TRADE AGREEMENT
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.
PM Modi speaks to Keir Starmer and congratulates him for being elected as the 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.PM Modi speaks to Keir Starmer a...
Prioritising India-UK ties, FTA in focus under new PM Keir Starmer
The India-UK FTA talks began in January 2022 but were stalled in the 14th round as both countries stepped into their general election cycles this year. India saw the new government in the first week and on Friday, it was the UK's. "There is no question in my mind that India will continue to be important for the new Labour government," said Rahul Roy-Chaudhury, Senior Fellow at the International Institute for Strategic Studies (IISS).
Government change in UK won't impact proposed FTA
The Labour Party gained a landslide majority in Thursday's parliamentary elections and dealt a bruising defeat to incumbent Rishi Sunak's Conservative Party. "Smooth transition of current talks will take place as the Labour Party has shown support to the trade deal with India," said Sachin Chaturvedi, Director General, Research and Information System for Developing Countries. The Labour Party holds a different position on social service payments and totalisation issues, he said, adding that this could be an arena of discussion in upcoming rounds of talks.
India-UK FTA: Dynamics set to change after Starmer-led Labour Party's election victory?
India-UK FTA: Keir Starmer's Labour Party is poised to end the 14-year Conservative Party rule in the UK, with Starmer set to become the next Prime Minister. The change in government is expected to have minimal impact on India-UK relations, particularly concerning the Free Trade Agreement (FTA). Starmer's manifesto pledges to pursue a "new strategic partnership" with India, focusing on finalizing the FTA, marking a departure from previous Labour Party stances. Despite the anticipated shift, the specific timelines for concluding the FTA remain uncertain.
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Chabahar Port: Southeast Asia’s gateway to Central Asia
The city state is India's strategic partner in Southeast Asia and the financial hub for the Indo-Pacific region. It has a free trade agreement (FTA) with Eurasian Economic Union (EAEU) and is exploring the establishment of a trade and transit corridor with Kazakhstan, in which the Chabahar port would be a key link between SE Asia and Central Asia, according to people in the know.
UK general election: FTA with India on manifesto agenda for both Tory, Labour
As the UK gears up for the general election, a potential free trade agreement with India remains a key focus for both the Conservatives and Labour, with negotiations stalled at the fourteenth round. The Tories aim for a comprehensive partnership, including technology and defense, while Labour criticises missed deadlines and emphasises readiness to finalise the deal. Challenges include tariff removal on Scotch whisky and concerns over visa rules for Indian workers.
US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
Discussions on for comprehensive free trade agreement with India: Australian diplomat
Nicholas McCaffrey aims to enhance the scope and impact of the existing trade agreement between India and Australia, working towards formulating a comprehensive free trade agreement to strengthen economic relations between the two nations.
India's exports grew 1.1%, but trade momentum to continue: CRISIL
India's merchandise exports rose by 9.1% to USD 38.1 billion in May compared to last year, with a modest 1.1% increase from April, driven by both oil and non-oil sectors. Imports surged by 7.7% to USD 61.2 billion, mainly due to oil and core imports, widening the trade deficit to USD 23.8 billion.
Gold, silver import surges 210 pc in 2023-24 from UAE; need duty revision in FTA: GTRI
Economic think tank Global Trade Research Initiative (GTRI) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA).
CBIC orders release of imports without delay
Industry was facing delays in release of consignments and denial of free trade agreement benefits with authorities questioning value addition in third-party invoicing, ET reported on June 8.
"If they are considering FTA with India, we will surely look into it": MEA denies any FTA proposal with Maldives
India on Thursday said it has not made any proposal to the Maldives for a bilateral free trade agreement (DTA) and that it was ready to consider if the island nation expresses interest for such a pact. "No specific proposal for a bilateral FTA with the Maldives has been made by the Government of India," External Affairs Ministry spokesperson Randhir Jaiswal said.
UAE looking to expand scope of trade under CEPA with India: Official
The UAE aims to expand the Comprehensive Economic Partnership Agreement (CEPA) with India, signed on February 18, 2022, to enhance bilateral trade. Feryal Ahmadi, COO of Dubai Multi-Commodities Centre, highlighted potential sectors like agri-commodities and critical minerals. She emphasized India's significance as a trading partner and discussed the growth in UAE-India CEPA trade.
Commerce ministry working on standard operating procedure for FTA negotiation
The commerce ministry recently conducted a 'Chintan Shivir' in Rajasthan's Neemrana to discuss issues related to Free Trade Agreements (FTAs). The event included deliberations on standard operating procedures (SoPs) for FTA negotiations, capacity building, and addressing contemporary issues like labor, environment, and gender. Participants emphasised the importance of economic assessment, digital trade challenges, and interdisciplinary support for successful negotiations. They highlighted the need for expertise in law, economics, data analytics, and industry-specific knowledge.
