MUTUAL AGREEMENTS
India-UK ties to grow incrementally with a fair share of challenges
Labour Party secures a significant win in UK elections, raising questions about Brexit's impact and future policies. Indian diaspora gains prominence in UK politics. Both India and UK aim to enhance cooperation on trade, technology, and security while addressing challenges in bilateral relations and global issues.
Ready to conclude India-UK FTA: Keir Starmer tells PM Modi in first call as UK PM
Prime Minister Narendra Modi on Saturday spoke to newly elected British Prime Minister Keir Starmer as the two leaders agreed to work towards an early conclusion of a mutually beneficial India-UK free trade agreement, a statement said. Modi congratulated him on assuming charge and a remarkable victory of his Labour Party in the election.
COP29 will be litmus test for Paris agreement: Yalchin Rafiyev
Azerbaijan, the host of the annual UN climate conference COP29, has the duty to lead nations in agreeing on measures to combat climate change at the necessary speed and scale to keep global warming within 1.5°C above pre-industrial levels. Baku will be a moment of truth for the entire climate community, said Yalchin Rafiyev, Azerbaijan's Deputy Foreign Minister and lead negotiator for COP29
Russian President Vladimir Putin arrives in Vietnam on state visit
Russian President Vladimir Putin arrived in Vietnam on a state visit after concluding his trip to North Korea. He was welcomed at Hanoi's Noi Bai Airport by Vietnamese officials, including Deputy Prime Minister Tran Hong Ha. During his visit, Putin will meet with Vietnam's President and other top leaders. In North Korea, Putin and Kim Jong Un signed a comprehensive partnership agreement, marking a significant elevation in bilateral ties and committing to mutual assistance. The visit featured grand celebrations and gift exchanges.
Adani def & aero, EDGE Group sign agreement to set up global platform leveraging capabilities of both firms
Adani Defence & Aerospace and a leading group in the UAE have signed a cooperation agreement to establish a global platform leveraging their capabilities to cater to global and local customers.
Maldives and China discuss further bolstering defence ties
After Maldives and China signed a defence agreement on March 4, President Mohamed Muizzu, who is perceived to be pro-China, announced that Beijing would supply military equipment and train soldiers under the agreement but offered no details, the portal said. Two days later, Muizzu announced that the Maldives would get free "non-lethal" military equipment and training from China's military under the agreement and underlined that it would further strengthen the Indian Ocean island nation's independence and autonomy.
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India, UK begin talks on recognising and mapping skill gaps
India is discussing skill mapping and mutual recognition of skills with the UK to enhance job opportunities for its workforce. The focus is on linking the NCS portal with the UK job portal and facilitating worker exchange in labour-intensive sectors under the MMPA.
Punjab National Bank, IIFCL sign pact for financing infra projects
PNB and IIFCL signed an agreement to offer financial assistance for infrastructure projects, aiming for consortium lending. The MoU signing involved Atul Kumar Goel and Padmanabhan Raja Jaishankar.
India should seek easy visa norms for semi and unskilled workers in bilateral agreements: Experts
Trade experts suggest India should negotiate easy visa norms in bilateral agreements to boost remittances and wages for semi and unskilled workers. These agreements can also help curb illegal entry of Indian laborers into developed nations.
Army collaborates with IOCL for green, sustainable transport solutions
The Indian Army has partnered with Indian Oil Corporation Limited (IOCL) to implement green and sustainable transport solutions. A Memorandum of Understanding was signed, and one hydrogen fuel cell bus was received by the Army. The hydrogen fuel cell technology converts hydrogen gas into electricity, leaving water vapor as the only by-product, ensuring zero emissions.
Greater transparency: No indemnity clause in NPA sale pact between banks and ARCs
High-street banks and stressed asset firms in Mumbai adopted a 'model agreement' for selling loans but couldn't agree on 'indemnity'. Lenders can declare an account 'fraud' post-sale to ARCs. The industry body approved the Model Assignment Agreement and Model Trust Deed for adoption by banks, financial institutions, finance companies, and ARCs.
OpenAI releases former staffers from non-disparagement clauses
In a message sent to former employees Thursday, the company said it would not seek to cancel staffers’ equity that has vested if they spoke out about the company.
Singapore and Kazakhstan plan Eurasia to ASEAN trade & transit corridor
Singapore and Kazakhstan strengthen economic ties, enhancing India's role as a link between Southeast Asia and Eurasia. Kazakhstan's transport initiatives and Singapore's expertise create new business opportunities. The countries sign agreements to boost trade and investment, with Singapore investing in Kazakhstan's economy. Cooperation focuses on innovation and digitalization for mutual benefit.
Emcure and its subsidiary Gennova settle legal dispute with HDT Bio over mRNA technology
Emcure Pharmaceuticals and its subsidiary Gennova have resolved all legal disputes with US-based HDT Bio Corp. The parties have entered into a long-term agreement to develop mRNA vaccines against various infectious diseases in India and other countries. As part of their agreement, HDT has granted a license to Gennova to use HDT's patented mRNA vaccine technology in multiple fields
India actively pursuing customs mutual recognition agreements with nations: CBIC chief
India has signed mutual recognition agreements (MRAs) with seven nations' customs authorities and is negotiating pacts with other countries. The Central Board of Indirect Taxes and Customs and the Federal Customs Service, Russia, signed the Authorized Economic Operator (AEO) MRA, providing reciprocal benefits to accredited exporters.
