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India and Peru are set to begin the next round of negotiations for a free trade agreement in April. The proposed agreement aims to boost bilateral trade and investments by reducing or eliminating customs duties on goods and promoting trade in services. The negotiations, which started in 2017 and were paused due to the pandemic, resumed with a virtual round in October 2023. The most challenging issue for India in the agreement is duty concessions on gold, which accounts for 80% of its imports from Peru. ....
Economic think tank Global Trade Research Initiative (GTRI) said that gold, a high-value product with low volume, attracts a 10 per cent basic customs duty in India, and even minor tariff concessions could lead to a significant increase in imports. ....
The Rs 4,415 crore disbursement is only 2.25 per cent of the total outlay of Rs 1.97 lakh crore of incentives over five years under the PLI schemes announced in 2020, the Global Trade Research Initiative (GTRI) said on Sunday. "This slow fund spend is unsurprising, considering that setting up greenfield or new manufacturing operations takes time," it said. "PLI criteria for various sectors include thresholds on investments, production, sales, degree of localization, inputs used and many more. Manufacturers may not be able to tick on all boxes," GTRI Co-Founder Ajay Srivastava said. ....
Finance Minister Nirmala Sitharaman said that foreign direct investment (FDI) has doubled during 2014-23 to USD 596 billion compared to the inflow received during 2005-14. While presenting the interim budget, India is negotiating this treaty with countries such as the UK. These investment treaties help in promoting and protecting investments in each other s countries. ....
The Global Trade Research Initiative (GTRI) said India has not given tariff or duty reductions for cars in its free trade agreements with ASEAN (Association of Southeast Asian Nations), Japan, and Korea. ....