Page 7 - Fta

India, Asean to intensify efforts to wrap up trade agreement review by 2025

India and the 10-nation bloc Asean on Monday said they have directed their officials to intensify their efforts to conclude the review of the existing free trade agreement in goods between the two regions by 2025. The issue was discussed during the twentieth AEM (Asean Economic Ministers)-India Consultation meeting, held at Semarang, Indonesia. According to a joint media statement, the meeting welcomed the progress of the review of the Asean-India Trade in Goods Agreement (AITIGA). It also endorsed the term of reference of the AITIGA Joint Committee, the Work Plan of the review negotiations and the negotiating structure. Both sides agreed to make the agreement more user-friendly, simple and trade facilitative for businesses to increase trade and support sustainable and inclusive growth. "To this end, the meeting encouraged the officials to intensify their efforts with the aim of achieving a substantial conclusion of the review in 2025," the statement said. The consultation was ..

High-level meetings on FTA between India, UK scheduled for next week

High-level meetings of ministers and top officials of India and the UK are scheduled next week to review the progress of talks for the proposed free trade agreement (FTA) between the two countries, a senior government official said on Friday. The meetings assume significance as both countries have reached a crucial juncture of the FTA negotiations. Commerce Secretary Sunil Barthwal also said that bilateral meetings will also be held with the official teams of the European Union (EU) and Canada. These teams are coming for the two-day Trade and Investment Ministerial Meeting (TIMM) in Jaipur. It is commencing on August 24. High-level bilateral meetings will be held with countries such as the UK, Canada and EU to discuss progress with regard to proposed free trade agreements, he told reporters here while briefing about the TIMM. Negotiations on such agreements are underway with all these countries. "This G20 ministerial meeting is useful for us to conduct some of the important bilat

Govt hopes to close India-UK free trade agreement issues by month-end

The 12th round of talks between the countries is in progress here and is expected to continue until at least 28 August

India looking at FTAs for strategic considerations also: Commerce Secretary

India is looking at Free Trade Agreements (FTAs) not only from the trade point of view but also keeping in mind the country's strategic needs, especially with regard to the smooth supply of critical minerals, a top government official said on Monday. Commerce Secretary Sunil Barthwal said that India is now looking at FTAs from the point of view of what is the country's strategic needs in addition to trade. For instance, batteries in electric vehicles require critical minerals. India is in talks with Australia for its smooth supplies. South American nations of Peru and Chile also have huge reserves of the critical minerals. India is looking at commencing negotiations for an FTA with Peru and Chile also has expressed interest for a trade pact. "So, in addition to trade, now, we are looking at FTAs from the point of view of our strategic considerations. So, that is the fresh approach that we are taking in our FTAs," Barthwal told reporters here. Normally in a trade agreement, two or

Govt reviewing FTAs with ASEAN, Korea: MoS Patel informed Parliament

The government is closely monitoring all the free trade agreements which it has signed and based on stakeholder consultations, existing FTAs with ASEAN and Korea are being reviewed, Parliament was informed on Friday. In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Anupriya Patel said the government is negotiating FTAs with the European Union, the UK, European Free Trade Association (EFTA) and Canada. These negotiations or its review are a long-drawn process and the timeline for completion of such negotiations cannot be predicted since the parties to the negotiations are required to agree to the outcome, she said. "India has signed 13 Free Trade Agreements (FTAs) and 6 Preferential Trade Agreements (PTAs) with its trading partners...The government is closely monitoring these FTAs and based on stakeholder consultations, the experience and assessments thereof, the government is in the process of reviewing its existing FTAs with ASEAN and Korea," the

India, Peru to resume FTA discussions to promote commerce, investment

The official also said that Chile has also shown interest in a trade deal with India. Both countries had in 2005 also signed a preferential trade agreement

Hopeful of finalising certain FTAs in next few months: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Saturday said he is hopeful of India finalising certain free trade agreements (FTAs) in the next few months, which would help promote exports. India is in the final stages of concluding FTA negotiations with the UK. The country is also negotiating similar pacts with Canada and European Union (EU). "We can leverage the free trade agreements with the UAE and Australia and we are hopeful that in the next few months, we will finalise many more free trade agreements to help you grow your business with zero duty on finished leather products and footwear available for you to exploit bigger and better markets," Goyal said while addressing footwear industry representatives here. The minister also asked the industry to focus on quality and sustainable manufacturing processes to tap business opportunities in the developed world. The Indian footwear and leather industry is not only a major foreign exchange earner but being a labour-intensive secto

India, Britain could sign free trade agreement this year: Trade ministry

New Delhi sees an FTA with Britain as crucial to hopes of becoming a bigger exporter, while the UK would obtain wider access for its whisky, premium cars and legal services