India held two-day "Chintan Shivir" to formulate strategy and SOPs for FTAs
The commerce ministry's two-day "Chintan Shivir" aimed to develop strategies for free trade agreements (FTAs), focusing on India's trade vision for 2047 and new FTA disciplines. Experts emphasized consultation with stakeholders and timely sharing of negotiation details. India is negotiating FTAs with various countries, including the UK, EU, Australia, Eurasian Economic Union, and Peru. Negotiations for the India-EU FTA are at a crucial stage, while the India-UK FTA has made progress but faces challenges like tariff reductions and fair treatment of Indian workers in the UK.
India, UK review implementation of 10-year roadmap
Foreign Secretary Vinay Kwatra reviewed the India-UK 'Roadmap 2030' in London, enhancing bilateral cooperation in trade, defence, security, science, and people-to-people exchanges. Meetings were held with Minister of State Lord Tariq Ahmad, MoS for Defence Procurement James Cartlidge, and NSA Sir Tim Barrow.
Chabahar Port deal with Iran sparks sanctions warning for India from its 'good friend' US
India and Iran signed a 10-year agreement to manage the Chabahar Port, enhancing regional connectivity and providing an alternative to China's Belt and Road Initiative. The US warned of potential sanctions for dealing with Tehran, but stated it would let India address its foreign policy objectives. The deal strengthens bilateral relations and facilitates trade with Afghanistan and Central Asia, with plans to integrate the port into the International North South Transport Corridor. India's investment in Chabahar's infrastructure aims to improve trade routes and access to Central Asian markets.
Progressives forget their free-trade heritage at own peril
US President Joe Biden has not only kept in place Donald Trump’s tariffs but brought into existence subsidies and incentives worth trillions of dollars.
India-European Union relationship consequential for world also: EAM Jaishankar
During Europe Day celebrations in New Delhi, External Affairs Minister S Jaishankar emphasized the significance of the India-EU relationship, calling it consequential not just for both parties but for the world. He highlighted the deep ties between India and the EU across various domains, emphasizing the need for resilient and reliable supply chains and stronger digital cooperation. Jaishankar also praised the EU's engagement in the Indo-Pacific and its contribution to initiatives like the India-Middle-East-Europe Economic Corridor. EU Ambassador to India Herve Delphin echoed these sentiments, noting India's growing importance for the EU.
EPFO evaluates course of action on Karnataka HC judgement on foreign workers
"While holding the highest regard for the Court's decision, the EPFO (Employees' Provident Fund Organisation) is actively evaluating the course of action in response to this judgement," the EPFO said in response to the queries pertaining to the judgement.
India, Nigeria to increase cooperation in energy, UPI, local currency settlement to enhance economic ties
India and Nigeria are ramping up cooperation in several key areas to bolster economic ties. During a recent visit by an Indian delegation to Nigeria, both countries discussed increasing collaboration in sectors such as crude oil, natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement systems, and the power sector. Led by Amardeep Singh Bhatia, the delegation included officials from the Reserve Bank of India (RBI), EXIM Bank of India, and the National Payments Corporation of India (NPCI).
India, Nigeria agree to early conclusion of local currency settlement system agreement
India and Nigeria have agreed to conclude a local currency settlement system agreement to strengthen economic ties. The agreement, signed during a joint session of the India-Nigeria Joint Trade Committee, aims to promote the use of the Indian Rupee and Nigerian Naira for cross-border transactions. The agreement will enhance bilateral trade and mutually beneficial investments in sectors such as crude oil, natural gas, pharmaceuticals, power, renewable energy, agriculture, education, transport, railway, aviation, and MSMEs development.
India's trade deficit with ASEAN expands since FTA of 2010
The trend continued into the fiscal year FY 2023-24 as well, available data from April 2023 to January 2024 painting a grim picture. India's exports to ASEAN amounted to USD 32,713.01 million during this period.
CBDT signs record number of 125 Advance Pricing Agreements in FY24
The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs), the finance ministry said in a statement on Tuesday.
FTAs and new markets will increase India's export to USD 1 trillion by 2030
With these new initiatives, India has seen a surprising surge in exports of precious metals, minerals, automobiles, electronics, pharmaceuticals, organic chemicals, textiles, spices and defence equipment.
Rent agreement clauses that landlord, tenant should add to avoid fights in future
Rent agreement clauses for landlord, tenant: It can happen that the landlord and tenant are unable to add all the clauses to protect their interests in the lease agreement. However, there are certain clauses that should be added in the rent agreement to avoid future disputes. These clauses will help both landlord and tenant as well as protecting their respective interests.
Russia hopeful of agreement with India for mutual recognition of academic degrees
Russian Ambassador Denis Alipov expressed optimism about reaching an agreement with India for mutual recognition of academic degrees, citing the increasing number of Indian students pursuing professional degrees in Russia. This agreement would enable professionals like doctors to practice in India without needing additional courses.
Commerce ministry sets up task force to resolve trade barrier issues for exporters
The ministry is also looking at improving mutual recognition agreements (MRAs) with different countries so that product standards are as per the requirements of the importing countries.
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