This approval was given after a meeting of the Trade and Economic Relations Committee in New Delhi, Media Advisor to the PM Sanjaya Baru.
European Commission President Ursula von der Leyen says India and the EU are close to a 'historic trade agreement' that could create a market of two billion people and account for almost a quarter of the global GDP.
The visiting minister said that trade and economic relations between the two countries are constantly gaining momentum.
The Comprehensive Economic Partnership Agreement between India and Japan, negotiations for which concluded on Monday, necessitates the abolition of customs duties on 94 per cent of trade between the two nations over the next decade.
The rupee plunged 26 paise to an all-time low of 90.75 against the US dollar in intra-day trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
In their talks, Modi and Merz are likely to deliberate on trade and investment ties as New Delhi is looking at deepening economic engagement with Europe against the backdrop of Washington's 50 percent tariff on Indian goods, people familiar with the matter said.
The United Arab Emirates (UAE) has agreed to look into India's concerns over compliance to rules related to the import of silver products, platinum alloy and dry dates, the commerce department said on Tuesday. During a joint committee meeting under the India-UAE trade deal, officials from New Delhi raised concerns over the recent surge in imports of these products. These were being shipped to India, taking advantage of the lower tariffs under the pact.
A bilateral comprehensive economic partnership agreement (CEPA) with Japan has reportedly been finalised so that it can be signed when Prime Minister Manmohan Singh visits Japan next month.
India and Japan are likely to sign an ambitious bilateral market opening pact to enhance their $10.4-billion trade during Prime Minister Manmohan Singh's visit to that country in October.
Prime Minister Narendra Modi presented a tree sapling to King Charles III as part of his 'Ek Ped Maa Ke Naam' environmental initiative during their meeting at Sandringham Estate.
India and Russia have decided to explore signing a Comprehensive Economic Partnership Agreement that will include not only features of a foreign trade agreement but also trade in services and investment.
India and Japan are expected to move ahead on signing a comprehensive economic partnership agreement, besides finalising a partnership on the Delhi-Mumbai industrial corridor.
India on Thursday signed a free trade agreement, officially dubbed as the Comprehensive Economic and Trade Agreement (CETA), with the UK - its 16th trade pact so far - as the country aims to boost bilateral trade and investments.
The far-reaching Comprehensive Economic Partnership Agreement serves a number of national interests on both sides.
India will sign a Comprehensive Economic Partnership Agreement (Cepa) with Japan on Wednesday, setting the stage for free bilateral trade of goods and services.
Enthused by the success of US President Barack Obama's visit, India said on Tuesday it is time to 'seriously consider' a trade-opening agreement with America, similar to the ones entered with the ASEAN and South Korea.
'In the Indian government there are no illusions about the United States reliability or the possibility of having any kind of preferential treatment from Washington when it comes to trade.'
'The biggest point of contention is market access for US agricultural and dairy products.'
Addressing the MPs in Parliament, he favoured early conclusion of the Comprehensive Economic Partnership Agreement to push economic relations and raise the volume of bilateral trade to $20 billion in the next three years.
After FTA, duties were either cut or eliminated on 90 per cent of goods traded between the coutries.
The scope of the Indo-Sri Lankan trade agreement is expected to be expanded soon by bringing more areas, including the services sector under its ambit, Sri Lankan Deputy High Commissioner to India Sumith Nakandala said on Tuesday.
A draft report prepared by Members of the European Parliament could potentially derail negotiations between India and the European Union, the country's largest trade partner, on a Comprehensive Economic Partnership Agreement involving duty-free trade of goods, services and investment. The report has called for the inclusion of human rights and democracy issues in the CEPA talks and an international investigation into "extra judicial killings" in Jammu & Kashmir.
Next year marks the 40th anniversary of the establishment of diplomatic relations between India and the Republic of Korea and the two countries have agreed to celebrate the occasion in a befitting manner
'The logic every one of our neighbours must realise is that working with India will give you benefits, and not working with India has a cost.'
Thnew deal will likely usher in a new era of cooperation and broad-basing of economic relationship between the two Asian powers.
According to sources, last week's talks between the two countries had hit a roadblock as Japanese trade envoys were unwilling to grant market access to Indian pharmaceuticals and allow professionals, including nurses, to work in the island nation. The talks were held in Tokyo.
Keen to forge all-weather ties with India, Sri Lankan President Mahinda Rajapaksa has lauded the developmental work undertaken by the country in the war-ravaged northern region and vowed not to allow his nation's soil to be used against it.
External Affairs Minister S Jaishankar on Friday met Akie Abe, the wife of Japan's late Prime Minister Shinzo Abe and recalled the late premier's invaluable contribution to the advancement of India-Japan relations.
Environmental and social activist groups in the country have expressed concern that Japan may dump toxic wastes into India by taking advantage of the proposed comprehensive economic partnership agreement.
'India's farmers will be unable to compete with the US, given the subsidies that the latter provides its farmers.'
India was looking at tapping new markets for import of edible oils, following the conflict between Ukraine and Russia, Union Finance Minister Nirmala Sitharaman said on Tuesday. According to her, the country was facing various hurdles on import of edible oils due to the conflict. "Everyone knows there is a war going on between Russia and Ukraine. There are various hurdles in terms of importing oils.
Prime Minister Manmohan Singh said on Sunday in an interview to the Japanese media in Tokyo that India is confident of signing a 'win-win' civilian nuclear deal with Japan and is looking forward to a comprehensive economic partnership agreement to boost bilateral trade.
India and the UK on Tuesday sealed an ambitious free trade deal along with a double contribution convention with Prime Minister Narendra Modi saying that the landmark pacts will catalyse trade, investment, growth and job creation in both the economies. Modi made the announcement on the agreements after a phone conversation with his British counterpart Keir Starmer.
Indo-Sri Lanka trade, which has reached $1.73 billion, is set to receive a boost with the two countries working on a comprehensive economic partnership agreement, India's top envoy said in Colombo on Thursday.
China and Pakistan concluded their strategic dialogue, reiterating their opposition to unilateral actions in South Asia and discussing Kashmir, Afghanistan, and trilateral cooperation.
The Centre is regularly holding consultations with stakeholders to streamline foreign direct investments (FDIs) and foreign institutional investments (FIIs) related processes to enable faster and more efficient investment flows into the country, said Commerce and Industry Minister Piyush Goyal, adding one such meeting with stakeholders was held on Tuesday.
Govt policy, not trade with Asean, stifles manufacturing.
The steep cut in Customs duty on silver in the FY25 Budget to 6 per cent from 15 per cent may provide the government temporary relief by checking the spurt in silver imports from the United Arab Emirates (UAE) under the Comprehensive Economic Partnership Agreement (CEPA). In FY24, silver imports from the UAE jumped to $1.7 billion from only $11.18 million in FY23, according to commerce department data. In May, about 87 per cent of India's silver imports came from Dubai.
Bangladesh provides huge business opportunties in different sectors and Indian companies should explore areas of investments, Bangladesh Commerce Minister Tipu Munshi said on Tuesday. He said that government policies in Bangladesh are in favour of businesses. "Please do come and invest in Bangladesh," Munshi said in New Delhi while addressing businesses of both the countries.
