe Biden on worker rights indicates a deepening focus on labour standards in trade deals. Negotiations are on fast track with a comprehensive trade agreement with the UK, which seeks to promote trade in goods, services and two-way investments. Think tank Global Trade Research Initiative (GTRI) Ajay Srivastava said that such provisions could erode the competitive advant

New FTAs, lower cost of power, logistics to help boost exports: PHDCCI

Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to USD 2 trillion by 2030, an industry chamber report said on Thursday. The PHDCCI's report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments. "The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports," it said. The report - India's Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030. - added that India's service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa,

Prolonged approval processes impact India's medical devices exports: GTRI

Prolonged regulatory approval processes in the UK impact India's exports of medical devices to the British market, think tank GTRI said on Wednesday. To promote exports of these devices, it said, India should negotiate a Mutual Recognition Agreement (MRA) to expedite the entry of these equipment into the UK market, particularly for devices with CDSCO (Central Drugs Standard Control Organisation ) licence or Quality Council of India's Indian Certification of Medical Devices (ICMED) certification. The MRA would reduce regulatory compliance and audit requirements, potentially enhancing India's exports, Global Trade Research Initiative (GTRI) Co-Founder Ajay Srivastava said. The suggestion assumes significance as both the countries are negotiating a free trade agreement and this sector is an important part of that. The existing zero import duties on medical devices in the UK imply no direct tariff-related advantages for India under the FTA, it said. This means, India's medical devices

'Kabhi Khushi Kabhie Gham': UK Opposition leader Starmer on FTA with India

The UK's Opposition Leader Keir Starmer has described the ups and downs of the government's negotiations towards a free trade agreement (FTA) with India as Kabhi Khushi Kabhie Gham' and committed the Labour Party to pursuing an "always happy" bilateral relationship. During his speech at a Diwali celebration in the Houses of Parliament complex in London organised by the British Indian think tank 1928 Institute last week, Starmer referenced the Bollywood box-office hit which translates as sometimes happy, sometimes sad. India and the UK are currently in the 14th round of FTA negotiations to enhance the GBP 36-billion bilateral trading partnership, with several expected completion points having passed. We will be rebuilding Britain's reputation on the international stage and that means a new strategic partnership with India, said Starmer. The Tories are working on a free trade agreement, I think. It's all a bit stop-and-start. In fact, you could almost call the negotiations Khabi Kushi

ASEAN wants India to join RCEP for greater market access: Secretary-General

ASEAN Secretary-General Dr Kao Kim Hourn has said that the 10-member bloc of the Southeast Asian countries wants India to join the landmark Regional Comprehensive Economic Partnership (RCEP) for greater market access as he asserted that all partners stand to gain from the inclusive, open and rule-based trade pact. Dr Kao also said that India and ASEAN have been working together across different sectors - from space to investment, to tourism, to the defence sector and counter-terrorism, among others - and advocated expanding such cooperation in new sectors. Talking to a select group of Indian journalists here on Monday evening, Dr Kao said joining the Regional Comprehensive Economic Partnership (RCEP) would benefit India as the agreement would provide greater market access. He added that all partners will gain from the inclusive, open and rule-based trade pact. The RCEP is a free trade area (FTA) consisting of 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapo

Rules of origin for medical sector remains sticking point in India-UK FTA

Finalising the rules of origin for the medical devices sector remains a sticking-point in the proposed free-trade agreement (FTA) between India and the UK and the talks are on to iron out the differences, an official said. Huge potential is there in the medical devices sector in India, as it imports about 80 per cent of its requirement, with the US, Germany, China, Singapore and Netherlands being top exporters of such devices to the country. "In the medical devices sector, a lot of issues related to rules of origin are still there. Demand for customs duty concessions is also there," the official said, adding negotiations are going on between the two countries to resolve the differences in both goods and services sectors. The government has taken steps to promote domestic manufacturing of medical devices/equipment and attract large investment in the sector. Such schemes/initiatives include Promotion of Medical Device Parks, National Biopharma Mission, and a production-linked Incentiv