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.
Hope India-UK FTA not far away, says incoming FICCI UK Council chair
Priya Guha, the new chair of FICCI UK Council, and Baroness Usha Prashar discuss the India-UK Free Trade Agreement, emphasizing research, innovation, and cultural ties for a stronger bilateral partnership.
Commerce ministry's draft strategy to negotiate future FTAs to be circulated among key departments soon
The commerce ministry has developed a draft comprehensive strategy for future Free Trade Agreements (FTAs). The draft will reviewed by key departments, aiming to streamline negotiation processes with India's trading partners. The strategy, presented during a recent meeting involving trade experts, aims to ensure thorough analysis, background work, and systematic reporting throughout negotiation phases. Discussions at a recent 'Chintan Shivir' in Rajasthan also covered topics like India's trade strategy, including new issues like labour and environment in FTAs.
India, Eurasian Economic Union to soon start FTA negotiations
India is set to negotiate a free trade agreement with Russia-led Eurasian Economic Union (EAEU), providing it with access to markets in five resource-rich post-Soviet states. The agreement will benefit Indian exporters in sectors like engineering goods, electronics, and agriculture. The agreement will also benefit India's management of the Chabahar Port in Iran, providing a connectivity corridor to Eurasia.
Comm Min holds discussions on formulating SOPs to negotiate FTAs
The commerce ministry discussed formulating SOPs for negotiating FTAs during a Chintan Shivir, engaging with trade partners like the UK, EU, Peru, Australia, and the Eurasian Economic Union. The discussions included India's trade strategy, vision 2047, and new disciplines like labour and environment.
India's spike in trade with Russia not 'temporary phenomenon', says S Jaishankar
India's External Affairs Minister S Jaishankar highlighted that the growing trade between India and Russia is not a passing trend but a result of emerging economic prospects. He emphasised the long-standing relationship between the two nations despite India's stance on the Ukraine conflict. Trade has seen a significant increase with India becoming a top buyer of Russian oil amid Western sanctions. Efforts are underway to deepen economic ties further.
Plan to put in place SOP for negotiations on trade pacts
India plans to establish an SOP for negotiating FTAs, addressing labor, environment, gender, and indigenous peoples. The Chintan Shivir will discuss strategies for FTAs, including the Carbon Border Adjustment Mechanism and critical minerals.
Increasing FTAs key strategy for enhancing financial services exports: DFS Secy
Financial Services Secretary Vivek Joshi emphasized the importance of increasing Free Trade Agreements (FTAs) to boost India's financial services exports during a workshop on financial services in FTAs. The event, jointly organized by the Department of Financial Services (DFS) and Exim Bank, aimed to explore the role of financial services in FTAs and their impact on global trade and economic development.
India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI
According to data from the Global Trade Research Initiative (GTRI), India's imports from countries with which it has free trade agreements (FTAs), such as the UAE, South Korea, and Australia, increased by about 38% during the fiscal years 2019-24, reaching USD 187.92 billion. In contrast, exports to FTA partners rose by 14.48% to USD 122.72 billion in the fiscal year 2023-24 from USD 107.20 billion in 2018-19.
Next round of India-Asean trade pact review talks in July
The discussions for review of the ASEAN-India Trade in Goods Agreement (AITIGA), to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. The Joint Committee undertaking the review work has met four times so far and has finalised its terms of reference and the negotiating structure for the review negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its third meeting held from February 18-19, 2024 in New Delhi.
Next round of talks for India-Asean trade pact review in July
The discussions for review of AITIGA (Asean-India Trade in Goods Agreement) started in May 2023 to make it more trade-facilitative and beneficial for businesses across the region, the commerce ministry said. A joint committee, which is undertaking the review work, has so far met four times.
Industry asked to name items from areas where India can be self-reliant
The fact that India's exports between April and January of FY24 were $3.7 billion and its imports, primarily from Russia's crude oil imports, were $51.7 billion, is what worries New Delhi. Additionally, the bloc has free trade agreements with Iran, China, Vietnam, and Serbia; these agreements may have an effect on the competitiveness of Indian industry in any of the EAEU markets.
India calls for reinvigorating discussions on development agenda at WTO
India emphasizes reinvigorating WTO discussions on development for tangible progress, highlighting finance, technology, and food security. Marrakesh Agreement crucial. Proposed thematic sessions to address developmental needs.
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