FTA ATTRACTIONS
Engineering exporters want FTA with Mexico to boost exports to USA
According to EEPC, the export of engineering goods increased 2.13% to USD 109.3 billion year-on-year in 2023-24. However, engineering exports to the U.S., which accounts for 20% of the total engineering exports from India, declined 5.7% year-on-year in 2023-24.
View: Tackling FTA attractions
India has resumed free trade negotiations with trading partners after withdrawing from the Regional Comprehensive Economic Partnership (RCEP) negotiations in 2019. The process has been restarted with the signing of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) in March 2021, followed by India-UAE Comprehensive Economic Partnership Agreement (CEPA), India-Australia Economic Cooperation and Trade Agreement (ECTA) in 2022, and India-European Free Trade Association (EFTA) pact in February this year.
BIPAs vs FTAs: Balance of trade rests on finding an equitable equation
Both types of trade agreements have their merits and demerits. The government has to find the right mix to ensure investments that come into the country benefit the domestic economy in the long run.
UK, Oman trade agreements may figure in Commerce Ministry's 100-day agenda for new Govt: official
Talks between India and Australia to expand the scope of existing economic cooperation and trade agreement (ECTA) for a comprehensive economic cooperation agreement (CECA) are also progressing at a healthy rate, the official said.
UK, Oman trade agreements may figure in commerce ministry's 100-day agenda for new Govt: official
The exercise assumes significance as while chairing a Cabinet meeting on March 17, Prime Minister Narendra Modi asked the ministers to meet secretaries and other officials of their respective ministries to discuss how the agenda for the first 100 days and the next five years can be better implemented.
16 years in the making, key details of India's pact with four-nation European trade bloc
India signed a free trade pact with Switzerland, Norway, Iceland, and Liechtenstein, committing to reduce tariffs and receive $100 billion in investments over 15 years. The pact is expected to boost exports, attract investments, and improve trade ties between India and Switzerland.
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Duty concession on gold will be major concern for India under proposed FTA with Peru: GTRI
India and Peru are negotiating a free trade agreement to promote bilateral trade and investments between the two countries. The Global Trade Research Initiative (GTRI) has highlighted the challenge of duty concessions on gold, which accounts for 80% of India's imports from Peru. Gold, a high-value product with low volume, attracts a 10% basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. The next round of talks is expected to start in Lima, Peru.
The India-Australia Economic Cooperation and Trade Agreement: Now, it's been a good FTA, mate
ECTA is a mutually beneficial agreement between the two cricket-loving nations, reflecting the world view of a confident and aspirational New India. It reinforces the strategic partnership between two parliamentary democracies that support the rule of law and have similar legal systems. Both are part of the Quad. Both have joined the trilateral Supply Chain Resilience Initiative (SCRI) along with Japan, and the 14-member Indo-Pacific Economic Framework for Prosperity (IPEF).
Rules of origin for medical devices sector remains a sticking point under India-UK proposed FTA
"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.
UK seeks customs duty concessions on EVs in FTA with India
The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven.
View: UK and India need to stop dragging their feet on the much-delayed trade deal
For the UK, the simple fact is that, outside the European Union, it is no longer an economy of such size and potential that it can expect massive concessions. Brexiteers might have promised that a liberated Britain could negotiate without one hand tied behind its back by Brussels.
India is hedging its bets on FTAs to spur apparel exports. Will it work?
Policymakers negotiating FTAs should remember that India has to get concessions for the substantial tariff cuts it would have to give, and these concessions should not ignore new and novel issues.
It’s round 2 of China+1. India needs to update the playbook
Supply chains are shifting from China, and some countries, including India, are reaping the benefits of this change, says BCG. How can India stay ahead of the competition? Experts have a list of to-do things.
India's high quality labour-intensive goods to get benefit from FTA with UK; though overall gains limited: GTRI
In 2022-23, India's merchandise exports to the UK were valued at USD 11.41 billion and out of this, USD 6 billion worth of goods such as petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture entered Britain at zero levy, it said.
India, EU make good progress in FTA, investment, GI pact talks: Govt
India and the European Union have made good progress in the ongoing three negotiations- India-EU Free Trade Agreement; a standalone Investment Protection Agreement; and a Geographical Indications Agreement, the government said Saturday. The commerce and industry ministry said in a statement that the two sides discussed their market access issues and review the progress made so far under the India-EU Trade and Technology Council.
Awaiting India's response on dispute settlement mechanism in proposed investment protection pact: EU trade commissioner
The European Union (EU) is waiting for India's response to its proposal for a dispute settlement mechanism under the bilateral investment protection pact being negotiated alongside a free trade agreement (FTA). The EU Commissioner for Trade, Valdis Dombrovskis, stated that progress has been made in the FTA negotiations but there is still much work to be done.
