India Fta News Today

The five members of the EEU are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. An official said two feasibility studies have already been conducted on the proposed agreement.

India can suspend customs duty concessions on EFTA country goods if the European nation bloc fails to meet its USD 100 billion investment obligations. The agreement includes an investment promotion and cooperation chapter with a three-stage consultation procedure and an investment sub-committee. India will ensure a favourable investment climate.

Presently, India levies an import duty of 30 percent on chocolates and chocolate products and 20 percent on most variants of watches from Switzerland.

Former Commerce Secretary Rajeev Kher in an interview with ET said FTA negotiations prioritize preferential agreements over multilateralism due to the lack of commonality in issues among countries and the evolving role of non-trade issues. Kher added that friendshoring has emerged as a response to supply chain uncertainties caused by geopolitical tensions.

India is actively engaged in ongoing FTA negotiations with multiple countries and blocs, including Oman, the UK, the EU, Canada, and various Indo-Pacific Economic Framework (IPEF) partner countries. The negotiations focus on market access, compliance with environmental and labour standards, and the reduction of high import duties. India currently has 13 functional FTAs and aims to tap into the large and rapidly growing market of 1.4 billion people. The apparel sector expects game-changing opport...

Oman ranks as Indias third-largest export market within the Gulf Cooperation Council (GCC) nations. The agreement is anticipated to boost Indian exports further after the implementation of the free trade agreement. Presently, more than 80% of Indian goods face an average 5% import duty upon entering Oman, with few existing trade barriers.

Free Trade Agreement: India and the UK are engaged in crucial talks for a significant free-trade deal before general elections next year in India. The UK delegation, led by trade negotiations director Amanda Brooks and economic adviser Douglas McNeill, held discussions in New Delhi, aiming to expand a trading relationship exceeding $24 billion. Prime Minister Narendra Modi seeks to finalise the deal amid a short political window.

The free trade agreement between India and the United Kingdom is facing further delays due to disagreements, particularly regarding trade in goods and services. India is struggling to differentiate between its wants and needs in the negotiations. The two countries were expected to sign the proposed agreement at the end of this month, but progress has slowed.

The countries have already achieved broad consensus on trade of goods especially on the prickly issues of whiskey and automobiles. As many as 19 chapters of the total 26 have also been closed.

Dr Biswajit Dhar is Professor at the Centre for Economic Studies and Planning School of Social Sciences, Jawaharlal Nehru University, New Delhi.