Jaishankar concludes timely visit to UK amid substantial progress on FTA

External Affairs Minister S Jaishankar concluded his five-day visit to the UK on Wednesday, which he described as timely after a series of cross-party engagements amid substantial progress on the ongoing free trade agreement negotiations. During a media interaction at the High Commission of India in London before leaving, the EAM shared some insights from his discussions with the UK Cabinet ministers and Opposition leaders which covered a whole spectrum of global and bilateral issues. India's concerns regarding pro-Khalistan extremism in relation to the safety of its diplomats in the country were among the topics that came up during his meetings with UK Home Secretary James Cleverly and National Security Adviser (NSA) Tim Barrow. We have long-standing concerns about extremist and sometimes even violent activities of various forces, including those who propagate Khalistan, said Jaishankar. We have been trying to get the government here to understand that while we as a fellow democra

No deadline for UK FTA but working on a timeline: Commerce Secretary

Out of four pillars, India has joined three pillars - supply chains, clean economy, and fair economy (issues like tax and anti-corruption) and is an observer under the trade pillar

Lotus Cars makes India debut with Eletre electric SUV at Rs 2.55 crore

India is currently considering a proposal to lower import taxes on British luxury EVs as part of the ongoing India-UK free trade agreement discussions

India proposes slashing EV import taxes to clinch UK free trade deal

The UK's demand for import concessions on electric vehicles is one of the few outstanding issues in the free trade talks

India, United Kingdom negotiations for proposed FTA going on, says Official

Negotiations between senior officials of India and the UK on the proposed free trade agreement are going on with a view to bridge differences on issues related to goods and services sector, a senior government official said. "Talks on the 13th round is underway virtually. We have not talked about any deadlines to conclude talks," the official said. India and Britain launched the talks for Free-Trade Agreement (FTA) in January 2022, with an aim to conclude talks by Diwali (October 24, 2022), but the deadline was missed due to political developments in the UK. There are 26 chapters in the agreement, which include goods, services, investments, and intellectual property rights. The investment treaty is being negotiated as a separate agreement between India and the UK. The Indian industry is demanding greater access for its skilled professionals from sectors like IT, and healthcare in the UK market, besides market access for several goods at nil customs duties. On the other hand, the

India, EU discuss progress in the Free Trade Agreement negotiations

The Group of Seven is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, UK and the US

India, UK trade ministers review progress of talks on proposed FTA

India and the UK on Saturday reviewed the progress of negotiations of the proposed free trade agreement (FTA), talks for which have reached the final stage. The progress was reviewed by Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Kemi Badenoch in Osaka, Japan. Both ministers are in Japan for the Group of Seven (G7) trade ministers meeting in Osaka. Discussed the progress of India-UK free trade agreement negotiations with UK Secretary of State for Business and Trade Kemi Badenoch, Goyal said on social media platform X. Negotiations between senior officials of India and the UK are on to bridge differences on issues such as rules of origin and services sector, with an aim to conclude the talks for the proposed FTA at the earliest. India and Britain launched the talks for a trade agreement in January 2022, with an aim to conclude them by Diwali last year (October 24, 2022), but the deadline was missed due to political developments in th

India negotiates for UK carbon tax concessions in proposed FTA deal

FTA talks in final stage, but some differences still remain

India, UK free trade deal unlikely to finalise by month end: Report

Both sides already missed the Diwali deadline last year former set by former UK Prime Minister Boris Johnson

Hopes of sealing India-UK trade deal this month may be fading: Report

The hope that the ongoing 13th round of negotiations towards an India-UK free trade agreement (FTA) could conclude with a deal for British Prime Minister Rishi Sunak to sign off in time for the India versus England World Cup cricket clash in Lucknow on October 29 seem to be fading, according to a UK media report on Wednesday. The Financial Times' quoted officials briefed on the negotiations to say that a lack of movement towards opening up of the Indian market to British professional services in the field of law and accountancy is among the factors for the slowdown. So much so that cricket fan Sunak's proposed return visit to India after an inaugural visit as UK Prime Minister to New Delhi for the G20 Summit last month is looking very, very unlikely to happen. The discussions are not where we want them to be, the newspaper quoted a British official familiar with the talks as saying. The Prime Minister has said he will not sign a trade deal on arbitrary deadlines. He's going to do t

India needs to be cautious of carbon levy in FTA, says GTRI report

India must make domestic rules and standards before taking commitments under the FTAs on non-trade issues