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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 opportunities with FTAs with the UK and the EU, while the gem and jewellery sector anticipates a significa...