The commerce ministry is working on different scenarios to assess the possible fallout of reciprocal tariffs to be imposed by the US administration on April 2 on its key trading partners including India, sources said. US President Donald Trump has said that April 2 will be 'Liberation Day' as he plans to announce tariffs or import duties to bring down America's trade deficit, and promote the country's manufacturing.
The size of bilateral trade is only $6 billion a year.
To celebrate the new trade deal with India, Australian Prime Minister Scott Morrison on Saturday took to Instagram to post a picture showing him preparing khichdi, his Indian counterpart Narendra Modi's favourite dish.
Starlink's application for offering satcom services in India had been held up for the company's inability to comply with mandatory ownership disclosure norms.
India may not be prepared to meet US demands, say experts
Taiwan is keen to collaborate with India and help it become a leader in the semiconductor space, Jason Ho, chairman of the Taiwan Chamber of Commerce in India, said, asserting that the Taiwanese companies have the supply chain for things that the Indian market needs. Manufacturing semiconductors - used in electric and hybrid cars, drones, and communication devices - is fairly complicated, entails huge investment, and can be a cumbersome process.
Prime Minister Narendra Modi and United States President Donald Trump on Monday vowed to work towards a 'trusted' partnership with a focus on boosting India-US cooperation in areas of trade, energy and defence in their first phone conversation since the American leader's inauguration last week.
"It is shocking to note that Turkey, the second-largest arms supplier to Pakistan after China, has played a key role in modernising Pakistan's navy and enhancing its aerial warfare capabilities. "This defence collaboration is not just commercial; it is ideological, targeting the stability of South Asia and emboldening Pakistan's military adventurism," SJM national co-convenor Ashwini Mahajan said in a statement.
A top Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a similar arrangement with New Delhi that can advance Washington's strong economic agenda in the strategically vital Indo-Pacific region. "I'm pleased to see #Australia & #India sign a strong trade deal," Senate Foreign Relations Committee Ranking Member Jim Risch said in a tweet. "The US needs to do the same and advance a strong economic agenda in the #IndoPacific. "The Biden Admin's failure to lead hurts US growth and our partnership in the region," Risch said in another tweet.
The interim free trade agreement between India and Australia will come into force on Thursday, providing duty-free access to thousands of domestic goods such as textiles, and leather in the Australian market. The agreement will help almost double the bilateral commerce to $45-50 billion in around five years, according to exporters and industry players. The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.
Time is running out for a possible India-Europe bilateral trade investment agreement that would be beneficial for both parties.
'While my generation carries with it the memory of the Chinese perfidy of 1962, this generation will carry the memory of Chinese perfidy in Galwan.'
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
After initiating talks with the European Union for a trade agreement, India has now started talks with non-EU countries such as Norway to boost trade and investment flows.
India on Monday asserted that its friendly ties with the Maldives will continue as Prime Minister Narendra Modi and President Mohamed Muizzu unveiled a blueprint for comprehensive economic and maritime cooperation, signalling a reset of the relationship that had hit a rough patch last year due to anti-New Delhi rhetoric.
India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
The proposed India-Israel trade pact should be beneficial to both nations and until New Delhi gets a good deal, it would not do an agreement, Commerce and Industry Minister Piyush Goyal said. India and Israel are negotiating a free trade agreement (FTA) since May 2010. "With Israel, until we get a good deal, we will not do an FTA. It has to be reciprocally beneficial," the minister said in San Francisco on Tuesday while interacting with the Indian community.
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
Prime Minister Narendra Modi and French President Emmanuel Macron have called for enhancing trade and investment ties between their countries and committed to further deepening their engagement in the Indo-Pacific. They discussed a full spectrum of bilateral relations, including key global and regional issues, and stressed the urgent need for reform in the United Nations Security Council. The leaders also underscored their commitment to ensuring the global AI sector can drive positive social, economic, and environmental outcomes.
India and Bangladesh on Monday signed two agreements to further cement their trade and investment ties as External Affairs Minister Pranab Mukherjee hailed the recent upward swing in bilateral relations.
All Sensex firms, except Power Grid, ended in the positive territory. Titan, Bajaj Finance, State Bank of India, Larsen & Toubro, Axis Bank, Bajaj Finserv, Asian Paints and Zomato were the biggest gainers.
As India goes into firming up trade deals with developed nations like Australia, the United Kingdom (UK) and the regional bloc, and the European Union (EU), it will have to be well prepared to negotiate on new-generation issues, such as data protection regulation, e-commerce, and environment. India is yet to negotiate pacts with its trading partners on these evolving issues since discussions between them have until now been largely focused on tariff and non-tariff barriers and the rules of origin. "We can no longer look at trade just as trade. We have to look at it in totality of global and regional conditions.
The negotiations on a EU-US FTA will set the standards not only for the future transatlantic trade and investment, including regulatory issues, but also for the development of global trade rules.
Seeking to further strengthen bilateral economic relations, Prime Minister Narendra Modi on Sunday said India and the US will "restart" discussions on the Social Security Agreement and resume talks on Bilateral Investment Treaty.
Modi and the Qatari Prime Minister, who is in New Delhi on his first visit, discussed enhancing cooperation in defence and security, in particular in cyber security and agreed on joint action to tackle money laundering and terrorist financing.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Prime Minister Narendra Modi and his Australian counterpart Anthony Albanese will hold extensive talks on Friday with a focus on boosting overall bilateral ties in areas of trade and investment, defence and critical minerals.
While India's export to China stood at only $13.52 billion in 2012-13, its imports from that country aggregated $54.3 billion, leaving a trade deficit of $40.78 billion during the last fiscal.
Al-Nahayan wants govt assurance on protection of its foray, meets Anand Sharma.
'By his words, actions, and body language during their joint press appearance wanted to convey his personal respect and, more broadly, his desire to work closely with India.'
Observing that the strategic partnership between India and South Africa has gradually taken shape, the two countries on Friday agreed to give a boost to economic cooperation
'India has not integrated into any major trade agreement'.
Days before the visit of Chinese President Hu Jintao next week, the government has approved the signing of a Bilateral Investment Promotion and Protection Agreement with China.
India on Saturday announced plans to amend its nuclear liability law and set up a nuclear energy mission, a move that came ahead of Prime Minister Narendra Modi's likely visit to the United States.
With India, the last round of talks took place in February 2011.
India has flagged concerns over non-tariff barriers (NTBs) faced by its exporters with the Russian government, commerce secretary Sunil Barthwal said on Monday. NTBs faced by Indian exporters are mainly in sectors such as marine products and pharmaceuticals.
Taiwan said on Friday it is looking at the possibility of a Free Trade Agreement with India as part of initiatives to increase bilateral trade to $10 billion in the next few years from $2.4 billion in 2004.
India and Iran on Monday signed a 10-year contract for the operation of a terminal at the strategically important Chabahar port in Iran, a move that will boost regional connectivity as well as trade ties. This is the first time India will take over the management of an overseas port that will also have a multiplier effect on trade among India, Iran and Afghanistan as efforts continue to directly tap the potential in Central Asia, bypassing neighbouring Pakistan.
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