FTAs: Learning from peers

India should emulate its peers and adopt more flexible negotiating approaches in its FTAs

UK-India FTA to provide fair level playing field: Chivas Brothers

Chivas Brothers, a leading manufacturer of Scotch whiskey, expects the proposed free trade agreement between the UK and India would provide a "fair level playing field" on customs duties for liquor companies, its Chairman and CEO Jean Etienne Gourgues said. He also said that the proposed agreement may also help increase investments and promote domestic manufacturing of premium liquor in India. The two countries have been negotiating a free trade agreement (FTA) since January 2021 and senior officials of both sides concluded the 11th round of negotiations. Currently, Scotch whiskey, imported from the UK - both in bottled and bulk - is taxed at around 150 per cent in India, however, if the pact between the two governments is signed, then it would provide liberalisation in tariff and will be a 'win-win' for both India and the UK, he added. Our expectation is a fair level playing field between India and the UK. When we export scotch whisky to India, we pay a very high tax of over 150

First year of FTA with UAE: India's fuel exports grow faster than non-fuel

The trade deal is expected to benefit almost 90 per cent of India's exports, in terms of value

India-UK FTA: Goyal, Badenoch discuss thorny issues in negotiations

India and the UK began negotiations on the FTA in January 2022, and set a Diwali deadline last year for the trade pact

Piyush Goyal visit shows political will to make FTA progress: UK official

The visit of Union Minister of Commerce and Industry Piyush Goyal, who starts a two-day visit in London from Monday in the midst of ongoing free trade agreement (FTA) negotiations, shows political will to make progress towards an ambitious trade deal, a UK government source said. Goyal will hold talks with his UK counterpart, Business and Trade Secretary Kemi Badenoch, during which the two ministers are expected to discuss ways to progress the India-UK FTA following the start of round 11 in London last Wednesday. The latest round is expected to conclude on Friday. The ministerial meeting marks Goyal's first in-person meeting with Badenoch in London, having last met for talks in New Delhi in December last year during round six of the FTA negotiations. Goyal's visit to the UK in the midst of a negotiation round shows there is political will to make progress towards an ambitious trade deal, a UK government source said. The potential is clear a strong trade deal will strengthen the ..

Top headlines: HDFC Bank to become top weight, FPI inflow hit 10-month high

Business Standard brings all the latest headlines at this hour

Commerce Ministry to meet exporters over declining exports on Monday

The commerce ministry has called a meeting of exporters on Monday to take stock of the situation, as the country's outbound shipments have been contracting for the last four months, an official said. Exporters are expected to flag issues like extending greater support to participate in global exhibitions and fairs; expediting negotiations to conclude free trade agreements with the UK, Canada, Israel and GCC (Gulf Cooperation Council); and allowing industry double weighted deduction on salary to professionals to retain talent in India. Exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to USD 34.98 billion in May, while the trade deficit widened to a five-month high of USD 22.12 billion, according to the ministry data. Cumulatively, exports during April-May this fiscal contracted by 11.41 per cent to USD 69.72 billion, while imports declined 10.24 per cent to USD 107 billion. Demand slowdown in major markets, high inflation in developed economies and the

India to start FTA talks with African Customs union in next 3-4 months

Deal to focus on wider market access for goods and services

India, UK conclude another round of talks on free trade agreement: Official

Technical discussions were held across 10 policy areas in over 50 separate sessions, according to statement

India can look for FTA talks with Africa to further strengthen ties: Goyal

India can also look for negotiating a free trade agreement with Africa to further strengthen economic ties, he said

India is open to negotiate trade agreement with Africa: Piyush Goyal

India has expressed interest in negotiating a free trade agreement (FTA) with Africa with an aim to boost economic ties between the two regions. This was stated by commerce and industry Minister Piyush Goyal during his interaction with fifteen ambassadors from several countries of the Africa region here on Thursday. "India is open to FTA negotiations bilaterally or individually with African countries or Africa as a whole," he said. India would act as a trusted partner to expand trade, commerce, business, investment and opportunities with Africa, he said. In such agreements, two or more trading partners either significantly reduce or eliminate customs duties on maximum number of goods traded between them. Besides, they ease norms for promoting trade in services and attract investments. The 15 ambassadors are from countries, including Algeria, Botswana, Egypt, Ghana, Republic of Guinea, Kenya, Malawi, Mozambique, Morocco, Rwanda, South Africa, Tanzania, Togo, Uganda and Zimbabwe. T

India, EFTA nations discuss prospects of resuming FTA negotiations

The development comes in the backdrop of a meeting between high-level delegations from India and EFTA to boost bilateral trade and economic partnership