Please, not licence raj in camouflage
India's decision to license imports of laptops, PCs, tablets, and other electronic products may damage its stance with trading partners. Japan and South Korea are among the FTA members affected by the authorities' choice, which does not aid previous perceptions of the country's 'protectionist' standing. Although India's approach aims to encourage national manufacturing, it brings to mind a 'licence raj' mentality that the country had previously left behind.
Hopeful of finalising certain FTAs in next few months, says Piyush Goyal
India is hoping to conclude free trade agreements (FTA) with Canada, UK and European Union (EU) in the next few months to revive and promote exports, according to Commerce and Industry Minister Piyush Goyal. He urged manufacturers to focus on quality and sustainable manufacturing processes to capitalize on business opportunities in the developed world.
India, UK close to concluding FTA talks, working to iron out issues on IPRs, rules of origin
India and the UK are close to wrapping up negotiations on a proposed free trade agreement (FTA), with the remaining issues largely relating to intellectual property rights, rules of origin and investment treaty, according to a senior government official. The UK will be the first developed country with which India has such a comprehensive FTA.
Commerce secretary Sunil Barthwal visiting UK for FTA talks
With the FTA negotiations gaining momentum, the visit aims to further propel the discussions and pave the way for a comprehensive and mutually beneficial agreement that would drive economic growth and strengthen ties between the two countries.
India, UK working to iron out issues on IPRs, rules of origin under proposed FTA
Commerce Secretary Sunil Barthwal said that the agreement will be the 'most complex' one signed by India.
India, UK working to iron out issues on IPRs, rules of origin under proposed FTA
India and the UK are addressing differences over intellectual property rights and rules of origin in their ongoing negotiations for a free trade agreement. The countries have closed 14 of the agreement's 26 chapters, with issues surrounding environment, labour, and digital trade occurring in five remaining chapters.
India-UK FTA: Half the chapters in pact agreed on; working to complete deal early, says UK International Trade Minister
UK's proposal to complete the free trade pact with India, which is crucial for the former's shift towards the growing markets in the Indo-Pacific, has no specific deadlines. UK's Minister for International Trade, Nigel Huddleston, said 50% of the deal has been concluded, including negotiations in the service sector and investments, but the complete agreement on both goods and services is very important for the country, even though no specific deadlines are set.
India, UK seeking equal treatment for services sector companies under proposed free trade agreement: Official
The two countries are looking at promoting trade in services through this agreement, negotiations for which was launched on January 13, 2021. As many as ten rounds of talks have been completed till June this year and both sides are aiming to conclude the negotiations at the earliest.
Subscribers back on the DTH pitch, all thanks to IPL
Gopal Vittal, MD and CEO of Bharti Airtel, said the DTH business saw strong net additions in April and May. He also stated that the company's strategy of aggregating all video content with broadband has paid rich dividends for the company.
EU’s carbon border tax will render ongoing FTA negotiations ineffective, says GTRI's Ajay Srivastava
The EU's proposed carbon border tax, set to be implemented from 2026, would cause significant trade disruption, weaken obligations under the World Trade Organisation (WTO) and render existing free trade agreements (FTA) ineffective, according to Ajay Srivastava, former Indian Trade Service officer and founder of the Global Trade Research Initiative. Developed countries led globalisation with zero or low tariffs, but the proposed 20-35% tariffs on carbon-intensive products will make exports more expensive and developing nations will suffer the most. The tax will also be extended to all products by 2034, with each consignment charged varying rates based on emissions intensity.
High-quality FTA with India a priority, says UK trade minister
Laying out her plans for 2023, the trade minister vowed to remove trade barriers, knocking down "100 unnecessary blockers" standing in the way of helping UK businesses sell more and grow more, creating new jobs and paying higher wages. "The UK is a leading destination for foreign investment. However, this position is not a given. There is fierce global competition for every pound of finance. I want to make the UK the most attractive place to invest in Europe, enticing companies from across the world to put their money into communities across the country," she said.
Sixth round of India-UK FTA talks to begin from Monday
In a free trade agreement, two countries either significantly reduce or eliminate customs duties on the maximum number of goods traded between them. The UK side is demanding duty concessions in the automobile sector. Last month, Commerce and Industry Minister Piyush Goyal said the agreement is a high priority for both countries. He added that things are progressing well and it will yield good results.
India FTA passes Australian parliament test, to become operational on mutually agreed date
The FTA will provide duty-free access to the Australian market for over 6,000 broad sectors of India. These include textiles, leather, furniture, jewellery and machinery.
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